v3.24.3

Financial information by segment | 9 Months Ended
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Sep. 30, 2024
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 assets are located: North America, South America and EMEA. In addition, based on the type of business, as of September 30, 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 interest, 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 nine-month period ended September 30, 2024, 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 sector. In the nine-month period ended September 30, 2023, Atlantica had three customers with revenues representing more than 10% of total revenue, in the renewable energy business sector.
a) | The following tables show Revenue and Adjusted EBITDA by operating segment and business sector for the nine-month periods ended September 30, 2024 and 2023:
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the nine-month period ended September 30, |  |  | For the nine-month period ended September 30, |
|  | ($ in thousands) |
Geography |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
North America |  |  | 372,143 |  |  |  | 338,745 |  |  |  | 279,708 |  |  |  | 260,684 |
South America |  |  | 140,779 |  |  |  | 140,269 |  |  |  | 108,406 |  |  |  | 112,049 |
EMEA |  |  | 405,822 |  |  |  | 379,569 |  |  |  | 269,427 |  |  |  | 254,548 |
Total |  |  | 918,744 |  |  |  | 858,583 |  |  |  | 657,541 |  |  |  | 627,281 |
|  | Revenue |  |  | Adjusted EBITDA |
|  | For the nine-month period ended September 30, |  |  | For the nine-month period ended September 30, |
|  | ($ in thousands) |
Business sectors |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Renewable energy |  |  | 675,657 |  |  |  | 640,117 |  |  |  | 476,872 |  |  |  | 460,442 |
Efficient natural gas & heat |  |  | 107,344 |  |  |  | 84,974 |  |  |  | 79,515 |  |  |  | 66,526 |
Transmission lines |  |  | 92,732 |  |  |  | 91,825 |  |  |  | 74,652 |  |  |  | 73,256 |
Water |  |  | 43,011 |  |  |  | 41,667 |  |  |  | 26,502 |  |  |  | 27,057 |
Total |  |  | 918,744 |  |  |  | 858,583 |  |  |  | 657,541 |  |  |  | 627,281 |
The reconciliation of segment Adjusted EBITDA with the profit attributable to the Company is as follows:
|  | For the nine-month period ended September 30, ($ in thousands) |
|  | 2024 |  |  | 2023 |
Profit attributable to the Company |  |  | 32,676 |  |  |  | 46,050 |
Profit attributable to non-controlling interest |  |  | 6,482 |  |  |  | 2,846 |
Income tax |  |  | 28,919 |  |  |  | 11,587 |
Financial expense, net |  |  | 254,710 |  |  |  | 237,924 |
Depreciation, amortization, and impairment charges |  |  | 325,578 |  |  |  | 310,502 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) |  |  | 9,176 |  |  |  | 18,372 |
Total segment Adjusted EBITDA |  |  | 657,541 |  |  |  | 627,281 |
b) | The assets and liabilities by operating segment and business sector as of September 30, 2024, and December 31, 2023 are as follows:
Assets and liabilities by geography as of September 30, 2024:
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of September 30, 2024 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional, PP&E and other intangible assets |  |  | 3,014,170 |  |  |  | 1,129,109 |  |  |  | 2,907,790 |  |  |  | 7,051,069 |
Investments carried under the equity method |  |  | 162,142 |  |  |  | 5,154 |  |  |  | 44,756 |  |  |  | 212,052 |
Other current financial assets |  |  | 122,562 |  |  |  | 32,941 |  |  |  | 46,490 |  |  |  | 201,993 |
Cash and cash equivalents (project companies) |  |  | 177,961 |  |  |  | 98,883 |  |  |  | 138,092 |  |  |  | 414,936 |
Assets held for sale |  |  | 2,000 |  |  |  | 39,242 |  |  |  | - |  |  |  | 41,242 |
Subtotal allocated |  |  | 3,478,835 |  |  |  | 1,305,329 |  |  |  | 3,137,128 |  |  |  | 7,921,292 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 290,655 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 378,487 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 669,142 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,590,434 |
|  | North America |  |  | South America |  |  | EMEA |  |  | Balance as of September 30, 2024 |
|  | ($ in thousands) |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 1,602,854 |  |  |  | 743,538 |  |  |  | 1,901,951 |  |  |  | 4,248,343 |
Grants and other liabilities |  |  | 908,210 |  |  |  | 34,333 |  |  |  | 186,698 |  |  |  | 1,129,241 |
Liabilities directly associated with the assets held for sale |  |  | - |  |  |  | 53,723 |  |  |  | - |  |  |  | 53,723 |
Subtotal allocated |  |  | 2,511,064 |  |  |  | 831,594 |  |  |  | 2,088,649 |  |  |  | 5,431,307 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,204,616 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 331,772 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177,948 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,714,336 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,145,643 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,444,791 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,159,127 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,590,434 |
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 September 30, 2024:
|  | Renewable energy |  |  | Efficient natural gas & heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of September 30, 2024 |
|  | ($ in thousands) |
Assets allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contracted concessional assets, PP&E and other intangible assets |  |  | 5,681,520 |  |  |  | 430,289 |  |  |  | 768,013 |  |  |  | 171,247 |  |  |  | 7,051,069 |
Investments carried under the equity method |  |  | 171,246 |  |  |  | - |  |  |  | - |  |  |  | 40,806 |  |  |  | 212,052 |
Other current financial assets |  |  | 5,033 |  |  |  | 121,997 |  |  |  | 31,064 |  |  |  | 43,899 |  |  |  | 201,993 |
Cash and cash equivalents (project companies) |  |  | 304,718 |  |  |  | 31,022 |  |  |  | 65,650 |  |  |  | 13,546 |  |  |  | 414,936 |
Assets held for sale |  |  | 41,242 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 41,242 |
Subtotal allocated |  |  | 6,203,759 |  |  |  | 583,308 |  |  |  | 864,727 |  |  |  | 269,498 |  |  |  | 7,921,292 |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 290,655 |
Other current assets (including cash and cash equivalents at holding company level) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 378,487 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 669,142 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,590,434 |
|  | Renewable energy |  |  | Efficient natural gas & Heat |  |  | Transmission lines |  |  | Water |  |  | Balance as of September 30, 2024 |
Liabilities allocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term project debt |  |  | 3,250,365 |  |  |  | 374,393 |  |  |  | 555,282 |  |  |  | 68,303 |  |  |  | 4,248,343 |
Grants and other liabilities |  |  | 1,080,095 |  |  |  | 33,632 |  |  |  | 12,925 |  |  |  | 2,589 |  |  |  | 1,129,241 |
Liabilities directly associated with the assets held for sale |  |  | 53,723 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 53,723 |
Subtotal allocated |  |  | 4,384,183 |  |  |  | 408,025 |  |  |  | 568,207 |  |  |  | 70,892 |  |  |  | 5,431,307 |
Unallocated liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term and short-term corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,204,616 |
Other non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 331,772 |
Other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177,948 |
Subtotal unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,714,336 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,145,643 |
Equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,444,791 |
Total liabilities and equity unallocated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,159,127 |
Total liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,590,434 |
Assets and liabilities by business sector 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 |
c) | The amount of depreciation, amortization and impairment charges recognized for the nine-month periods ended September 30, 2024 and 2023 are as follows:
|  | For the nine-month period ended September 30, |
Depreciation, amortization and impairment by geography |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
North America |  |  | (100,022 | ) |  |  | (103,001 | )
South America |  |  | (60,449 | ) |  |  | (46,278 | )
EMEA |  |  | (165,107 | ) |  |  | (161,223 | )
Total |  |  | (325,578 | ) |  |  | (310,502 | )
|  | For the nine-month period ended September 30, |
Depreciation, amortization and impairment by business sectors |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
Renewable energy |  |  | (306,923 | ) |  |  | (286,611 | )
Efficient natural gas & heat |  |  | 3,759 |  |  |  | (2,196 | )
Transmission lines |  |  | (23,107 | ) |  |  | (22,033 | )
Water |  |  | 693 |  |  |  | 338 |
Total |  |  | (325,578 | ) |  |  | (310,502 | )

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