n
108
The term of the operating lease agreements signed by the Group ranges from 5 to 40 years. Agreements likewise include several methods to
determine the rent to be paid. Basically, the methods for determining rentals can be summarised as fixed rentals indexed to a consumer price index;
fixed rentals complemented by a variable part, indexed to the property’s operating profits; or completely variable rentals, determined by business
performance during the year. In some cases, variable rentals are set with a minimum profitability threshold for the owners of the property under
operation.
The breakdown by business unit at 31 December 2015 of the present value of the lease payments is as follows (thousands euros):
Less than one year
Between two and five years
More than five years
Total
Spain
75,521
248,127
193,219
516,867
Germany and Central Europe
104,970
355,749
418,190
878,909
Italy
43,858
114,397
77,936
236,191
Benelux
45,559
178,986
364,851
589,396
Latin America
s
2,962
3,649
2,148
8,759
Total
272,870
900,908
1,056,344
2,230,122
The breakdown by business unit at 31 December 2014 of the present value of the lease payments is as follows (thousands euros):
Less than one year
Between two and five years
More than five years
Total
Spain
80,742
267,633
208,860
557,235
Germany and Central Europe
109,344
352,090
368,046
829,480
Italy
40,692
113,226
75,307
229,225
Benelux
44,678
155,757
328,617
529,052
Latin America
3,219
5,243
3,094
11,556
Total
278,675
893,949
983,924
2,156,548
24.6 Finance costs
The detailed balance of this chapter of the consolidated statement of comprehensive income for 2015 and 2014 is as follows:
Thousands of euros
2015
2014
Expenses for interest
53,927
53,488
Financial expenses for means of payment
11,610
10,354
Financial effect portfolio exit NH Alcalá
4,394
-
Financial effect relating to updating of provisions (Note 17)
2,609
3,456
Other financial expenses
1,175
1,531
Total financial expenses
73,715
68,829
25.- 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 2015 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
