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.