Edisun Power Europe Ltd. Corporate Governance Report 2010 ...

58 Consolidated Financial Statements
All amounts are in 000 CHF if not otherwise noted
24 Commitments
As of December 31, 2010, the Company had no outstanding
commitments to buy solar modules compared to CHF
4.05 million (EUR 2.7 million) in 2009.
25 Acquisition and Disposals of
Non-controlling Interests
The Company has acquired a further 0.2% of Edisun
Power Ltd. and as of December 31, 2010, holds 98.5% of
Edisun Power Ltd.’s shares. The shareholders of Edisun
Power Ltd. chose among a cash payment, compensation
in shares of Edisun Power Europe Ltd., or both. The fair
value of the shares of Edisun Power Europe Ltd. was determined
based on the consideration paid in cash.
26 Related-Party Transactions
The following transactions were carried out with related
parties:
2010 2009
(a) Purchase of services
Purchase of services
an entity controlled by a board member 0 57
Total purchase of service 0 57
Services are bought from an entity controlled by a member
of the Board on normal commercial terms and conditions.
2010 2009
(b) Key management and board
compensation
Salaries and other short-term employee
benefits
453 583
Social benefits (employer s contribution) 50 51
Termination benefits 0 100
Total compensation 503 734
(c) Year-end balance arising from sales/
purchase of goods/services
Payables to related parties:
Entity controlled by a board member 0 8
Total balance 0 8
The payables to related parties arise mainly from purchase
transactions and are due two months after the
date of purchase. The payables bear no interest.
A detailed overview of the compensation of the Board of
Directors and Management Board may be found in the
notes to the statutory financial statement of Edisun Power
Europe Ltd.
27 Risk Policy
The Group’s risk policy is explained in the notes to the
statutory financial statement of Edisun Power Europe
Ltd..
28 Events after the Balance-Sheet Date
The group had no relevant events after the balance-sheet
date.