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Note 36. Group composition
Group composition
Kesko Group has 102 (101) subsidiaries. The Group has the majority of voting rights in all companies. Kesko Group's sub-group, Senukai, has a material non-controlling interest (see section Material non-controlling interest).
Information about the Group composition as at the balance sheet date:
Division Country of
incorporation
Most significant subsidiaries Number of wholly-owned subsidiaries 2016 Number of wholly-owned subsidiaries 2015 Number of partly-owned subsidiaries 2016 Number of partly-owned subsidiaries 2015
Grocery trade Finland Kesko Food Ltd,
K-citymarket Oy, K-Market Oy, Kespro Ltd
23 26 4 -
Building and technical trade Finland, Sweden, Norway, Estonia, Latvia, Lithuania, Poland, Russia, Belarus Onninen Group, Kesko Senukai 52 49 12 7
Car trade Finland VV-Auto Group Oy 6 5 - -
Others Finland, Estonia 5 10 - -
In the financial year 2016, K-talouspalvelukeskus Oy, K-Plus Oy, K-instituutti Oy, Rautakesko Ltd, Musta Pörssi Ltd and Keslog Ltd merged into Kesko Corporation.
In addition, the Group has partly owned mutual real estate companies. The Group's subsidiaries, equity-accounted investments and mutual real estate companies consolidated using the proportionate method are listed in note 37.
Material non-controlling interest
Senukai Group, which is part of Kesko Group, has a material non-controlling interest. The sub-group's parent, UAB Kesko Senukai Lithuania, is a subsidiary of Kesko Corporation and it is domiciled in Vilnius, Lithuania. Kesko Group's ownership interest in Senukai Group is 50.0% increased by one share (50.0 % increased by one share). Kesko Group has the right to nominate the majority of Board members and the Board Chair. The Board controls the company's operational activities and makes decisions on the use of resources. The share of non-controlling interests of the profit of Senukai Group was €15.3 million (€15.7 million) and in equity, the share was €97.3 million (€78.6 million).
The arrangement agreed by Kesko in the autumn of 2015 to centralise the Baltic building and home improvement trade in UAB Senuku Prekybos centras (Senukai) was completed. The company's name was changed to Kesko Senukai. In the arrangement, Kesko sold the shares in its wholly owned companies responsible for the operations of K-rauta stores in Estonia and Latvia to its subsidiary Senukai, which is majority-owned by Kesko. The Kesko Senukai subgroup operates in Lithuania, Estonia, Latvia and Belarus.
Summarised financial information on subsidiary with material non-controlling interest
€ million Senukai Group
2016
Senukai Group
2015
Current assets 289.8 167.3
Non-current assets 98.1 29.6
Current liabilities 110.8 75.1
Non-current liabilities 18.2 0.3
Net sales 557.3 437.0
Profit/loss 31.3 23.1
Parent company owners' share of profit/loss 16.0 7.3
Non-controlling interests' share of profit/loss 15.3 15.7
Comprehensive income for the period 31.4 9.0
Parent company owners' share of comprehensive income for the period 16.3 4.0
Non-controlling interests' share of comprehensive income for the period 15.0 4.9
Dividends paid to non-controlling interests 1.1 5.9
Net cash generated from operating activities 28.4 27.1
Net cash used in investing activities -26.0 -5.1
Net cash used in financing activities 38.5 -12.7
The amounts above are before intra-Group eliminations.