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:

  Joint shareholder Main business % interest Balance sheet Income statement
31 Dec. 2020 31 Dec. 2019 31 Dec. 2020 31 Dec. 2019 2020 2019
Lagardère & Connexions SNCF Participations Travel Retail 50 % 50 % - 3 (9) 2
Other         3 3 (5) (2)
Total joint ventures 3 6 (14) -
S.D.A. (Société de Distribution Aéroportuaire) Aéroport de Paris Travel Retail 45 % 45 % - 12 (34) -
Relay@ADP Aéroport de Paris Travel Retail 50 % 50 % - 6 (7) 3
Éditions J’ai Lu Publishing 35 % 35 % 17 17 - -
Inmedio Travel Retail 49 % 49 % 12 14 (1) 1
Yen Press Publishing 49 % 49 % 12 11 2 1
Saddlebrook International Sports Sports 30 % 30 % 5 5 - 1
Other       3 2 (4) -
Total associates 49 67 (44) 6
Total investments in equity-accounted companies 52 73 (58) 6

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

  2020 2019
Total Joint ventures Associates Total Joint ventures Associates
Investments in equity-accounted companies at beginning of year 73 6 67 70 5 65
Dividends paid(*) (1) - (1) (6) (1) (5)
Share in profit (loss) (58) (14) (44) 6 - 6
Impairment losses - - - - - -
Change in other comprehensive income (2) - (2) 1 - 1
First-time consolidations/Acquisitions - - - - - -
Deconsolidation/Disposals 1 1 - - - -
Other(**) 39 10 29 2 2 -
Investments in equity-accounted companies at end of year 52 3 49 73 6 67

(*) Including Relay ADP for €3 million in 2019.
(**) Including the reclassification of €34 million within liabilities relating to provisions for the share of losses of equity-accounted companies in 2020.

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 €221 million in 2020 versus €414 million in 2019. Fully consolidated entities invoiced joint ventures amounts of €3 million in 2020 and €19 million in 2019.

  Figures on a 100% basis Lagardère's share (50%)
2020 2019 2020 2019
Total revenue 221 414 111 208
Group revenue with joint ventures (3) (19) (1) (9)
Adjusted revenue 217 395 109 198
Recurring operating profit (loss) (20) 8 (10) 4
Profit (loss) before finance costs and tax (19) 10 (10) 5
Profit (loss) before tax (21) 7 (11) 4
Profit (loss) for the year (20) 5 (10) 3
Net debt (40) (21) (20) (10)

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 €270 million in 2020 versus €948 million in 2019. Fully consolidated entities invoiced associates amounts of €38 million in 2020 and €373 million in 2019.

  Figures on a 100% basis Lagardère's share (50%)
2020 2019 2020 2019
Total revenue 270 948 135 474
Group revenue with associates (38) (373) (19) (186)
Adjusted revenue 232 575 116 288
Recurring operating profit (loss) (70) 13 (35) 6
Profit (loss) before finance costs and tax (81) 11 (41) 5
Profit (loss) before tax (82) 10 (41) 5
Profit (loss) for the year (82) 7 (41) 3
Net debt (124) (77) (62) (39)