v3.24.0.1

Financial information by segment | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023, 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 year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in these Consolidated 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 year ended December 31, 2023, Atlantica had four customers with revenues representing more than 10% of total revenue, three in the renewable energy and one in the efficient natural gas and heat business sectors. In the year ended December 31, 2022, Atlantica had three customers with revenues representing more than 10% of the total revenue, two in the renewable energy and one in the efficient natural gas and heat business sectors.
a) | The following tables show Revenues and Adjusted EBITDA by operating segments and business sectors for the years 2023, 2022 and 2021:
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the year ended December 31, |  |  | For the year ended December 31, |
Geography |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
North America |  |  | 424,888 |  |  |  | 405,047 |  |  |  | 395,775 |  |  |  | 319,264 |  |  |  | 309,988 |  |  |  | 311,803 |
South America |  |  | 188,127 |  |  |  | 166,441 |  |  |  | 154,985 |  |  |  | 146,722 |  |  |  | 126,551 |  |  |  | 119,547 |
EMEA |  |  | 486,879 |  |  |  | 530,541 |  |  |  | 660,989 |  |  |  | 328,936 |  |  |  | 360,561 |  |  |  | 393,038 |
Total |  |  | 1,099,894 |  |  |  | 1,102,029 |  |  |  | 1,211,749 |  |  |  | 794,922 |  |  |  | 797,100 |  |  |  | 824,388 |
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the year ended December 31, |  |  | For the year ended December 31, |
Business sectors |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Renewable energy |  |  | 802,756 |  |  |  | 821,377 |  |  |  | 928,525 |  |  |  | 575,704 |  |  |  | 588,016 |  |  |  | 602,583 |
Efficient natural gas & heat |  |  | 118,417 |  |  |  | 113,591 |  |  |  | 123,692 |  |  |  | 87,393 |  |  |  | 84,560 |  |  |  | 99,935 |
Transmission lines |  |  | 123,476 |  |  |  | 113,273 |  |  |  | 105,680 |  |  |  | 96,043 |  |  |  | 88,010 |  |  |  | 83,635 |
Water |  |  | 55,245 |  |  |  | 53,788 |  |  |  | 53,852 |  |  |  | 35,782 |  |  |  | 36,514 |  |  |  | 38,235 |
Total |  |  | 1,099,894 |  |  |  | 1,102,029 |  |  |  | 1,211,749 |  |  |  | 794,922 |  |  |  | 797,100 |  |  |  | 824,388 |
The reconciliation of segment Adjusted EBITDA with the profit/(loss) attributable to the parent company is as follows:
|  | For the year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Profit/(loss) attributable to the Company |  |  | 43,380 |  |  |  | (5,443 | ) |  |  | (30,080 | )
Profit/(loss) attributable to non-controlling interest |  |  | (6,932 | ) |  |  | 3,356 |  |  |  | 19,162 |
Income tax expense/(income) |  |  | 790 |  |  |  | (9,689 | ) |  |  | 36,220 |
Financial expense, net |  |  | 317,974 |  |  |  | 310,934 |  |  |  | 340,892 |
Depreciation, amortization, and impairment charges |  |  | 418,271 |  |  |  | 473,638 |  |  |  | 439,441 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) |  |  | 21,439 |  |  |  | 24,304 |  |  |  | 18,753 |
Total segment Adjusted EBITDA |  |  | 794,922 |  |  |  | 797,100 |  |  |  | 824,388 |
b) | The assets and liabilities by geography and business sector at the end of 2023 and 2022 are as follows:
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 geography as of December 31, 2022:
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of December 31, 2022 |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 3,167,490 |  |  |  | 1,241,879 |  |  |  | 3,073,889 |  |  |  | 7,483,259 |
Investments carried under the equity method |  |  | 210,704 |  |  |  | 4,450 |  |  |  | 44,878 |  |  |  | 260,031 |
Other current financial assets |  |  | 118,385 |  |  |  | 31,136 |  |  |  | 46,373 |  |  |  | 195,893 |
Cash and cash equivalents (project companies) |  |  | 187,568 |  |  |  | 85,697 |  |  |  | 266,557 |  |  |  | 539,822 |
Subtotal allocated |  |  | 3,684,147 |  |  |  | 1,363,162 |  |  |  | 3,431,697 |  |  |  | 8,479,005 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 325,893 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 296,013 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 621,906 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,100,911 |
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of December 31, 2022 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 1,713,125 |  |  |  | 841,906 |  |  |  | 1,998,021 |  |  |  | 4,553,052 |
Grants and other liabilities |  |  | 994,874 |  |  |  | 25,031 |  |  |  | 232,608 |  |  |  | 1,252,513 |
Subtotal allocated |  |  | 2,707,999 |  |  |  | 866,937 |  |  |  | 2,230,629 |  |  |  | 5,805,565 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,017,200 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 313,328 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 175,771 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,506,299 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,311,864 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,789,047 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,295,346 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,100,911 |
Assets and liabilities by business sectors as of December 31, 2023:
|  | Renewable energy |  |  | Efficient natural gas & 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 gas & 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 |
Assets and liabilities by business sectors as of December 31, 2022:
|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of December 31, 2022 |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 6,035,091 |  |  |  | 485,431 |  |  |  | 800,067 |  |  |  | 162,670 |  |  |  | 7,483,259 |
Investments carried under the equity method |  |  | 207,870 |  |  |  | 10,034 |  |  |  | - |  |  |  | 42,128 |  |  |  | 260,031 |
Other current financial assets |  |  | 6,706 |  |  |  | 116,366 |  |  |  | 30,582 |  |  |  | 42,240 |  |  |  | 195,893 |
Cash and cash equivalents (project companies) |  |  | 392,577 |  |  |  | 73,673 |  |  |  | 48,073 |  |  |  | 25,498 |  |  |  | 539,822 |
Subtotal allocated |  |  | 6,642,244 |  |  |  | 685,504 |  |  |  | 878,722 |  |  |  | 272,536 |  |  |  | 8,479,005 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 325,893 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 296,013 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 621,906 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,100,911 |
|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of December 31, 2022 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 3,442,625 |  |  |  | 440,999 |  |  |  | 582,689 |  |  |  | 86,739 |  |  |  | 4,553,052 |
Grants and other liabilities |  |  | 1,211,878 |  |  |  | 32,138 |  |  |  | 6,040 |  |  |  | 2,457 |  |  |  | 1,252,513 |
Subtotal allocated |  |  | 4,654,503 |  |  |  | 473,137 |  |  |  | 588,729 |  |  |  | 89,196 |  |  |  | 5,805,565 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,017,200 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 313,328 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 175,771 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,506,299 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,311,864 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,789,047 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,295,346 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,100,911 |
c) | The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, 2023, 2022 and 2021 are as follows:
|  | For the year ended December 31, |
Depreciation, amortization and impairment by geography |  | 2023 |  |  | 2022 |  |  | 2021 |
North America |  |  | (125,725 | ) |  |  | (182,159 | ) |  |  | (152,946 | )
South America |  |  | (77,855 | ) |  |  | (80,039 | ) |  |  | (57,214 | )
EMEA |  |  | (214,691 | ) |  |  | (211,440 | ) |  |  | (229,281 | )
Total |  |  | (418,271 | ) |  |  | (473,638 | ) |  |  | (439,441 | )
|  | For the year ended December 31, |
Depreciation, amortization and impairment by business sectors |  | 2023 |  |  | 2022 |  |  | 2021 |
Renewable energy |  |  | (398,394 | ) |  |  | (434,042 | ) |  |  | (432,138 | )
Efficient natural gas & heat |  |  | 9,365 |  |  |  | (5,430 | ) |  |  | 23,910 |
Transmission lines |  |  | (29,331 | ) |  |  | (32,466 | ) |  |  | (31,286 | )
Water |  |  | 89 |  |  |  | (1,700 | ) |  |  | 73 |
Total |  |  | (418,271 | ) |  |  | (473,638 | ) |  |  | (439,441 | )

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