Note 20 - Investments in equity-accounted companies

Investments in associates and joint ventures are accounted for under the equity method in the Group’s consolidated financial statements. The Group’s main equity-accounted companies are as follows:

      % interest Balance sheet Income statement
  Joint
shareholder		 Main
business		 31 Dec. 2019 31 Dec. 2018 31 Dec. 2019 31 Dec. 2018(*) 2019 2018 (*)
Lagardère & Connexions SNCF
Participations		 Travel
Retail		 50 % 50 % 3 1 2 1
Other         3 4 (2) (2)
Total joint ventures 6 5 - 1
S.D.A. (Société de Distribution Aéroportuaire) Aéroport
de Paris		 Travel
Retail		 45 % 45 % 12 12 - 1
Relay@ADP Aéroport
de Paris		 Travel
Retail		 50 % 50 % 6 6 3 3
Éditions J’ai lu Édition 35 % 35 % 17 17 - 1
Inmedio Travel
Retail		 49 % 49 % 14 13 1 1
Yen Press Édition 49 % 49 % 11 10 1 -
Saddlebrook International Sports Sports 30 % 30 % 5 4 1 -
Other       2 3 - (2)
Total associates 67 65 6 4
Total investments in equity-accounted companies 73 70 6 3

(*) Data for 2018 restated for the full retrospective application of IFRS 16 (see note 1.1).

Movements in investments in equity-accounted companies can be analysed as follows:

  2019 2018
  Total Joint ventures Associates Total Joint ventures Associates
Investments in equityaccounted companies at beginning of year 70 5 65 121 5 116
Dividends paid(*) (6) (1) (5) (5) - (5)
Share in income (loss) 6 - 6 4 - 4
Impairment losses - - - - - -
Changes in other
comprehensive income		 1 - 1 1 - 1
First-time consolidations/ Acquisitions - - - - (2) 2
Deconsolidation/Disposals(**) - - - (54) - (54)
Other 2 2 - 3 2 1
Investments in equityaccounted companies at end of year 73 6 67 70 5 65

(*) Including Relay ADP for €3 million in 2019 and 2018
(**) Including Marie Claire for €54 million in 2018.

Joint ventures
As part of its business operations, Lagardère Travel Retail manages certain travel retail contracts in the form of 50/50 joint ventures entered into with concession grantors. The main joint ventures set up by Lagardère Travel Retail with its partners are (i) Lagardère & Connexions (formerly Société des Commerces en Gares), with SNCF Participations, (ii) SVRLS@LAREUNION, with Servair, and (iii) Lyon Duty Free, with Lyon airport authorities.
Total revenue generated by these Travel Retail joint ventures (on a 100% basis) amounted to €414 million in 2019 versus €388 million in 2018. Fully consolidated entities invoiced joint ventures amounts of €19 million in 2019 and €17 million in 2018.

  Figures on a 100% basis Lagardère’s share (50%)
  2019 2018 2019 2018
Total revenue 414 388 208 194
Group revenue with joint ventures (19) (17) (9) (9)
Adjusted revenue 395 371 198 185
Recurring operating profit 8 4 4 2
Profit before finance costs and tax 10 6 5 3
Profit before tax 7 3 4 1
Profit for the year 5 3 3 1
Net debt (21) (27) (10) (14)

Associates
As part of its business operations, Lagardère Travel Retail also manages certain travel retail contracts with associates. The main associates set up by Lagardère Travel Retail with its partners are Société de Distribution Aéroportuaire and Relay@ADP with Aéroports de Paris.
Total revenue generated by these Travel Retail associates (on a 100% basis) amounted to €948 million in 2019 versus €892 million in 2018. Fully consolidated entities invoiced joint ventures amounts of €373 million in 2019 and €457 million in 2018.

  Figures on a 100% basis Lagardère’s share (50%)
  2019 2018 2019 2018
Total revenue 948 892 474 446
Group revenue with associates (373) (457) (186) (228)
Adjusted revenue 575 435 288 218
Recurring operating profit 13 14 6 7
Profit before finance costs and tax 11 11 5 6
Profit before tax 10 3 5 1
Profit for the year 7 9 3 5
Net debt (77) (63) (39) (31)