Investments in joint ventures and associates (Tables)

12 Months Ended

Dec. 31, 2018

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Summary of Amounts Recognized in Financial Statements

The amounts recognised in the balance sheet are as follows:

All figures in £ millions	2018		2017
Associates		392		395
Joint ventures		—		3
Total		392		398

The amounts recognised in the income statement are as follows:

All figures in £ millions	2018		2017
Associates		43		77
Joint ventures		1		1
Total		44		78

Summary of Material Associates and Financial Information of Material Associate

The Group has the following material associates:

	Principal place of business	Ownership interest			Nature of relationship		Measurement method
Penguin Random House Ltd	UK/Global		25	%		See below		Equity
Penguin Random House LLC	US		25	%		See below		Equity

The summarised financial information of the material associate is detailed below:

	2018			2017
All figures in £ millions	Penguin Random House			Penguin Random House
Assets
Non-current assets		1,043			1,048
Current assets		1,929			1,758
Liabilities
Non-current liabilities		(1,104	)		(859	)
Current liabilities		(1,546	)		(1,579	)
Net assets		322			368
Sales		2,775			2,693
Profit for the year		185			171
Other comprehensive income/(expense)		13			(60	)
Total comprehensive income		198			111
Dividends received from associate in relation to profits		67			146
Re-capitalisation dividends received from associate		50			312

A reconciliation of the summarised financial information to the carrying value of the material associate is shown below:

	2018			2017
All figures in £ millions	Penguin Random House			Penguin Random House
Opening net assets		368			1,386
Exchange differences		18			(18	)
Profit for the year		185			171
Other comprehensive income/(expense)		13			(60	)
Dividends, net of tax paid		(262	)		(1,167	)
Tax adjustments in relation to disposals		—			56
Closing net assets		322			368
Share of net assets		80			92
Goodwill		307			296
Carrying value of associate		387			388

Summary of Individually Immaterial Associates

Information on other individually immaterial associates is detailed below:

All figures in £ millions	2018			2017
(Loss)/profit for the year		(3	)		7
Total comprehensive (expense)/income		(3	)		7

Summary of Individually Immaterial Joint Ventures

Information on joint ventures, all of which are individually immaterial, is detailed below:

All figures in £ millions	2018		2017
Profit for the year		1		1
Total comprehensive income		1		1