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 2023 and 2022, are detailed below:
| in thousand EUR | 2023 | 2022 | ||
|---|---|---|---|---|
| Trade and other current receivables from related parties | 28 | 28 | ||
| Trade receivables and other current receivables from associates | 3 787 | 4 174 | ||
| Non-current loan to associates | 746 | 423 | ||
| Trade and other current liabilities from related parties | 693 | 477 | ||
| Trade and other current liabilities to associates | 846 | 2 908 | ||
| Current loans from shareholders | 13 841 | 11 086 | ||
| Current loans from related parties | 1 615 | 1 514 | ||
| Non-current loans from shareholders | 22 607 | 21 202 | ||
| Non-current loans from related parties | – | 1 010 | ||
| Paid interest expenses to shareholders | – | 542 | ||
| Paid interest expenses to related parties | – | 72 |
The current loans from related parties bear interest at 6.0 % for EUR 1.5 million – maturing up to and including December 2023. The non-current loans from related parties bear interest at 6.0 % for EUR 1.0 million, maturing in December 2024.
b. Compensation
During the ordinary course of business in 2023 and 2022, the Group granted remunerations to related parties as follows:
| in thousand EUR | 2023 | 2022 | ||
|---|---|---|---|---|
| Board of Directors | ||||
| Short-term employee benefits | 324 | 235 | ||
| Post-employment employee benefits | 12 | 11 | ||
| Total remuneration and fees Board of Directors | 336 | 246 | ||
| Group Management | ||||
| Short-term employee benefits | 1 240 | 1 209 | ||
| Post-employment employee benefits | 181 | 189 | ||
| Total Group Management | 1 421 | 1 398 | ||
| Operating management | ||||
| Short-term employee benefits | 940 | 924 | ||
| Post-employment employee benefits | 81 | 78 | ||
| Total operating management | 1 021 | 1 002 | ||
| Total compensation to key management personnel | 2 778 | 2 646 |
There was no compensation paid related to long-term benefits, termination benefits or share-based payments.