The Group has investments in three joint ventures, which provide aseptic carton packaging solutions in their respective geographic markets. The Group and its 50-50 joint venture partner invested in the two joint ventures in the Middle East in 2001. The joint venture in Japan was formed in 2018.

The Group’s share of the profit or loss of its joint ventures (net of income tax) is presented as part of the Group’s profit or loss from operating activities due to the Group’s close interaction with its joint ventures.

Composition of the Group’s joint ventures

The table below provides an overview of the Group’s joint ventures.

SIG Combibloc Obeikan Company Limited operates a sleeves manufacturing facility in Saudi Arabia. Both the joint ventures in the Middle East deploy filling lines in the Middle East and Africa and provide sleeves and other associated products and services to their customers.

In the year ended 31 December 2018, the Group invested in a newly formed joint venture in Japan together with DNP. The two joint venture parties contributed €0.6 million each to the formation of the joint venture. There have been no significant transactions with this joint venture in the years ended 31 December 2019 and 31 December 2018.

Summary joint venture financial information

The following tables provide summary financial information about the three joint ventures, representing the amounts presented in the IFRS financial statements of the joint ventures and not adjusted for the Group’s ownership percentage.

Joint venture impact on the consolidated financial statements

Guarantees

As of 31 December 2018, the Group provided guarantees with an aggregate maximum exposure of €34.3 million to banks granting credit facilities to SIG Combibloc Obeikan Company Ltd. As of 31 December 2019, the Group has been released of its guarantees for outstanding joint venture debts.