Page 94 - KELAG Annual Report 2019
P. 94

KELAG  functions  as  the  parent  company  of  these  consolidated  financial  statements.  The
                                      consolidated financial statements include all entities that are controlled by the parent company
                                      and included by means of full consolidation (“subsidiaries”).

                                      Intercompany receivables and liabilities, expenses and income as well as profits and losses are
                                      eliminated unless they are immaterial. All consolidation measures with an effect on income take
                                      into account income tax effects and, where necessary, deferred taxes are recognised.

                                      A  change  in  the  ownership  interest  of  a  subsidiary  without  involving  the  loss  of  control  is
                                      accounted for as an equity transaction. If the parent company loses control over a subsidiary, it
                                      derecognises  the  affected  items  of  the  subsidiary  and  recognises  the  fair  value  of  the
                                      consideration received as well as any investment that is retained in the subsidiary.

                                                                         Full    Equity         Full    Equity
                                                                   consolidation   method   consolidation   method
                                       AS OF THE BEGINNING OF THE
                                       REPORTING PERIOD                   32       12           33         4
                                         Included in the financial
                                         statements for the first time in the   11   0           1         8
                                         reporting period
                                         Deconsolidated in the reporting   0        1            2         0
                                       AS OF THE END OF THE
                                       REPORTING PERIOD                   43       11           32        12
                                         thereof Austrian entities        20       11           12        11
                                         thereof non-Austrian entities    23        0           20         1

                                      In  addition  to  KELAG  as  parent  company,  the  consolidated  financial  statements  include  42
                                      subsidiaries (prior year: 31) and 11 associates  (prior year: 12). The decrease in the number of
                                      investments  accounted  for  using  the  equity  method  is  attributable  to  the  sale  of  Quaternity
                                      GmbH in the second half of the financial year 2019.

                                      The following acquisitions of shares were made in the KELAG Group in the current financial year:

                                          100%  of the shares  in  WRS  Naturwärme  Holding GmbH  with registered offices  in Linz were
                                          acquired. Furthermore, the acquisition of WRS Naturwärme Holding GmbH brought with it a
                                          holding of 100% in the following six companies (the companies’ registered offices correspond to
                                          the location in the company name in each case): Naturwärme Haslach GmbH, Naturwärme
                                          Liezen  GmbH,  Naturwärme  Schrems  GmbH,  Naturwärme  Sierning  GmbH,  Naturwärme
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