[44] Related party disclosures

In addition to the subsidiaries included in the consolidated financial statements, the KION Group has direct or indirect business relationships with a number of non-consolidated subsidiaries, associates, joint ventures and other related parties in the course of its ordinary business activities.

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 2019 (see note [48]).

Another related party is Weichai Power Co., Ltd., Weifang, People’s Republic of China, which indirectly held a 45.0 per cent stake in KION GROUP AG via Weichai Power (Luxembourg) Holding S.à r.l., Luxembourg (‘Weichai Power’) as at 31 December 2019 (2018: 45.0 per cent). The distribution of a dividend of €1.20 per share (2018: €0.99 per share) to Weichai Power resulted in an outflow of funds from KION GROUP AG of €63.8 million (2018: €50.6 million).

The revenue that the KION Group generated in 2019 and 2018 from selling goods and services to related parties, and vice versa, is shown in > TABLES 118 – 119 along with the associated receivables and liabilities as at the reporting date. The receivables include a loan that the KION Group has granted to Linde Hydraulics GmbH & Co. KG, Aschaffenburg. This involved a maximum commitment of €9.3 million (2018: €9.3 million), from which the KION Group had a loan receivable of €8.0 million as at 31 December 2019 (2018: €8.0 million) with a variable interest rate.

The members of the Executive Board and Supervisory Board of KION GROUP AG are also related parties. Details of the remuneration of the Executive Board and Supervisory Board can be found in note [46].

In its consolidated financial statements, which are published on the website of the Hong Kong Stock Exchange, Weichai Power Co., Ltd. states that its highest-level parent company is Shandong Heavy Industry Group Co., Ltd., Jinan, People’s Republic of China, which itself is owned by the State-owned Assets Supervision and Administration Commission of Shandong People’s Government of the People’s Republic of China, Jinan, People’s Republic of China. This Commission acts on behalf of the People’s Republic of China. The exemption for government-related entities was applied. There were no transactions that were significant, either individually or taken together, between the KION Group and companies with which the KION Group is closely associated solely because of its relationship with Shandong Heavy Industry Group Co., Ltd.