30. Related party transactions

The consolidated financial statements include the financial statements of the Company and the principal subsidiaries listed in the following table:

SubsidiariesCountry of registration (or
incorporation) and operation
% of ordinary
shares held by
the Company
% of ordinary
shares held by
the Group
Nature of business
Bespak Europe LimitedUnited Kingdom100100Drug delivery device manufacturer
Integrated Aluminium Components LimitedUnited Kingdom100Manufacturer of anodised parts and pressings
The Medical House LimitedUnited Kingdom100100Development of disposable auto-injector systems
Bespak, LLCUSA100Commercial services

King Systems Corporation was sold on 15 February 2013.

The following table provides the total amount of transactions which have been entered into with related parties for the relevant financial year:

CompanySale of
goods and services
Purchase of
goods and services
Amounts owed
by related parties
Amounts owed
to related parties
2013
£000
2012
£000
2013
£000
2012
£000
2013
£000
2012
£000
2013
£000
2012
£000
Subsidiaries6,1426,41778478452,33580,055112,67474,113

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made at normal market prices. Outstanding balances that relate to trading balances are unsecured, interest-free and settlement occurs in cash. Long-term loans owed to and from the Company by subsidiary undertakings generally bear market rates of interest in accordance with the intercompany loan agreements. Consort Medical plc has provided guarantees to suppliers of Integrated Aluminium Components Limited amounting to £3.4m (2012: £4.0m), including a property lease that runs until 2020.

A provision of £3.1m has been made against the amount due from Integrated Aluminium Components Limited to Consort Medical plc (2012: £3.1m). No other provisions have been made against amounts from related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Compensation of key management personnel of the Group

Key management personnel includes directors (executive and non-executive) and members of the Executive Committee.

The compensation of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24 "Related party disclosures". For further information about the remuneration of individual directors please see the Remuneration Report.

GroupCompany
2013
£000
2012
£000
2013
£000
2012
£000
Short-term employee benefits3,0463,3122,5872,735
Post-employment benefits234215208183
Termination benefits576334
Share-based payments1,2948411,072761
5,1504,3684,2013,679