| 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, 2024, 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 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). 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, 2024, Atlantica had two customers with
revenues representing more than 10% of total revenue, one in the renewable energy and one in the efficient natural gas and heat business sector. In the three-month period ended March 31, 2023, Atlantica had three customers with revenues representing more than 10% of total revenue, two
in the renewable energy and one in the efficient natural gas and heat business sector.
a) The following tables show Revenue and Adjusted EBITDA by
operating segment and business sector 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
2024
2023
2024
2023
North America
86,232
72,840
55,026
51,969
South America
44,678
43,720
34,568
33,788
EMEA
112,023
125,949
74,625
88,447
Total
242,933
242,509
164,219
174,204
Revenue
Adjusted EBITDA
For the three-month period ended March 31,
For the three-month period ended March 31,
($ in thousands)
Business sectors
2024
2023
2024
2023
Renewable energy
162,211
172,601
107,250
119,122
Efficient natural gas & heat
35,970
27,403
23,287
22,610
Transmission lines
30,486
28,831
24,827
23,470
Water
14,266
13,674
8,855
9,002
Total
242,933
242,509
164,219
174,204 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)
2024
2023
Loss attributable to the Company
(5,392
)
(10,990
)
Profit attributable to non-controlling interest
6
5,017
Income tax
(22,620
)
(9,656
)
Financial expense, net
79,626
80,434
Depreciation, amortization, and impairment charges
107,036
103,790
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates
(pro rata of Atlantica’s equity ownership) 5,563 5,609
Total segment Adjusted EBITDA
164,219
174,204
b)
The assets and liabilities by operating segment and business sector as of March 31, 2024, and December 31, 2023 are as follows: Assets and liabilities by geography as of March 31, 2024:
North America
South America
EMEA
Balance as of March 31, 2024
($ in thousands)
Assets allocated
Contracted concessional, PP&E and other intangible assets
3,027,765
1,175,129
2,910,483
7,113,377
Investments carried under the equity method
171,879
8,569
45,284
225,732
Other current financial assets
112,351
31,001
47,134
190,486
Cash and cash equivalents (project companies)
123,539
125,443
155,361
404,343
Assets held for sale 29,136 - - 29,136
Subtotal allocated
3,464,670
1,340,142
3,158,262
7,963,074
Unallocated assets
Other non-current assets
333,300
Other current assets (including cash and cash equivalents at holding company level)
412,668
Subtotal unallocated
745,968
Total assets
8,709,042
North America
South America
EMEA
Balance as of March 31, 2024
($ in thousands)
Liabilities allocated
Long-term and short-term project debt
1,635,455
808,991
1,856,682
4,301,128
Grants and other liabilities
932,301
36,108
241,781
1,210,190
Subtotal allocated
2,567,756
845,099
2,098,463
5,511,318
Unallocated liabilities
Long-term and short-term corporate debt
1,173,680
Other non-current liabilities
293,098
Other current liabilities
192,124
Subtotal unallocated
1,658,902
Total liabilities
7,170,220
Equity unallocated
1,538,822
Total liabilities and equity unallocated
3,197,724
Total liabilities and equity
8,709,042 Assets and liabilities by geography as of December 31, 2023:
North America
South America
EMEA
Balance as of December 31, 2023
Assets allocated
Contracted concessional, PP&E and other intangible assets
3,063,019
1,184,599
2,956,649
7,204,267
Investments carried under the equity method
177,260
9,178
43,869
230,307
Other current financial assets
110,016
30,803
48,067
188,886
Cash and cash equivalents (project companies)
137,480
121,945
155,551
414,976
Assets held for sale 28,642 - - 28,642
Subtotal allocated
3,516,417
1,346,525
3,204,136
8,067,078
Unallocated assets
Other non-current assets
297,577
Other current assets (including cash and cash equivalents at holding company level)
349,678
Subtotal unallocated
647,255
Total assets
8,714,333
North America
South America
EMEA
Balance as of December 31, 2023
Liabilities allocated
Long-term and short-term project debt
1,629,278
808,481
1,881,501
4,319,260
Grants and other liabilities
945,888
36,307
251,613
1,233,808
Subtotal allocated
2,575,166
844,788
2,133,114
5,553,068
Unallocated liabilities
Long-term and short-term corporate debt
1,084,838
Other non-current liabilities
301,245
Other current liabilities
186,373
Subtotal unallocated
1,572,456
Total liabilities
7,125,524
Equity unallocated
1,588,809
Total liabilities and equity unallocated
3,161,265
Total liabilities and equity
8,714,333 Assets and liabilities by business sector as of March 31, 2024:
Renewable energy
Efficient natural gas & heat
Transmission lines
Water
Balance as of March 31, 2024
($ in thousands)
Assets allocated
Contracted concessional assets, PP&E and other intangible assets
5,729,867
446,626
771,363
165,521
7,113,377
Investments carried under the equity method
183,870
-
-
41,862
225,732
Other current financial assets
9,209
108,167
30,950
42,160
190,486
Cash and cash equivalents (project companies)
286,002
25,617
67,893
24,831
404,343
Assets held for sale - 29,136 - - 29,136
Subtotal allocated
6,208,948
609,546
870,206
274,374
7,963,074
Unallocated assets
Other non-current assets
333,300
Other current assets (including cash and cash equivalents at holding company level)
412,668
Subtotal unallocated
745,968
Total assets
8,709,042
Renewable energy
Efficient natural gas & Heat Transmission lines
Water
Balance as of March 31, 2024
Liabilities allocated
Long-term and short-term project debt
3,270,473
392,364
566,387
71,904
4,301,128
Grants and other liabilities
1,161,838
32,630
13,226
2,497
1,210,190
Subtotal allocated
4,432,311
424,994
579,613
74,401
5,511,318
Unallocated liabilities
Long-term and short-term corporate debt
1,173,680
Other non-current liabilities
293,098
Other current liabilities
192,124
Subtotal unallocated
1,658,902
Total liabilities
7,170,220
Equity unallocated
1,538,822
Total liabilities and equity unallocated
3,197,724
Total liabilities and equity
8,709,042 Assets and liabilities by business sector as of December 31, 2023:
Renewable energy
Efficient natural & heat
Transmission lines
Water
Balance as of December 31, 2023
Assets allocated
Contracted concessional, PP&E and other intangible assets
5,798,818
460,766
777,360
167,323
7,204,267
Investments carried under the equity method
189,672
-
-
40,635
230,307
Other current financial assets
10,866
103,907
30,746
43,367
188,886
Cash and cash equivalents (project companies)
299,987
35,098
58,004
21,887
414,976
Assets held for sale - 28,642 - - 28,642
Subtotal allocated
6,299,343
628,413
866,110
273,212
8,067,078
Unallocated assets
Other non-current assets
297,577
Other current assets (including cash and cash equivalents at holding company level)
349,678
Subtotal unallocated
647,255
Total assets
8,714,333
Renewable energy
Efficient natural & heat
Transmission lines
Water
Balance as of December 31, 2023
Liabilities allocated
Long-term and short-term project debt
3,280,618
401,460
560,906
76,276
4,319,260
Grants and other liabilities
1,185,487
32,916
12,884
2,521
1,233,808
Subtotal allocated
4,466,105
434,376
573,790
78,797
5,553,068
Unallocated liabilities
Long-term and short-term corporate debt
1,084,838
Other non-current liabilities
301,245
Other current liabilities
186,373
Subtotal unallocated
1,572,456
Total liabilities
7,125,524
Equity unallocated
1,588,809
Total liabilities and equity unallocated
3,161,265
Total liabilities and equity
8,714,333
c)
The amount of depreciation, amortization and impairment charges
recognized for the three-month periods ended March 31, 2024 and 2023 are as follows:
For the three-month period ended March 31,
Depreciation, amortization and impairment by geography
2024 2023
($ in thousands)
North America
(38,209
)
(36,347
)
South America
(15,819
)
(14,203
)
EMEA
(53,008
)
(53,240
)
Total
(107,036
)
(103,790
)
For the three-month period ended March 31,
Depreciation, amortization and impairment by business sectors
2024
2023
($ in thousands)
Renewable energy
(96,476
)
(93,248
)
Efficient natural gas & heat
(3,696
)
(3,054
)
Transmission lines
(7,517
)
(7,223
)
Water
653
(265
)
Total
(107,036
)
(103,790
) |
