Bank and corporate guarantees On 31 March 2020, the Group has outstanding bank guarantees amounting to € 16,5m and outstanding corporate guarantees amounting to € 120,5m. The main beneficiaries are tax/customs authorities, landlords, tenants, lenders, suppliers and customers. Of these amounts, bank guarantees amounting to € 0,6m are not considered to be in the ordinary course of business.
Contingent liabilities There are no contingent liabilities, other than the above-mentioned responsibilities and warranties.
Related parties Transactions between Greenyard NV and its subsidiaries have been eliminated in the consolidation and are therefore not included in this note. Transactions with joint ventures and associates are included. For an overview of the application of articles 7:96 and 7:97 BCAC, reference should be made to the Corporate Governance Statement chapter.
The Fruit Farm Group The Fruit Farm Group, acting on behalf of its subsidiaries, entered into a fruit sales, marketing and distribution agreement with Greenyard Fresh NV, acting on behalf of its affiliated companies, for the period December 2014 to December 2019. Under this agreement, The Fruit Farm Group appointed Fresh as its strategic partner to handle, distribute and market fruit on a free consignment basis with a floor-price mechanism. The goods are transported by The Fruit Farm Group’s subsidiaries to the port of destination on an FOB or CIF basis. Fresh makes pre-season advances available to The Fruit Farm Group’s subsidiaries. The advances are deducted from the final sales price realised by Fresh, net of expenses, prior to payment to The Fruit Farm Group’s subsidiaries. In the event that at the end of a season there is a balance owing to Fresh, The Fruit Farm Group’s subsidiary and Fresh will agree on payment terms. The Fruit Farm Group is ultimately owned by the preference shareholder of the Group.
Joint ventures Transactions with joint ventures relate to sourcing, packing and selling of fruit and vegetables and logistic services.
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