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Investments In Subsidiaries And Investee Companies | 12 Months Ended
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Dec. 31, 2017
Notes to Consolidated Financial Statements [Abstract] |
Note 9 - Investments in Subsidiaries and Investee Companies | Note 9 - Investments in Subsidiaries and Investee Companies Movement during the year in investments in equity-accounted investees
| $ millions
Balance as at January 1, 2017 | 153
Changes during the year: |
Dividends received | (3)
Divestiture of equity accounted investees (see note 11) | (122)
Translation differences | 1
Balance as at December 31, 2017 | 29
Condensed data with respect to equity-accounted investees Set forth below is condensed financial data with respect to equity-accounted investees which are individually insignificant without adjustments for the ownership rates held by the Group.
| As at December 31
| 2017 | 2016
| $ millions | $ millions
Current assets | 54 | 260
Non-Current assets | 39 | 568
Total assets | 93 | 828
Current liabilities | 25 | 131
Non-current liabilities | 26 | 406
Total liabilities | 51 | 537
Revenues | 207 | 315
Expenses | 197 | 279
Net income | 10 | 36
Note 9 - Investments in Subsidiaries and Investee Companies (cont'd) Non-controlling interests in subsidiaries The following table presents information with respect to non-controlling interests in a Group subsidiary, YPH JV, in the rate of 50%. The non-controlling interests are material to the Group (before elimination of inter-company transactions). The information includes fair value adjustments that were made on the acquisition date, other than goodwill and presented without adjustments for the ownership rates held by the Group.
| 2017 | 2016
| $ millions | $ millions
Current assets | 197 | 227
Intangibles assets | 69 | 64
Other non current assets | 302 | 314
Current liabilities | 241 | 268
Long term liabilities | 215 | 197
Equity | 112 | 140
Sales | 363 | 377
Operating Loss | (21) | (78)
Depreciation and amortization | 34 | 34
Operating income (loss) before depreciation and amortization | 13 | (44)
Net loss | (38) | (104)
Comprehensive loss | (52) | (126)
Loss of control over subsidiary Commencing June 2015, the Company held 100% of the shares of Allana Afar (hereinafter – “Allana”), which held a concession for mining potash in Ethiopia. In 2016, in light of issuance of a tax assessment, which the Company contends illegal, and in light of a lack of support from the Government of Ethiopia in connection with construction of infrastructures and creation of the regulatory framework required for establishment of the project, Management decided to take all necessary actions towards termination of the project, including notification by Allana of cancellation of the mining agreement and return of the concession site to the Ethiopian government. During 2017, the company took actions to shut down the project with various parties in the Ethiopian government, including, a process of voluntary liquidation of the company and appointment of a liquidator on its behalf. Due to the above and following the Company’s examination, the company believes that it lost effective control over Allana in 2017. As a result, as part of the financial statements for 2017, the Company deconsolidated Allana’s assets (goodwill) and liabilities (tax provision) and recognized a gain from loss of control, in the amount of $7 million, presented under “other income” in the consolidated statement of income

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