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16. 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 28.

a. Balances and transactions

The balances with related parties, as of 31 December 2018 and 2017, are detailed below:

in thousand EUR   2018   2017
Trade receivables and other current receivables from associates   5   48
         
Trade and other current liabilities from related parties     0
Trade and other current liabilities from associates   224   117
Current loans from shareholders with significant influence   6 747   5 472
Non-current loans from shareholders with significant influence   19 754   19 100
         
Purchase CERs from related parties     151
Interest expenses to shareholders with significant influcence   420   517
b. Compensation

During the ordinary course of business in 2018 and 2017, the Group granted compensation to related parties as follows:

in thousand EUR   2018   2017
Group Management        
Short-term employee benefits   715   743
Post-employment employee benefits   110   115
Total Group Management   825   858
Board of Directors        
Short-term employee benefits   271   281
Post-employment employee benefits   11   12
Total remuneration and fees Board of Directors   282   292
Operating management        
Short-term employee benefits   684   606
Post-employment employee benefits   56   55
Total operating management   740   662
Total compensation to key management personnel   1 847   1 812

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