14. Share of profit/(loss) of equity-accounted investments - €( 299) million


Millions of euro      
  2020 2019 Change
Share of profit of associates 131 120 11 9.2%
Share of loss of associates (430) (242) (188) -77.7%
Total (299) (122) (177) -

Net losses of equity-accounted investments increased by €177 million compared with the previous year. The change was essentially due to the impairment loss on the investment in Slovak Power Holding (€433 million) following the signing of the general term agreement on December 22, 2020 between Enel Produzione and EPH, which modified a number of terms and conditions of the agreement signed on December 18, 2015 (as already amended in 2018) concerning the sale of the investment held by Enel Produzione in Slovenské elektrárne.
This negative effect was partly offset by:

  • the profit posted by OpEn Fiber, which increased by €60 million compared with 2019, mainly due to the tax benefit registered by the company for the revaluation of assets under the provisions of Decree Law 104/2020;
  • €25 million in profit recognized in Spain in September 2020 in respect of Nuclenor following the successful settlement of a dispute;
  • the recognition in 2019 of the effects of reacquiring 13 companies from EGPNA REP, which resulted in the recognition of a capital loss (€88 million) by EGPNA REP.