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Financial information by segment

12 Months Ended

Dec. 31, 2023

Financial information by segment [Abstract]

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	)