27.6
Financial expenses and changes in fair value of financial instruments
The breakdown of this item in the consolidated comprehensive profit and loss statements for 2012 and 2011 is as follows:
€ Thousand
2012
2011
Expenses for interest
70,460
57,954
Financial expenses for means of payment
10,634
10,409
Other financial expenses
3,925
283
Total financial expenses
85,019
68,646
€ Thousand
2012
2011
Put option on Donnafugata Resort (Note 17)
4,001
231
Interest rate derivatives
592
(2,644)
2007-2013
Share-based remuneration scheme
(3,045)
9,238
Total change in fair value of financial instruments
1,548
6,825
28.
RELATED-PARTY TRANSACTIONS
In addition to its subsidiaries, associated and multi-group companies, the Group “related parties” are considered to be the “key management personnel”
of the Parent Company (Board Members and Directors, along with their immediate relatives), as well as organizations over which the mentioned personnel
may exert significant influence or control.
Below is a table stating the transactions carried out by the Group during 2012 and 2011 with its related parties, distinguishing between significant
shareholders, Board Members and Directors of the Parent Company, and other related parties. The conditions of the related-party transactions are
equivalent to those of transactions carried out under market conditions:
€ Thousand
31/12/2012
Significant
shareholders
Directors and
executives
Group
entities,
companies or
persons
Other
related
parties
Total
Income and expenses
Expenses:
Financial expenses
13,566
-
-
-
13,566
Management or cooperation agreements
-
-
-
-
-
R&D transfers and licensing agreements
-
-
-
-
-
Leases
10,341
-
-
-
10,341
Receipt of services
-
-
-
-
-
Asset purchases (completed or ongoing)
-
-
-
-
-
Value adjustments for bad or doubtful debts
-
-
-
-
-
Losses from the retirement or disposal of assets
-
-
-
-
-
Other expenses
1,548
-
-
-
1,548
25,455
-
-
-
25,455
Income:
Financial income
183
105
-
288
Management or cooperation agreements
6,644
-
-
-
6,644
R&D transfers and licensing agreements
-
-
-
-
-
Dividends received
-
-
-
-
-
Leases
-
-
-
-
-
Provision of services
-
-
55
-
55
Asset sales (completed or ongoing)
-
-
-
-
-
Profits from the retirement or disposal of assets
-
-
-
-
-
Other income
-
-
-
-
-
6,644
183
160
-
6,987
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
105
