v3.21.1

Financial information by segment (Tables) | 3 Months Ended
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Mar. 31, 2021
Financial information by segment [Abstract] |
Revenues and Adjusted EBITDA, assets and liabilities by operating segments and 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 |
Assets and liabilities by geography |
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 | 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 |
Depreciation, amortization and impairment charges recognized |
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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