25 Related parties
Schindler Holding Ltd., Hergiswil, Switzerland, is the ultimate holding company of the Group and is not controlled by any other company.
As of December 31, 2021, the Schindler and Bonnard families – within the scope of shareholder agreements – and parties related to these families, held 46 444 250 registered shares of Schindler Holding Ltd. (previous year: 47 208 588). This corresponds to 69.2% of the voting rights of the share capital recorded in the Commercial Register (previous year: 70.4%).
Generally, business transactions with related parties are conducted at arm’s length. Transactions in goods and services are based on prices that apply to third parties, including similar general terms and conditions.
Transactions with associates and other related parties consist of the following:
| In CHF million | 2021 | 2020 | ||
|---|---|---|---|---|
| Associates | ||||
| Accounts receivable and loans | 14 | 24 | ||
| Liabilities | 9 | 15 | ||
| Revenue | 49 | 39 | ||
| Material and operating expenses | 16 | 12 | ||
| Other related parties | ||||
| Liabilities towards shareholders | 11 | 8 | ||
| Interest expenses | – | – |
The compensation for key management is disclosed in note 6.4.