Page 171 - KELAG Annual Report 2019

Electricity forward 24.7 0 -8.9 Revenue
contracts – sales
Electricity forward -19.4 0 6.0 Electricity
contracts – purchase purchase
Gas forward contracts – -9.5 0 2.6 Gas purchase
purchase
Interest rate swaps 0.0 0 0.4 Financial result

Electricity forward contracts – sales -1,385 GWh -1,927 GWh
Electricity forward contracts – purchase 1,116 GWh 1,058 GWh
Gas forward contracts – purchase 967 GWh 518 GWh
Interest rate swaps EUR 3.6m EUR 3.6m

The average hedged prices are EUR 47.49/MWh for electricity and EUR 18.75/MWh for gas. The
average interest rate hedged with the interest rate swap is 0.63% (prior year: 0.67%).

The KELAG Group is well positioned in terms of liquidity and met all its payment obligations in
the financial year 2019 in a timely and properly manner. A possible liquidity risk is countered by
proactive planning of liquidity and cash flows, medium and long-term capital requirement
planning, a conscious policy to maintain sufficient liquidity reserves as well as open credit lines
from different banks. The objectives of maintaining liquidity at all times and increasing financial
flexibility are guaranteed for the medium term, on the one hand, by large cash volumes
(EUR 108.8m as of 31 December 2019; EUR 134.7m as of 31 December 2018) and, on the other. by
a contracted cash advance credit line amounting to EUR 250.0m (prior year: EUR 250.0m) on the