27. Other non-current financial assets - €5,159 million

Millions of euro        
  at Dec. 31, 2020 at Dec. 31, 2019 Change
Equity investments in other companies measured at fair value 70 72 (2) -2.8%
Financial assets and securities included in net financial debt (see note 27.1) 2,745 3,185 (440) -13.8%
Service concession arrangements 2,300 2,702 (402) -14.9%
Non-current financial prepayments 44 47 (3) -6.4%
Total 5,159 6,006 (847) -14.1%



The reduction in “other non-current financial assets” primarily reflects:

  • a decrease in financial assets included in net financial debt, as detailed in note 27.1;
  • adverse exchange rate developments, mainly for service concession arrangements (in application of IFRIC 12) in Brazil.

The following is a breakdown of equity investments in other companies measured at fair value.

Millions of euro   % held   % held  
  at Dec. 31, 2020   at Dec. 31, 2019 Change
Galsi - 17.6% 14 17.6% (14)
Empresa Proprietaria de la Red SA 5 11.1% 17 11.1% (12)
European Energy Exchange 13 2.4% 8 2.2% 5
Athonet Srl 7 16.0% 7 16.0% -
Korea Line Corporation 1 0.3% 2 0.3% (1)
Hubject GmbH 10 12.5% 10 12.5% -
Termoeléctrica José de San Martín SA 10 3.3% - - 10
Termoeléctrica Manuel Belgrano SA 11 3.7% - - 11
Other 13   14   (1)
Total 70   72   (2)


The change in “equity investments in other companies measured at fair value” reflects the full impairment loss recognized by Enel Produzione on the investment held in Galsi and by the impairment loss of €12 million on the investment held by Enel SpA in Empresa Propietaria de la Red. These effects were offset above all by the new carrying amount recognized for Termoeléctrica José de San MartÍnSA and Termoeléctrica Manuel Belgrano SA.