27. Transactions with related parties
Business transactions with related parties are based on arm’s length conditions. All transactions are reported in the consolidated financial statements for 2018 and 2017, and consist of deliveries of products and raw materials, loans, and services to and from related parties. The corresponding receivable and payable balances are reported separately in these financial statements (see notes 9, 10, 12, 13, 16, 17, 18 and 19).
|
Transactions with associates |
2018 |
2017 |
|
Net sales |
23,051 |
25,321 |
|
Cost of materials and services |
35,111 |
61,703 |
|
Other expenses |
2,483 |
2,655 |
|
Financial income |
259 |
474 |
|
Financial expense |
– |
86 |
|
Transactions with shareholders |
2018 |
2017 |
|
Net sales |
4,613 |
4,187 |
|
Cost of materials and services |
190,583 |
187,397 |
|
Other expenses |
30 |
17 |
|
Transactions with other related parties |
2018 |
2017 |
|
Net sales |
1,048 |
3,850 |
|
Cost of materials and services |
1,288 |
3,035 |
|
Other expenses |
293 |
162 |
Milk purchases from the main shareholder are included in cost of materials under transactions with shareholders. These are made at arm’s length conditions. Emmi Group is jointly and severally liable within the scope of VAT Group taxation for the associated liabilities of the Genossenschaft Zentralschweizer Milchproduzenten ZMP and ZMP Invest AG.
Part of the purchase price for the minority interest in Mittelland Molkerei AG acquired in the previous year was paid to the seller, AZM Verwaltungs AG, in the form of shares in Emmi AG. For this purpose, Emmi purchased 61,132 shares at market value from its main shareholder, ZMP Invest AG.
Other transactions
The compensation paid to members of the Board of Directors and Group Management is disclosed in the compensation report of Emmi AG.