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.
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 2018.
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 30 June 2019 (31 December 2018: 45.0 per cent). The distribution of a dividend of €1.20 per share (H1 2018: €0.99) to Weichai Power resulted in an outflow of funds from KION GROUP AG of €63.8 million (H1 2018: €50.6 million).
The revenue generated by the KION Group in the first half of 2019 and second quarter of 2019 from selling goods and services to related parties is shown in > TABLE 34 along with the receivables that were outstanding at the reporting date. No valuation allowances for receivables from related parties had been recognised as at the reporting date, a situation that was unchanged on 31 December 2018.
Related party disclosures: receivables and sales |
34 |
|||||||
|
Receivables |
Sales of goods and services |
||||||
in € million |
30/06/2019 |
31/12/2018 |
Q2 2019 |
Q2 2018 |
Q1 – Q2 2019 |
Q1 – Q2 2018 |
||
|
||||||||
Non-consolidated subsidiaries |
32.0 |
29.3 |
8.4 |
7.0 |
15.5 |
13.9 |
||
Associates (equity-accounted) |
33.1 |
36.0 |
50.1 |
39.7 |
102.7 |
79.7 |
||
Joint ventures (equity-accounted) |
6.4 |
3.0 |
20.8 |
19.2 |
28.0 |
27.3 |
||
Other related parties* |
11.5 |
15.3 |
11.1 |
10.7 |
19.5 |
17.8 |
||
Total |
83.0 |
83.6 |
90.4 |
76.6 |
165.7 |
138.7 |
||
The goods and services obtained from related parties in the first half of 2019 and second quarter of 2019 are shown in > TABLE 35 along with the liabilities that were outstanding at the reporting date.
Related party disclosures: liabilities and purchases |
35 |
|||||||
|
Liabilities |
Purchases of goods and services |
||||||
in € million |
30/06/2019 |
31/12/2018 |
Q2 2019 |
Q2 2018 |
Q1 – Q2 2019 |
Q1 – Q2 2018 |
||
|
||||||||
Non-consolidated subsidiaries |
11.4 |
12.9 |
5.8 |
5.9 |
11.5 |
10.2 |
||
Associates (equity-accounted) |
12.5 |
10.8 |
48.0 |
33.1 |
71.8 |
66.8 |
||
Joint ventures (equity-accounted) |
98.3 |
92.8 |
33.4 |
17.9 |
50.6 |
40.7 |
||
Other related parties* |
3.3 |
5.0 |
4.3 |
2.5 |
9.8 |
3.1 |
||
Total |
125.5 |
121.5 |
91.5 |
59.4 |
143.6 |
120.9 |
||
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, Jinan, People’s Republic of China.