84
SUNMOON FOOD COMPANY LIMITED
ANNUAL REPORT 2015
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
24.
SIGNIFICANT RELATED PARTY TRANSACTIONS
(CONTINUED)
(b)
An entity is related to the Group and the Company if any of the following conditions apply:
(i)
The entity and the Company are members of the same group (which means that each parent,
subsidiary and fellow subsidiary is related to the others).
(ii)
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group of which the other entity is a member).
(iii)
Both entities are joint venture of the same third party.
(iv)
One entity is a joint ventures of a third entity and the other entity is an associate of the third entity.
(v)
The entity is a post-employment benefit plan for the benefit of employees of either the Company or
an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are
also related to the Company.
(vi)
The entity is controlled or jointly controlled by a person identified in (a);
(vii)
A person identified in (a)(i) has significant influence over the entity or is a member of the key
management personnel of the entity (or of a parent of the entity).
(viii) The entity, or any member of a Group of which it is a part, provides key management personnel
services to the reporting entity or to the parent of the reporting entity.
During the financial year, in addition to the related party information disclosed elsewhere in the financial statements,
the following were significant related party transactions at rates and terms agreed between the parties during the
financial year:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Related party
Sales
9
–
–
–
Purchases
(1)
–
–
–
Licence fee income
39
–
–
–
Licence fee expense
(39)
–
–
–
Loans from a Director
–
529
–
–
Subsidiaries
Management fee income
–
–
1,765
1,094
Loan to a subsidiary
–
–
–
380
Advances to subsidiaries
–
–
3,936
1,829
Advances from subsidiaries
–
–
4,936
571
Recovery of intercompany balance
previously written off
–
–
532
–
