44. Related party transactions

For the Nordzucker Group, related parties within the meaning of IAS 24 are individuals and companies which control the Group or exercise significant influence over it or are controlled or significantly influenced by the Group. The first category includes the active members of the Executive Board and Supervisory Board of Nordzucker AG and its majority shareholder Nordzucker Holding AG. In addition, the subsidiaries, parent company, associated companies and joint ventures of the Nordzucker Group are defined as related parties.

Receivables from and liabilities towards related parties are based on arm’s length transactions.

The following commercial relationships existed with related parties in addition to those existing with fully consolidated subsidiaries:

Related party transactions
  XLS Download

in EUR thousands

28/2/2014

28/2/2013

Balance sheet

 

 

Receivables from related parties

977

4,264

Liabilities towards related parties

41,037

21,746

Income statement

 

 

Services provided to related parties

754

391

Net financial result

–483

–822

Receivables from related parties of EUR 917 thousand were owed almost exclusively by NP Sweet A/S, Copenhagen, and, in the comparative period, almost exclusively by Nordzucker Holding AG, Braunschweig, with EUR 4,105 thousand.

In the reporting period, of the liabilities towards related parties, EUR 14,344 thousand was owed to Nordzucker Holding AG, Braunschweig, EUR 6,518 thousand to MEF Melasse-Extraktion Frellstedt GmbH, Frellstedt, EUR 3,378 thousand to SWEETGREDIENTS GmbH & Co. KG, Nordstemmen, and EUR 13,719 thousand to Union-Zucker Südhannover GmbH, Nordstemmen. In the comparative period, EUR 5,500 thousand was owed to MEF Melasse-Extraktion Frellstedt GmbH, Frellstedt, EUR 6,150 thousand to Union-Zucker Südhannover GmbH, Nordstemmen, EUR 3,542 thousand to Nordharzer Zucker AG, Schladen, and EUR 3,339 thousand to SWEETGREDIENTS GmbH & Co. KG, Nordstemmen.

Nordzucker Holding AG, Union-Zucker Südhannover GmbH and Nordharzer Zucker AG are/were shareholders of Nordzucker AG; the liabilities relate to current accounts. The remaining liabilities relate to other related parties and result largely from loans and trade in goods and services.

The provision of services for related companies primarily concerns NP Sweet A/S, Copenhagen, and the net financial result is from associated companies and joint ventures.