09 CONSOLIDATED ANNUAL ACCOUNTS
NOTE 11 CONTINUED Visma VSware Bidco AS *
Registered office
Holding % **
Book value ***
Dublin
100,00 %
81 772 601
School Thing Ltd Total (NOK)
81 772 601
Active 24 Holding AS Active 24 Norway AS Active 24 BV
Oslo
100,00 %
2 300 000
Amsterdam
100,00 %
600 000
Total (NOK)
2 900 000
* Parent company in subgroup ** For all Group companies, the holding is equal to the proportion of voting capital. *** Book value in the company accounts of the individual company in the Group. In the company accounts shares in subsidiaries are recognized according to the cost method.
Reference is made to Note 24 for an overview of the equity interest in each of the related companies. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year.
(NOK 1,000)
Sales to related parties
Purchases from related parties
Amounts owed by related parties
Amounts owed to related parties
Loans to related parties
Loans from related parties
12 648
8 958
2 425
315
0
0
0
0
0
0
0
0
Associates: SuperInvest AS - Group Key managment personnel of the group:
Reference is made to Note 16 for information about compensation of key management personnel of the group. Reference is made to the “Statement of changes in equity” note for information about group contribution to Archangel AS and Visma Group Holding AS.
The ultimate parent Metatron AS is the ultimate parent entity of the group. Other than administrative services, there were no transactions between the Visma group and Metatron AS during the financial year.
Terms and conditions of transactions with related parties. The sales to and purchases from related parties are made at terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 December 2016, the Group has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.
NOTE 12 - BANK DEPOSITS AND LOANS CONSOLIDATED The consolidated accounts include cash and bank deposits of TNOK 5 866 935 (TNOK 2 915 318 in 2015). Of this, restricted cash amounts to TNOK 159 659 (TNOK 207 486 in 2015), whereof TNOK 113 369 relates to guarantee liabilities.
Group account facilities In the nordic countries, Visma Treasury AS has a group facility with Danske Bank, in which all units participate. The group account facility has been established to promote optimal cash flow management. In the agreement with Danske Bank, a cash-pool agreement is included were all affiliated entities accounts are zero-balanced. A tool for cash management and interest simplifies the financial control of the groups capital. The agreement gives an opportunity to enter limit appertaining to an entities account, which gives detailed control on unit level.
89