The movements under this heading of the consolidated balance sheet during 2018 and 2017 were as follows (in thousand euros):



The Group’s policy on holdings in associated companies consists of ceasing to book losses in these companies if the associated company’s consolidated losses attributable to the Group are equivalent to or exceed the cost of its holding in them, provided there are no additional contingencies or guarantees connected with existing losses. This is the situation of the stake in Losan Investment, Ltd