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

Siemens AG – Annual report – 30 September 2019

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, 2019 and 2018, guarantees to joint ventures and associates amounted to € 470 million and € 438 million, respectively. As of September 30, 2019 and 2018, guarantees to joint ventures amounted to € 328 million and € 261 million, respectively. As of September 30, 2019 and 2018, loans given to joint ventures and associates amounted to € 679 million and € 485 million, therein € 662 million and € 469 million related to joint ventures, respectively. The related book values amounted to € 481 million and € 388 million, therein € 477 million and € 385 million related to joint ventures, respectively. Valuation adjustments recognized in fiscal 2019 and 2018 reduced book values by € 100 million and € 17 million, therein € 100 million and € 21 million related to joint ventures, respectively. As of September 30, 2019 and 2018, the Company had commitments to make capital contributions of € 145 million and € 14 million to its joint ventures and associates, therein € 127 million and € 4 million related to joint ventures, respectively. As of September 30, 2019 and 2018, there were loan commitments to joint ventures amounting to € 361 million and € 178 million, respectively.