[45] Related party disclosures

In addition to its relationship with subsidiaries included in the consolidated financial statements, the KION Group has direct or indirect business relationships with a number of non-consolidated subsidiaries, associates and 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 December 31, 2022 (see note [49]).

Another related party is Weichai Power Co., Ltd., Weifang, People’s Republic of China, which indirectly held a 46.5 percent stake in KION GROUP AG via Weichai Power (Luxembourg) Holding S.à r.l., Luxembourg (‘Weichai Power’, direct parent entity) as at December 31, 2022 (December 31, 2021: 45.2 percent). The distribution of a dividend of €1.50 per share for the 2021 financial year (2021: €0.41 per share) to Weichai Power resulted in a pro rata outflow of funds from KION GROUP AG of €89.0 million (2021: €24.3 million).

The revenue that the KION Group generated in 2022 and 2021 from selling goods and services to related parties is shown in the table below along with the receivables that were outstanding at the reporting date.

The figures for other related parties include transactions with Weichai Power and its affiliated companies; these comprise receivables of €3.8 million (December 31, 2021: €5.0 million) and sales of goods and services amounting to €11.1 million (2021: €18.2 million). The receivables from associates include a variable-rate loan that the KION Group has granted to Linde Hydraulics GmbH & Co. KG, Aschaffenburg. This involved a maximum commitment of €9.3 million (December 31, 2021: €9.3 million), from which the KION Group had a loan receivable with a nominal amount of €8.0 million as at December 31, 2022 (December 31, 2021: €8.0 million).

In 2021, the KION Group had made a commitment to the joint venture Schwerter Profile GmbH, Schwerte, to provide a shareholder loan with a maximum amount of €10.0 million, from which the KION Group had a loan receivable with a nominal amount of €9.3 million as at December 31, 2022 (December 31, 2021: €9.3 million).

The goods and services obtained from related parties in 2022 and 2021 are shown in the table below along with the liabilities that were outstanding at the reporting date.

The figures for other related parties include transactions with Weichai Power and its affiliated companies; these comprise liabilities of €16.0 million (December 31, 2021: €1.4 million) and purchases of goods and services amounting to €5.3 million (2021: €3.8 million).

The members of the Executive Board and Supervisory Board of KION GROUP AG, and their family members, are also related parties, as are the members of the Executive Board and Supervisory Board of Weichai Power and their family members. Details of the remuneration of the Executive Board and Supervisory Board of KION GROUP AG can be found in note [47].

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. The latter 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. The KION Group makes use of the exemption for government-related entities in this context. 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.