Atlantica Reports 2023 Financial Results
- None.
- None.
Insights
The reported increase in net profit for Atlantica from a net loss in 2022 to a significant gain in 2023 indicates a robust turnaround in profitability, which is a vital indicator for investors and stakeholders. This shift to profitability could be attributed to operational efficiencies, growth in revenue-generating projects, or cost management strategies. The fact that the company's Adjusted EBITDA met guidance and showed a slight increase on a comparable basis suggests stable operational performance. However, the marginal decrease in revenue and CAFD year-over-year, alongside the decrease in CAFD per share, may raise concerns about the company's growth trajectory and the efficiency of capital allocation.
It's important to consider the context of the renewable energy sector, which is characterized by high upfront costs and long-term revenue streams. The company's strategic review and its commitment to future investments, as indicated by the earmarked $175 to $220 million for 2024, reflect a focus on long-term growth rather than short-term gains. This aligns with industry trends towards expanding renewable energy portfolios and could position Atlantica favorably in the market. Nonetheless, the wider CAFD guidance range for 2024 may signal potential volatility and uncertainty, which could impact investor sentiment.
Atlantica's operational KPIs reveal a 12% increase in the renewable generation pipeline and a stable performance in natural gas, heat, water and transmission lines. The growth in renewable energy generation is particularly significant, as it aligns with global trends toward sustainable energy sources. The strategic geographic diversification, as seen in the segment results, could mitigate regional risks and capitalize on varying market dynamics. Moreover, the company's developments leveraging the Inflation Reduction Act in the U.S. indicate an astute understanding of regulatory benefits and incentives that can enhance profitability.
The initiation of guidance for 2024, with Adjusted EBITDA expected to be in the range of $800 to $850 million and CAFD between $220 million and $270 million, provides a forward-looking perspective that can help investors gauge future performance. The mention of capital recycling opportunities, such as the sale of equity interest in Monterrey, indicates a strategic approach to asset management that could enhance shareholder value.
Atlantica's focus on renewable energy and infrastructure is in line with the broader industry's shift towards sustainability, which is driven by both consumer demand and governmental policies. The company's investment in a new 150 MW PV project in California and its mention of storage expansion reflects a strategic move to capitalize on the growing demand for renewable energy and storage solutions. The emphasis on availability-based revenue in the natural gas, heat, water and transmission lines segments suggests a stable and predictable cash flow, which is attractive in the volatile energy market.
The mention of insurance coverage for an unscheduled outage at Kaxu highlights the importance of risk management in the energy sector. This incident underscores the operational risks associated with energy production and the need for comprehensive insurance policies to mitigate financial impacts. The potential effects of electricity market price volatility in Spain on distributions could be a concern for investors, but the regulatory compensation starting in 2026 may provide some reassurance regarding long-term stability.
Atlantica Reports 2023 Financial Results
- Net profit for 2023 attributable to the Company was
$43.4 million , compared with a net loss of$5.4 million in 2022. - Adjusted EBITDA for 2023 was
$794.9 million , meeting guidance and representing a1.7% 1 increase versus 2022 on a comparable basis. - Cash Available for distribution (“CAFD”) was within guidance at
$235.7 million . - Continued progress on our development and construction activity with
$175 t o$220 million committed or earmarked for 2024 as of March 1 and a PPA signed with an investment grade utility for Overnight, a 150 MW PV project in California. 12% increase in renewable generation pipeline versus 2022.- 2024 guidance initiated with Adjusted EBITDA in the range of
$800 t o$850 million and CAFD in the range of$220 million to$270 million . - Strategic Review ongoing.
March 1, 2024 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company” or “we”) today reported its financial results for the year 2023. Revenue for 2023 was
Highlights
(in thousands of U.S. dollars) | Year ended December 31, | |||||
| 2023 | 2022 | |||||
| Revenue | $ 1,102,029 | |||||
| Profit/(loss) for the period attributable to the Company | 43,380 | (5,443) | ||||
| Adjusted EBITDA | 794,922 | 797,100 | ||||
| Net cash provided by operating activities | 388,048 | 586,322 | ||||
| CAFD | 235,739 | 237,872 | ||||
Key Performance Indicators (KPIs)
| Year ended December 31, | ||||
| 2023 | 2022 | |||
| Renewable energy | ||||
| MW in operation3 | 2,171 | 2,121 | ||
| GWh produced4 | 5,458 | 5,319 | ||
| Efficient natural gas & heat | ||||
| MW in operation5 | 398 | 398 | ||
| GWh produced6 | 2,549 | 2,501 | ||
| Availability (%)7 | ||||
| Transmission lines | ||||
| Miles in operation | 1,229 | 1,229 | ||
| Availability (%)5 | ||||
| Water | ||||
| Mft3 in operation1 | 17.5 | 17.5 | ||
| Availability (%)5 | ||||
Segment Results
(in thousands of U.S. dollars) | Year ended December 31, | ||
| 2023 | 2022 | ||
| Revenue by geography | |||
| North America | |||
| South America | 188,127 | 166,441 | |
| EMEA | 486,879 | 530,541 | |
| Total Revenue | |||
| Adjusted EBITDA by geography | ||||
| North America | $ 309,988 | |||
| South America | 146,722 | 126,551 | ||
| EMEA | 328,936 | 360,561 | ||
| Total Adjusted EBITDA | $ 797,100 | |||
| (in thousands of U.S. dollars) | Year ended December 31, | |||
| 2023 | 2022 | |||
| Revenue by business sector | ||||
| Renewable energy | $ 821,377 | |||
| Efficient natural gas & heat | 118,417 | 113,591 | ||
| Transmission lines | 123,476 | 113,273 | ||
| Water | 55,245 | 53,788 | ||
| Total Revenue | ||||
| Adjusted EBITDA by business sector | ||||
| Renewable energy | ||||
| Efficient natural gas & heat | 87,393 | 84,560 | ||
| Transmission lines | 96,043 | 88,010 | ||
| Water | 35,782 | 36,514 | ||
| Total Adjusted EBITDA | ||||
Operational KPIs
Production in the renewable energy portfolio increased by
Our efficient natural gas and heat assets, our water assets and our transmission lines, for which revenue is based on availability, continued at very high levels during 2023.
Liquidity and Debt
As of December 31, 2023, cash at Atlantica’s corporate level was
As of December 31, 2023, net project debt9 was
Dividend
On February 29, 2024, the Board of Directors of Atlantica approved a dividend of
Growth Update
2023 has been an important year to consolidate Atlantica’s growth strategy through its own development engine complemented by acquisitions.
1. During the year, four PV assets from our development pipeline successfully reached COD.
2. Atlantica currently has three projects under construction or in an advanced development stage in California, levering on the Inflation Reduction Act:
- Coso Batteries 1 & 2, two standalone battery projects in California, with a combined storage capacity of 180 MWh. Both projects have PPAs signed with an investment grade utility and are currently under construction.
- Overnight, a 150 MW PV project in California. In February 2024, we entered into a 15-year busbar PPA with an investment grade utility, under which Overnight is set to receive a fixed price per MWh, with no basis risk. We expect to include storage in a second phase of the project.
These three projects benefit from synergies with our existing assets and permit us to strengthen our strategic position in the Southwest.
3. In addition to our pipeline in the United States, we have opportunities in most of the geographies where we are present. In fact, we currently have other projects under construction, including PV plants and transmission line expansions in South America. The latter are a good example of expansions of assets in our existing portfolio, in a low risk sector where revenues are based on availability and indexed to inflation, and in geographies where we can find attractive returns.
As of March 1 and considering these and other opportunities, for 2024 Atlantica has already committed or earmarked investments in the range of
Atlantica currently has a pipeline of projects under development of approximately 2.2 GW12 of renewable energy and 6.0 GWh12 of storage. Our pipeline consists mostly of PV (
| Renewable Energy (GW)13 | Storage (GWh)13 | |
| North America | 1.2 | 4.3 |
| Europe | 0.4 | 1.6 |
| South America | 0.6 | 0.1 |
| Total | 2.2 | 6.0 |
We also expect to have capital recycling opportunities. We are currently in the process of selling our
2024 Guidance
Atlantica is initiating guidance for 2024:
- 2024 expected Adjusted EBITDA in the range of
$800 million to$850 14 million. - 2024 expected CAFD in the range of
$220 million to$270 million .
The CAFD guidance range is wider this year due to, among other reasons, several factors that are difficult to foresee as of today:
- The proceeds from the potential sale of Monterrey equity interest that we expect to close in the first half of 2024.
- The unscheduled outage at Kaxu. Although we expect the business interruption to be covered by insurance after a 60-day deductible, the outage will affect distributions in 2024.
- Electricity market price volatility in Spain could affect distributions in 2024, to be compensated starting in 2026 according to the regulation.
- The level of collections at ACT could bring volatility to 2024 CAFD and this could have a positive or negative effect.
Details of the Results Presentation Conference
Atlantica’s CEO, Santiago Seage and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Friday, March 1, 2024, at 8:00 am (New York time).
In order to access the conference call participants should dial: +1-646-787-9445 (US), +44 (0) 20-3936-2999 (UK) or +1-613-699-6539 (Canada), followed by the confirmation code 297018. Atlantica advises participants to access the conference call at least 15 minutes in advance.
The senior management team will also hold meetings with investors on March 4, at the Morgan Stanley Global Energy Power Conference in New York, on March 5, at the BofA Power, Utilities & Clean Energy Conference in New York, on March 18 at the Annual ROTH Conference in California, and on March 20, at the UBS Global Energy Transition Conference in London.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, or future developments in the markets in which we operate or are seeking to operate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "guidance," "may”, “potential”, "should" or "will" or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.
Investors should read the section entitled “Item 3.D.—Risk Factors” and the description of our segments and business sectors in the section entitled “Item 4.B. Information on the Company—Business Overview”, each in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us.
Forward-looking statements include, but are not limited to, statements relating to: our financing strategy; our investment plan, including our committed or earmarked investments for 2024; growth update and projects pipeline, our projects under construction or in advance development, as well as their synergies with existing assets; statements relating to leveraging the framework provided by the Inflation Reduction Act in the U.S.; our plans to sell certain assets; effects of business disruptions; CAFD estimates; corporate liquidity; equity investments; estimates and targets, ; the use of non-GAAP measures as a useful tool for investors; dividends; market and price volatility and various other factors, including those factors discussed under “Item 3.D.—Risk Factors” and “Item 5.A.—Operating Results” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC.
This communication mentions an ongoing strategic review. There can be no assurance that such strategic review will lead to the approval or completion of any transaction or other strategic change.
The CAFD, Adjusted EBITDA and other guidance incorporated into this press release are estimates as of March 1, 2024. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its 2023 Financial Results. We disclaim any current intention to update such guidance, except as required by law.
Non-GAAP Financial Measures
This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD, and CAFD per share. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share, and Adjusted EBITDA) in this press release provides useful information to investors.
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:
- they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
- they do not reflect changes in, or cash requirements for, our working capital needs;
- they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA, CAFD and CAFD per share do not reflect any cash requirements that would be required for such replacements;
- some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and
- the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures.
We define Adjusted EBITDA as profit/(loss) for the period attributable to the Company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax, expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the consolidated financial statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership).
CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses plus realized dispositions gains and losses of ownership interest in assets. CAFD per share is calculated by dividing CAFD for the year by the weighted average number of shares for the year (116,151,646 for the year ended on December 31, 2023, and 114,694,880 for December 31, 2022).
Our management believes Adjusted EBITDA, CAFD and CAFD per share are useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Our management believes CAFD and CAFD per share are relevant supplemental measures of the Company’s ability to earn and distribute cash returns to investors and are useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD and CAFD per share are used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry.
Our management uses Adjusted EBITDA, CAFD and CAFD per share as measures of operating performance to assist in comparing performance from period to period and aims to use them on a consistent basis moving forward. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.
In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.
Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the year ended December 31, 2023 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a non-controlling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of entities carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles.
Consolidated Statement of Operations
(Amounts in thousands of U.S. dollars)
| For the three-month period ended December 31, | For the year ended December 31, | |||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Revenue | $ 241,311 | $ 243,624 | $ 1,099,894 | $ 1,102,029 | ||||
| Other operating income | 43,685 | 25,922 | 101,087 | 80,782 | ||||
| Employee benefit expenses | (28,032) | (21,466) | (104,083) | (80,232) | ||||
| Depreciation, amortization, and impairment charges | (107,769) | (99,579) | (418,271) | (473,638) | ||||
| Other operating expenses | (98,692) | (89,813) | (336,622) | (351,248) | ||||
| Operating profit | $ 50,503 | $ 58,688 | $ 342,005 | $ 277,693 | ||||
| Financial income | 7,593 | 4,214 | 25,077 | 10,149 | ||||
| Financial expense | (80,666) | (87,237) | (323,749) | (330,445) | ||||
| Net exchange differences | (2,305) | (3,592) | (2,549) | 10,257 | ||||
| Other financial income/(expense), net | (4,672) | 570 | (16,683) | (895) | ||||
| Financial expense, net | $ (80,050) | $ (86,041) | $ (317,974) | $ (310,934) | ||||
| Share of profit of entities carried under the equity method | 6,302 | 797 | 13,207 | 21,465 | ||||
| Profit/(loss) before income tax | $ (23,245) | $ (26,556) | $ 37,238 | $ (11,776) | ||||
| Income tax | 10,797 | 22,664 | (790) | 9,689 | ||||
| Profit/(loss) for the period | $ (12,448) | $ (3,892) | $ 36,448 | $ (2,087) | ||||
| Loss/(profit) attributable to non-controlling interests | 9,778 | 7,922 | 6,932 | (3,356) | ||||
| Profit/(loss) for the period attributable to the Company | $ 2,670 | $ 4,030 | $ 43,380 | $ (5,443) | ||||
| Weighted average number of ordinary shares outstanding (thousands) | 116,159 | 116,055 | 116,152 | 114,695 | ||||
| Weighted average number of ordinary shares diluted (thousands) | 119,728 | 119,402 | 119,720 | 118,865 | ||||
| Basic earnings per share (U.S. dollar per share) | 0.37 | |||||||
| Diluted earnings per share (U.S. dollar per share) | 0.37 | |||||||
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
| Assets | As of December 31, 2023 | As of December 31, 2022 | ||||||
| Non-current assets | ||||||||
| Contracted concessional, PP&E and other Intangible assets | 7,204,267 | 7,483,259 | ||||||
| Investments carried under the equity method | 230,307 | 260,031 | ||||||
| Financial investments | 136,582 | 176,237 | ||||||
| Deferred tax assets | 160,995 | 149,656 | ||||||
| Total non-current assets | $ 7,732,151 | $ 8,069,183 | ||||||
| Current assets | ||||||||
| Inventories | 29,870 | 34,511 | ||||||
| Trade and other receivables | 286,483 | 200,334 | ||||||
| Financial investments | 188,886 | 195,893 | ||||||
| Cash and cash equivalents | 448,301 | 600,990 | ||||||
| Total current assets | $ 982,182 | $ 1,031,728 | ||||||
| Total assets | $ 8,714,333 | $ 9,100,911 | ||||||
| Equity and liabilities | ||||||||
| Share capital | 11,616 | 11,606 | ||||||
| Share premium | 736,594 | 986,594 | ||||||
| Capital reserves | 858,220 | 814,951 | ||||||
| Other reserves | 308,002 | 345,567 | ||||||
| Accumulated currency translation differences | (139,434) | (161,307) | ||||||
| Accumulated deficit | (351,521) | (397,540) | ||||||
| Non-controlling interest | 165,332 | 189,176 | ||||||
| Total equity | $ 1,588,809 | $ 1,789,047 | ||||||
| Non-current liabilities | ||||||||
| Long-term corporate debt | 1,050,816 | 1,000,503 | ||||||
| Long-term project debt | 3,931,873 | 4,226,518 | ||||||
| Grants and other liabilities | 1,233,808 | 1,252,513 | ||||||
| Derivative liabilities | 29,957 | 16,847 | ||||||
| Deferred tax liabilities | 271,288 | 296,481 | ||||||
| Total non-current liabilities | $ 6,517,742 | $ 6,792,862 | ||||||
| Current liabilities | ||||||||
| Short-term corporate debt | 34,022 | 16,697 | ||||||
| Short-term project debt | 387,387 | 326,534 | ||||||
| Trade payables and other current liabilities | 141,713 | 140,230 | ||||||
| Income and other tax payables | 44,660 | 35,541 | ||||||
| Total current liabilities | $ 607,782 | $ 519,002 | ||||||
| Total equity and liabilities | $ 8,714,333 | $ 9,100,911 | ||||||
Consolidated Cash Flow Statement
(Amounts in thousands of U.S. dollars)
| For the three-month period ended December 31, | For the year ended December 31, | |||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||
| Profit/(loss) for the period | $ (12,448) | $ (3,892) | $ 36,448 | $ (2,087) | ||||||
| Financial expense and non-monetary adjustments | 159,176 | 158,609 | 720,152 | 786,888 | ||||||
| Profit for the period adjusted by financial expense and non-monetary adjustments | $ 146,728 | $ 154,717 | $ 756,600 | $ 784,801 | ||||||
| Changes in working capital | 20,303 | 31,027 | (95,844) | 78,805 | ||||||
| Net interest and income tax paid | (112,805) | (115,148) | (272,708) | (277,284) | ||||||
| Net cash provided by operating activities | $ 54,226 | $ 388,048 | $ 586,322 | |||||||
| Acquisitions of subsidiaries and entities under the equity method | (11,579) | (4,954) | (29,259) | (50,507) | ||||||
| Investments in operating concessional assets | (3,191) | (11,217) | (27,929) | (39,107) | ||||||
| Investments in assets under development or construction | (22,719) | (6,378) | (56,280) | (36,784) | ||||||
| Distributions from entities under the equity method | 5,449 | 11,493 | 34,329 | 67,695 | ||||||
| Other non-current assets | 4,972 | 1,684 | 27,505 | 1,265 | ||||||
| Net cash used in investing activities | $ (27,068) | $ (9,372) | $ (51,634) | $ (57,438) | ||||||
| Net cash used in financing activities | $ (181,415) | $ (271,901) | $ (491,363) | $ (535,018) | ||||||
| Net decrease in cash and cash equivalents | $ (154,257) | $ (210,677) | $ (154,949) | $ (6,134) | ||||||
| Cash and cash equivalents at beginning of the period | 594,616 | 781,575 | 600,990 | 622,689 | ||||||
| Translation differences in cash or cash equivalent | 7,942 | 30,090 | 2,260 | (15,565) | ||||||
| Cash and cash equivalents at end of the period | $ 448,301 | $ 600,990 | $ 448,301 | $ 600,990 | ||||||
Reconciliation of Adjusted EBITDA to Net cash provided by operating activities
| (in thousands of U.S. dollars) | For the three-month period ended December 31, | For the year ended December 31, | |||||
| 2023 | 2022 | 2023 | 2022 | ||||
| Net cash provided by operating activities | $ 54,226 | $ 70,595 | $ 388,048 | $ 586,322 | |||
| Net interest and income tax paid | 112,805 | 115,149 | 272,708 | 277,284 | |||
| Changes in working capital | (20,303) | (31,027) | 95,844 | (78,805) | |||
| Non-monetary items & other | 11,542 | 3,550 | 3,674 | (33,470) | |||
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | 9,371 | 8,192 | 34,648 | 45,769 | |||
| Adjusted EBITDA | $ 167,641 | $ 166,459 | $ 794,922 | $ 797,100 | |||
Reconciliation of CAFD to CAFD per share
| (in thousands of U.S. dollars) | For the three-month period ended December 31, | For the year ended December 31, | |||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| CAFD (in thousands of U.S. dollars) | $ 51,576 | $ 58,862 | $ 235,740 | ||||||||||||||||
| Weighted average number of shares (basic) for the period (in thousands) | 116,159 | 116,055 | 116,152 | 114,695 | |||||||||||||||
| CAFD per share (in U.S. dollars) | $ 0.4440 | $ 2.0296 | $ 2.0740 | ||||||||||||||||
Reconciliation of CAFD and Adjusted EBITDA to
Profit/(loss) for the period attributable to the Company
| (in thousands of U.S. dollars) | For the three-month period ended December 31, | For the year ended December 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| Profit/(loss) for the period attributable to the Company | $ 4,030 | |||||||||||||
| Profit/(loss) attributable to non-controlling interest | (9,778) | (7,922) | (6,932) | 3,356 | ||||||||||
| Income tax | (10,797) | (22,664) | 790 | (9,689) | ||||||||||
| Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership) | 3,026 | 7,395 | 21,439 | 24,304 | ||||||||||
| Financial expense, net | 80,050 | 86,041 | 317,974 | 310,934 | ||||||||||
| Depreciation, amortization, and impairment charges | 107,769 | 99,579 | 418,271 | 473,638 | ||||||||||
| Adjusted EBITDA | ||||||||||||||
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | (9,370) | (8,192) | (34,647) | (45,769) | ||||||||||
| Non-monetary items | (11,357) | (4,196) | (3,119) | 27,996 | ||||||||||
| Accounting provision for electricity market prices in Spain | (7,385) | (2,980) | (3,494) | 25,253 | ||||||||||
| Difference between billings and revenue in assets accounted for as concessional financial assets | 10,657 | 13,434 | 58,892 | 61,631 | ||||||||||
| Income from cash grants in the US | (14,629) | (14,650) | (58,516) | (58,888) | ||||||||||
| Other non monetary items | - | - | - | - | ||||||||||
| Maintenance Capex | (3,191) | (11,216) | (27,929) | (39,107) | ||||||||||
| Dividends from equity method investments | 5,449 | 11,493 | 34,329 | 67,695 | ||||||||||
| Net interest and income tax paid | (112,805) | (115,148) | (272,708) | (277,284) | ||||||||||
| Changes in other assets and liabilities | 20,054 | 49,885 | (92,738) | 102,896 | ||||||||||
| Deposits into/ withdrawals from restricted accounts15 | 35,192 | 40,066 | 47,617 | 51,606 | ||||||||||
| Change in non-restricted cash at project level17 | 107,848 | 125,662 | 126,324 | (61,672) | ||||||||||
| Dividends paid to non-controlling interests | (5,674) | (12,767) | (31,433) | (39,209) | ||||||||||
| Debt principal repayments | (142,211) | (183,183) | (304,880) | (348,311) | ||||||||||
| Cash Available For Distribution | $ 51,576 | $ 58,862 | $ 237,872 | |||||||||||
Reconciliation of 2024 Target Guidance for Adjusted EBITDA to CAFD
| Guidance16 | ||
| (in millions of U.S. dollars) | 2024E | |
| Adjusted EBITDA | 800 – 850 | |
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | (40) – (50) | |
| Dividends from unconsolidated affiliates | 40 – 50 | |
| Non-monetary items17 | (15) – (60) | |
| Net interest and income tax paid | (290) – (310) | |
| Maintenance Capex | (20) – (30) | |
| Dividends paid to non-controlling interests | (25) – (35) | |
| Principal amortization of indebtedness | (290) – (310) | |
| Changes in other assets and liabilities and change in available cash at project level | 50 - 90 | |
| Monterrey divestment excluding gain | 30 - 30 | |
| Cash Available For Distribution | 220 – 270 |
About Atlantica
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA (www.atlantica.com).
| Chief Financial Officer Francisco Martinez-Davis E ir@atlantica.com | Investor Relations & Communication Leire Perez E ir@atlantica.com T +44 20 3499 0465 |
1 Excluding the impact of FX and of the unscheduled outage at Kaxu in 2023, net of insurance income related to this event.
2 CAFD per share is calculated by dividing CAFD for the year by the weighted average number of shares for the year.
3 Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our
4 Includes
5 Includes 43 MW corresponding to our
6 GWh produced includes
7 Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.
8 Corporate liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc as of December 31, 2023, and available revolver capacity as of December 31, 2023.
9 Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.
10 Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.
11 Net corporate leverage is calculated as net corporate debt divided by 2023 CAFD before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.
12 Only includes projects estimated to be ready to build before or in 2030 of approximately 3.7 GW, 2.2 GW of renewable energy and 1.5 GW of storage (equivalent to 6.0 GWh). Capacity measured by multiplying the size of each project by Atlantica’s ownership. Potential expansions of transmission lines not included.
13 Our partner in Monterrey initiated a process to sell its
14 Adjusted EBITDA guidance includes a negative
15 “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period.
16 The forward-looking measures of 2024 Adjusted EBITDA and CAFD are non-GAAP measures that cannot be reconciled to the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward looking income tax expense, mark-to-market changes in derivatives, profit attributable to non-controlling interest and Share of loss/(profit) of entities carried under the equity method to arrive at net income and which are subtracted therefrom to arrive to CAFD.
17 Non-monetary items include (1) a positive non-cash adjustment for approximately
Attachment
FAQ
What was Atlantica's net profit for 2023?
What was the adjusted EBITDA for 2023?
What was the revenue for 2023?
What was the percentage increase in renewable generation pipeline compared to 2022?
What is the 2024 guidance for Atlantica's Adjusted EBITDA and CAFD?
