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 and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of June 30, 2021, the Company had the following business sectors: Renewable energy, Efficient natural gas & Heat, Transmission lines and Water. The business sector “Efficient natural gas” has been renamed “Efficient natural gas & Heat” in these Consolidated Condensed Interim Financial Statements as it includes the Calgary District Heating asset acquired in May 2021 (Note 5). Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. 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, 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 Condensed Interim Financial Statements. In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and 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 period ended June 30, 2021, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector. In the six-month period ended June 30, 2020, Atlantica had four customers with revenues representing more than 10% of the total revenue, three in the renewable energy and one in the efficient natural gas & heat business sectors. a) The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the six-month periods ended , and : Revenue Adjusted EBITDA For the six-month period ended June 30, For the six-month period ended June 30, ($ in thousands) Geography 2021 2020 2021 2020 North America 178,801 157,932 131,575 139,273 South America 78,351 75,029 60,222 59,803 EMEA 354,023 232,786 204,845 173,481 Total 611,175 465,747 396,642 372,557 Revenue Adjusted EBITDA For the six-month period ended June 30, For the six-month period ended June 30, ($ in thousands) Business sector 2021 2020 2021 2020 Renewable energy 471,624 344,674 293,621 274,761 Efficient natural gas & Heat 58,505 52,032 45,344 45,877 Transmission lines 53,589 53,395 42,522 43,216 Water 27,457 15,646 15,155 8,703 Total 611,175 465,747 396,642 372,557 The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows: For the six-month period ended June 30, ($ in thousands) 2021 2020 Loss attributable to the Company (6,829 ) (28,171 ) Profit attributable to non-controlling interests 11,315 1,979 Income tax 33,128 3,471 Share of (profit)/loss of associates (2,656 ) (1,591 ) Financial expense, net 172,807 202,797 Depreciation, amortization, and impairment charges 188,876 194,073 Total segment Adjusted EBITDA 396,642 372,557 b) The assets and liabilities by operating segments (and business sector) as of June 30, 2021 and December 31, 2020 are as follows: Assets and liabilities by geography as of June 30, 2021: North America South America EMEA Balance as of June 30, 2021 ($ in thousands) Assets allocated Contracted concessional assets 3,443,636 1,225,955 3,704,622 8,374,213 Investments carried under the equity method 244,666 - 44,035 288,701 Current financial investments 126,288 27,611 43,649 197,548 Cash and cash equivalents (project companies) 235,920 68,694 298,061 602,675 Subtotal allocated 4,050,510 1,322,260 4,090,367 9,463,137 Unallocated assets Other non-current assets 247,635 Other current assets (including cash and cash equivalents at holding company level) 450,634 Subtotal unallocated 698,269 Total assets 10,161,406 North America South America EMEA Balance as of June 30, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,874,925 904,409 2,594,856 5,374,190 Grants and other liabilities 1,063,018 13,060 145,624 1,221,702 Subtotal allocated 2,937,943 917,469 2,740,480 6,595,892 Unallocated liabilities Long-term and short-term corporate debt 1,025,061 Other non-current liabilities 546,099 Other current liabilities 187,145 Subtotal unallocated 1,758,305 Total liabilities 8,354,197 Equity unallocated 1,807,209 Total liabilities and equity unallocated 3,565,514 Total liabilities and equity 10,161,406 Assets and liabilities by geography as of December 31, 2020: North America South America EMEA Balance as of December 31, 2020 ($ in thousands) Assets allocated Contracted concessional assets 3,073,785 1,211,952 3,869,681 8,155,418 Investments carried under the equity method 74,660 - 41,954 116,614 Current financial investments 129,264 27,836 42,984 200,084 Cash and cash equivalents (project companies) 206,344 70,861 255,530 532,735 Subtotal allocated 3,484,053 1,310,649 4,210,149 9,004,851 Unallocated assets Other non-current assets 242,044 Other current assets (including cash and cash equivalents at holding company level) 691,459 Subtotal unallocated 933,503 Total assets 9,938,354 North America South America EMEA Balance as of December 31, 2020 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,623,284 902,500 2,711,830 5,237,614 Grants and other liabilities 1,078,974 11,355 139,438 1,229,767 Subtotal allocated 2,702,258 913,855 2,851,268 6,467,381 Unallocated liabilities Long-term and short-term corporate debt 993,725 Other non-current liabilities 589,107 Other current liabilities 147,260 Subtotal unallocated 1,730,092 Total liabilities 8,197,473 Equity unallocated 1,740,881 Total liabilities and equity unallocated 3,470,973 Total liabilities and equity 9,938,354 Assets and liabilities by business sector as of June 30, 2021: Renewable energy Efficient natural gas & Heat Transmission lines Water Balance as of June 30, 2021 ($ in thousands) Assets allocated Contracted concessional assets 6,841,512 534,372 824,945 173,384 8,374,213 Investments carried under the equity method 235,723 11,768 - 41,210 288,701 Current financial investments 3,176 126,202 27,580 40,590 197,548 Cash and cash equivalents (project companies) 460,142 73,914 42,486 26,133 602,675 Subtotal allocated 7,540,553 746,256 895,011 281,317 9,463,137 Unallocated assets Other non-current assets 247,635 Other current assets (including cash and cash equivalents at holding company level) 450,634 Subtotal unallocated 698,269 Total assets 10,161,406 Renewable energy Efficient natural gas & Heat Transmission lines Water Balance as of June 30, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 4,164,118 491,565 611,937 106,570 5,374,190 Grants and other liabilities 1,204,879 8,657 5,808 2,358 1,221,702 Subtotal allocated 5,368,997 500,222 617,745 108,928 6,595,892 Unallocated liabilities Long-term and short-term corporate debt 1,025,061 Other non-current liabilities 546,099 Other current liabilities 187,145 Subtotal unallocated 1,758,305 Total liabilities 8,354,197 Equity unallocated 1,807,209 Total liabilities and equity unallocated 3,565,514 Total liabilities and equity 10,161,406 Assets and liabilities by business sector as of December 31, 2020: Renewable energy Efficient natural & Heat Transmission lines Water Balance as of December 31, 2020 ($ in thousands) Assets allocated Contracted concessional assets 6,632,611 502,285 842,595 177,927 8,155,418 Investments carried under the equity method 61,866 15,514 30 39,204 116,614 Current financial investments 6,530 124,872 27,796 40,886 200,084 Cash and cash equivalents (project companies) 397,465 67,955 46,045 21,270 532,735 Subtotal allocated 7,098,472 710,626 916,466 279,287 9,004,851 Unallocated assets Other non-current assets 242,044 Other current assets (including cash and cash equivalents at holding company level) 691,459 Subtotal unallocated 933,503 Total assets 9,938,354 Renewable energy Efficient natural & Heat Transmission lines Water Balance as of December 31, 2020 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,992,512 504,293 625,203 115,606 5,237,614 Grants and other liabilities 1,221,176 108 6,040 2,443 1,229,767 Subtotal allocated 5,213,688 504,401 631,243 118,049 6,467,381 Unallocated liabilities Long-term and short-term corporate debt 993,725 Other non-current liabilities 589,107 Other current liabilities 147,260 Subtotal unallocated 1,730,092 Total liabilities 8,197,473 Equity unallocated 1,740,881 Total liabilities and equity unallocated 3,470,973 Total liabilities and equity 9,938,354 c) The amount of depreciation, amortization and impairment charges recognized for the six-month periods ended June 30, 2021 and 2020 are as follows: For the six-month period ended June 30, Depreciation, amortization and impairment by geography 2021 2020 ($ in thousands) North America (45,285 ) (95,981 ) South America (28,190 ) (29,666 ) EMEA (115,401 ) (70,426 ) Total (188,876 ) (194,073 ) For the six-month period ended June 30, Depreciation, amortization and impairment by business sectors 2021 2020 ($ in thousands) Renewable energy (193,407 ) (140,806 ) Efficient natural gas & Heat 19,113 (35,697 ) Transmission lines (15,565 ) (16,961 ) Water 983 (609 ) Total (188,876 ) (194,073 ) |