Page 171 - KELAG Annual Report 2019
P. 171

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
            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
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