| 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, 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 six-month periods ended June 30, 2022 and 2021, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector.
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
2022
2021
2022
2021
North America
199,271
178,801
161,180
134,861
South America
78,331
78,351
58,843
60,222
EMEA
277,682
354,023
182,282
209,151
Total
555,284
611,175
402,305
404,234
Revenue
Adjusted EBITDA
For the six-month period ended June 30,
For the six-month period ended June 30,
($ in thousands)
Business sector
2022
2021
2022
2021
Renewable energy
420,335
471,624
296,830
295,030
Efficient natural gas & heat
53,419
58,505
44,014
47,221
Transmission lines
54,853
53,589
43,178
42,521
Water
26,677
27,457
18,283
19,462
Total
555,284
611,175
402,305
404,234 The reconciliation of segment Adjusted EBITDA with the
profit/(loss) attributable to the Company is as follows:
For the six-month period ended June 30, ($ in thousands)
2022
2021
Profit/(loss) attributable to the Company
4,070
(6,829
)
Profit attributable to non-controlling interests
6,728
11,315
Income tax
6,050
33,128
Financial expense, net
155,779
172,807
Depreciation, amortization, and impairment charges
217,809
188,876
Depreciation and amortization, financial expense and income tax expense of unconsolidated
affiliates (pro rata of Atlantica’s equity ownership) 11,869 4,937
Total segment Adjusted EBITDA
402,305
404,234
b)
The assets and liabilities by operating segments (and business sector) as of June 30, 2022 and December 31, 2021 are as follows: Assets and liabilities by geography as of June 30, 2022:
North America
South America
EMEA
Balance as of June 30, 2022
($ in thousands)
Assets allocated
Contracted concessional assets
3,287,156
1,258,308
3,099,488
7,644,952
Investments carried under the equity method
233,452
-
42,120
275,572
Current financial investments
119,396
28,682
40,726
188,804
Cash and cash equivalents (project companies)
182,998
86,282
274,169
543,449
Subtotal allocated
3,823,002
1,373,272
3,456,503
8,652,777
Unallocated assets
Other non-current assets
271,634
Other current assets (including cash and cash equivalents at holding company level)
446,653
Subtotal unallocated
718,287
Total assets
9,371,064
North America
South America
EMEA
Balance as of June 30, 2022
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
1,767,480
856,228
2,111,792
4,735,500
Grants and other liabilities
1,032,994
16,077
203,278
1,252,349
Subtotal allocated
2,800,474
872,305
2,315,070
5,987,849
Unallocated liabilities
Long-term and short-term corporate debt
1,000,091
Other non-current liabilities
390,143
Other current liabilities
196,150
Subtotal unallocated
1,586,384
Total liabilities
7,574,233
Equity unallocated
1,796,831
Total liabilities and equity unallocated
3,383,215
Total liabilities and equity
9,371,064 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 June 30, 2022:
Renewable energy
Efficient natural gas & heat
Transmission lines
Water
Balance as of June 30, 2022
($ in thousands)
Assets allocated
Contracted concessional assets
6,163,513
507,776
818,768
154,895
7,644,952
Investments carried under the equity method
221,332
14,395
-
39,845
275,572
Current financial investments
8,622
112,886
28,506
38,790
188,804
Cash and cash equivalents (project companies)
416,482
47,858
54,249
24,860
543,449
Subtotal allocated
6,809,949
682,915
901,523
258,390
8,652,777
Unallocated assets
Other non-current assets
271,634
Other current assets (including cash and cash equivalents at holding company level)
446,653
Subtotal unallocated
718,287
Total assets
9,371,064
Renewable energy
Efficient natural gas & heat Transmission lines
Water
Balance as of June 30, 2022
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
3,593,887
462,228
592,657
86,728
4,735,500
Grants and other liabilities
1,211,134
32,762
6,200
2,253
1,252,349
Subtotal allocated
4,805,021
494,990
598,857
88,981
5,987,849
Unallocated liabilities
Long-term and short-term corporate debt
1,000,091
Other non-current liabilities
390,143
Other current liabilities
196,150
Subtotal unallocated
1,586,384
Total liabilities
7,574,233
Equity unallocated
1,796,831
Total liabilities and equity unallocated
3,383,215
Total liabilities and equity
9,371,064 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 six-month periods ended June 30, 2022 and 2021 are as follows:
For the six-month period ended June 30,
Depreciation, amortization and impairment by geography
2022 2021
($ in thousands)
North America
(79,207
)
(45,285
)
South America
(30,150
)
(28,190
)
EMEA
(108,452
)
(115,401
)
Total
(217,809
)
(188,876
)
For the six-month period ended June 30,
Depreciation, amortization and impairment by business sectors
2022
2021
($ in thousands)
Renewable energy
(188,524
)
(193,407
)
Efficient natural gas & heat
(11,257
)
19,113
Transmission lines
(16,794
)
(15,565
)
Water
(1,234
)
983
Total
(217,809
)
(188,876
) |
