NOTES TO THE BALANCE SHEET

15. Shares in associates and joint ventures
2016 2015
Opening balance 23.3 22.7
Translation differences -0.2 0.1
Additions, business acquisitions - 0.8
Disposals, business disposals - -1.0
Other changes - -0.1
Closing balance 23.1 22.5
Share of associates' and joint ventures' results -0.1 1.7
Dividend from associates and joint ventures -0.9 -0.9
Shares in associates on 31 Dec. 22.2 23.3
Effect on the Group's earnings:
Associates -0.4 -3.6
Joint ventures 0.3 5.3
Total -0.1 1.7
Book value in the Group's balance sheet:
Associates 12.7 13.6
Joint ventures 9.5 9.7
Total 22.2 23.3
Associated companies and joint ventures consolidated in the Group financial statements are listed in note 29. The Group has no single material associated companies or joint ventures. The Group conducts business through the associates and joint ventures. The activities include slaughtering, cutting, meat processing, and the use of leasing, waste disposal, research and advisory services.
There are no contingent liabilities relating to the Group’s interest in the associates and joint ventures.