| 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 March 31, 2022, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water. 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 expense,
financial expense (net), depreciation, amortization and impairment charges of entities included in the these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of
unconsolidated affiliates (pro rata of Atlantica’s equity ownership). Until September 30, 2021 adjusted EBITDA excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization,
financial expense and income tax expense of unconsolidated affiliates (pro-rata of Atlantica’s equity ownership). Prior periods have been presented accordingly. 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 three-month period ended March 31, 2022, Atlantica had one customer with revenues representing more than 10% of total revenue, in the renewable energy business sector. In the three-month period ended March
31, 2021, Atlantica had three customers with revenues representing more than 10% of the total revenue, two in the renewable energy and one in
the efficient natural gas and heat business sectors.
a) The following tables show Revenue and Adjusted EBITDA by
operating segments and business sectors for the three-month periods ended , and :
Revenue
Adjusted EBITDA
For the three-month period ended March 31,
For the three-month period ended March 31,
($ in thousands)
Geography
2022
2021
2022
2021
North America
74,304
60,585
58,266
40,287
South America
38,528
38,308
29,129
29,943
EMEA
134,620
169,285
86,231
101,019
Total
247,452
268,178
173,626
171,249
Revenue
Adjusted EBITDA
For the three-month period ended March 31,
For the three-month period ended March 31,
($ in thousands)
Business sector
2022
2021
2022
2021
Renewable energy
182,101
199,679
122,223
117,036
Efficient natural gas & heat
25,327
28,408
21,699
23,182
Transmission lines
26,620
26,614
20,523
21,203
Water
13,404
13,477
9,181
9,828
Total
247,452
268,178
173,626
171,249 The reconciliation of segment Adjusted EBITDA with the loss
attributable to the Company is as follows:
For the three-month period ended March 31, ($ in thousands)
2022
2021
Loss attributable to the Company
(12,042
)
(19,172
)
Profit attributable to non-controlling interests
2,200
8,108
Income tax
(3,906
)
15,241
Financial expense, net
80,467
81,192
Depreciation, amortization, and impairment charges
100,925
83,541
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) 5,982 2,339
Total segment Adjusted EBITDA
173,626
171,249
b)
The assets and liabilities by operating segments (and business sector) as of March 31, 2022 and December 31, 2021 are as follows: Assets and liabilities by geography as of March 31, 2022:
North America
South America
EMEA
Balance as of March 31, 2022
($ in thousands)
Assets allocated
Contracted concessional assets
3,317,648
1,257,673
3,356,561
7,931,882
Investments carried under the equity method
243,043
-
41,986
285,029
Current financial investments
116,125
28,554
41,237
185,916
Cash and cash equivalents (project companies)
183,006
96,186
345,953
625,145
Subtotal allocated
3,859,822
1,382,413
3,785,737
9,027,972
Unallocated assets
Other non-current assets
277,989
Other current assets (including cash and cash equivalents at holding company level)
449,507
Subtotal unallocated
727,496
Total assets
9,755,468
North America
South America
EMEA
Balance as of March 31, 2022
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
1,799,441
873,713
2,363,853
5,037,007
Grants and other liabilities
1,033,773
15,577
202,228
1,251,578
Subtotal allocated
2,833,214
889,290
2,566,081
6,288,585
Unallocated liabilities
Long-term and short-term corporate debt
1,056,145
Other non-current liabilities
453,940
Other current liabilities
154,302
Subtotal unallocated
1,664,387
Total liabilities
7,952,972
Equity unallocated
1,802,496
Total liabilities and equity unallocated
3,466,883
Total liabilities and equity
9,755,468 Assets and liabilities by geography as of December 31, 2021:
North America
South America
EMEA
Balance as of December 31, 2021
($ in thousands)
Assets allocated
Contracted concessional assets
3,355,669
1,231,276
3,434,623
8,021,568
Investments carried under the equity method
253,221
-
41,360
294,581
Current financial investments
135,224
28,155
44,000
207,379
Cash and cash equivalents (project companies)
171,744
74,149
287,655
533,548
Subtotal allocated
3,915,858
1,333,580
3,807,638
9,057,076
Unallocated assets
Other non-current assets
268,876
Other current assets (including cash and cash equivalents at holding company level)
425,978
Subtotal unallocated
694,854
Total assets
9,751,930
North America
South America
EMEA
Balance as of December 31, 2021
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
1,792,739
887,497
2,355,957
5,036,193
Grants and other liabilities
1,051,679
14,445
197,620
1,263,744
Subtotal allocated
2,844,418
901,942
2,553,577
6,299,937
Unallocated liabilities
Long-term and short-term corporate debt
1,023,071
Other non-current liabilities
532,312
Other current liabilities
148,005
Subtotal unallocated
1,703,388
Total liabilities
8,003,325
Equity unallocated
1,748,605
Total liabilities and equity unallocated
3,451,993
Total liabilities and equity
9,751,930 Assets and liabilities by business sector as of March 31, 2022:
Renewable energy
Efficient natural gas & heat
Transmission lines
Water
Balance as of March 31, 2022
($ in thousands)
Assets allocated
Contracted concessional assets
6,430,438
510,580
830,053
160,811
7,931,882
Investments carried under the equity method
230,737
14,692
-
39,600
285,029
Current financial investments
2,521
115,497
28,335
39,563
185,916
Cash and cash equivalents (project companies)
494,425
41,092
66,348
23,280
625,145
Subtotal allocated
7,158,121
681,861
924,736
263,254
9,027,972
Unallocated assets
Other non-current assets
277,989
Other current assets (including cash and cash equivalents at holding company level)
449,507
Subtotal unallocated
727,496
Total assets
9,755,468
Renewable energy
Efficient natural gas & heat Transmission lines
Water
Balance as of March 31, 2022
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
3,865,853
470,890
608,062
92,202
5,037,007
Grants and other liabilities
1,232,324
11,272
5,661
2,321
1,251,578
Subtotal allocated
5,098,177
482,162
613,723
94,523
6,288,585
Unallocated liabilities
Long-term and short-term corporate debt
1,056,145
Other non-current liabilities
453,940
Other current liabilities
154,302
Subtotal unallocated
1,664,387
Total liabilities
7,952,972
Equity unallocated
1,802,496
Total liabilities and equity unallocated
3,466,883
Total liabilities and equity
9,755,468 Assets and liabilities by business sector as of December 31, 2021:
Renewable energy
Efficient natural & heat
Transmission lines
Water
Balance as of December 31, 2021
($ in thousands)
Assets allocated
Contracted concessional assets
6,533,408
517,247
805,987
164,926
8,021,568
Investments carried under the equity method
240,302
15,358
-
38,921
294,581
Current financial investments
10,761
128,461
27,813
40,344
207,379
Cash and cash equivalents (project companies)
442,213
25,392
44,574
21,369
533,548
Subtotal allocated
7,226,684
686,458
878,374
265,560
9,057,076
Unallocated assets
Other non-current assets
268,876
Other current assets (including cash and cash equivalents at holding company level)
425,978
Subtotal unallocated
694,854
Total assets
9,751,930
Renewable energy
Efficient natural & heat
Transmission lines
Water
Balance as of December 31, 2021
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
3,857,313
478,724
602,278
97,878
5,036,193
Grants and other liabilities
1,244,346
11,212
5,795
2,391
1,263,744
Subtotal allocated
5,101,659
489,936
608,073
100,269
6,299,937
Unallocated liabilities
Long-term and short-term corporate debt
1,023,071
Other non-current liabilities
532,312
Other current liabilities
148,005
Subtotal unallocated
1,703,388
Total liabilities
8,003,325
Equity unallocated
1,748,605
Total liabilities and equity unallocated
3,451,993
Total liabilities and equity
9,751,930
c)
The amount of depreciation, amortization and impairment charges
recognized for the three-month periods ended March 31, 2022 and 2021 are as follows:
For the three-month period ended March 31,
Depreciation, amortization and impairment by geography
2022 2021
($ in thousands)
North America
(31,692
)
(12,627
)
South America
(14,205
)
(13,811
)
EMEA
(55,028
)
(57,103
)
Total
(100,925
)
(83,541
)
For the three-month period ended March 31,
Depreciation, amortization and impairment by business sectors
2022
2021
($ in thousands)
Renewable energy
(95,270
)
(93,571
)
Efficient natural gas & heat
2,144
17,357
Transmission lines
(7,407
)
(7,749
)
Water
(392
)
422
Total
(100,925
)
(83,541
) |
