Related party disclosures

In addition to the subsidiaries included in the condensed consolidated interim financial statements, the KION Group has direct or indirect business relationships with a number of non-consolidated subsidiaries, joint ventures and associates in the course of its ordinary business activities. According to IAS 24, related parties include entities that have control or significant influence over KION GROUP AG.

Weichai Power Co. Ltd., Weifang, China, indirectly holds 43.3 per cent of the shares in KION GROUP AG (31 December 2016: 43.3 per cent) and is the largest single shareholder. The related parties that are solely or jointly controlled by the KION Group or over which significant influence can be exercised are included in the list of shareholdings as at 31 December 2016.

The revenue generated by the KION Group in the first half of 2017 and second quarter of 2017 from selling goods and services to related parties is shown in > TABLE 33 along with the receivables that were outstanding at the reporting date. The receivables include a loan that the KION Group has granted to Linde Hydraulics GmbH & Co. KG, Aschaffenburg. The total commitment is €5.3 million, of which €4.0 million had been disbursed up to 30 June 2017. The loan has a variable interest rate. No valuation allowances for receivables from related parties had been recognised as at the reporting date, a situation that was unchanged on 31 December 2016.

The goods and services obtained from related parties in the first half of 2017 and second quarter of 2017 are shown in > TABLE 34 along with the liabilities that were outstanding at the reporting date.