DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
|
Annual Report
2015
138
35. Related parties
Identity of related parties
For the purposes of these financial statements, a party is considered to be related to the Group if the
Group or the Company has the ability, directly or indirectly, to control or jointly control the party or exercise
significant influence over the party in making financial and operating decisions, or vice versa, or where the
Group or the Company and the party are subject to common control or common significant influence.
Related parties may be individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and
responsibility for planning, directing and controlling the activities of the Group either directly or indirectly.
The key management personnel include all the Directors of the Group, and certain members of senior
management of the Group.
Significant related party transactions, other than compensations to key management personnel (see Note
28) and those disclosed elsewhere in the financial statement, are as follows:
Transactions with subsidiaries
Company
2015
2014
RM
RM
Dividend income
(30,940,000) (57,980,000)
Interest income
(1,422,615) (2,201,348)
Management fees
4,200,000) (4,200,000)
Transactions with certain Directors and company in which certain Directors and close members of their
families have or are deemed to have substantial interests
Group
2015
2014
RM
RM
Rental of premises paid
2,618,028 2,506,946
Transactions with former associate
Group
2015
2014
RM
RM
Marine vessel charter expenses
51,814,257 120,003,772
Significant party balances related to the above transactions are disclosed in the statement of financial
position as well as Notes 10 and 19 to the financial statements.
Related party transactions are based on negotiated terms. All the amounts outstanding are unsecured
and expected to settle in cash.
Notes to the
Financial Statements
(cont’d)
