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 2019 are stated below, distinguishing between major shareholders, members of the Board of Directors and Directors of the Parent Company and other parties that were related during the year even though there are no longer a shareholder at year-end. The conditions of the related-party transactions are equivalent to those of transactions carried out under market conditions:

The heading “Management or cooperation agreements” referring to major shareholders includes the amounts that have accrued in the form of management fees payable to NH Group during 2019 by virtue of the hotel management agreement signed with Grupo Minor, (during 2018, management fees were accrued in favour of NH Group under the hotel management contract signed with Grupo Inversor Hesperia, S.A).


Other agreements

At 31 December 2019, the NH Hotel Group has a net balance pending collection of 1,443 thousand euros with the Minor Group (2,493 thousand euros recorded as an account receivable and 1,050 thousand euros as accounts payable).

Resulting from an analysis of the fair value of the investment in the company consolidated classified as held for sale it has been registered an impairment of the loans to associates amounting to 9,503 thousand euros and an expense of 5,588 thousand euros for the committed contribution at the end of 2019 to carry out the cancellation of the bank loan that this company has and in which NH Hotel Group acts as a guarantor of the 35.5% (See Note 29). Both impacts have been recorded under “Impairment on financial investments” of the consolidated comprehensive profit and loss statement.