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:
   157   158   159   160   161   162   163   164   165   166   167