31. Related parties An overview of related party transactions is given below. In this note, only the transactions which were not eliminated in the consolidated financial statements are presented. In accordance with IAS 24, ‘Related Party Disclosures’, Colruyt Group identifies different categories of related parties: a) Colruyt Group’s key managers (see section Corporate Governance) and relatives; b) entities that control Colruyt Group (see section Corporate Governance); c) associates (as disclosed under note 12. Investments in associates); d) joint ventures (as disclosed under note 13. Investments in joint ventures); and e) entities that are controlled by members of the key management personnel of Colruyt Group: Korys Renewable Energy BV, Korys Management NV, Korys Real Estate NV, Korys Capital Fund SCA, Korys Capital SARL, Korys Renovables SL, Korys Investments NV, Smartmat NV, Greenbyte AB, Healthy Holding NV, Korys Business Services India Pvt Ltd and D-Drinks Group NV.
31.1. Related party transactions excluding key management personnel compensation (in million EUR) Revenue Costs Receivables Liabilities Dividends paid Paid stability allowance reference shareholders
2019/20
2018/19
58,2 2,8 7,3 0,2 109,8 -
26,6 2,3 17,5 3,9 104,7 3,7
The amounts disclosed above result from transactions made on terms equivalent to those that prevail in arm’s length transactions between independent parties. Transactions with various related parties generated revenue for an amount of EUR 58,2 million (EUR 26,6 million in the previous reporting period). During the current financial year a gain of EUR 44,6 million was recognised on the transaction in which the shares of Parkwind NV were contributed into Virya Energy NV. In addition, a dividend was received from Vendis Capital NV for an amount of EUR 10,3 million (EUR 24,9 million in the previous reporting period). Colruyt Group and Korys took the necessary measures in view of the conflict of interest rules when establishing Virya Energy NV. We refer to the Corporate Governance section for more details. The costs arising from transactions with various related parties amount to EUR 2,8 million and are mainly related to purchases of trade goods from entities that are controlled by members of the key management of Colruyt Group (EUR 1,9 million) and compensations paid to joint ventures (EUR 0,8 million). Last year these costs (EUR 2,3 million) were primarily related to maintenance and IT costs and compensations paid to joint ventures. The outstanding receivables from related parties amounting to EUR 7,3 million (compared to EUR 17,5 million in the previous reporting period) mainly relate to receivables in respect of joint ventures, consisting mainly of non-current interest-bearing receivables at arm’s length conditions. The outstanding liabilities towards related parties amount to EUR 0,2 million (compared to EUR 3,9 million in the previous reporting period). The amount in the current financial year mainly relates to transactions with joint ventures.
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