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Investments in Other Entities | 12 Months Ended
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Dec. 31, 2018
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Investments in Other Entities | Note 10. Investments in Other Entities As of December 31, 2018 and 2017 the investment in other entities is integrated as follows:
|  | 2018 |  |  | 2017 |
Investment in Associates and Joint Ventures |  | Ps. | 10,518 |  |  | Ps. | 11,501 |
Investment in Venezuelan operations |  |  | — |  |  |  | 1,039 |
Total |  | Ps. | 10,518 |  |  | Ps. | 12,540 |
As disclosed in Note 3.3, on December 31, 2017 the Company changed the method of accounting for its investment in Venezuela from consolidation to the fair value method using a Level 3 concept and recognized a fair value loss on its investment of Ps.1,039 during 2018 in OCI. Effective December 31, 2017, the Company determined that deteriorating conditions in Venezuela had led the Company no longer control to continue consolidating its Venezuelan operation, the impacts of such deconsolidation are discussed on Note 3.3 above. Details of the investment in associates and joint ventures are accounted for under the equity method at the end of the reporting period as follows:
|  |  |  |  |  |  |  | Ownership Percentage |  |  | Carrying Amount |
Investee |  | Principal Activity |  |  | Place of Incorporation |  |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Joint ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compañía Panameña de Bebidas, S.A.P.I. de C.V. |  |  | Beverages |  |  |  | Mexico |  |  |  | 50.0 | % |  |  | 50.0 | % |  | Ps. | 1,550 |  |  | Ps. | 2,036 |
Dispensadoras de Café, S.A.P.I. de C.V. |  |  | Services |  |  |  | Mexico |  |  |  | 50.0 | % |  |  | 50.0 | % |  |  | 162 |  |  |  | 153 |
Fountain Agua Mineral, LTDA |  |  | Beverages |  |  |  | Brazil |  |  |  | 50.0 | % |  |  | 50.0 | % |  |  | 826 |  |  |  | 784 |
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promotora Industrial Azucarera, S.A. de C.V. (“PIASA”) (1) |  |  | Sugar production |  |  |  | Mexico |  |  |  | 36.4 | % |  |  | 36.4 | % |  |  | 3,120 |  |  |  | 2,933 |
Jugos del Valle, S.A.P.I. de C.V. (1) |  |  | Beverages |  |  |  | Mexico |  |  |  | 26.3 | % |  |  | 26.3 | % |  |  | 1,571 |  |  |  | 1,560 |
Leao Alimentos e Bebidas, LTDA (1) |  |  | Beverages |  |  |  | Brazil |  |  |  | 24.7 | % |  |  | 24.4 | % |  |  | 2,084 |  |  |  | 3,001 |
UBI 3 Participacoes, LTDA(1) |  |  | Beverages |  |  |  | Brazil |  |  |  | 26.0 | % |  |  | 26.0 | % |  |  | 7 |  |  |  | 391 |
Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) (1) |  |  | Caned bottling |  |  |  | Mexico |  |  |  | 26.5 | % |  |  | 26.5 | % |  |  | 179 |  |  |  | 177 |
Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) (1) |  |  | Recycling |  |  |  | Mexico |  |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 129 |  |  |  | 121 |
KSP Participacoes, LTDA (1) |  |  | Beverages |  |  |  | Brazil |  |  |  | 31.4 | % |  |  | 38.7 | % |  |  | 104 |  |  |  | 117 |
Other |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | Various |  |  |  | 786 |  |  |  | 228 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Ps. 10,518 |  |  | Ps. 11,501 |
Accounting method:
(1) | The Company has significant influence due to the fact that it has power to participate in the financial and operating policy decisions of the investee.
During 2018 the Company received dividends from Industria envasadora de Queretaro, S.A. de C.V. for the amount of Ps. 8. During 2017 the Company received dividends from Industria Envasadora de Querétaro, S.A. de C.V. (“IEQSA”) and Promotora Mexicana de Embotelladores, S.A. de C.V. in the amount of Ps. 16 and Ps. 17. During 2018 the Company made capital contributions to Jugos del Valle, S.A.P.I. de C.V. and Promotora Industrial Azucarera, S.A. de C.V. in the amounts of Ps. 73 and Ps. 146, respectively, there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2018 there was a spin-off for our investment in UBI 3 resulted in Ps. (333) capitalized. As of December 31, 2018, the Company recognize an impairment on its investment in Compañía Panameña de Bebibas,S.A.P.I. de C.V., for an amount of Ps.432 million, which was included in other expenses line. The Company will continue to monitor the results of this investment in conjunction with its partner The Coca Cola Company, looking for alternatives to improve the business’s profitability in the near future. During 2017 the Company made capital contributions to Compañía Panameña de Bebidas, S.A.P.I. de C.V. and Promotora Industrial Azucarera, S.A. de C.V. in the amounts of Ps. 349 and Ps. 182, respectively, there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. On June 25, 2017, the Company through its Brazilian subsidiary Spal Industria Brasileira de Bebidas, S.A. sold 3.05% of their participation in Leao Alimentos e Bebidas, LTDA for an amount of Ps. 198. On March 28, 2017 as part of AdeS acquisition the Company acquired an indirect participation in equity method investees in Brazil and Argentina for an aggregate amount of Ps.587. During 2017, Itabirito merged with Spal this transaction did not generate any cash flow. For the years ended December 31, 2018, 2017 and 2016 the equity earnings recognized for associates was Ps. 44, Ps. 235 and Ps. 31, respectively. For the years ended December 31, 2018, 2017 and 2016 the equity (loss) earnings recognized for joint ventures was Ps.( 270), Ps. (175) and Ps. 116, respectively.

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