13	TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS

Transactions with related parties

Major transactions between the Company and its related parties are summarized as follows:


	2015		2016		2017
Revenue from sales of goods and services:
- Associates		1,400		—		3,367
- Joint operations		52,384		36,901		18,138

		53,784		36,901		21,505

Purchase of goods and services:
- Associates		18		739		2,776
- Joint operations		489		3,228		14,191

		507		3,967		16,967

Inter-company transactions are based on the price lists in force and terms and conditions that would be agreed with third parties.

Key management compensation

Key management includes directors (executives and non-executives), members of the Executive Committee and Internal Audit Management. The compensation paid or payable to key management in 2017 amounted to S/90.5 million (S/106.9 million and S/111.7 millions in 2016 and 2015, respectively) and only relates to short-term benefits.

Balances at the end of the year were:


	At December 31,				At December 31,
	2016				2017
	Receivable		Payable		Receivable		Payable
Current portion:
Joint operations:
Consorcio Constructor Ductos del Sur		62,834		—		—		—
Consorcio GyM Conciviles		61,006		—		43,435		—
Consorcio Rio Urubamba		9,072		—		8,964		—
Consorcio Peruano de Conservación		8,784		—		7,417		—
Consorcio Vial Quinua		4,198		738		—		2,162
Consorcio Italo Peruano		4,174		17,325		14,536		18,849
Consorcio La Gloria		3,521		3,080		1,688		1,358
Terminales del Perú		3,215		259		3,290		—
Consorcio Rio Mantaro		3,191		6,886		1,134		763
Consorcio Vial Sierra		940		5,400		2,355		1,854
Consorcio Constructor Chavimochic		915		2,471		1,959		5,817
Consorcio Energía y Vapor		491		3,203		—		72
Consorcio Ermitaño		83		6,372		1,067		6
Consorcio Menegua		30		3,803		39		—
Consorcio para la Atención y Mantenimiento de Ductos		—		21,790		—		12,074
Consorcio Huacho Pativilca		—		3,434		—		2,377
Other minors		10,134		2,472		12,182		6,973

		172,588		77,233		98,066		52,305


	At December 31,				At December 31,
	2016				2017
	Receivable		Payable		Receivable		Payable
Other related parties:
Gaseoducto Sur Peruano S.A		—		—		2,407		—
Perú Piping Spools S.A.C.		9,076		—		279		185
Ferrovías Argentina		—		—		—		2,684
Arturo Serna		—		2,984		—		—

		9,076		2,984		2,686		2,869

Portion current		181,664		80,217		100,752		55,174

Non-current portion:
Gasoducto Sur Peruano S.A		531,384		—		773,930		—
Consorcio Constructor Ductos del Sur		—		37,238		—		—
Ferrovías Participaciones		—		20,813		—		21,648
Ferrovías Argentina		—		2,835		—		—
Arturo Serna		—		4,434		—		4,306

Portion current		531,384		65,320		773,930		25,954

Receivables and payables are mainly of current maturity and do not have specific guarantees, except for the receivable account from GSP. Accounts receivable from related parties have maturity periods of 60 days and arise from sales of goods and services. These balances are non-interest-bearing, and at December 31, 2017 an impairment was recognized for S/18 million, in the receivables of GyM from Consorcio GyM Conciviles.

The non-current balance corresponds to the obligations arising from the early termination of the GSP project (Note 16.a-i). As of December 31, 2017, the book value of the non-current account receivable recorded by the Company, for S/515 million, is similar to its fair value as it was recorded using the discounted cash flow method, at a 2.92% that originated a discount value of US$ 22.8 million (equivalent to S/76.9 million) Note 28. Additionally, as a consequence of the early termination of the GSP, and the related facts, the subsidiary GyM SA reclassified as of December 31, 2017, the balances of the Consorcio Constructor Ductos del Sur to which adjustments for impairment had previously been applied (Note 5.1 f) and which, up to 2016, was included in the consolidation under the proportional share method. The value of accounts receivable from CCDS correspond mainly to collection rights to GSP for S/244 million.

Accounts payable to related parties have maturity periods of 60 days and arise from engineering, construction, maintenance and other services received. These balances are not interest-bearing due to their short-term maturities.

Transactions with non-controlling interest are disclosed in Note 36.