103
The breakdown, by business units, of the current value of the rental payments at 31 December 2014 is as follows:
Less than one year
Between two and five years
More than five years
Total
Spain
80,742
317,450
159,043
557,235
Germany and Central Europe
109,344
414,517
305,619
829,480
Italy
40,692
129,258
59,275
229,225
Benelux
44,678
187,027
297,347
529,052
Latin America
3,219
5,572
2,765
11,556
Total
278,675
1,053,824
824,049
2,156,548
The breakdown, by business units, of the current value of the rental payments at 31 December 2013 is as follows:
Less than one year
Between two and five years
More than five years
Total
Spain
85,046
334,745
234,601
654,392
Germany and Central Europe
108,551
404,856
282,473
795,880
Italy
41,014
141,144
63,706
245,864
Benelux
40,447
157,350
212,911
410,708
Latin America
2,936
4,586
7,522
Total
277,994
1,042,681
793,691
2,114,366
25.6 Financial Expenses and Changes in Fair Value of Financial Instruments
The detailed balance of this chapter of the consolidated statement of comprehensive income for 2014 and 2013 is as follows:
€Thousand
2014
2013
Expenses for interest
53,488
54,462
Financial expenses for means of payment
10,354
10,489
Cancellation of interest rate derivatives
-
5,880
Other financial expenses
1,531
1,496
Financial effect relating to updating of provisions (Note 19)
3,456
4,019
Total financial expenses
68,829
76,346
€Thousand
2014
2013
Interest rate derivatives (Note 4.7.3)
(2,786)
-
Put option for Donnafugata Resort, S.r.l.
770
-
Share-based remuneration scheme 2007-2013 (Note 18)
-
(9,511)
Total change in fair value of financial instruments
(2,016)
(9,511)
26.- RELATED-PARTY TRANSACTIONS
In addition to its subsidiaries, associates and joint ventures, the Group’s “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 organisations over which key management
personnel may exert significant influence or control.
Transactions carried out by the Group with its related parties during 2014 are stated below, distinguishing between major shareholders, members
of the Board of Directors 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:
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
