Atlantica Sustainable Infrastructure plc:

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Atlantica Sustainable Infrastructure reported its third-quarter financial results for 2020, highlighting a net profit of $61.2 million, a slight increase from $60.8 million in 2019. Revenue for the first nine months fell to $768.7 million, down from $798.2 million in 2019, mainly due to reduced solar output in Spain and an unscheduled outage in Kaxu. Adjusted EBITDA decreased by 5.6% to $621 million. However, cash available for distribution increased by 13.6% to $52 million in Q3. The company declared a quarterly dividend of $0.42 per share and secured $216 million through non-recourse refinancings for growth financing.

Positive

Net profit of $61.2 million for the nine-month period, up from $60.8 million in 2019.
Cash available for distribution (CAFD) increased by 13.6% to $52.0 million in Q3 2020.
Generated approximately $216 million in one-off cash through refinancing, enhancing financial flexibility.
Declared a quarterly dividend of $0.42 per share.

Negative

Revenue decreased to $768.7 million for the first nine months, down from $798.2 million in 2019.
Adjusted EBITDA fell by 5.6% to $621 million, compared to $658.1 million in the prior year.
Lower solar resource in Spain and production outage in Kaxu impacted financial outcomes.

11/06/2020 - 07:56 AM

Atlantica Reports Third Quarter 2020 Financial Results

Net profit attributable to the Company for the nine-month period of 2020 was $61.2 million, compared with $60.8 million in the same period of 2019.
Adjusted EBITDA including unconsolidated affiliates¹ was $621.0 million for the nine-month period of 2020, representing a 5.6% decrease compared with the same period in 2019.
Cash available for distribution (“CAFD”) increased by 13.6% to $52.0 million in the third quarter of 2020 compared with the third quarter of 2019 and by 6.4% to $149.2 million in the first nine months of 2020 compared with the first nine months of 2019.
Additionally, the Company generated approximately $216 million in one-off cash through non-recourse refinancings in the first 9 months of 2020, which is being used to finance growth.
Quarterly dividend of $0.42 per share declared by the Board of Directors.
Closing of the previously announced Solana tax equity investor buy-out.
Continued delivery on accretive growth strategy with a new asset acquisition², a district heating asset in Calgary, Canada.

November 6, 2020 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported today its financial results for the nine-month period ended September 30, 2020.

Revenue for the first nine months of 2020 reached $768.7 million, compared with $798.2 million during the same period of 2019. Adjusted EBITDA including unconsolidated affiliates was $621.0 million for the nine-month period of 2020, compared with $658.1 million during the same period of 2019. The decrease in revenue and Adjusted EBITDA including unconsolidated affiliates was mostly due to lower solar resource in Spain and lower production in Kaxu as a result of an unscheduled outage in the first quarter of 2020. Revenue increased in solar assets in North America due to better performance of the Mojave asset, partly offsetting lower solar radiation in the third quarter of 2020 caused by smoke from the California wildfires.

CAFD in the third quarter of 2020 increased by 13.6% compared with the same period in 2019, driving CAFD generation in the first nine months of 2020 to $149.2 million. This represents a 6.4% increase compared with $140.2 million in the same period of 2019.

Additionally, in the first nine months of 2020 the Company generated approximately $216 million in one-off cash, net of transaction costs, reserves and cancelation of interest rate swaps through three non-recourse project debt refinancings, proving its ability to continue unlocking value in the existing portfolio. These funds are being used by Atlantica to finance its growth plan.

Highlights

(in thousands of U.S. dollars)	Three-month period ended September 30,		Nine-month period ended September 30,
	2020	2019		2020	2019
Revenue	$ 302,987	$ 293,373		$ 768,734	$ 798,163
Profit for the period attributable to the Company	89,380	43,876		61,209	60,832
Adjusted EBITDA incl. unconsolidated affiliates	240,958	247,668		621,027	658,126
Net cash provided by operating activities	154,835	172,329		303,242	321,436
CAFD	51,953	45,729		149,228	140,230

Key Performance Indicators

Nine-month period ended
September 30,

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