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

Siemens AG – Annual report – 30 September 2017

Industry: manufacturing

NOTE 30 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, 2017 and 2016, guarantees to joint ventures and associates amounted to € 726 million and € 1,500 million, respectively. As of September 30, 2017 and 2016, guarantees to joint ventures amounted to € 488 million and € 553 million, respectively. As of September 30, 2017 and 2016, loans given to joint ventures and associates amounted to € 222 million and € 82 million, therein €218 million and € 78 million related to joint ventures, respectively. As of September 30, 2017 and 2016, the Company had commitments to make capital contributions of € 76 million and € 48 million to its joint ventures and associates, therein € 16 million and € 39 million related to joint ventures, respectively. For a loan raised by a joint venture, which is secured by a Siemens guarantee, Siemens granted an additional collateral. As of September 30, 2017 and 2016 the outstanding amount totaled to € 113 million and € 116 million, respectively. As of September 30, 2017 and 2016 there were loan commitments to joint ventures amounting to € 147 million and € 72 million, respectively.

 

 

 

 

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