Page 95 - KELAG Annual Report 2019
P. 95

Traismauer GmbH and Naturwärme Trieben GmbH. A purchase price of around EUR 5.3m was
                agreed and paid for all seven companies. This acquisition does not fall within the scope of IFRS 3
                because it was not of a business that was acquired, but rather of a group of assets as defined by
                IFRS 3.2(b). Closing and thus inclusion in the scope of consolidation of the KELAG Group was in
                September 2019. The acquired assets came to around EUR 20.6m, of which approx. EUR 0.9m are
                cash and cash equivalents and approx. EUR 15.3m are liabilities.
               In addition, 95% of the shares in Idroelettrica Alpina s.r.l. with registered offices in Belluno (Italy)
                were acquired in the financial year 2019. Around EUR 1.9m was agreed as the purchase price,
                although  this  included  contingent  purchase  price  components  of  approx.  EUR 1.5m.  This
                acquisition does not fall within the scope of IFRS 3 as well because here too was not of a business
                that was acquired, but rather of a group of assets as defined by IFRS 3.2(b). The acquired assets
                came to around EUR 5.5m, of which cash and cash equivalents are only an immaterial amount
                and approx. EUR 3.5m are liabilities. The Closing of the acquisition of Idroelettrica Alpina s.r.l.
                was in December 2019.

           Furthermore, the following acquisitions were made in the current financial year, although the
           purchase price and acquired assets were immaterial in each case:

               100% of the shares in ZHO Fernwärmeversorgung Ottenschlag GmbH with registered offices in
                Martinsberg (Lower Austria) were acquired.
               100% of the shares in Zarja Ekoenergija d.o.o. with registered offices in Semič (Slovenia) were
                acquired as well.
               In addition, 100% of the shares in Solarne Elektrane Bukovica d.o.o. with registered offices in
                Jasenice (Croatia) were acquired.


           Entities  on  which  the  parent  company  can  exercise  significant  influence,  whether  directly  or
           indirectly,  or  which  fall  under  the  definition  of  joint  arrangements,  are  included  in  the
           consolidated financial statements using the equity method.

           After application of the equity method, the Group determines whether it is necessary to recognise
           an additional impairment loss on the Group’s investment in the respective associate. At each
           reporting date, the Group determines whether there is any objective evidence of impairment of
           an  investment  in  an  associate  (see  the  explanations  on  judgements  and  forward-looking
           assumptions). If an impairment test shows a need for impairment, the difference between the
           recoverable  amount  and  the  corresponding  carrying  amount of  the  share  in  the  associate  is
           recorded through profit or loss as an impairment loss.

           Transactions in foreign currency in the separate financial statements of the entities included in
           the Group’s consolidated financial statements are measured at the exchange rates on the date of
           the transaction. The rate as of the relevant reporting date is used for subsequent measurement of
           monetary items in the statement of financial position. Exchange gains and losses are recognised
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