28 Related parties
Koninklijke DSM N.V. is the group holding company that is listed on the Euronext Amsterdam stock exchange. The financial statements of the company are included in the chapter 'Parent company financial statements'.
In the ordinary course of business, DSM buys and sells goods and services from/to various related parties in which DSM has significant influence. Transactions are conducted under terms and conditions that are equivalent to those that apply to arm's length transactions.
Transactions and relationships with related parties are reported in the table below.
Transactions with related parties
Joint ventures | Associates | |||
2019 | 2018 | 2019 | 2018 | |
Sales to | 1 | 2 | 13 | 6 |
Purchases from | - | 7 | 52 | 332 |
Loans to | - | - | 3 | 26 |
Receivables from | 1 | - | 42 | 8 |
Payables to | - | - | 5 | 23 |
Interest from | - | - | - | 7 |
Commitments to | - | - | 4 | 4 |
DSM may issue guarantees as credit enhancement of associates to acquire bank facilities for these associates.
DSM has provided guarantees to third parties for debts of associates and to a third party (a former associate) for an amount of €59 million (2018: €72 million).
Other related-parties disclosures relate entirely to key management of DSM, being represented by the company's Managing Board, Executive Committee and the Supervisory Board. For further details about their remuneration, see Note 13 to the 'Parent company financial statements'.