Page 162 - KELAG Annual Report 2019
P. 162
With the exception of energy-related commodity forward contracts related to trading activities
(and price hedges) and one interest hedging instrument, the KELAG Group only holds non-
derivative financial instruments, which on the assets side include mainly cash, securities, trade
receivables, bank balances and other receivables, and on the liabilities side bonds, bank loans,
trade payables and other liabilities.
There were no late payments or payment defaults and contract breaches relating to loan liabilities
during the financial year.
The fair value of the financial assets and liabilities is stated at the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or
liquidation sale.
Unless otherwise stated, the fair value of the assets and liabilities listed below approximates their
carrying amount on account of their short terms to maturity and, for liabilities, the good and
stable credit rating of the KELAG Group (“A/stable”).
The tables below present a comparison by category of the carrying amounts and fair values of the
Group’s financial instruments that are carried in the financial statements:
