Page 173 - KELAG Annual Report 2019
P. 173

in EUR m                                   2019    2020-2023   from 2024
            Bonds                                       9.4       182.6      163.5
            Financial liabilities due to banks          5.6        33.2       83.9
            Financial liabilities to others*           14.9         7.1       10.9
            Derivative financial instruments for finance purposes   0.0   0.7   0.0
            CASH OUTFLOWS FOR FINANCIAL LIABILITIES    29.9       223.6      258.2
            Trade payables                             88.4         0.4        0.0
            Liabilities to other investees and investors   3.3      0.0        0.0
            Liabilities to affiliates                  21.5         0.0        0.0
            CASH OUTFLOWS FROM TRADE PAYABLES AND
            OTHER LIABILITIES                         113.2        0.4         0.0
            CASH OUTFLOWS FROM LIABILITIES PURSUANT
            TO IFRS 7                                 143.0       224.0      258.2

           * Figures for 2018 restated






           Credit risks arise from non-fulfilment of contractually agreed payments by the contracting party.
           In terms of assets (mainly receivables and other assets), the reported amounts also represent the
           maximum default or credit risk. The risk of default is monitored using regular credit rating analyses
           and market observations. Transactions are only concluded with counterparties in line with their
           credit rating based on the external rating of an internationally recognised rating agency and/or
           according to an internal credit rating review. Any default risks identified in financial assets are
           recognised  in  the  form  of  value  adjustments.  Collateral  may  be  required  in  individual  cases,
           depending  on  the  nature  and  scale  of  the  respective  transaction.  The  strict  credit  risk
           management and restrictive selection of counterparties mean, among other things, that forward-
           looking  valuation  adjustments  pursuant  to  IFRS 9  for  expected  credit  losses  only  play  an
           insignificant role in the KELAG Group.

           KELAG’s  investment  strategy  is  generally  risk-averse,  focusing  on  risk  mitigation  and
           diversification. In this context, the Group limits risk by implementing limit systems and constantly
           monitoring limit utilisation. Counterparty risk is limited, evaluated and monitored based on a
           uniform approach throughout the Group.
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