14. Investments in associates and joint ventures
MEUR 2012 2011
Carrying amount at 1 January 87 65
Investments 7 16
Share of result 9 8
Dividends -2
Translation differences 2 1
Disposal of shares -15
Carrying amount at 31 December 90 87
In 2012, EUR 8 million gain was recognised in the consolidated statement of income related to the sale of the associated company MW Power Oy's shares. In 2011, no shares were sold.
Summary of financial information (100%):
2012
MEUR Holding % Assets Equity Liabilities Net
sales
Profit
for the
financial
period
Joint ventures
Wärtsilä Qiyao Diesel Company Ltd. China 50.0 38 26 11 43 4
Wärtsilä Hyundai Engine Co Ltd. Korea 50.0 280 83 197 176 18
Wärtsilä TMH Diesel Engine Company LLC Russia 50.0 23 22 1
Repropel Sociedade de Reparacao de Helices Lda. Portugal 50.0 1 1 1 1
Associated companies
Wärtsilä Land & Sea Academy, Inc. Philippines 40.0 -2 2 1
Cosco-Shipyard Total Automation Co Ltd. China 40.0 5 2 2 5
Neptun Maritime AS Norway 40.0 2 1 2
Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd. China 33.8 223 61 162 86 -8
WD Power Investment Ky Finland 21.7 2 2
2011
MEUR Holding % Assets Equity Liabilities Net
sales
Profit
for the
financial
period
Joint ventures
Wärtsilä Qiyao Diesel Company Ltd. China 50.0 44 22 22 53 7
Wärtsilä Hyundai Engine Co Ltd. Korea 50.0 206 60 146 60 1
Wärtsilä TMH Diesel Engine Company LLC Russia 50.0 9 9
Repropel Sociedade de Reparacao de Helices Lda. Portugal 50.0 1 1 1
Associated companies
Wärtsilä Land & Sea Academy, Inc. Philippines 40.0 -2 2 1
MW Power Oy Finland 40.0 89 24 65 102 6
Cosco-Shipyard Total Automation Co Ltd. China 40.0 4 2 2 4
Neptun Maritime AS Norway 40.0 1 2
Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd. China 33.8 229 69 161 85
WD Power Investment Ky Finland 21.7 2 2

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