161
CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
37. RELATED PARTY DISCLOSURES
CONTINUED
b) Transactions with other related parties
Unless otherwise disclosed, transactions with other related parties are made on normal commercial terms and conditions. The aggregate
of related party transactions was not material to the overall operations of the Group.
December 2016
$’000
December 2015
$’000
Aggregate amounts receivable from related parties at reporting date
Associates
1
10,025
843,039
Joint venture entities
1
1,067,742
73,764
Aggregate amounts payable to related parties at reporting date
Associates
(2,203)
(1,138)
Joint venture entities
(34,679)
(37,687)
1
Refer to Note 8: Trade and other receivables, which contains the disclosure of interest free and interest bearing loan receivables from
HLG Contracting.
On 12 November 2015 CIMIC Group Limited made an offer of $0.75 per Devine Limited share to acquire the 49% of Devine that it did
not already own. This offer expired on 29 December 2015 with CIMIC increasing its shareholding from 51% to 59% (refer to Note 38:
CIMIC Group Limited and controlled entities
). The amounts payable to the previous shareholders of Devine was held within trade and
other payables as at 31 December 2016: $nil (31 December 2015: $10,097,000).
On 19 December 2016 the Group increased its ownership interest in UGL to more than 90% and exercised its right to compulsorily
acquire the remaining shares, which was completed on 20 January 2017. A liability for $29,374,000 is recognised as at 31 December
2016 to the shareholders of UGL for their shares that are to be compulsorily required and those shares acquired pre-year end not yet
settled.
161
