126
Transactions with the ultimate parent company, Giuseppe Saleri S.a.p.A., comprise: • administration services provided by Sabaf S.p.A. to the parent company; • transactions as part of the domestic tax consolidation scheme, which generated the payables and receivables shown in the tables.
Transactions are regulated by specific contracts regulated at arm’s length conditions. Transactions with non-consolidated subsidiaries were solely of a commercial nature. Losses from equity investments relate to the valuation of Sabaf Appliance Components (Kunshan) at equity, as described in more detail in Note 4.
Remuneration to directors, statutory auditors and executives with strategic responsibilities Please see the 2013 Report on Remuneration for this information.
38. SHARE-BASED PAYMENTS At 31 December 2013, there were no equity-based incentive plans for the Group’s directors and employees.
39. SIGNIFICANT NON-RECURRING EVENTS AND TRANSACTIONS Pursuant to the Consob Communication dated 28 July 2006, below is a breakdown of the significant, non-recurring events, whose consequences are reflected in the income statement, balance sheet, and cash flow of the Group: Shareholders’ equity
Net profit
Net financial debt
Cash flow
Financial statement items (A)
117,955
8,104
16,726
(1,026)
Booking of tax incentives for investments in Turkey (Notes 21 and 32)
(1,156)
(1,350)
-
-
Figurative financial statement value (A+B)
116,799
6,754
16,726
(1,026)
The net result for 2012 included the recognition of tax credits resulting from the non-deduction of IRAP for personnel costs and similar for the period 2007-2011, and consequently lower income taxes of €1,103,000.
40. ATYPICAL AND/OR UNUSUAL TRANSACTIONS Pursuant to Consob memorandum of 28 July 2006, the Group declares that no atypical and/or unusual transactions as defined by the Consob memorandum were executed during 2013.
41. COMMITMENTS Guarantees issued The Sabaf Group has issued sureties to guarantee consumer and mortgage loans granted by banks to Group employees for a total of €6,598,000 (€7,075,000 at 31 December 2012).