Sun Art Retail Group Limited - TodayIR.com
Sun Art Retail Group Limited - TodayIR.com Sun Art Retail Group Limited - TodayIR.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26 MATERIAL RELATED PARTY TRANSACTIONS (a) Key management personnel remuneration Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors as disclosed in note 6 and certain of the highest paid employees as disclosed in note 7, is as follows: The Group At 31 December 2012 2011 RMB million RMB million Short-term employee benefits 74 39 Post-employment benefits 3 2 Share-based payments 16 4 93 45 Total remuneration is included in “staff costs” (see note 4(b)). (b) Identity of related parties During the years ended 31 December 2012 and 2011, the directors are of the view that the following companies are related parties of the Group: Name of party Relationship Ruentex Development Co., Ltd., Ruentex Industries Ltd., Concord Greater China Limited and Kofu International Limited (collectively “Ruentex”) Groupe Auchan S.A. Auchanhyper SA Auchan International S.A. Auchan France Croix Auchan Global Service Auchan International Technology RT-Mart International Limited Auchan International (Shanghai) International Trading Company Limited C & Chain Limited Shanghai Kunshan Ruenfu Commercial and Trading Co., Ltd. (“Kunshan Ruenfu”) and its subsidiaries Mr. Samuel Yin Hwabao Trust Co., Ltd. Ultimate joint controlling shareholder Ultimate joint controlling shareholder Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Groupe Auchan S.A. Subsidiary of Ruentex Controlled by close family member of a key management personnel Substantial Shareholder of Ruentex Development Co., Ltd. and Ruentex Industries Limited, two entities under Ruentex, one of the two ultimate controlling Shareholders of the Company Trustee of RT-Mart and Auchan Scheme trusts Sun Art Retail Group Limited Annual Report 2012 105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26 MATERIAL RELATED PARTY TRANSACTIONS (CONTINUED) (c) Related party transactions In addition to the related party information disclosed elsewhere in the notes to the financial statements, the Group entered into the following material related party transactions during the year. The Group At 31 December 2012 2011 RMB million RMB million Agency fees receivable (i) 50 40 Trademark fee payable (ii) 28 22 IT services fee payable (iii) 4 3 Expenses payable (iv) 67 59 Contributions to Employee Trust Benefit Schemes trusts (note 4(b)) 263 210 Sale of merchandise (v) – 12 Purchase of goods (vi) 18 – Purchase of property, plant and equipment (vii) 39 141 (i) (ii) (iii) (iv) (v) (vi) (vii) Agency fees receivable relate to amounts collected from international suppliers by Auchan International S.A. on behalf of the Group, net of fees payable to Auchan International S.A.. Trademark fee payable represents the fee charged by Groupe Auchan S.A. for the grant of licenses to the Group to use the Auchan trademarks. IT services fee payable represents the fee charged by Auchan International Technology for IT support and services provided. Expenses payable primarily relate to personnel and administrative costs paid by subsidiaries of Auchanhyper SA on behalf of the Group, which are reimbursed and expensed by the Group. Sales of merchandise to C & Chain Limited Shanghai were made at the Group’s original purchase cost. The transactions were terminated in June 2011. This represents purchase of merchandise from Auchan International (Shanghai) International Trading Company Limited. This represents purchase of property, plant and equipment from Kunshan Ruenfu and its subsidiaries in relation to stores which were Contracted Stores during the year but are now operated directly by the Group. The directors of the Company are of the opinion that the above related party transactions were conducted on normal commercial terms and in the ordinary and usual course of the Group’s business. 106 Sun Art Retail Group Limited Annual Report 2012
- Page 55 and 56: STATEMENT OF FINANCIAL POSITION OF
- Page 57 and 58: CONSOLIDATED CASH FLOW STATEMENT Fo
- Page 59 and 60: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 61 and 62: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 63 and 64: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 65 and 66: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 67 and 68: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 69 and 70: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 71 and 72: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 73 and 74: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 75 and 76: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 77 and 78: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 79 and 80: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 81 and 82: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 83 and 84: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 85 and 86: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 87 and 88: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 89 and 90: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 91 and 92: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 93 and 94: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 95 and 96: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 97 and 98: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 99 and 100: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 101 and 102: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 103 and 104: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 105: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 109 and 110: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 111 and 112: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 113 and 114: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 115 and 116: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 117 and 118: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 119 and 120: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 121 and 122: FINANCIAL SUMMARY A summary of the
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
26 MATERIAL RELATED PARTY TRANSACTIONS<br />
(a)<br />
Key management personnel remuneration<br />
Remuneration for key management personnel of the <strong>Group</strong>, including amounts paid to the<br />
Company’s directors as disclosed in note 6 and certain of the highest paid employees as<br />
disclosed in note 7, is as follows:<br />
The <strong>Group</strong><br />
At 31 December<br />
2012 2011<br />
RMB million RMB million<br />
Short-term employee benefits 74 39<br />
Post-employment benefits 3 2<br />
Share-based payments 16 4<br />
93 45<br />
Total remuneration is included in “staff costs” (see note 4(b)).<br />
(b)<br />
Identity of related parties<br />
During the years ended 31 December 2012 and 2011, the directors are of the view that the<br />
following <strong>com</strong>panies are related parties of the <strong>Group</strong>:<br />
Name of party<br />
Relationship<br />
Ruentex Development Co., Ltd., Ruentex Industries Ltd.,<br />
Concord Greater China <strong>Limited</strong> and Kofu International<br />
<strong>Limited</strong> (collectively “Ruentex”)<br />
<strong>Group</strong>e Auchan S.A.<br />
Auchanhyper SA<br />
Auchan International S.A.<br />
Auchan France Croix<br />
Auchan Global Service<br />
Auchan International Technology<br />
RT-Mart International <strong>Limited</strong><br />
Auchan International (Shanghai) International<br />
Trading Company <strong>Limited</strong><br />
C & Chain <strong>Limited</strong> Shanghai<br />
Kunshan Ruenfu Commercial and Trading Co., Ltd.<br />
(“Kunshan Ruenfu”) and its subsidiaries<br />
Mr. Samuel Yin<br />
Hwabao Trust Co., Ltd.<br />
Ultimate joint controlling shareholder<br />
Ultimate joint controlling shareholder<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of <strong>Group</strong>e Auchan S.A.<br />
Subsidiary of Ruentex<br />
Controlled by close family member<br />
of a key management personnel<br />
Substantial Shareholder of Ruentex<br />
Development Co., Ltd. and Ruentex<br />
Industries <strong>Limited</strong>, two entities under<br />
Ruentex, one of the two ultimate controlling<br />
Shareholders of the Company<br />
Trustee of RT-Mart and Auchan Scheme trusts<br />
<strong>Sun</strong> <strong>Art</strong> <strong>Retail</strong> <strong>Group</strong> <strong>Limited</strong><br />
Annual Report 2012<br />
105
Change language