IAS 24 para 18, transactions, balances, commitments and guarantees with associates and joint ventures

Siemens AG – Annual report – 30 September 2018

Industry: manufacturing

NOTE 31 Related party transactions (extract)

JOINT VENTURES AND ASSOCIATES

Siemens has relationships with many joint ventures and associates in the ordinary course of business whereby Siemens buys and sells a wide variety of products and services generally on arm’s length terms.

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As of September 30, 2018 and 2017, guarantees to joint ventures and associates amounted to € 438 million and € 726 million, respectively. As of September 30, 2018 and 2017, guarantees to joint ventures amounted to € 246 million and € 488 million, respectively. As of September 30, 2018 and 2017, loans given to joint ventures and associates amounted to € 363 million and € 222 million, therein € 360 million and € 218 million related to joint ventures, respectively. As of September 30, 2018 and 2017, the Company had commitments to make capital contributions of € 14 million and € 76 million to its joint ventures and associates, therein € 4 million and € 16 million related to joint ventures, respectively. As of September 30, 2018 and 2017 there were loan commitments to joint ventures amounting to € 178 million and € 147 million, respectively.

 

 

 

 

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