Note 7.- Investments carried under the equity method

The table below shows the breakdown and the movement of the investments held in associates for 2017 and 2016:

Investments in associates	2017			2016
Initial balance		55,009			56,181
Share of (loss)/profit		5,351			6,646
Dividend distribution		(2,454	)		(3,954	)
Equity distribution		(549	)		(3,099	)
Currency translation differences		(1,573	)		(765	)
Final balance		55,784			55,009

There are no significant movement of the investments held in associates during the year 2017.

The tables below show a breakdown of stand-alone amounts of assets, revenues and profit and loss as well as other information of interest for the years 2017 and 2016 for the associated companies:

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		21,306		841		373		451		298		(708	)		(730	)		9,175
Myah Bahr Honaine, S.P.A.(*)		25.50		195,275		64,114		91,205		12,649		46,767		28,468			24,464			43,365
Pectonex, R.F. Proprietary Limited		50.00		3,904		-		-		2		-		(206	)		(206	)		3,244
Evacuación Villanueva del Rey, S.L		40.02		3,526		53		2,265		190		-		37			-			-
As of December 31, 2017				240,011		65,008		93,843		13,292		47,065		27,591			23,528			55,784

Company	% Shares		Non- current assets		Current assets		Non- current liabilities		Current liabilities		Revenue		Operating profit/ (loss)			Net profit/ (loss)			Investment under the equity method
Evacuación Valdecaballeros, S.L.		57.16		19,283		931		306		532		537		(545	)		(565	)		9,528
Myah Bahr Honaine, S.P.A.(*)		25.50		202,150		67,120		104,704		14,158		52,770		34,247			29,990			42,056
Pectonex, R.F. Proprietary Limited		50.00		3,730		-		-		1		-		(187	)		(187	)		3,425
Evacuación Villanueva del Rey, S.L		40.02		3,251		17		2,118		142		-		31			-			-
As of December 31, 2016				228,684		68,068		107,128		14,833		53,307		33,546			29,238			55,009

The Company has no control over Evacuación Valdecaballeros, S.L. as all relevant decisions of this company require the approval of a minimum of shareholders accounting for more than 75% of the shares.

None of the associated companies referred to above is a listed company.

(*) Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L. which is accounted for using the equity method in these consolidated financial statements. Share of profit of Myah Bahr Honaine S.P.A. included in these consolidated financial statements amounts to $6,238 thousand in 2017 and $7,647 thousand in 2016.