24. Transactions and balances with related parties

The operations with directors and members of senior management are detailed in Note 23. No material transactions have been carried out with the Company or its group of companies that were outside the ordinary course of business of the company or were not carried out under normal market conditions. 

Pursuant to article 231 of the Spanish Corporate Enterprises Act, none of the companies forming part of the Viscofan Group have performed transactions with related parties. However, in 2023, the Group had dealings with Banca March, S.A., a financial institution linked to Corporación Financiera Alba, S.A., which held 14.25% of the Company's shares at 31 December 2023 (14.25% at 31 December 2022). In January 2023, a credit account was entered into with a limit of 10 million euros, extendable annually until January 2026. Also in 2023, the company has closed a gas hedging contract for 100,000 MWh, with 25,000 MWh still open at the end of the year. In 2022, the loan of 10 million euros and the exchange rate hedges that the Group had entered into with Banca March S.A. ended. During 2023 and 2022, no additional services were provided by companies related to the shareholder: All transactions took place in normal market conditions.