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.