31. Related party transactions

The consolidated financial statements include the financial statements of the Company and all 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
Consort Medical Finance 2010 LimitedUnited Kingdom100100Financial intermediary
Bespak Holdings LimitedUnited Kingdom100100Non-trading company
Bespak Finance LimitedUnited Kingdom100100Non-trading company
Consort Medical Finance LimitedUnited Kingdom100Financial intermediary
Consort Medical Finance Ireland LimitedUnited Kingdom100Financial intermediary
Consort Medical GmbHGermany100Non-trading company
Consort Medical SrlItaly100Non-trading company
H & M Rubber Company IncUSA100Dormant
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
The Medical House Group LimitedUnited Kingdom100Non-trading company
Medical House Products LimitedUnited Kingdom100Development of disposable auto-injector systems
Medical House (ASI) LimitedUnited Kingdom100Development of disposable auto-injector systems
Hyperlyser LimitedUnited Kingdom100Dormant
Bespak, LLCUSA100Commercial services
Aesica Holdco LimitedUnited Kingdom100100Non-trading company
Aesica M1 LimitedUnited Kingdom100Non-trading company
Aesica M2 LimitedUnited Kingdom100Non-trading company
Aesica BC LimitedUnited Kingdom100Non-trading company
Aesica Pharmaceuticals LimitedUnited Kingdom100Pharmaceutical ingredients/products manufacturer
Aesica Queenborough LimitedUnited Kingdom100Pharmaceutical ingredients/products manufacturer
Aesica Trustee Company LimitedUnited Kingdom100Non-trading company
Aesica LLCUSA100Commercial services
Aesica Formulation Development LimitedUnited Kingdom100Pharmaceutical ingredients/products manufacturer
Aesica Pharmaceuticals GmbHGermany100Pharmaceutical products/packaging manufacturer
Aesica Pharmaceuticals S.r.l.Italy100Pharmaceutical products/packaging manufacturer

Aesica Holdco Limited and its subsidiaries were acquired on 12 November 2014.

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

Sale of goods
and services
Purchase of goods
and services
Amounts owed
by related parties
Amounts owed
to related parties
Company2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
Subsidiaries9,6935,750871784210,779164,641270,761169,879

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 £1.9m (2015: £2.6m), including a property lease that runs until 2020.

A provision of £3.1m exists against the amount due from Integrated Aluminium Components Limited to Consort Medical plc (2015: £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.

Outstanding balances with the Company's pension scheme are disclosed in note 21.

Compensation of key management personnel of the Group

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

GroupCompany
2016
£000
2015
£000
2016
£000
2015
£000
Short-term employee benefits2,9822,7402,3142,282
Post-employment benefits322250235199
Termination benefits
Share-based payments1,3451,2401,0691,097
4,6494,2303,6183,578