Page 87 - InterEnergo - Annual Report 2020

Interenergo Accounting report Interenergo Accounting report

2.4.14 Current financial liabilities 2.4.15 Trade and other payables

in EUR 31 Dec 2020 31 Dec 2019 in EUR 31 Dec 2020 31 Dec 2019
Current financial liabilities 3,074,708 4,749,460 Trade and other payables 17,697,371 15,419,149
Current borrowings 2,501,297 1,743,154 Trade payables to domestic suppliers 391,202 1,125,273
Current lease liabilities 125,411 174,448 Trade payables to foreign suppliers 7,030,583 4,664,532
Current interest payables 0 1,857 Liabilities to related entities 6,242,463 3,096,188

Other current financial liabilities 448,000 2,830,000 Liabilities for received prepayments and collaterals 367,325 100,000
Payables to employees 94,240 84,017
As at 31 December 2020, the Company used the cash pool of the Kelag Group in the amount of EUR 2,500,000. Tax payables and payables for contributions 931,593 65,958
other current financial liabilities represent liabilities arising under the purchase of investments. Other payables 2,639,963 6,283,182

Movement of current liabilities
Current trade payables to suppliers include payables referring to the purchase of electricity and the related
costs in December 2020. Trade receivables to customers and trade payables to suppliers relating to electricity
in EUR 31 Dec 2020 31 Dec 2019
trading can be set off in accordance with provisions of the standard EFET agreement. The set-offs comprise
Balance at 1 Jan 4,749,460 0 receivables to domestic, foreign and related suppliers, who on the other hand act also as buyers.

Increase in current borrowings 2,500,000 1,743,154 Company’s other payables comprise mostly short-term accrued costs for electricity purchased, cross-border
Repayment of current borrowings -1,741,857 0 transmission capacities and the related costs of trading for December 2020. The Company has deferred costs
based on the confirmed contracts on the sale of electricity including delivery in December 2020. Purchases
Increase in other current financial liabilities 338,079 176,306
recorded on power exchanges declined in the reporting period over the last year’s comparable period, thus
Decrease in other financial liabilities -2,770,974 0
the value of accrued costs hereunder is lower.
Other changes 0 2,830,000
Balance at 31 Dec 3,074,708 4,749,460 2.4.16 Revenue

Based on the new IFRS 16 standard, the Company discloses in its statement of financial position the current in EUR 2020 2019
labilities from operating and finance leases, in which it acts as lessee of business premises, office furniture
and passenger cars. Revenue 458,898,377 699,298,011
Revenue from contracts with customers, recognised gradually 455,913,471 696,760,852
Movement of current lease liabilities Revenue from electricity trading 450,351,059 692,885,205

Revenue from sale of electricity produced 520,904 536,429
in EUR 2020 2019
Revenue from commission services 3,178,523 1,770,785
Balance at 1 Jan 174,448 148,555
Revenue from sale of other services 1,862,985 1,568,432
Increases 18,055 35,472
Fair value of commodity forward contracts -2,286,687 2,537,159
Decreases -3,253 0
Effects of standardized futures contracts 5,271,592 0
Changes 277 2,548
Interest 2,074 1,603
Relative to the previous year, Company’s revenue from electricity trading declined by 35%, which is mainly
Repayments -66,190 -13,730 due to the transferred part of Company’s electricity trading from the physical market to the financial market,

Balance at 31 Dec 125,411 174,448 where it trades in standardized futures contracts on the EEX, and revenue and expenses thereunder are shown
in Company’s financial statements at netted amount.

84 Integrated Annual Report 2020 Integrated Annual Report 2020 85