24. Equity-accounted investments - €861 million

Investments in joint ventures and associated companies accounted for using the equity method are as follows.

Millions of euro   % held Impact on profit or loss Change in consolidation scope Dividends Reclassifications from/to assets held for sale Other changes   % held
  at Dec. 31, 2019             at Dec. 31, 2020  
Joint ventures                  
Slovak Power Holding 504 50.0% (385) - - - (15) 104 50.0%
EGPNA Renewable Energy Partners 137 20.0% 8 (9) - - (21) 115 20.0%
OpEn Fiber 384 50.0% 2 - - (489) 103 - 50.0%
Zacapa Topco Sàrl 130 20.6% (1) - - - (14) 115 20.6%
Project Kino companies 60 20.0% (17) - - - (3) 40 20.0%
Tejo Energia Produção e Distribuição de Energia Eléctrica 58 43.8% (3) - (9) - - 46 43.8%
Rocky Caney Holding 46 20.0% 5 - - - (6) 45 20.0%
Drift Sand Wind Project 36 50.0% 3 - - - (4) 35 50.0%
Front Maritím del Besòs 37 61.4% (4) - - - - 33 61.4%
Enel Green Power Bungala - 50.0% (3) - - - 34 31 51.0%
Rusenergosbyt 40 49.5% 45 - (43) - 4 46 49.5%
Energie Electrique de Tahaddart 26 32.0% 1 - (2) - (3) 22 32.0%
Transmisora Eléctrica de Quillota 7 50.0% 1 - - - 1 9 50.0%
PowerCrop - 50.0% - - - - 2 2 50.0%
Nuclenor - 50.0% 25 - - - (25) - 50.0%
Associates                  
CESI 61 42.7% (4) - - - 3 60 42.7%
Tecnatom 30 45.0% (2) - - - - 28 45.0%
Suministradora Eléctrica de Cádiz 11 33.5% 5 - (3) - (1) 12 33.5%
Compañía Eólica Tierras Altas 9 37.5% - - (1) - - 8 37.5%
Cogenio Srl 11 20.0% 1 - (1) - 1 12 20.0%
Other 95   24 4 (14) - (11) 98  
Total 1,682   (299) (5) (73) (489) 45 861  


The impact on profit or loss includes the profit or loss recognized by the companies in proportion to the share held in these companies by the Enel Group and mainly concerns the impairment loss on the Slovak Power Holding investment, which takes account of the general term agreement signed on December 22, 2020 between Enel Produzione and EPH modifying certain terms and conditions of the contract signed on December 18, 2015 (as previously amended in 2018) concerning the sale of Enel Produzione’s interest in Slovenské elektrárne. This adjustment, calculated on the basis of the price formula, takes account of the different scenarios that could occur depending on the different opportunities of the parties by virtue of the provisions of the general term agreement. The value associated with each of the different scenarios was weighted on the basis of the probability of occurrence assigned to each.

Based on these assessments, at December 31, 2020 the consideration is estimated at €208 million. Accordingly, a write-down of 433 million on the residual investment was recognized and the financial receivable resulting from the sale of the first stake, equal to €354 million, was derecognized, with the simultaneous recognition of a provision for risks and charges of €47 million.

Companies making the largest positive contribution include Rusenergosbyt (€45 million) under the contract for the supply of electricity to a leading railway transport company in Russia and Nuclenor (€25 million), a Spanish company, for the income recognized in September 2020 following the successful resolution of a dispute.

The decrease associated with changes in the consolidation scope mainly refer to the sale of a number North American companies, offset in part by the increase recorded in Spain due to the reduction in the stake held by Endesa Energía SA in Endesa Soluciones SLU, which had previously been consolidated on a line-by-line basis.

Reclassification to assets held for sale refers exclusively to the investment in OpEn Fiber following receipt of a binding acquisition offer and the occurrence of additional conditions in accordance with the provisions of IFRS 5.

“Other changes” mainly include the pro-rated changes in the OCI reserves or other changes recognized directly in equity. In particular, the €103 million in respect of OpEn Fiber comprise €113 million for capital increases, partially offset by fair value gains/(losses) on cash flow hedge derivatives. The Australian Bungala companies also reflect the fair value gain (€32 million) on the PPA contracts signed with customers following the decline in the prices on the Australian forward market.

The following tables provide a summary of financial information for each joint ventures and associate of the Group not classified as held for sale in accordance with IFRS 5.

Millions of euro Non-current assets Current assets Total assets Non-current liabilities Current liabilities Total liabilities Equity
  at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019
Joint ventures                            
Slovak Power Holding (1) 10,813 10,206 676 700 11,489 10,906 6,922 6,461 802 754 7,724 7,215 3,765 3,691
Zacapa Topco rl 1,253 1,376 117 99 1,370 1,475 729 753 90 73 819 826 551 649
Rusenergosbyt 2 3 120 144 122 147 - - 106 131 106 131 16 16
Tejo Energia Produção e Distribuição de Energia Eléctrica 82 146 128 132 210 278 21 25 33 85 54 110 156 168
Energie Electrique de Tahaddart 62 77 18 20 80 97 5 6 6 8 11 14 69 83
Associates                            
CESI 202 198 25 13 227 211 17 21 - - 17 21 210 190
Tecnatom 60 62 58 64 118 126 23 35 33 24 56 59 62 67
Suministradora Eléctrica de Cádiz 67 19 32 66 99 85 18 33 45 20 63 53 36 32
Compañía Eólica Tierras Altas 21 4 3 23 24 27 2 2 2 2 4 4 20 23

(1) The figures at December 31, 2019 for Slovak Power Holding have been updated from those published in the 2019 Annual Report to align them with the financial statements approved on May 29, 2020.

Millions of euro Total revenue Pre-tax profit/(loss) Profit/(Loss) from continuing operations
  2020 2019 2020 2019 2020 2019
Joint ventures            
Slovak Power Holding (1) 2,954 2,601 163 125 120 96
Zacapa Topco rl 221 208 7 (22) (3) (32)
Rusenergosbyt 2,198 2,548 112 111 90 89
Tejo Energia Produção e Distribuição de Energia Eléctrica 114 145 17 21 8 14
Energie Electrique de Tahaddart 33 37 5 9 3 6
Associates            
CESI 122 111 (14) 9 (16) 6
Tecnatom 78 104 (5) 2 (5) 2
Suministradora Eléctrica de Cádiz 25 18 21 11 14 11
Compañía Eólica Tierras Altas 8 12 - 2 - 1

(1) The figures at December 31, 2019 for Slovak Power Holding have been updated from those published in the 2019 Annual Report to align them with the financial statements approved on May 29, 2020.

In addition, the financial disclosure requirements of IFRS 12 for subsidiaries with significant non-controlling interests are reported below.

Millions of euro Non-current assets Current assets Total assets Non-current liabilities Current liabilities Total liabilities Equity Equity attributable to owners of the Parent Non-controlling interests
  at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019 at Dec. 31, 2020 at Dec. 31, 2019
Subsidiaries                                    
Enel Américas Group 21,337 26,278 4,582 5,570 25,919 31,848 8,827 11,230 5,495 5,668 14,322 16,898 11,597 14,950 6,643 8,231 4,954 6,719
Enel Chile Group 9,295 9,711 170 367 9,465 10,078 3,027 3,332 1,066 1,049 4,093 4,381 5,372 5,697 3,326 3,363 2,046 2,334
Endesa Group 41,819 41,722 1,386 1,087 43,205 42,809 12,869 12,440 7,101 6,943 19,970 19,383 23,235 23,426 17,366 17,466 5,869 5,960
 
Millions of euro Total revenue Pre-tax profit Profit from continuing operations Profit attributable to owners of the Parent Profit attributable to non-controlling interests
  2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Subsidiaries                    
Enel Américas Group 10,350 12,601 1,187 1,974 738 1,844 274 784 464 1,060
Enel Chile Group 2,775 3,482 (133) 469 (40) 394 (25) 230 (15) 164
Endesa Group 17,065 18,468 1,965 114 1,551 93 1,082 57 469 36