15. Investments in associates, joint ventures and subsidiaries

On 31 December 2016, the Group incorporated in its financial statements with the equity method of consolidation the company Adocim Cimento Beton Sanayi ve Ticaret A.S. with ownership percentage 50% (31.12.2015: 50%). The Group has joint control over the joint venture and therefore applies the equity method of consolidation. The Adocim Cimento Beton Sanayi ve Ticaret A.S. is based in Turkey, operates in the production of cement. 

On 31 May 2016, Adocim Cimento Beton Sanayi ve Ticaret A.S formed the company Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. (Adocim Marmara) in which the Group was granted ownership percentage 50%. Τhe Group incorporated the newly formed company with the equity method of consolidation in the Group financial statements up to 22 August 2016, date on which the Group acquired the remaining 50% of the Adocim Marmara shares (note 14). 

On 20 September 2016, the Group's subsidiary Brazcem Participacoes S.A. (note 30) acquired 50,0% ownership percentage of the company Companhia Industrial De Cimento Apodi (Apodi) with a consideration of €105.7 million. Given that there is a non-controlling interest participating in the company Brazcem Participacoes S.A. (note 14), the Group's share in the Apodi consideration was €99.4 million. 

Apodi is based in Brazil, operates in the production of cement and it is incorporated in the Group financial statements with the equity method of consolidation since 30.9.2016 as the Group has joint control. On 31 December 2016, the Group ownership percentage was 47.0%. 

None of the aforementioned companies is listed on a public exchange market.

Summarised financial information of the joint ventures, based on its IFRS financial statements, are set out below:

(all amounts in Euro thousands)

On 31 December 2016, Adocim Cimento Beton Sanayi ve Ticaret A.S. had contingent liabilities in the form of bank guarantee letters amounting to €714 thousand (31.12.2015: €857 thousand).