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Interests in associates, joint ventures and other investments (Tables)
 12 Months Ended
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