Related Party Transactions
Members of the Boards of ALTANA AG and SKion GmbH, the sole shareholder of the Company, as well as their close family members are considered related parties. Apart from the compensation as disclosed in note 30 and the regular dividends distributed to SKion GmbH no other business relationship existed.
Mrs. Susanne Klatten is the sole shareholder of SKion GmbH and deputy chairwoman of the Supervisory Board of ALTANA AG. Mrs. Klatten is also shareholder and member of the Supervisory Board of Bayerische Motoren Werke AG (BMW). In 2015 and 2014, ALTANA purchased or leased company cars from the BMW Group. The lease and purchase contracts were all concluded at arm’s length.
Associated companies in which ALTANA holds an ownership interest but which are not included in the consolidated financial statements and investments in associates accounted for at equity are also considered related parties. Receivables and liabilities resulting from transactions with those related parties are reported in other assets and other liabilities.
The following table presents all balances and transactions with related parties:
The lease expense relates to leasing contracts for company cars with Alphabet Fuhrparkmanagement GmbH (BMW Group). In 2015 and 2014, further transactions with BMW Group are included in revenues in the amount of € 0.3 million and € 0.2 million, respectively.