17. Related party balances and transactions

An overview of the subsidiaries of Precious Woods is presented on page 45. Balances and transactions between Precious Woods and its subsidiaries, which are related parties of Precious Woods, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Major shareholders holding 3 % or more of Precious Woods Holding are disclosed in Note 30.

a. Balances and transactions

The balances with related parties, as of 31 December 2017 and 2016, are detailed below:

in thousand EUR	2017	2016
Trade receivables and other current receivables, associates	48	–
Current loans from shareholders with significant influence	5 472	5 970
Current loans from other shareholders	–	457
Trade and other current liabilities, related parties	0	72
Trade and other current liabilities, associates	117	145
Non-current loans from shareholders with significant influence	19 100	16 858
Purchase CER, related parties	151	269
Interest expenses to shareholders with significant influcence	517	1 455
Interest expenses to other shareholders	–	23

b. Compensation

During the ordinary course of business in 2017 and 2016, the Group granted compensation to related parties as follows:

in thousand EUR	2017	2016
Group Management
Short-term employee benefits	743	688
Post-employment employee benefits	115	104
Total Group Management	858	792
Board of Directors
Short-term employee benefits	281	274
Post-employment employee benefits	12	8
Total remuneration and fees Board of Directors	292	282
Operating management
Short-term employee benefits	606	593
Post-employment employee benefits	55	56
Total operating management	662	649
Total compensation to key management personnel	1 812	1 723

There was no compensation paid regarding long-term benefits, termination benefits or share-based payments.