REA Group Ltd Annual Report 2021

Annual Report 2021 | REA Group Ltd 24. Related parties (a) Transactions with related parties 2021 $ 2020 $ Ultimate parent entity (News Corp) and group entities Sale of goods and services 1,724,841 1,874,807 Purchase of goods and services 5,645,684 6,452,014 Dividends paid 92,485,723 95,740,780 Management fee 155,000 155,000 Amounts receivable from parent entity 33,555 486,041 Amounts owing to parent entity 3,657,237 3,128,661 Key management personnel Short term employee benefits 5,303,496 4,562,997 Post-employment benefits 142,825 141,053 Long term employee benefits 67,381 35,700 Deferred Short Term Incentive Plan (STI Plan) 793,663 100,000 Long Term Incentive Plan (LTI Plan) 1,706,854 (64,611) (i) Parent entities The parent entity within the Group is REA Group Ltd. The ultimate parent entity of the Group is News Corp, a resident of the United States of America, which owns 61.42% of REA Group Ltd via its wholly owned subsidiary News Australia Pty Limited. News Corp is listed on the New York Stock Exchange. During the year, the Group sold advertising space at arm’s length terms to News Corp (or one of its related entities) and recharged promotional costs. The Group also utilised advertising and support services of News Corp (or one of its related entities) on commercial terms and conditions. In addition to the above, insurance premium recharges were paid to News Corp (or one of its related entities) and News Corp (or one of its related entities) recharged the Group relating to the use of IT content delivery services. The Group has entered certain agreements with independent third parties under the same terms and conditions as those negotiated by News Corp. (ii) Key management personnel For a list of key management personnel and additional disclosures, refer to the Remuneration Report. During the year, the Group sold residential subscriptions and other advertising products, and provided training sponsorships at arm’s length terms, normal terms and conditions to the franchisees and offices of the Jellis Craig Group (Director-related entity). (iii) Commitments Refer to Note 16 for details. (iv) Associates On 30 November 2020, the Group subscribed for US$8.7 million ($11.8 million) of convertible notes issued by 99 Group. The convertible notes earn 4% interest per annum and matures on 30 November 2023. Refer to Note 21 for further information on the 99 Group. Year in review Directors’ Report Financial Statements Remuneration Report Sustainability Our Leaders 117