26. Other non-current financial assets - €6,006 million

 

Millions of euro

    
 

at Dec. 31, 2019

at Dec. 31, 2018

Change

Equity investments in other companies measured at fair value

72

63

9

14.3%

Receivables and securities included in net financial debt (see note 26.1)

3,185

3,272

(87)

-2.7%

Service concession arrangements

2,702

2,415

287

11.9%

Non-current prepaid financial expense

47

19

28

-

Total

6,006

5,769

237

4.1%

The change in other non-current financial assets particularly reflects the higher value of service concession arrangements, recognized above all in Brazil, which concern amounts paid to the licensing authorities for the construction and/or improvement of public service infrastructures involved in concession arrangements, which have been recognized in accordance with IFRIC 12.

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

Millions of euro

 

 

 
 

at Dec. 31, 2019

% held 

at Dec. 31, 2018

% held

Change

Galsi

14

17.6%

14

17.6%

-

Empresa Propietaria de la Red SA

17

11.1%

17

11.1%

-

European Energy Exchange

8

2.2%

8

2.2%

-

Athonet Srl

7

16.0%

7

16.0%

-

Korea Line Corporation

2

0.3%

2

0.3%

-

Hubject GmbH

10

12.5%

-

-

10

Other

14

 

15

 

(1)

Total

72

 

63

 

9

   

26.1 Other non-current financial assets included in net financial debt - €3,185 million

Millions of euro

    
 

at Dec. 31, 2019

at Dec. 31, 2018

Change

Securities at FVOCI

416

360

56

15.6%

Other financial receivables

2,769

2,912

(143)

-4.9%

Total

3,185

3,272

(87)

-2.7%

Securities measured at FVOCI represent financial instruments in which the Dutch insurance companies invest a portion of their liquidity.
The reduction in other financial receivables is mainly attributable to:

  • €96 million for the reclassification of medium- and longterm financial receivables to short-term financial receivables and securities of the receivable of e-distribuzione from CSEA (€55 million) and the receivable (€41 million) related to reimbursement of the extraordinary costs incurred by distributors for the early replacement of electromechanical meters with electronic devices;
  • €220 million for the decrease in the financial receivable that was recognized in 2018 by Enel North America from EGPNA Preferred Wind Holdings. This loan was repaid with the reacquisition of EGPNA REP;
  • an increase of €106 million in Enel Finance International’s receivable from Slovak Power Holding.