NOTES TO THE BALANCE SHEET

29. Related party transactions
Parties are considered related parties if one of the parties is able to exercise control or a significant influence over the other in decisions affecting its finances and business. The Group’s related parties include the associates and joint ventures. Related parties also include the Supervisory Board and Board of Directors of the Group parent’s parent entity (LSO Osuuskunta), the members of the Group’s Board of Directors, the Group’s CEO, the deputy CEO and their immediate family members, as well as the members of the Group Management Team. The Group strives to treat all parties equally in its business.
HKScan Corporation’s principal owner, LSO Osuuskunta, is a cooperative of 1 200 Finnish meat producers. The cooperative fosters its members’ meat production and marketing by exercising its power of ownership in HKScan. Today, LSO Osuuskunta has no actual business, but receives an income in the form of dividend paid by HKScan and, to a lesser extent, income in the form of other investments and rents. The HKScan Group applies pure market price principles to the acquisition of raw meat material.
The sale of animals to the Group by members of the Group’s Board of Directors and members of the Supervisory Board and Board of Directors of its parent entity LSO Osuuskunta totalled EUR 13.5 (13.8) million. Said persons purchased animals from the Group with EUR 4.4 (4.9) million.
Information on employee benefits of the Management are presented in Note 4. More information on fees of the Board of Directors and the Management is available in the remuneration statement for 2015, which can be found on the Group’s website.
Related party individuals are not otherwise in a material business relationship with the company.
Shares in subsidiariesNumber of sharesOwner-%
Owned by the Group's parent company
HKScan Finland Oy, Finland1 000100.00
HKScan Sweden AB, Sweden500 000100.00
HKScan Denmark A/S, Denmark102 002100.00
AS HKScan Estonia, Estonia37 721 700100.00
UAB HKScan Lietuva, Lithuania2 000100.00
AS HKScan Latvia, Latvia155 92099.52
HKScan UK Ltd, the UK999100.00
HKScan Asia Limited, Hong Kong10 000100.00
OOO HKScan, Russia1100.00
Owned by HKScan Finland Oy
Kivikylän Kotipalvaamo Oy, Finland4949.00
Lihatukku Harri Tamminen Oy, Finland4949.00
Paimion Teurastamo Oy, Finland2550.00
Owned by AS HKScan Estonia
Rakvere Farmid AS, Estonia6 984100.00
Owned by HKScan Sweden AB
HKScan Real Estate AB, Sweden80 000100.00
Nordic Genetics AB, Sweden1 000100.00
HKScan International AB, Sweden10100.00
HKScan Poland Sp.zo.o, Poland5 000100.00
Samfood S.A., Belgium24 999100.00
Owned by HKScan Real Estate AB
HKScan Real Estate Halmstad AB, Sweden3 900100.00
Owned by HKScan Denmark A/S
Rose Poultry AB, Sweden10 000100.00
Kreatina A/S, Denmark30 000100.00
Shares and holdings in associated companiesNumber of sharesOwner-%
Owned by the Group's parent company
Lihateollisuuden Tutkimuskeskus, Finland2 6005.2*
Owned by HKScan Finland Oy
Länsi-Kalkkuna Oy, Finland25050.00
Pakastamo Oy, Finland66050.00
Lihateollisuuden Tutkimuskeskus, Finland22 40044.80*
Honkajoki Oy, Finland90050.00
Envor Biotech Oy, Finland12824.62
Finnpig Oy, Finland4050.00
Oy LHP Bio-Carbon LTD, Finland3224.24
DanHatch Finland Oy, Finland25020.00
Owned by HKScan Sweden AB
Industrislakt Syd AB, Sweden50 00050.00
Siljans Chark AB, Sweden3 68039.30
AB Tillväxt for svensk animalieproduktion, Sweden135 50050.00
Svenska Köttforetagen Holding AB, Sweden48 00024.00
Owned by HKScan Denmark A/S
Tican-Rose GmbH, Germany150.00
HRP Kyllingefarme I/S, Denmark75250.00
Farmfood A/S, Denmark10 00033.30
* The Group has a total of 50 per cent ownership in Lihateollisuuden Tutkimuskeskus.
The Group conducts business through the associates. The activities include slaughtering, cutting, meat processing, and the use of leasing, waste disposal, research and advisory services. All commercial contracts are negotiated on market terms.
The following transactions were carried out with related parties
20152014
Product sales to associates70.165.9
Sales of animals to related parties4.44.9
Product purchases from associates46.640.2
Purchases of animals from related parties13.516.5
Open balances on 31 December20152014
Trade receivables from associates1.42.4
Trade payables to associates5.32.8