Note 18 – Transactions with related parties

A new long term incentive program for key management of the Group has been established during 2015. The program consists of 500 000 warrants , all of which have been issued and subscribed for. The subscription price is 0.74 EUR with a strike price of 20.00 EUR for each warrant. The duration of the program is until December 2020. If all warrants are converted into shares the total number of shares will be diluted with around 5%. The transaction has been carried out on an “arms-length” principle.

During 2014 no material transactions with related parties took place.

Remuneration to Board members, CEO and other senior excecutives is presented in Note 17.

For the Parent Company the Group companies are considered related parties. The management services provided by the Parent Company to the Group companies amounts to 451 TEUR (380). The Parent Company has not purchased any goods or services from the Group companies. Interest income and expenses reported by the Parent Company relating to intra-group receivables and liabilities amounts to +4 794 TEUR (+3 498) and -42 TEUR (0). All transactions are carried out on an”arms-length” principle.