Financial information by segment | Note 4. - Financial information by segment Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating segments are based on the following geographies where the contracted concessional assets are located: • North America • South America • EMEA Based on the type of business, as of June 30, 2019, the Company had the following business sectors: Renewable energy: Efficient natural gas: Electric transmission lines Water: Atlantica’s Chief Operating Decision Maker (CODM) assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenues as a measure of the business activity and the Further Adjusted EBITDA as a measure of the performance of each segment. Further Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in these consolidated financial statements, and compensations received from Abengoa in lieu of Abengoa Concessões Brasil Holding (“ACBH”) dividends (for the period up to the first quarter of 2017 only). In order to assess performance of the business, the CODM receives reports of each reportable segment using revenues and Further Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources. In the six-month periods ended June 30, 2019, Atlantica had three customers with revenues representing more than 10% of the total revenues, two in the renewable energy and one in the efficient natural gas business sectors. In the six-month periods ended June 30, 2018, Atlantica had four customers with revenues representing more than 10% of the total revenues, three in the renewable energy and one in the efficient natural gas business sectors. a) The following tables show Revenues and Further Adjusted EBITDA by operating segments and business sectors for the six-month periods ended June 30, 2019 and 2018: Revenue Further Adjusted EBITDA For the six-month period ended June 30, For the six-month period ended June 30, ($ in thousands) Geography 2019 2018 2019 2018 North America 164,536 172,315 147,162 154,659 South America 69,090 59,881 57,464 49,247 EMEA 271,164 280,917 201,772 235,450 Total 504,790 513,113 406,398 439,356 Revenue Further Adjusted EBITDA For the six-month period ended June 30, For the six-month period ended June 30, ($ in thousands) Business sector 2019 2018 2019 2018 Renewable energy 380,086 392,213 301,395 345,386 Efficient natural gas 61,698 61,437 54,302 46,982 Electric transmission lines 51,098 47,903 43,585 40,300 Water 11,908 11,560 7,116 6,688 Total 504,790 513,113 406,398 439,356 The reconciliation of segment Further Adjusted EBITDA with the profit/(loss) attributable to the Company is as follows: For the six-month period ended June 30, ($ in thousands) 2019 2018 Profit/(Loss) attributable to the Company $ 16,956 67,350 (Loss)/Profit attributable to non-controlling interests 5,791 5,825 Income tax 27,040 31,019 Share of (profits)/losses of associates (3,352 ) (2,909 ) Financial expense, net 209,900 177,774 Depreciation, amortization, and impairment charges 150,063 160,297 Total segment Further Adjusted EBITDA $ 406,398 439,356 b) The assets and liabilities by operating segments (and business sector) as of June 30, 2019 and December 31, 2018 are as follows: Assets and liabilities by geography as of June 30, 2019: North America South America EMEA Balance as of June 30, 2019 ($ in thousands) Assets allocated Contracted concessional assets 3,377,228 1,193,156 3,789,392 8,359,776 Investments carried under the equity method 79,119 - 56,377 135,496 Current financial investments 157,083 61,827 31,499 250,409 Cash and cash equivalents (project companies) 146,237 41,704 280,849 468,790 Subtotal allocated 3,759,667 1,296,687 4,158,117 9,214,471 Unallocated assets Other non-current assets 228,932 Other current assets (including cash and cash equivalents at holding company level) 420,497 Subtotal unallocated 649,429 Total assets 9,863,900 North America South America EMEA Balance as of June 30, 2019 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,708,966 891,278 2,397,176 4,997,420 Grants and other liabilities 1,509,206 7,382 133,383 1,649,971 Subtotal allocated 3,218,172 898,660 2,530,559 6,647,391 Unallocated liabilities Long-term and short-term corporate debt 689,592 Other non-current liabilities 603,953 Other current liabilities 181,709 Subtotal unallocated 1,475,254 Total liabilities 8,122,645 Equity unallocated 1,741,255 Total liabilities and equity unallocated 3,216,509 Total liabilities and equity 9,863,900 Assets and liabilities by geography as of December 31, 2018: North America South America EMEA Balance as of December 31, 2018 ($ in thousands) Assets allocated Contracted concessional assets 3,453,652 1,210,624 3,884,905 8,549,181 Investments carried under the equity method - - 53,419 53,419 Current financial investments 147,213 61,959 30,080 239,252 Cash and cash equivalents (project companies) 195,678 41,316 287,456 524,450 Subtotal allocated 3,796,543 1,313,899 4,255,860 9,366,302 Unallocated assets Other non-current assets 188,736 Other current assets (including cash and cash equivalents at holding company level) 363,993 Subtotal unallocated 552,729 Total assets 9,919,031 North America South America EMEA Balance as of December 31, 2018 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,725,961 900,801 2,464,352 5,091,114 Grants and other liabilities 1,527,724 7,550 122,852 1,658,126 Subtotal allocated 3,253,685 908,351 2,587,204 6,749,240 Unallocated liabilities Long-term and short-term corporate debt 684,073 Other non-current liabilities 523,827 Other current liabilities 205,779 Subtotal unallocated 1,413,679 Total liabilities 8,162,919 Equity unallocated 1,756,112 Total liabilities and equity unallocated 3,169,791 Total liabilities and equity 9,919,031 Assets and liabilities by business sector as of June 30, 2019: Renewable energy Efficient natural gas Electric transmission lines Water Balance as of June 30, 2019 ($ in thousands) Assets allocated Contracted concessional assets 6,825,572 578,423 869,685 86,096 8,359,776 Investments carried under the equity method 89,149 - - 46,347 135,496 Current financial investments 33,268 139,076 60,971 17,094 250,409 Cash and cash equivalents (project companies) 426,255 19,567 13,373 9,595 468,790 Subtotal allocated 7,374,244 737,066 944,029 159,132 9,214,471 Unallocated assets Other non-current assets 228,932 Other current assets (including cash and cash equivalents at holding company level) 420,497 Subtotal unallocated 649,429 Total assets 9,863,900 Renewable energy Efficient natural gas Electric transmission lines Water Balance as of June 30, 2019 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,791,447 536,690 642,496 26,787 4,997,420 Grants and other liabilities 1,648,118 139 957 757 1,649,971 Subtotal allocated 5,439,565 536,829 643,453 27,544 6,647,391 Unallocated liabilities Long-term and short-term corporate debt 689,592 Other non-current liabilities 603,953 Other current liabilities 181,709 Subtotal unallocated 1,475,254 Total liabilities 8,122,645 Equity unallocated 1,741,255 Total liabilities and equity unallocated 3,216,509 Total liabilities and equity 9,863,900 Assets and liabilities by business sector as of December 31, 2018: Renewable energy Efficient natural gas Electric transmission lines Water Balance as of December 31, 2018 ($ in thousands) Assets allocated Contracted concessional assets 6,998,020 580,997 882,980 87,184 8,549,181 Investments carried under the equity method 10,257 - - 43,162 53,419 Current financial investments 15,396 147,192 61,102 15,562 239,252 Cash and cash equivalents (project companies) 453,096 45,625 14,043 11,686 524,450 Subtotal allocated 7,476,769 773,814 958,125 157,594 9,366,302 Unallocated assets Other non-current assets 188,736 Other current assets (including cash and cash equivalents at holding company level) 363,993 Subtotal unallocated 552,729 Total assets 9,919,031 Renewable energy Efficient natural gas Electric transmission lines Water Balance as of December 31, 2018 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,868,626 545,123 647,820 29,545 5,091,114 Grants and other liabilities 1,656,146 161 1,025 794 1,658,126 Subtotal allocated 5,524,772 545,284 648,845 30,339 6,749,240 Unallocated liabilities Long-term and short-term corporate debt 684,073 Other non-current liabilities 523,827 Other current liabilities 205,779 Subtotal unallocated 1,413,679 Total liabilities 8,162,919 Equity unallocated 1,756,112 Total liabilities and equity unallocated 3,169,791 Total liabilities and equity 9,919,031 c) The amount of depreciation, amortization and impairment charges recognized for the six-month periods ended June 30, 2019 and 2018 are as follows: For the six-month period ended June 30, Depreciation, amortization and impairment by geography 2019 2018 ($ in thousands) North America (53,013 ) (59,638 ) South America (22,859 ) (21,056 ) EMEA (74,191 ) (79,603 ) Total (150,063 ) (160,297 ) For the six-month period ended June 30, Depreciation, amortization and impairment by business sectors 2019 2018 ($ in thousands) Renewable energy (142,895 ) (140,491 ) Electric transmission lines (12,593 ) (14,608 ) Efficent natual gas 5,425 (5,198 ) Total (150,063 ) (160,297 ) |