6.3.33Related Party Transactions

During 2015, no major related party transactions requiring additional disclosure in the financial statements took place.

For relations with Supervisory Board Members, Managing Directors and other key personnel reference is made to Note 6.3.6 ‘Employee benefit expenses’.

The Company has transactions with joint ventures and associates which are recognized as follows in the Company’s consolidated financial statements:

Related party transactions

Note

2015

2014

Revenue

56

350

Cost of sales

(222)

(426)

Other operating expense

(3)

-

Loans to joint ventures and associates

6.3.15

299

441

Trade receivables

204

305

Trade payables

60

77

The other operating expense relate to the loss on the disposal of Pelican Assets S.à.r.l. to the joint venture SNV Offshore Limited on 23 December 2015.

The Company has provided loans to joint ventures and associates such as shareholder loans and funding loans at rates comparable to the commercial rates of interest.

During the period, the Company entered into trading transactions with joint ventures and associates and are made on terms equivalent to those that prevail in arm’s length transactions.

Additional information regarding the joint ventures and associates is available in ‘6.3.31 Interest in Joint Ventures and Associates’.