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Investments | 12 Months Ended
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Dec. 31, 2020
Investments |
Investments | 15 Investments Equity-accounted investments
|  | 2020 |  | 2019
|  | Investments in |  |  |  |  |  |  |  | Investments in |  |  |  |  |  |
|  | unconsolidated entities |  | Joint |  |  |  |  |  | unconsolidated entities |  | Joint |  |  |  |
(€ million) |  | controlled by Eni |  | ventures |  | Associates |  | Total |  | controlled by Eni |  | ventures |  | Associates |  | Total
Carrying amount - beginning of the year |  | 86 |  | 4,592 |  | 4,357 |  | 9,035 |  | 95 |  | 5,497 |  | 1,452 |  | 7,044
Changes in accounting policies (IAS 28) |  |  |  |  |  |  |  |  |  |  |  | 22 |  |  |  | 22
Carrying amount restated - beginning of the year |  | 86 |  | 4,592 |  | 4,357 |  | 9,035 |  | 95 |  | 5,519 |  | 1,452 |  | 7,066
Additions and subscriptions |  | 2 |  | 75 |  | 198 |  | 275 |  | 6 |  | 76 |  | 2,910 |  | 2,992
Divestments and reimbursements |  |  |  | (3) |  | (1) |  | (4) |  | (5) |  |  |  | (17) |  | (22)
Share of profit of equity-accounted investments |  | 3 |  | 21 |  | 14 |  | 38 |  | 6 |  | 80 |  | 75 |  | 161
Share of loss of equity-accounted investments |  | (2) |  | (1,399) |  | (332) |  | (1,733) |  | (10) |  | (157) |  | (17) |  | (184)
Deduction for dividends |  | (5) |  | (296) |  | (13) |  | (314) |  | (4) |  | (1,073) |  | (61) |  | (1,138)
Change in the scope of consolidation |  | 3 |  | 30 |  | 1 |  | 34 |  | 1 |  |  |  |  |  | 1
Currency translation differences |  | (4) |  | (254) |  | (345) |  | (603) |  | 2 |  | 67 |  | 17 |  | 86
Other changes |  | (3) |  | 66 |  | (42) |  | 21 |  | (5) |  | 80 |  | (2) |  | 73
Carrying amount - end of the year |  | 80 |  | 2,832 |  | 3,837 |  | 6,749 |  | 86 |  | 4,592 |  | 4,357 |  | 9,035
Acquisitions and share capital increases mainly related: (i) for €89 million to the acquisition of a 49% stake in Novis Renewables Holdings Llc and a 50% stake in Novis Renewables Llc and the subsequent capital increase of both companies as part of the partnership with Falck Renewables for the joint development of renewable energy projects in the United States; (ii) for €72 million to the acquisition of a 40% stake of Finproject SpA, a company operating in the compounding sector and in the production of ultralight fabrics, businesses more resilient to the volatility of the chemicals market; (iii) for €38 million to a capital contribution made to Lotte Versalis Elastomers Co Ltd, a joint venture operating in the manufacturing of elastomers in South Korea. The accounting under the equity method included losses related to: (i) Vår Energi AS for €918 million due to impairment losses recorded at the CGUs of the investee due to a revised long-term outlook for hydrocarbons prices and changes in production profiles; (ii) Abu Dhabi Oil Refining Co (Takreer) for €275 million due to a weaker refining scenario and the recognition of a significant loss in the alignment of the book values of inventories at their net realizable values; (iii) Saipem SpA for €354 million due to a weaker scenario, which impacted the investment decisions of oil companies together with the curtailments of expenditures made during the downturn driving, lower demand for oil and gas services as well as the recognition of impairment losses in particular in the Offshore Drilling CGU. Share of losses of equity-accounted investments included a loss of €46 million accounted at the joint venture Cardón IV SA (Eni’s interest 50%) which is operating the Perla gas field in Venezuela, affected by the slowdown in the gas supplies to the buyer PDVSA due to a deteriorated operating environment. Deduction for dividends related for €274 million to Vår Energi AS. Net carrying amount related to the following companies:
|  | December 31, 2020 |  | December 31, 2019
|  | Net carrying |  | % of the |  | Net carrying |  | % of the
(€ million) |  | amount |  | investment |  | amount |  | investment
Investments in unconsolidated entities controlled by Eni |  |  |  |  |  |  |  |
Eni BTC Ltd |  | 24 |  | 100.00 |  | 30 |  | 100.00
Other |  | 56 |  |  |  | 56 |  |
|  | 80 |  |  |  | 86 |  |
Joint ventures |  |  |  |  |  |  |  |
Vår Energi AS |  | 1,144 |  | 69.85 |  | 2,518 |  | 69.60
Saipem SpA |  | 908 |  | 31.08 |  | 1,250 |  | 30.99
Unión Fenosa Gas SA |  | 242 |  | 50.00 |  | 326 |  | 50.00
Cardón IV SA |  | 199 |  | 50.00 |  | 148 |  | 50.00
Gas Distribution Company of Thessaloniki - Thessaly SA |  | 140 |  | 49.00 |  | 139 |  | 49.00
Lotte Versalis Elastomers Co Ltd |  | 51 |  | 50.00 |  | 74 |  | 50.00
PetroJunín SA |  | 50 |  | 40.00 |  | 53 |  | 40.00
Società Oleodotti Meridionali - SOM SpA |  | 32 |  | 70.00 |  |  |  |
AET - Raffineriebeteiligungsgesellschaft mbH |  | 17 |  | 33.33 |  | 35 |  | 33.33
Other |  | 49 |  |  |  | 49 |  |
|  | 2,832 |  |  |  | 4,592 |  |
Associates |  |  |  |  |  |  |  |
Abu Dhabi Oil Refining Co (Takreer) |  | 2,335 |  | 20.00 |  | 2,829 |  | 20.00
Angola LNG Ltd |  | 1,039 |  | 13.60 |  | 1,159 |  | 13.60
Coral FLNG SA |  | 138 |  | 25.00 |  | 102 |  | 25.00
Finproject SpA |  | 73 |  | 40.00 |  |  |  |
Novis Renewables Holdings Llc |  | 65 |  | 49.00 |  |  |  |
United Gas Derivatives Co |  | 58 |  | 33.33 |  | 69 |  | 33.33
Novamont SpA |  |  |  |  |  | 71 |  | 25.00
Other |  | 129 |  |  |  | 127 |  |
|  | 3,837 |  |  |  | 4,357 |  |
|  | 6,749 |  |  |  | 9,035 |  |
Results of equity-accounted investments by segment are disclosed in note 35 — Segment information and information by geographical area. The carrying amounts of equity-accounted investments included differences between the purchase price of acquired interests and their underlying book value of net assets amounting to €44 million relating to Finproject SpA. This surplus was driven by the long-term profitability outlook of the acquired company at the time of the acquisition. As of December 31, 2020, the market value of the investments listed in regulated stock markets was as follows:
|  | Saipem SpA
Number of shares held |  | 308,767,968
% of the investment |  | 31.08
Share price (€) |  | 2.205
Market value (€ million) |  | 681
Book value (€ million) |  | 908
As of December 31, 2020, the fair value of Saipem was 25% lower than the book value in Eni's financial statements. Due to this impairment indicator, given the volatility of the stock and the significant spending cuts implemented by the oil companies in the short and medium term in response to the collapse in hydrocarbons prices, management performed an impairment test of the book value of the investment based on an internal estimation of the value in use of the investment, which confirmed the carrying amount. Additional information is included in note 37 — Other information about investments. Other investments
(€ million) |  | 2020 |  | 2019
Carrying amount – beginning of the year |  | 929 |  | 919
Additions and subscriptions |  | 8 |  | 11
Change in the fair value |  | 24 |  | (3)
Divestments and reimbursements |  | (12) |  | (12)
Currency translation differences |  | (61) |  | 15
Other changes |  | 69 |  | (1)
Carrying amount – end of the year |  | 957 |  | 929
The fair value of the main non-controlling interests in non-listed investees on regulated markets, classified within level 3 of the fair value hierarchy, was estimated based on a methodology that combines future expected earnings and the sum-of-the-parts methodology (so-called residual income approach) and takes into account, inter alia, the following inputs: (i) expected results, as a gauge of the future profitability of the investees, derived from the business plans, but adjusted, where appropriate, to include the assumptions that market participants would incorporate; (ii) the cost of capital, adjusted to include the risk premium of the specific country in which each investee operates. A stress test based on a 1% change in the cost of capital considered in the valuation did not produce significant changes at the fair value evaluation. Dividend income from these investments is disclosed in note 31 — Income (expense) from investments. The investment book value as of December 31, 2020 primarily related to Nigeria LNG Ltd for €579 million (€657 million at December 31, 2019), Saudi European Petrochemical Co “IBN ZAHR” for €115 million (€146 million at December 31, 2019) and Novamont SpA for €77 million.

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