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19 Investments in associates and joint ventures
MEUR 2013 2012
Carrying amount
At 1 January 242 239
Share of profits of joint ventures -9 -3
Capital repayments in joint ventures - -2
Translation differences -7 9
Hedging reserves in joint ventures -1 -1
At 31 December 225 242
The Group's interest in its principle joint ventures at 31 December, all of which are unlisted, are listed in the following table.
Country of
incorporation
2013
% interest held
2012
% interest held
Glacia Limited Bermuda 50.00 50.00
Lacus Ltd. Bermuda 50.00 50.00
Nynas AB Sweden 49.99 49.99
Terra Ltd. Bermuda 50.00 50.00
Glacia Limited is a joint venture company owned on a 50/50 basis by Neste Oil and Stena Maritime AG (part of the Stena Group). The company owns an Aframax-size crude tanker, which joined the Neste Oil fleet in January 2007. Neste Oil has entered into a 10-year time charter contract with the joint venture for the vessel of which 3 years remain.
Lacus Ltd. ja Terra Ltd. are two joint venture companies owned on a 50/50 basis by Neste Oil and Concordia Maritime AG (part of the Stena Group). Both companies own one Panamax-size product tankers delivered in January and February 2007. Neste Oil has entered into a 10-year time charter contract with the joint ventures for the vessels of which 3 years remain.
Nynas AB (formerly AB Nynäs Petroleum) is a Swedish company that specializes in marketing and producing bitumen in Europe and naphthenics globally. The sales volumes, including side products, amounted to 3.0 million tons in total in 2013. Neste Oil Owns 49.99% of the shares of the company. The remaining 50.01% of the shares of Nynas is owned by a subsidiary of a Venezuelan oil company, Petróleos de Venezuela S.A. Nynas AB is governed as a 50/50 owned joint venture, although the other party owns the majority of the company's total share capital.
Joint ventures have been consolidated using the equity method.
Summarized financial information in respect of the Group's joint ventures is set out in the following table.
MEUR
2013 Non-current
assets
Current
assets
Non-current
liabilities
Current
liabilities
Revenue Profit/loss
Glacia Limited 34 12 17 3 8 3
Lacus Ltd. 26 9 17 3 5 1
Terra Ltd. 26 11 17 3 6 2
2012 Non-current
assets
Current
assets
Non-current
liabilities
Current
liabilities
Revenue Profit/loss
Glacia Limited 38 17 29 3 8 3
Lacus Ltd. 28 8 20 3 6 2
Nynas AB 447 723 82 663 2,812 -4
Other Joint Ventures 28 9 20 2 6 2
Terra Ltd. 6 5 1 7 16 0
The financial statements of Nynas AB are not published within the Group's reporting timetable. The share of profits of joint ventures for 2013 is consolidated based on the company's preliminary results for the financial period.
The financial statements of the Group's other joint ventures are not published within the Group's reporting timetable. The summarized financial information presented above, is from the latest published financial statements of the joint ventures concerned (2012).
Transactions carried out with associates and joint ventures are disclosed in Note 32.