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Equity accounted investees | 6 Months Ended
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Jun. 30, 2019
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Equity accounted investees | Note 10. Equity accounted investees As of June 30, 2019 and December 31, 2018, Company’s equity accounted investees are as follows:
|  | Principal |  | Place of |  | Ownership Percentage |  |  | Carrying Value |
Investee |  | Activity |  | Incorporation |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Heineken (1)(2) |  | Beverages |  | The Netherlands |  |  | 14.8 | % |  |  | 14.8 | % |  |  | Ps.83,724 |  |  |  | Ps.83,461 |
Coca-Cola FEMSA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compañía Panameña de Bebidas, S.A.P.I. de C.V. |  | Beverages |  | Mexico |  |  | 50.0 | % |  |  | 50.0 | % |  |  | 1,568 |  |  |  | 1,550 |
Dispensadoras de Café, S.A.P.I. de C.V. |  | Services |  | Mexico |  |  | 50.0 | % |  |  | 50.0 | % |  |  | 166 |  |  |  | 162 |
Fountain Agua Mineral, L.T.D.A |  | Beverages |  | Brazil |  |  | 50.0 | % |  |  | 50.0 | % |  |  | 843 |  |  |  | 826 |
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promotora Industrial Azucarera, S.A. de C.V. (“PIASA”) |  |  | Sugar |  |  |  | Mexico |  |  |  | 36.4 | % |  |  | 36.4 | % |  |  | 3,242 |  |  |  | 3,120 |
Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) |  |  | Canned |  |  |  | Mexico |  |  |  | 26.5 | % |  |  | 26.5 | % |  |  | 188 |  |  |  | 179 |
Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) |  |  | Recycling |  |  |  | Mexico |  |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 121 |  |  |  | 129 |
Jugos del Valle, S.A.P.I. de C.V. |  |  | Beverages |  |  |  | Mexico |  |  |  | 28.8 | % |  |  | 26.3 | % |  |  | 1,580 |  |  |  | 1,571 |
KSP Partiçipações, L.T.D.A. |  |  | Beverages |  |  |  | Brazil |  |  |  | 38.7 | % |  |  | 31.4 | % |  |  | 104 |  |  |  | 104 |
Leao Alimentos e Bebidas, L.T.D.A. |  |  | Beverages |  |  |  | Brazil |  |  |  | 24.7 | % |  |  | 24.7 | % |  |  | 2,056 |  |  |  | 2,084 |
TROP Frutas do Brasil S.A. (“TROP”) |  |  | Beverages |  |  |  | Brazil |  |  |  | 23.6 | % |  |  | 23.6 | % |  |  | 485 |  |  |  | 497 |
UBI 3 Participações L.T.D.A. (“ADES”) |  |  | Beverages |  |  |  | Brazil |  |  |  | 26.0 | % |  |  | 26.0 | % |  |  | 7 |  |  |  | 7 |
Other investments in Coca-Cola FEMSA’s companies |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | 257 |  |  |  | 289 |
Other investments (1) (3) |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | 514 |  |  |  | 336 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Ps. | 94,855 |  |  | Ps. | 94,315 |
(1) | Associate.
(2) | As of June 30, 2019 and December 31, 2018 comprised of 8.63% of Heineken, N.V. and 12.26% of Heineken Holding, N.V., which represents an economic interest of 14.76% in Heineken Group. The Company has significant influence, mainly, due to the fact that it participates in the Board of Directors of Heineken Holding, N.V. and the Supervisory Board of Heineken N.V.; and for the material transactions between the Company and Heineken Group.
(3) | Joint ventures.
On April 30, 2010, the Company acquired an economic interest of 20% of Heineken Group. Heineken’s main activities are the production, distribution and marketing of beer worldwide. The Company recognized an equity income of Ps. 3,140 and Ps. 3,109, net of taxes based on its economic interest in Heineken Group for the six-month periods ended June 30, 2019 and 2018, respectively. Summarized financial information in respect of the associate Heineken Group accounted for under the equity method is set out below.
|  | June 30, 2019 |  |  | December 31, 2018 |
Amounts in millions |  | Peso |  |  | Euro |  |  | Peso |  |  | Euro |
Total assets |  | Ps. | 1,010,721 |  |  | €. | 46,227 |  |  | Ps. | 950,012 |  |  | €. | 42,151 |
Total liabilities |  |  | 654,705 |  |  |  | 29,944 |  |  |  | 595,980 |  |  |  | 26,443 |
Total equity |  |  | 356,016 |  |  |  | 16,283 |  |  |  | 354,032 |  |  |  | 15,708 |
Net income(1) |  | Ps. | 22,598 |  |  | €. | 1,038 |  |  | Ps. | 48,287 |  |  | €. | 2,105 |
(1) | Net income includes the economic interest for six-month period ended June 30, 2019 and for the year ended December 31, 2018 were 14.8%, respectively. For the six-month period ended June 30, 2018, six-month period ended June 30, 2018 was Ps. 24,457 (€.1,932).
As of June 30, 2019 and December 31, 2018, the fair value of Company’s investment in Heineken N.V. Holding and Heineken N.V. represented by shares equivalent to 14.8% of its outstanding shares amounted to Ps. 177,913 (€. 8,137) and Ps. 145,177 (€. 6,441 million) based on quoted market prices of those dates. As of September 26, 2019, issuance date of these consolidated financial statements, fair value amounted to Ps. 183,518 (€8,526 million). For the six-month periods ended June 30, 2019 and 2018, the Company received dividends distributions from Heineken Group, amounting to Ps. 1,832 and Ps. 1,797, respectively.

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