Chapters
Annual Report 2018

33. Related Parties

33.1 Transactions and positions with Related Parties

During 2018 GrandVision acquired goods from Safilo (a group company of HAL Holding N.V.) for an amount of €52,371 (2017: €58,838).

Other positions with Related Parties are as follows:

in thousands of EUR

Notes

2018

2017

Other receivables:

Safilo

1,595

5,164

Other HAL subsidiaries

115

192

16

1,710

5,356

Trade and other payables:

Safilo

6,436

10,699

HAL Investments B.V

1,886

1,885

Other HAL subsidiaries

204

129

29

8,526

12,713

33.2 Loans to/ from Related Parties

The Group has granted loans to senior managers of the Group and its subsidiaries as part of various share-based payment plans of €1,562 (2017: €1,530) of which interest income of €61 was accrued in 2018 (2017: €121). Upon sale of shares the managers will have to redeem their loans. The shares awarded under the equity plan are pledged as security on the loans.

No advance payments, guarantees or other loans have been provided to key management.

The Group has received loans from senior managers of the Group and its subsidiaries of €3,356 (2017: €2,939), with interest rates ranging between 3.00% and 10.2%.

33.3 Remuneration

Key management includes the Management Board, which consists of the CEO and CFO. The remuneration for key management comprises a fixed and a variable part and includes salary, post-employment benefits and share-based payment plan benefits.

in thousands of EUR

2018

2017

S. Borchert (CEO)

Salary and other short-term benefits

787

-

Post-employment benefits

14

-

Short-term variable remuneration

393

-

Share-based payments

196

-

Other short-term benefits

1,500

-

2,890

-

P.J. de Castro Fernandes (CFO)

Salary and other short-term benefits

560

524

Post-employment benefits

106

105

Short-term variable remuneration

93

54

Share-based payments

35

650

794

1,333

Th. A. Kiesselbach (former CEO)

Salary and other short-term benefits

264

808

Post-employment benefits

49

144

Share-based payments

- 224

1,143

Short-term variable remuneration

-

86

Termination benefits

244

-

333

2,181

Until February 2018, Th. A. Kiesselbach was the CEO of GrandVision and until April 2018, a Management Board member.

Key management is entitled to an annual performance-related variable remuneration. The objective of the annual performance-related variable remuneration payment is to incentivize and reward strong short-term financial and personal performance and the implementation of strategic imperatives, and to facilitate rapid growth while continuing to focus on sustainable results. The Supervisory Board will define, on an annual basis, the performance ranges, the 'on target' value and the maximum at which the payout will be capped. For more details refer to the chapter 'Remuneration Report' of the Annual Report. The set targets for 2018 were partially achieved.

The performance conditions are set by the Supervisory Board on an annual basis at or prior to the beginning of the relevant calendar year. These performance conditions include criteria reflecting GrandVision’s financial performance and may also include quantitative or qualitative criteria related to the Group's non-financial performance and/or to individual performance.

The amounts included as share-based payment plan benefits represent the amounts recognized in the consolidated Income Statement. For the movements in the share-based payment plan please refer to note 26.

33.4 Supervisory Board Remuneration

The remuneration paid or payable to the Supervisory Board is shown below:

in thousands of EUR

2018

2017

C.J. van der Graaf

73

73

J.A. Cole

60

60

M.F. Groot

60

60

P. Bolliger

60

60

W. Eelman

60

60

313

313

All the remuneration paid or payable to the Supervisory Board comprises short-term benefits. No loans, advance payments or guarantees have been provided to the Supervisory Board.