12.Related Parties
Related parties as defined in IAS 24 (Related Party Disclosures) are those legal entities and natural persons that are able to exert at least significant influence on Covestro AG and its subsidiaries, or over which Covestro AG or its subsidiaries exercise control, joint control or have at least significant influence. They include nonconsolidated subsidiaries, joint ventures and associated companies, post-employment benefit plans and corporate officers of Covestro AG.
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Dec. 31, 2019 |
June 30, 2020 |
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Receivables |
Liabilities |
Receivables |
Liabilities |
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€ million |
€ million |
€ million |
€ million |
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Nonconsolidated subsidiaries and associates |
– |
5 |
2 |
5 |
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Associates |
3 |
– |
5 |
1 |
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1st half 2019 |
1st half 2020 |
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Sales of goods and services |
Purchases of goods and services |
Sales of goods and services |
Purchases of goods and services |
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€ million |
€ million |
€ million |
€ million |
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Nonconsolidated subsidiaries and associates |
19 |
22 |
15 |
20 |
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Associates |
5 |
276 |
6 |
216 |
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The goods and services provided by associated companies mainly result from the ongoing operating business with PO JV, LP, Wilmington (United States). Covestro benefits from fixed long-term supply quotas/volumes of propylene oxide (PO) from this company’s production.
Receivables from and payables to related parties mainly comprise leasing and financing matters, trade in goods and services, and other transactions.