NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 146 Notes forming part of the consolidated accounts (continued) 29. Related party transactions The NATS group has four shareholders - the Crown, The Airline Group Limited (AG), LHR Airports Limited and the NATS Employee Sharetrust Limited. During the year transactions with the Crown have taken place with the Meteorological Office, the Department for Transport (DfT) and the Ministry of Defence (MOD). In addition there have been transactions with LHR Airports Limited and AG. AG is a consortium of British Airways plc, Deutsche Lufthansa AG, easyJet Airline Company Limited, Monarch Airlines Retirement Benefit Plan Limited, Thomas Cook Airline Limited, Thomson Airways Limited, Virgin Atlantic Airways Limited and USS Sherwood Limited. AG has a 42% stake in NATS Holdings Limited. The directors of NATS Holdings Limited are satisfied that the eight members of AG have not exercised undue influence on the group either acting individually or in concert and therefore the individual transactions with each member of AG have not been disclosed in this set of accounts. Contractual arrangements existed during the year between LHR Airports Limited and NATS Services in relation to air navigation services provided at Aberdeen, Glasgow, Heathrow and Southampton airports. Aberdeen, Glasgow and Southampton airports were sold by LHR Airports Limited to AGS Airports Limited in December 2014. Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the company and its subsidiaries are disclosed in the subsidiary companies’ financial statements. Trading transactions During the year, group companies entered into the following transactions with related parties who are not members of the group: Year ended 31 March 2015 Sales Year ended 31 March 2014 Year ended 31 March 2015 Purchases Year ended 31 March 2014 Amounts owed by related parties Year ended 31 March 2015 Year ended 31 March 2014 Amounts owed to related parties Year ended 31 March 2015 Year ended 31 March 2014 £m £m £m £m £m £m £m £m LHR Airports Limited 80.2 89.3 8.1 9.9 6.0 7.6 - - Ministry of Defence (MOD) 51.0 50.1 4.1 3.2 5.9 5.5 28.4 19.5 The Airline Group - - 0.2 0.2 - - - - Department for Transport (DfT) 0.6 0.5 - - - - - - Meteorological Office 0.3 0.7 0.6 0.6 - - 0.1 - Sales are made to related parties at the group’s usual rates and purchases at market prices. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been received. No provisions (2014: £nil) have been made for doubtful debts in respect of amounts owed by related parties. Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 147 Notes forming part of the consolidated accounts (continued) 29. Related party transactions (continued) Remuneration of key management personnel The remuneration of key management personnel of the group, is set out below in aggregate for each of the categories specified in IAS 24: Related Party Disclosures. Key management includes the Board of directors of the company and the group’s principal subsidiaries. Further information about the remuneration of individual directors is provided in the audited part of the Remuneration Committee report. 2015 2014 £m £m Short term employee benefits 6.6 6.4 Post-employment benefits 1.5 1.2 Other long term benefits 0.7 0.6 Termination benefits - 0.1 8.8 8.3 Financial Statements
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