Various transactions are entered into by the company and its subsidiaries during the year with related parties. Unless specifically disclosed these transactions occurred under terms that are no less favourable than those entered into with third parties. Intra-group transactions are eliminated on consolidation.
The following is a summary of other transactions with related parties during the year and balances due at year end:
Terms on other outstanding balances
Unless otherwise noted, all outstanding balances are payable within 30 days, unsecured and not guaranteed.
There are no doubtful debt provisions raised in respect of amounts due to/from related parties and no bad debts incurred during the year on these balances.
Associates and joint ventures
The loans to associates and joint ventures are repayable on demand and bear interest at market-relatedrates. Details of investments in associates and joint ventures are disclosed in note 13.
Details of investments in subsidiaries are disclosed in note 35.
Transactions with key management and other related parties (including directors and prescribed officers)
During the year, the Automotive trading segment sold motor vehicles to the value of R3.4 million (2017: R5.6 million) to key management, prescribed officers or close family members of related parties.
The principal shareholders of the company are disclosed in the integrated report.
Barloworld Medical Scheme
Contributions of R181 million were made to the Barloworld Medical Scheme on behalf of employees (2017: R161 million).
Barloworld Pension Fund
Amounts recognised in the income statement in respect of defined benefit plans was a net expense of R70 million (2017: R76 million net expense).