AAK Annual Report 2017

76 NOTE 24 – ASSETS PLEDGED Group Parent 2017 2016 2017 2016 Collateral for provisions and liabilities Property mortgages 529 525 - - Other assets 390 334 - - Total 919 859 - - NOTE 25 – CONTINGENT LIABILITIES Group Parent 2017 2016 2017 2016 Other contingent liabilities 1,795 1,547 1,795 1,547 Total 1,795 1,547 1,795 1,547 Contingent liabilities refer primarily to counter-guarantees issued for Group companies’ commitments to financial institutions to cover local borrowings. Over and above the contingent liabilities stated above, guarantees for the completion of various contractual undertakings are sometimes involved as part of the Group’s normal business activities. There was no indication at year-end that any contractual guarantees provided will require any payment to be made. NOTE 26 – RELATED-PARTY TRANSACTIONS For the Parent, SEK 97 million (95), i.e. 100 percent (100) of sales were to Group companies. The Parent’s purchasing from Group companies is related to administrative services of limited scope. All transactions were carried out on commercial terms. As at December 31, 2017, the Parent had intragroup receivables of SEK 109 million (135) and intragroup liabilities of SEK 28 million (20). Transactions with key management personnel Besides those transactions stated in Note 8 Remuneration of the Board of Directors and Senior Executives and in the description of the Board of Directors on pages 32–33, no transactions with related physical persons have taken place. NOTE 27 – SEGMENT REPORTING The Group’s operations are organizationally divided into business segments based on product. The marketing organization also reflects this structure. All transactions between business segments are recognized at market value. Assets and liabilities not attributed to a segment include tax assets and tax liabilities, financial investments and financial liabilities, as well as cash and cash equivalents and interest-bearing receivables. The external sales are based on where our customers are located. The carrying amounts of assets and the direct investment in plant for the period are determined by the location of the assets. The Group has applied hedge accounting based on fair-value hedging. 6HJPHQW EDVHG UHSRUWLQJ LV SUHSDUHG LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ SROLFLHV GHVFULEHG LQ 1RWH ´$FFRXQWLQJ 3ROLFLHV´ Reporting by primary segments/business areas 2017 Food Ingredients Chocolate & Confectionery Fats Technical Products & Feed Group Functions Eliminations Group Net sales External sales 17,665 7,354 1,417 - - 26,436 Internal sales 2,246 3,916 29 - -6,191 - Group total 19,911 11,270 1,446 - -6,191 26,436