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 2018 are stated below, distinguishing between major shareholders, members of the Board of Directors and Directors of the Parent Company and other parties which were related parties during the year even though they lost its condition of significant shareholder during the year. The conditions of the related-party transactions are equivalent to those of transactions carried out under market conditions:
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 2018 by virtue of the hotel management agreement entered into with Grupo Inversor Hesperia, S.A. On 30 November 2018, all the management agreements defined in the framework agreement entered into in 2017 with Grupo Inversor Hesperia, S.A. (“GIHSA”) for the management of 28 hotels for a period of nine years were effectively terminated. As a result of the termination of these management agreements, the Group recognised income under “Other Income” (see Note 7.1).
The line item “Finance costs” includes the interest paid on the debt pending payment to Grupo Inversor Hesperia, S.A. prior to the cancellation of the aforementioned management agreement (see Note 7.1).
Other financing agreements:
Other accounts receivable
At 31 December 2018, 978 thousand euros had not yet been paid in respect of the audit requested by MINT following the takeover and the additional work performed for the audit of year-end closing.