v3.19.2

Financial information by segment | 6 Months Ended
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Jun. 30, 2019
Financial information by segment [Abstract] |
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: Renewable energy assets include two solar plants in the United States, Solana and Mojave, each with a gross capacity of 280 MW and located in Arizona and California, respectively. The Company owns eight solar platforms in Spain: Solacor 1 and 2 with a gross capacity of 100 MW, PS10 and PS20 with a gross capacity of 31 MW, Solaben 2 and 3 with a gross capacity of 100 MW, Helioenergy 1 and 2 with a gross capacity of 100 MW, Helios 1 and 2 with a gross capacity of 100 MW, Solnova 1, 3 and 4 with a gross capacity of 150 MW, Solaben 1 and 6 with a gross capacity of 100 MW and Seville PV with a gross capacity of 1 MW. The Company also owns a solar plant in South Africa, Kaxu with a gross capacity of 100 MW. Additionally, the Company owns three wind farms in Uruguay, Palmatir, Cadonal and Melowind, with a gross capacity of 50 MW each, and a hydroelectric power plant in Peru with a gross capacity of 4 MW. Efficient natural gas: The Company´s sole efficient natural gas asset is ACT, a 300 MW cogeneration plant in Mexico, which is party to a 20-year take-or-pay contract with Pemex for the sale of electric power and steam. Electric transmission lines: Electric transmission assets include (i) three lines in Peru, ATN, ATS and ATN2, spanning a total of 1,015 miles; and (ii) four lines in Chile, Quadra 1, Quadra 2, Palmucho and Chile TL3, spanning a total of 137 miles. Water: Water assets include a minority interest in two desalination plants in Algeria, Honaine and Skikda with an aggregate capacity of 10.5 Mft3 per day 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 | )

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