The breakdown, by business units, of the current value of the rental payments at 31 December 2012 is as follows:
Less than one year
Between two and five
years
More than five
years
Total
Spain
101,780
352,435
242,336
696,551
Germany and Central Europe
111,266
407,673
309,442
828,381
Italy
43,564
176,131
119,097
338,792
Benelux
36,384
138,284
170,550
345,218
Latin America
3,118
6,910
-
10,028
Total
296,112
1,081,433
841,425
2,218,970
27.6
Financial expenses and changes in fair value of financial instruments
The detail of “Operating Leases” of the consolidated statement of comprehensive income for 2013 and 2012 is as follows:
Thousand euros
2013
2012
Expenses for interest
55,356
70,147
Financial expenses for means of payment
10,585
10,634
Cancellation of interest rate derivative financial instruments (Note 19.1)
5,880
-
Other financial expenses
1,698
2,449
Financial effect relating to provisions
4,019
469
Total financial expenses
77,538
83,699
Thousand euros
2013
2012
Put option on Donnafugata Resort (Note 17)
-
4,001
Interest-Rate Derivative financial Instruments(Note 19.1)
(65)
592
Share-based remuneration scheme 2007-2013 (Note 20)
(9,510)
(3,045)
Total change in fair value of financial instruments
(9,575)
1,548
28.-
RELATED-PARTY TRANSACTIONS
In addition to the subsidiaries, associates and multigroup entities, the “key management personnel” of the Parent Company (members of the Board of Directors and
Directors, in addition to their close family members) are also considered “related parties” to the Group, as are any entities over which the key management personnel
may exercise significant influence or control.
Transactions carried out by the Group with its related parties during 2013 and 2012 are stated below, distinguishing between major shareholders, members of the Board
of Directors andDirectors of the Parent Company and other related parties. The conditions for the related-party transactions are the same as those found in transactions
carried out under market conditions:
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
103
