Annual Report 2016

45A5A81B-4BAF-4723-BFB4-09983CA05A23 Created with sketchtool.

28. Related party disclosure

(a) Transactions with key management personnel

(i) Key management personnel compensation

Key management personnel comprises the Worker Participation directors, non-executive directors, and the executive director. The compensation attributable to these personnel comprised the following:

30 March 2016
€’000
25 March 2015
€’000
Short-term employee benefits724750
Post-employment benefits7876
Other long term benefits--
Termination benefits--
Share-based payments--
802826

(ii) Key management personnel interests

See Note 5 for information on the interests of the directors in the ordinary shares of the Company.

(iii) Key management personnel transactions

There are no key management personnel transactions other than disclosed above.

(b) Parent and ultimate controlling party

Bord na Móna plc is a state owned company. 95% of the issued share capital is held by the Minister for Finance (whose shares stand transferred to the Minister for Public Expenditure and Reform under the Ministers and Secretaries Act 2011). The other 5% is held by Bord na Móna ESOP on behalf of the employees.

(c) Other related party transactions

Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Bord na Móna provide services amounting to €0.06 million (2015: €0.8 million) such as planning application, project management, legal, finance and administration to its joint ventures. These services are charged in accordance with arrangements agreed between the joint venture shareholders.At 30 March 2016 the joint ventures owed the Group €7.3 million (2015: €5.4 million). During the period the joint venture shareholders advanced loans of €25.8 million to the shareholder.

Sales of goods, property and services to entities controlled by the Irish Government: In the ordinary course of its business the Group sold goods and property and provided services to entities controlled by the Irish Government, the principal of these being ESB. The Group operates a long-term agreement with ESB in relation to the sale of peat and provision of ancillary services to the power stations. Supply of these services in the year to 30 March 2016 amounted to €133.5 million (2015: €154.5 million) and amounts due from these entities to the Group at 30 March 2016 for these services amounted to €8.0 million (2015: €12.1 million).

From time to time the Group placed monies on deposit with financial institutions controlled by the State. At year end the Group had placed monies on deposit of €15.6 million (2015: €18.1 million) with Allied Irish Banks plc at 0.01%.

(d) Dividends

30 March 2016
€’000
25 March 2015
€’000
To the Minister for Finance9,63410,612
To Bord na Móna ESOP Trustee Limited507559
10,14111,171

The Company paid a dividend of €0.1555 (2015: €0.1713) per share during the year. The total dividend payment for the year was €10.1 million(2015: €11.2 million).