In addition to the subsidiaries included in the consolidated financial statements, the KION Group has direct or indirect business relationships with a number of unconsolidated subsidiaries, joint ventures and associates in the course of its ordinary business activities. The related parties that are controlled by the KION Group, that are able to exert a significant influence over the KION Group, or are members of the Superlift group are either included in the list of shareholdings (annex to these notes) or in the table below.
|
Related parties | |
|
|
|
|
Superlift Holding S.à r.l., Luxembourg |
Parent company |
|
Kohlberg Kravis Roberts & Co. L.P., New York, USA |
Entity with significant influence |
|
Goldman, Sachs & Co., New York, USA |
Entity with significant influence |
|
Superlift Funding S.à r.l., Luxembourg |
Affiliated company |
|
Weichai Power Co., Ltd., Weifang, China |
Entity with significant influence |
Superlift Funding S.à r.l., Luxembourg
Under a supplementary loan agreement dated 23 September 2009, investment funds advised by Kohlberg Kravis Roberts & Co. L.P. ('KKR') and Goldman Sachs Capital Partners extended the SFA to include an additional loan of €100,000 thousand to be paid via Superlift Funding S.à r.l., Luxembourg. The purpose of the supplementary loan was to further strengthen the operational and strategic options for the KION Group. Both the loan amount and the associated interest are repayable as a bullet payment on maturity (payment in kind, 'PIK'). The carrying amount of the loan including accrued interests was €115,951 thousand as at 31 December 2012 (31 December 2011: €111,210 thousand).
Shareholder loan agreement
Disposal of a significant part of the hydraulics business
Advisory agreement
Under the terms of the adjustment and extension of the SFA loan, an advisory fee totalling €2,015 thousand was paid to KKR and Goldman, Sachs & Co. This fee has been allocated pro rata as transaction costs to each of the tranches and is expensed over their respective new terms.
Goldman & Sachs AG, Frankfurt am Main, also provided additional advisory services totalling €11,500 thousand in connection with the new shareholder Weichai Power and the sale of the hydraulics business.
As at the reporting date, the receivables due from related parties were as follows:
|
Receivables from related parties | ||
|
€ thousand |
2012 |
2011 |
|
|
|
|
|
Non-consolidated subsidiaries |
7,421 |
4,403 |
|
Associates |
10,845 |
17,262 |
|
Joint ventures |
2,622 |
2,964 |
|
Other related parties |
5,901 |
4,825 |
|
Total receivables from related parties |
26,789 |
29,454 |
As at the reporting date, liabilities to related parties were as follows:
|
Liabilities to related parties | ||
|
€ thousand |
2012 |
2011 |
|
|
|
|
|
Non-consolidated subsidiaries |
4,845 |
4,188 |
|
Associates |
35,861 |
39,955 |
|
Joint ventures |
6,051 |
4,719 |
|
Other related parties |
132,529 |
769,255 |
|
Total liabilities to related parties |
179,286 |
818,117 |