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Interests in associates, joint ventures and other investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments accounted for using equity method [abstract] |
Movements in Associates, Joint Ventures and Other Investments | The movements in 2019 and 2018 were as follows:
|  | Interests in associates and joint ventures £m |  |  | Other investments £m |
1 January 2018 |  |  | 1,065.2 |  |  |  | 1,153.5 |
Additions |  |  | 16.7 |  |  |  | 35.0 |
Share of results of associate undertakings |  |  | 43.5 |  |  |  | – |
Dividends |  |  | (49.7 | ) |  |  | – |
Other movements |  |  | 1.2 |  |  |  | – |
Reclassification from other investments to associates |  |  | 0.3 |  |  |  | (0.3 | )
Exchange adjustments |  |  | 12.9 |  |  |  | – |
Disposals |  |  | (304.0 | ) |  |  | (341.7 | )
Reclassification to subsidiaries |  |  | 16.9 |  |  |  | – |
Revaluation of other investments through profit or loss |  |  | – |  |  |  | 68.1 |
Revaluation of other investments through other comprehensive income |  |  | – |  |  |  | (247.9 | )
Amortisation of other intangible assets |  |  | (4.2 | ) |  |  | – |
Write-downs |  |  | (2.0 | ) |  |  | – |
31 December 2018 |  |  | 796.8 |  |  |  | 666.7 |
Additions |  |  | 236.6 |  |  |  | 18. 3 |
Share of results of associate undertakings |  |  | 21.2 |  |  |  | – |
Dividends |  |  | (33.3 | ) |  |  | – |
Other movements |  |  | 1.2 |  |  |  | – |
Exchange adjustments |  |  | (35.5 | ) |  |  | – |
Disposals |  |  | (51.5 | ) |  |  | (42.3 | )
Reclassification to subsidiaries |  |  | (0.3 | ) |  |  | – |
Revaluation of other investments through profit or loss |  |  | – |  |  |  | 9.1 |
Revaluation of other investments through other comprehensive income |  |  | – |  |  |  | (141.4 | )
Amortisation of other intangible assets |  |  | (5.6 | ) |  |  | – |
Transfer to disposal group classified as held for sale |  |  | (109.1 | ) |  |  | (12.1 | )
Write-downs |  |  | (7.5 | ) |  |  | – |
31 December 2019 |  |  | 813.0 |  |  |  | 498.3 |
Principal Associates and Joint Ventures | The Group’s principal associates and joint ventures at 31 December 2019 included:
|  | % owned |  |  | Country of incorporation |
Barrows Design and Manufacturing (Pty) Limited |  |  | 35.0 |  |  |  | South Africa |
Dat Viet VAC Media Corporation |  |  | 30.0 |  |  |  | Vietnam |
GIIR Inc. |  |  | 30.0 |  |  |  | Korea |
Haworth Marketing & Media Company |  |  | 49.0 |  |  |  | USA |
High Co SA |  |  | 34.1 |  |  |  | France |
Joye Media SL 1 |  |  | 22.5 |  |  |  | Spain |
Nanjing Yindu Ogilvy Advertising Co. Ltd |  |  | 49.0 |  |  |  | China |
Smollan Holdings (Pty) Ltd |  |  | 24.8 |  |  |  | South Africa |
Summer (BC) JVCo S.à r.l. 2 |  |  | 40.0 |  |  |  | Luxembourg |
Summer (BC) US JVCo SCSp 2 |  |  | 40.0 |  |  |  | Luxembourg |
Notes
1 |  | Representing the Group’s interest in Imagina.
2 |  | Representing the Group’s interest in Kantar split between the United States and rest of world.
Summary of Aggregate Financial Performance and Net Asset Position of Associates and Joint Ventures | The following tables present a summary of the aggregate financial performance and net asset position of the Group’s associate undertakings and joint ventures. These have been estimated and converted, where appropriate, to an IFRS presentation based on information provided by the relevant companies at 31 December 2019.
|  | 2019 £m |  |  | 2018 £m |  |  | 2017 £m |
Income statement |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 3,619.1 |  |  |  | 3,685.8 |  |  |  | 3,800.8 |
Operating profit |  |  | 365.6 |  |  |  | 378.4 |  |  |  | 440.4 |
Profit before taxation |  |  | (385.9 | ) |  |  | 194.7 |  |  |  | 381.9 |
Profit for the year |  |  | (429.6 | ) |  |  | 118.1 |  |  |  | 312.5 |
Balance sheet |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  | 8,8 5 5. 1 |  |  |  | 2,940.9 |  |  |  | 3,192.9 |
Liabilities |  |  | (6,765.7 | ) |  |  | (1,570.6 | ) |  |  | (1,633.7 | )
Net assets |  |  | 2,0 89 . 4 |  |  |  | 1,370.3 |  |  |  | 1,559.2 |

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