NOTE 10 – RELATED PARTIES

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NOTE 10 – RELATED PARTIES
         
The shipping companies where Solvang has an ownership share of more than 15% and companies where the Steensland family have control are regarded as related parties. All transactions with related parties, are at arm's length and market terms. In connection with Solvang's position as manager for the shipping partnerships, there are ongoing transactions between Solvang and the individual shipping partnerships. Solvang receives a yearly fee as managers. The size of the fee is regulated by the management agreement, and is approved each year by the annual general meeting of the shipping partnerships.
Solvang's regular broker for sale and purchase is Inge Steensland AS. Parallel investments with companies controlled by the Steensland family, are also made.
  Profit & Loss Account Balance Sheet
  2015 2014 31.12.2015 31.12.2014
Management fee (income) 57 126 54 808
Technical fee (reduction of cost) 0 0
Net interest subsidiaries 0 -2 770
Interest expenses other related parties 18 0
Receivables group companies 2 822 6 132
Liabilities group companies -3 127 -70 862
Net receivables ship owning companies 505 0
Net receivables other related parties 0 0
Liabilities other related parties 0 0
Total 57 145 52 038 200 -64 730
         
In 2015 Solvang ASA purchased the share in PR Clipper Skagen DA from Clipper Shipping AS for KNOK 94.
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