v3.21.1

Financial information by segment | 3 Months Ended
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Mar. 31, 2021
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 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, 2021, the Company had the following business sectors: Renewable energy, Efficient natural gas, Electric 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, profit/(loss) from discontinued 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 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 three-month period ended March 31, 2021, 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 business sectors. In the three-month period ended March 31, 2020, Atlantica had two customers with revenues representing more than 10% of the total revenue, one in the renewable energy and one in the efficient natural gas business sectors.
a) | The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2021 and 2020:
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the three-month period ended March 31, |  |  | For the three-month period ended March 31, |
|  | ($ in thousands) |
Geography |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
North America |  |  | 60,585 |  |  |  | 59,283 |  |  |  | 39,244 |  |  |  | 51,176 |
South America |  |  | 38,308 |  |  |  | 35,654 |  |  |  | 29,943 |  |  |  | 28,422 |
EMEA |  |  | 136,297 |  |  |  | 115,466 |  |  |  | 97,585 |  |  |  | 82,811 |
Total |  |  | 235,190 |  |  |  | 210,403 |  |  |  | 166,772 |  |  |  | 162,409 |
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the three-month period ended March 31, |  |  | For the three-month period ended March 31, |
|  | ($ in thousands) |
Business sector |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Renewable energy |  |  | 166,691 |  |  |  | 150,793 |  |  |  | 115,678 |  |  |  | 113,491 |
Efficient natural gas |  |  | 28,408 |  |  |  | 26,403 |  |  |  | 22,318 |  |  |  | 23,540 |
Electric transmission lines |  |  | 26,614 |  |  |  | 26,608 |  |  |  | 21,203 |  |  |  | 21,538 |
Water |  |  | 13,477 |  |  |  | 6,599 |  |  |  | 7,573 |  |  |  | 3,840 |
Total |  |  | 235,190 |  |  |  | 210,403 |  |  |  | 166,772 |  |  |  | 162,409 |
The reconciliation of segment Adjusted EBITDA with the profit/(loss) attributable to the Company is as follows:
|  | For the three-month period ended March 31, ($ in thousands) |
|  | 2021 |  |  | 2020 |
Profit/(Loss) attributable to the Company |  |  | (19,172 | ) |  |  | (40,511 | )
Profit attributable to non-controlling interests |  |  | 8,108 |  |  |  | 2,246 |
Profit from discontinued operations |  |  | (480 | ) |  |  | - |
Income tax |  |  | 14,487 |  |  |  | (10,147 | )
Share of (profits)/losses of associates |  |  | (960 | ) |  |  | 668 |
Financial expense, net |  |  | 81,247 |  |  |  | 100,534 |
Depreciation, amortization, and impairment charges |  |  | 83,541 |  |  |  | 109,619 |
Total segment Adjusted EBITDA |  |  | 166,772 |  |  |  | 162,409 |
b) | The assets and liabilities by operating segments (and business sector) as of March 31, 2021 and December 31, 2020 are as follows:
Assets and liabilities by geography as of March 31, 2021:
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of March 31, 2021 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional assets |  |  | 3,060,267 |  |  |  | 1,239,466 |  |  |  | 3,687,446 |  |  |  | 7,987,180 |
Investments carried under the equity method |  |  | 68,781 |  |  |  | - |  |  |  | 43,016 |  |  |  | 111,798 |
Current financial investments |  |  | 125,719 |  |  |  | 27,734 |  |  |  | 43,300 |  |  |  | 196,753 |
Cash and cash equivalents (project companies) |  |  | 224,960 |  |  |  | 88,615 |  |  |  | 310,368 |  |  |  | 623,943 |
Subtotal allocated |  |  | 3,479,727 |  |  |  | 1,355,815 |  |  |  | 4,084,130 |  |  |  | 8,919,674 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 231,088 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 92,089 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 735,798 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,058,975 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,978,649 |
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of March 31, 2021 |
|  | ($ in thousands) |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 1,634,887 |  |  |  | 922,444 |  |  |  | 2,642,886 |  |  |  | 5,200,217 |
Grants and other liabilities |  |  | 1,059,358 |  |  |  | 11,233 |  |  |  | 129,094 |  |  |  | 1,199,685 |
Subtotal allocated |  |  | 2,694,245 |  |  |  | 933,678 |  |  |  | 2,771,979 |  |  |  | 6,399,902 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 965,320 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 553,512 |
Liabilities directly associated with the assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72,172 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 129,869 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,720,873 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,120,775 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,857,874 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,578,747 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,978,649 |
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 March 31, 2021:
|  | Renewable energy |  |  | Efficient natural gas |  |  | Electric transmission lines |  |  | Water |  |  | Balance as of March 31, 2021 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional assets |  |  | 6,467,135 |  |  |  | 510,325 |  |  |  | 833,527 |  |  |  | 176,193 |  |  |  | 7,987,180 |
Investments carried under the equity method |  |  | 57,970 |  |  |  | 13,502 |  |  |  | - |  |  |  | 40,325 |  |  |  | 111,798 |
Current financial investments |  |  | 2,709 |  |  |  | 125,550 |  |  |  | 27,672 |  |  |  | 40,822 |  |  |  | 196,753 |
Cash and cash equivalents (project companies) |  |  | 446,747 |  |  |  | 92,661 |  |  |  | 61,076 |  |  |  | 23,459 |  |  |  | 623,943 |
Subtotal allocated |  |  | 6,974,561 |  |  |  | 742,038 |  |  |  | 922,275 |  |  |  | 280,799 |  |  |  | 8,919,674 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 231,088 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 92,089 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 735,798 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,058,975 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,978,649 |
|  | Renewable energy |  |  | Efficient natural gas |  |  | Electric transmission lines |  |  | Water |  |  | Balance as of March 31, 2021 |
|  | ($ in thousands) |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 3,960,327 |  |  |  | 497,904 |  |  |  | 630,960 |  |  |  | 111,026 |  |  |  | 5,200,217 |
Grants and other liabilities |  |  | 1,191,307 |  |  |  | 100 |  |  |  | 5,882 |  |  |  | 2,396 |  |  |  | 1,199,685 |
Subtotal allocated |  |  | 5,151,635 |  |  |  | 498,005 |  |  |  | 636,842 |  |  |  | 113,422 |  |  |  | 6,399,902 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 965,320 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 553,512 |
Liabilities directly associated with the assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72,172 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 129,869 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,720,873 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,120,775 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,857,874 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,578,747 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,978,649 |
Assets and liabilities by business sector as of December 31, 2020:
|  | Renewable energy |  |  | Efficient natural gas |  |  | Electric 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 gas |  |  | Electric 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 three-month periods ended March 31, 2021 and 2020 are as follows:
|  | For the three-month period ended March 31, |
Depreciation, amortization and impairment by geography |  | 2021 |  |  | 2020 |
|  | ($ in thousands) |
North America |  |  | (12,627 | ) |  |  | (57,121 | )
South America |  |  | (13,811 | ) |  |  | (15,572 | )
EMEA |  |  | (57,103 | ) |  |  | (36,927 | )
Total |  |  | (83,541 | ) |  |  | (109,619 | )
|  | For the three-month period ended March 31, |
Depreciation, amortization and impairment by business sectors |  | 2021 |  |  | 2020 |
|  | ($ in thousands) |
Renewable energy |  |  | (93,571 | ) |  |  | (71,613 | )
Efficient natural gas |  |  | 17,357 |  |  |  | (26,202 | )
Electric transmission lines |  |  | (7,749 | ) |  |  | (10,457 | )
Water |  |  | 422 |  |  |  | (1,348 | )
Total |  |  | (83,541 | ) |  |  | (109,619 | )

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