Note 7.- Investments carried under the equity method

The table below shows the breakdown and the movement of the investments held in associates for 2018 and 2017:

Investments in associates	2018			2017
Initial balance		55,784			55,009
Share of (loss)/profit		5,231			5,351
Dividend distribution		(4,463	)		(2,454	)
Equity distribution		(122	)		(549	)
Others (incl. currency translation differences)		(3,011	)		(1,573	)
Final balance		53,419			55,784

There are no significant movement of the investments held in associates during the year 2018.

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 2018 and 2017 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		19,679		820		381		420		320		(668	)		(693	)		8,773
Myah Bahr Honaine, S.P.A.(*)		25.50		186,484		63,224		81,942		13,184		50,118		25,778			22,193			43,161
Pectonex, R.F. Proprietary Limited		50.00		3,186		-		-		2		-		(209	)		(209	)		1,485
Evacuación Villanueva del Rey, S.L		40.02		3,190		257		2,021		383		-		44			-			-
Ca Ku A1, S.A.P.I de CV (PTS)		5.00		50,547		13		-		50,625		-		(83	)		(624	)		-
As of December 31, 2018				263,086		64,314		84,344		64,614		50,438		24,862			20,667			53,419

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

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 $5,659 thousand in 2018 and $6,238 thousand in 2017.