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 2017 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:

	Thousands of Euros
	31/12/2017
Income and Expenses	Significant shareholders	Directors and Executives	Associates or companies of the Group	Total
Expenses:
Financial espenses	655	-	-	655
R&D transfers and licence agreements	-	-	13	13
Lease rentals	664	-	-	664
	1.319	-	13	1.332
Income:
Management or cooperation agreements	8.969	-	2.114	11.083
Other income (Note 7.2)	6.000	-	-	6.000
	14.969	-	2.114	17.083

	Thousands of Euros
	31/12/2016
Income and Expenses	Significant shareholders	Directors and executives	Associates or companies of the Group	Total
Expenses:
R&D transfers and licence agreements	-	-	277	277
	-	-	277	277
Income:
Financial income	-	-	22	22
Management or cooperation agreements	7.454	-	3.237	10.691
	7.454	-	3.259	10.713

The heading “Management or cooperation agreements” includes the amounts that have accrued in the form of management fees payable to Grupo NH during the period of 2017 by virtue of the hotel management agreement signed with Grupo Inversor Hesperia, S.A.

The line “Other income” includes compensation received by the Group from Grupo Inversor Hesperia, S.A., for the cancellation of the management contract between the two companies, which was replaced by a new contract on 7 March 2017 (see Note 7).

The line “Finance costs” includes the interest accrued for the outstanding debt to Grupo Inversor Hesperia, S.A. derived from the new management contract (see Note 7).

Other financing agreements:

	Thousands of Euros
	2017	2016
Accounts receivable from associated companies	1.016	840
Loans to associates
Consorcio Grupo Hotelero T2, S.A. de C.V. (Note 10.1)	-	244
Sotocaribe, S.L.	7.382	5.955
Total	8.398	7.039

Management contracts

By virtue of the contractual relationship entered into with Grupo Inversor Hesperia, S.A. at 31 December 2017, 2.26 million euros had not yet been received for various reasons (1.88 million euros at 31 December 2016), of which 0.07 million euros was due on said date (0.21 million euros at 31 December 2016).

At the same time, through the new contract between Hoteles Hesperia, S.A. and Grupo Inversor Hesperia, S.A., on 7 March 2017, the Group agreed to pay 38,560 thousand euros, with 21,560 thousand euros still pending at 31 December 2017 (see Note 7).