Yinson Annual Report 2019

Yinson Holdings Berhad ANNUAL REPORT 2019 192 38. SIGNIFICANT RELATED PARTY DISCLOSURES For the purposes of these financial statements, parties are considered to be related to the Group if the Group or the Company has the ability, directly or indirectly, to 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. Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. (a) Significant related party transactions In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Group and related parties took place at terms agreed between the parties during the financial year: Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Related companies controlled by certain Directors: - management fee income – 750 – 750 - advances – 278 – – - management and administration charges – 240 – – - rental income 56 79 56 79 - service fee income 114 – 114 – Associates: - chartering charges – 3,241 – – - consultancy fee charges 439 2,699 439 2,699 - purchases of goods – 2,044 – – - management and administration charges – 848 – – - rental income 11 71 11 71 - interest income 4 50 4 – - advances – 40 – 40 - management fee income 9 10 9 10 Joint ventures: - dividend income 59,631 20,046 59,631 20,046 - interest income – 1,139 – 1,139 Subsidiaries: - net advances – – 172,582 243,183 - management fee income – – 45,792 74,132 - interest income – – 47,466 35,386 - dividend income – – 295,071 25,779 - service fee income – – 364 – - rental income – – 97 128 (b) Related party balances Related party balances have been disclosed in Notes 24 and 36 to the financial statements. (c) Compensation to key management personnel Key management personnel of the Group and of the Company are made up of executive directors of the Group and the Company. Information of compensation to executive directors is disclosed in Note 11. For the financial year ended 31 January 2019 Notes to the financial statements (cont’d)