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25. Related party balances and transactions

An overview of the subsidiaries of Precious Woods is presented in Note 31. 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 23.

a. Balances and transactions

The balances with related parties, as of 31 December 2021 and 2020, are detailed below:

in thousand EUR   2021   2020
Trade and other current receivables from related parties   97  
Trade receivables and other current receivables from associates   4 224   12
Non-current loan to associates   394   365
         
Trade and other current liabilities from related parties   427  
Trade and other current liabilities to associates   1 117   701
Current loans from shareholders with significant influence   28 844   2 293
Non-current loans from shareholders with significant influence   5 794   27 328
Non-current financial liabilities from shareholders with significant influence   0   3 418
         
Paid interest expenses to shareholders with significant influence   505   474
Paid interest expenses to other shareholders    

The current loans from shareholders with significant influence bear interest at 1.5 % for EUR 2.4 million – maturing in October 2022; at 6.0 % for EUR 19.3 million and accrued interests at 0.0 % for EUR 4.7 million – maturing in December 2022; at 4.0 % for EUR 1.0 million – maturing in March 2022; at 4.5 % for EUR 1.0 million – maturing in December 2022; and at 6.0 % for EUR 0.4 million – maturing in December 2022.

The non-current loans from shareholders with significant influence bear interest at 6.0 % for EUR 5.8 million, maturing in December 2024.

b. Compensation

During the ordinary course of business in 2021 and 2020, the Group granted remunerations to related parties as follows:

in thousand EUR   2021   2020
Board of Directors        
Short-term employee benefits   197   200
Post-employment employee benefits   9   9
Total remuneration and fees Board of Directors   206   209
Group Management        
Short-term employee benefits   1 044   771
Post-employment employee benefits   169   135
Total Group Management   1 213   906
Operating management        
Short-term employee benefits   812   685
Post-employment employee benefits   78   84
Total operating management   890   768
Total compensation to key management personnel   2 309   1 883

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