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3.9 Shares in associates and joint ventures
Associates and joint ventures
Associates and joint ventures are handled as equity accounted investments.
€ million 2017 2016
Carrying amount as at 1 January 107.9 99.2
Share of the net profit for the financial year 0.9 -1.3
Additions 8.6 9.9
Carrying amount as at 31 December 117.4 107.9
The shares in associates and joint ventures are not quoted publicly.
Disclosures on associates and joint ventures and the Group’s ownership interest in their aggregated assets, liabilities, net sales and net profits/losses:
The joint ventures consolidated using the equity method, Kruunuvuoren Satama Oy and Mercada Oy, own properties which have been leased for use by the Group. Vähittäiskaupan Takaus Oy and Vähittäiskaupan Tilipalvelu Oy sell their services to Kesko’s and K-retailers’ retail companies and the Lithuanian UAB Mokilizingas provides consumer financing to local consumers. Hehku Shop Ltd is a joint venture established by Kesko and Oriola in June 2017 to create a chain of health, beauty and wellbeing stores in Finland. The other associates mainly comprise business property companies which have leased their properties for use by Kesko Group. Associates that operate as mutual real estate companies have been consolidated in the financial statements in proportion to their ownership interests.
2017
€ million
Assets Liabilities Net sales Net profit for the financial year Ownership interest, %
Mercada Oy, Helsinki 686.5 613.7 50.1 26.2 33.3
Kruunuvuoren Satama Oy, Helsinki 252.6 124.1 12.3 6.8 49.0
UAB Mokilizingas, Vilnius, Lithuania 54.2 45.4 5.9 1.6 12.8
Hehku Shop Ltd, Espoo 1.8 0.8 - -2.3 50.0
Valluga-sijoitus Oy, Helsinki 32.2 0.0 - 2.3 46.2
Vähittäiskaupan Takaus Oy, Helsinki 94.1 0.6 1.5 6.8 34.3
Vähittäiskaupan Tilipalvelu VTP Oy, Helsinki 7.6 1.8 9.6 0.3 30.0
Others 4.6 3.3 0.2 -0.0
Total 1,133.5 789.6 79.6 41.6
2016
€ million
Assets Liabilities Net sales Net profit for the financial year Ownership interest, %
Mercada Oy, Helsinki 671.7 633.5 48.3 6.0 33.3
Kruunuvuoren Satama Oy, Helsinki 257.3 135.5 12.9 8.5 49.0
UAB Mokilizingas, Vilnius, Lithuania 39.4 32.6 5.9 1.9 12.8
Valluga-sijoitus Oy, Helsinki 30.2 0.3 0.0 2.7 46.2
Vähittäiskaupan Takaus Oy, Helsinki 86.8 0.3 1.4 7.4 34.3
Vähittäiskaupan Tilipalvelu VTP Oy, Helsinki 7.2 1.7 9.1 -0.0 30.0
Others 4.4 3.1 0.2 -0.0
Total 1,097.0 806.9 77.8 26.4
Mutual real estate companies
The figures in the table below are the Group’s share of real estate companies’ assets and liabilities and net profit, included in the consolidated statement of financial position and income statement. Mutual real estate companies have been handled as common functions.
€ million 2017 2016
Non-current assets 36.2 36.5
Current assets 0.9 0.7
Total 37.1 37.2
Non-current liabilities 2.2 2.5
Current liabilities 5.3 5.2
Total 7.5 7.7
Net assets 29.6 29.5
Income 2.3 2.7
Costs 3.5 3.9
Net profit -1.2 -1.2