Atlantica Sustainable Infrastructure plc:
Atlantica Sustainable Infrastructure reported a net loss of $28.2 million for the first half of 2020, down from a profit of $17 million in the same period last year. Revenue decreased by 7.7% to $465.7 million, largely due to lower solar radiation and production issues. Adjusted EBITDA fell 7.4% to $380.1 million. Despite these declines, cash available for distribution rose 2.9% to $97.3 million. The company raised $489 million in new financing and declared a dividend of $0.42 per share, with plans for future growth through strategic acquisitions and refinancing initiatives.
- Cash available for distribution increased by 2.9% to $97.3 million.
- Successfully raised $489 million for growth financing at an average cost of 3.9%.
- Generated $143 million in one-off cash through non-recourse refinancing.
- Declared a dividend of $0.42 per share.
- Net loss of $28.2 million compared to a profit of $17 million in 2019.
- Revenue decreased by 7.7% to $465.7 million.
- Adjusted EBITDA decreased by 7.4% year-over-year.
- Lower solar radiation and production issues adversely affected revenues.
Atlantica Reports Second Quarter 2020 Financial Results
- Net loss for the first half of 2020 attributable to the Company was
$28.2 million , compared with a net profit of$17.0 million in the first half of 2019. - Adjusted EBITDA including unconsolidated affiliates1 was approximately
$380.1 million in the first half of 2020, representing a7.4% year-over-year decrease mostly due to foreign exchange differences and lower solar radiation in EMEA. - Cash available for distribution (“CAFD”) increased by
2.9% to$97.3 million in the first half of 2020. - Additionally, the Company generated approximately
$143 million of one-off cash through a non-recourse refinancing in the second quarter of 2020 to finance growth without increasing corporate debt. - Quarterly dividend of
$0.42 per share declared by the Board of Directors. - Year to date until July Atlantica has raised
$489 million 2 at an average cost of3.9% to fund new growth, including non-recourse project refinancings and additional corporate debt issuances. - Exercised the option to buy out Solana’s tax equity investor3.
- Closed the acquisition of the previously announced 55MW solar plant through the Renewable Energy Platform created in Chile.
- No material impact from COVID-19 situation as of today; health and safety remains Atlantica’s top priority.
August 3, 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 six-month period ended June 30, 2020.
To date, Atlantica has not experienced any significant disruptions in availability or production due to COVID-19. The Company has continued monitoring COVID-19 situation closely and is adapting its safety measures and protocols to the specific situation in each asset and office. Atlantica continues to provide reliable service to its clients, always keeping health and safety as its top priority.
Revenue for the six-month period ended June 30, 2020 was
CAFD generation in the first six months of 2020 was
Additionally, in the second quarter of 2020 the Company generated
Highlights
| (in thousands of U.S. dollars) | Six-month period ended June 30, | ||
| 2020 | 2019 | ||
| Revenue | $ 465,747 | $ 504,790 | |
| Profit / (loss) for the period attributable to the Company | (28,171) | 16,956 | |
| Adjusted EBITDA incl. unconsolidated affiliates | 380,069 | 410,458 | |
| Net cash provided by operating activities | 148,407 | 149,108 | |
| CAFD | 97,275 | 94,501 | |
Key Performance Indicators
| Six-month period ended June 30, | |||
| 2020 | 2019 | ||
| Renewable energy | |||
| MW in operation5 | 1,551 | 1,496 | |
| GWh produced6 | 1,482 | 1,651 | |
| Efficient natural gas | |||
| MW in operation7 | 343 | 300 | |
| GWh produced8 | 1,268 | 866 | |
| Electric Availability (%)8,9 | |||
| Electric transmission lines | |||
| Miles in operation | 1,166 | 1,152 | |
| Availability (%)10 | |||
| Water | |||
| Mft3 in operation5 | 17.5 | 10.5 | |
| Availability (%)10 | |||
Segment Results
| (in thousands of U.S. dollars) | Six-month period ended June 30, | ||
| 2020 | 2019 | ||
| Revenue by geography | |||
| North America | $ 157,932 | $ 164,536 | |
| South America | 75,029 | 69,090 | |
| EMEA | 232,786 | 271,164 | |
| Total revenue | $ 465,747 | $ 504,790 | |
| Adjusted EBITDA incl. unconsolidated affiliates by geography | |||
| North America | $ 142,615 | $ 147,163 | |
| South America | 59,802 | 57,464 | |
| EMEA | 177,652 | 205,831 | |
| Total Adjusted EBITDA incl. unconsolidated affiliates | $ 380,069 | $ 410,458 | |
| | |||
| (in thousands of U.S. dollars) | Six-month period ended June 30, | ||
| 2020 | 2019 | ||
| Revenue by business sector | |||
| Renewable energy | $ 344,674 | $ 380,086 | |
| Efficient natural gas | 52,032 | 61,698 | |
| Electric transmission lines | 53,395 | 51,098 | |
| Water | 15,646 | 11,908 | |
| Total revenue | $ 465,747 | $ 504,790 | |
| Adjusted EBITDA incl. unconsolidated affiliates by business sector | |||
| Renewable energy | $ 275,085 | $ 301,394 | |
| Efficient natural gas | 47,765 | 54,302 | |
| Electric transmission lines | 44,345 | 43,586 | |
| Water | 12,874 | 11,176 | |
| Total Adjusted EBITDA incl. unconsolidated affiliates | $ 380,069 | $ 410,458 |
During the first half of 2020, Atlantica’s renewable assets operating performance was as follows:
- Production in the U.S. solar portfolio in the first half of 2020 was a
1.8% higher than in the same period of the previous year. - Production in Spain decreased mainly due to significantly lower solar radiation than in the same period of the previous year.
- In South Africa, production decreased mainly due to an unscheduled outage due to a fire in the first quarter that affected electrical equipment. After repairs, production is now at or close to capacity. Damage and business interruption costs were covered by insurance, after customary deductibles.
- Finally, production of our wind assets increased by
9.6% due to good wind resource and stable performance of the assets.
Atlantica’s assets with revenue based on availability continue to deliver solid performance with high availability levels in ACT and Monterrey, transmission lines and water assets.
Liquidity and Debt
As of June 30, 2020, cash at the Atlantica’s corporate level was
As of June 30, 2020, net project debt was
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. 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.
CAFD pre-corporate debt service is calculated as CAFD plus interest paid by Atlantica.
Dividend
On July 31, 2020, the Board of Directors of Atlantica approved a dividend of
Strategic and Corporate Update
Since the beginning of 2020, Atlantica has successfully closed new financings representing total proceeds of
- In April 2020, Atlantica entered into the Green Project Finance that resulted in a net recap for Atlantica of
$143 million . The Green Project Finance was issued in compliance with the 2018 Green Loan Principles and has a Second Party Opinion delivered by Sustainalytics. - In July 2020, Atlantica entered into a non-recourse project debt refinancing of Helioenergy, one of the solar assets in Spain, by adding a new tranche of debt from an institutional investor, with a 15-year maturity. After transaction costs, net refinancing proceeds (net “recap”) were approximately
$43 million . - Also in July 2020, Atlantica entered into a non-recourse project debt financing for approximately
€326 million in Helios. The new debt has been used to repay the previous bank project debt with approximately€250 million outstanding and has canceled legacy interest rate swaps. With this refinancing, Atlantica is achieving an improvement in cost (1.9% per annum versus approximately4.2% in the previous financing) and tenor (17-year maturity versus 7 year in the previous financing). After transaction costs and cancelation of legacy swaps, net refinancing proceeds (net “recap”) were approximately$30 million .
Additionally, the Company entered into two corporate debt issuances for a total amount of approximately
- On July 17, 2020, Atlantica issued
$100 million Green Exchangeable Notes due 2025. On July 29, 2020, the Company closed an additional$15 million of Green Exchangeable Notes pursuant to the over-allotment option granted to the initial purchasers. The notes mature on July 15, 2025 and bear interest at a rate of4.00% per annum. The initial exchange price is$34.36 per ordinary share. The Green Exchangeable Notes were issued in compliance with the 2018 Green Bond Principles and have a Second Party Opinion delivered by Sustainalytics. - In addition, Atlantica entered into the Note Issuance Facility 2020, a senior unsecured financing with a private investor for a total amount of approximately
$158 million (€140 million ) with a 7-year maturity. Closing is expected to occur prior to August 31, 2020, subject to certain conditions.
These new financings are expected to finance accretive growth opportunities:
- On April 3, 2020 Atlantica invested in the creation of a renewable energy platform in Chile, together with financial partners, where we now own approximately a
35% stake and have a strategic investor role. The first investment was the acquisition of a 55 MW solar PV plant in an area with excellent solar resource. This asset, which has been in operation since 2016, has demonstrated a strong operating track record while selling its production to the Chilean power market. - On July 17, 2020 the Company exercised the option to buy out Solana’s tax equity investor. The investment is estimated to be approximately
$290 million . Closing of the acquisition is expected to occur in August, subject to customary conditions. - Atlantica continues to actively pursue growth opportunities in its target geographies.
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 Monday August 3, 2020, at 8:15 am (New York time).
In order to access the conference call participants should dial: +1 631-510-7495 (US), +44 (0) 844-571 8892 (UK) or +1 -866-992-6802 (Canada), followed by the confirmation code 1685664 for all phone numbers. Due to current COVID-19 restrictions, Atlantica advises participants to access the conference call at least 20 minutes in advance.
Additionally, the senior management team will hold virtual meetings with investors on August 11, 2020, at the Power, Utilities, MLPs and Pipelines Conference organized by Goldman Sachs and on August 26, 2020, at the Seaport Global 9th Annual Virtual Summer Conference.
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, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "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 the occurrence of anticipated or unanticipated events or circumstances.
Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2019 filed on Form 20-F, 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: expected amounts, payments and closing timelines for investments; business synergies from investments; project growth strategy; accretive investment opportunities; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including from project debt financing and refinancing; net corporate leverage based on CAFD estimates; debt refinancing; ESG initiative improvement; the quality of our long-term contracts; self-amortizing project debt structure and related debt reduction; the use of non-GAAP measures as a useful predicting tool for investors; the possibility to extend asset life; cost improvements from corporate debt and project debt refinancing; the impact of COVID-19 and the ongoing economic crisis; dividends; and various other factors, including those factors discussed under “Item 1.A—“Risk Factors” in our Quarterly Report for the six-month period ended June 30, 2020 furnished on Form 6-K on the date hereof and “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2019 filed on Form 20-F.
The CAFD and other guidance incorporated into this press release are estimates as of February 27, 2020. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its FY 2019 Financial Results. Atlantica disclaims 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 including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues (margin) and CAFD. 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 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 in this press release provides useful information.
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 they 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 and CAFD 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 and CAFD differently than we do, which limits their usefulness as comparative measures.
We define Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges. CAFD is calculated as cash distributions received by the Company from its subsidiaries minus all cash expenses of the Company, including debt service and general and administrative expenses.
Our management believes Adjusted EBITDA including unconsolidated affiliates and CAFD 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 is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is 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 is used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA and CAFD are widely used by other companies in the same industry.
Our management uses Adjusted EBITDA and CAFD as measures of operating performance to assist in comparing performance from period to period on a consistent basis. 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 including unconsolidated affiliates 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 substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
| For the three-month period ended June 30, | For the six-month period ended June 30, | |||||||
| 2020 | 2019 | 2020 | 2019 | |||||
| Revenue | $ 255,344 | $ 283,338 | $ 465,747 | $ 504,790 | ||||
| Other operating income | 27,698 | 18,469 | 57,236 | 44,908 | ||||
| Employee benefit expenses | (12,616) | (5,461) | (24,333) | (10,777) | ||||
| Depreciation, amortization, and impairment charges | (84,454) | (74,327) | (194,073) | (150,063) | ||||
| Other operating expenses | (60,277) | (69,037) | (126,092) | (132,523) | ||||
| Operating profit/(loss) | $ 125,695 | $ 152,982 | $ 178,485 | $ 256,335 | ||||
| Financial income | 4,466 | 231 | 5,673 | 517 | ||||
| Financial expense | (114,105) | (109,029) | (210,113) | (210,532) | ||||
| Net exchange differences | 445 | (540) | (1,176) | 326 | ||||
| Other financial income/(expense), net | 6,931 | (1,273) | 2,819 | (211) | ||||
| Financial expense, net | $ (102,263) | $ (110,611) | $ (202,797) | $ (209,900) | ||||
| Share of profit/(loss) of associates carried under the equity method | 2,259 | 1,529 | 1,591 | 3,352 | ||||
| Profit/(loss) before income tax | $ 25,691 | $ 43,900 | $ (22,721) | $ 49,787 | ||||
| Income tax | (13,618) | (17,463) | (3,471) | (27,040) | ||||
| Profit/(loss) for the period | $ 12,073 | $ 26,437 | $ (26,192) | $ 22,747 | ||||
| Loss/(profit) attributable to non-controlling interests | 267 | (524) | (1,979) | (5,791) | ||||
| Profit/(loss) for the period attributable to the Company | $ 12,340 | $ 25,913 | $ (28,171) | $ 16,956 | ||||
| Weighted average number of ordinary shares outstanding (thousands) | 101,602 | 100,811 | 101,602 | 100,516 | ||||
| Basic earnings per share attributable to Atlantica Sustainable Infrastructure plc (U.S. dollar per share) | $ 0.12 | $ 0.27 | $ (0.28) | $ 0.17 | ||||
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
| Assets | As of June 30, 2020 | As of December 31, 2019 | ||
| Non-current assets | ||||
| Contracted concessional assets | $ 8,034,890 | $ 8,161,129 | ||
| Investments carried under the equity method | 126,613 | 139,925 | ||
| Financial investments | 78,771 | 91,587 | ||
| Deferred tax assets | 152,603 | 147,966 | ||
| Total non-current assets | $ 8,392,877 | $ 8,540,607 | ||
| Current assets | ||||
| Inventories | $ 22,388 | $ 20,268 | ||
| Clients and other receivables | 366,180 | 317,568 | ||
| Financial investments | 196,732 | 218,577 | ||
| Cash and cash equivalents | 788,769 | 562,795 | ||
| Total current assets | $ 1,374,069 | $ 1,119,208 | ||
| Total assets | $ 9,766,946 | $ 9,659,815 | ||
| Equity and liabilities | ||||
| Share capital | $ 10,160 | $ 10,160 | ||
| Parent company reserves | 1,817,486 | 1,900,800 | ||
| Other reserves | 46,801 | 73,797 | ||
| Accumulated currency translation differences | (113,220) | (90,824) | ||
| Retained Earnings | (413,628) | (385,457) | ||
| Non-controlling interest | 209,520 | 206,380 | ||
| Total equity | $ 1,557,119 | $ 1,714,856 | ||
| Non-current liabilities | ||||
| Long-term corporate debt | $ 813,480 | $ 695,085 | ||
| Long-term project debt | 4,194,978 | 4,069,909 | ||
| Grants and other liabilities | 1,602,155 | 1,641,752 | ||
| Related parties | 14,102 | 17,115 | ||
| Derivative liabilities | 340,507 | 298,744 | ||
| Deferred tax liabilities | 248,715 | 248,996 | ||
| Total non-current liabilities | $ 7,213,937 | $ 6,971,601 | ||
| Current liabilities | ||||
| Short-term corporate debt | 23,493 | 28,706 | ||
| Short-term project debt | 812,555 | 782,439 | ||
| Trade payables and other current liabilities | 128,577 | 128,062 | ||
| Income and other tax payables | 31,265 | 34,131 | ||
| Total current liabilities | $ 995,890 | $ 973,358 | ||
| Total equity and liabilities | $ 9,766,946 | $ 9,659,815 | ||
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
| For the three-month period ended June 30, | For the six-month period ended June 30, | ||||||
| 2020 | 2019 | 2020 | 2019 | ||||
| Profit/(loss) for the period | $ 12,073 | $ 26,437 | $ (26,192) | $ 22,747 | |||
| Financial expense and non-monetary adjustments | 194,838 | 192,604 | 389,557 | 361,616 | |||
| Profit for the period adjusted by financial expense and non-monetary adjustments | $ 206,911 | $ 219,041 | $ 363,365 | $ 384,363 | |||
| Variations in working capital | (24,672) | (37,418) | (84,005) | (91,926) | |||
| Net interest and income tax paid | (119,517) | (129,405) | (130,953) | (143,329) | |||
| Net cash provided by/(used in) operating activities | $ 62,722 | $ 52,218 | $ 148,407 | $ 149,108 | |||
| Investment in contracted concessional assets12 | 5,675 | 7,518 | 5,675 | 14,704 | |||
| Other non-current assets/liabilities | (2,311) | (3,454) | (8,249) | (30,439) | |||
| Acquisitions of subsidiaries and other financial instruments | 8,943 | (101,157) | 8,943 | (103,614) | |||
| Dividends received from entities under the equity method | 5,262 | - | 10,382 | - | |||
| Net cash provided by/(used in) investing activities | $ 17,569 | $ (97,093) | $ 16,751 | $ (119,349) | |||
| Net cash provided by/(used in) financing activities | $ 12,106 | $ (39,778) | $ 71,937 | $ (84,432) | |||
| Net increase/(decrease) in cash and cash equivalents | $ 92,397 | $ (84,653) | $ 237,095 | $ (54,673) | |||
| Cash and cash equivalents at beginning of the period | 690,172 | 654,618 | 562,795 | 631,542 | |||
| Translation differences in cash or cash equivalent | 6,200 | 6,101 | (11,121) | (803) | |||
| Cash and cash equivalents at end of the period | $ 788,769 | $ 576,066 | $ 788,769 | $ 576,066 | |||
Reconciliation of Adjusted EBITDA including unconsolidated affiliates to Profit/(loss) for the period attributable to the company
| (in thousands of U.S. dollars) | For the three-month period ended June 30, | For the six-month period ended June 30, | |||||
| 2020 | 2019 | 2020 | 2019 | ||||
| Profit/(loss) for the period attributable to the Company | $ 12,340 | $ 25,913 | $ (28,171) | $ 16,956 | |||
| Profit attributable to non-controlling interest | (267) | 524 | 1,979 | 5,791 | |||
| Income tax | 13,618 | 17,463 | 3,471 | 27,040 | |||
| Share of loss/(profit) of associates carried under the equity method | (2,259) | (1,529) | (1,591) | (3,352) | |||
| Financial expense, net | 102,263 | 110,611 | 202,797 | 209,900 | |||
| Operating profit | $ 125,695 | $ 152,982 | $ 178,485 | $ 256,335 | |||
| Depreciation, amortization, and impairment charges | 84,454 | 74,327 | 194,073 | 150,063 | |||
| Adjusted EBITDA | $ 210,148 | $ 227,309 | $ 372,557 | $ 406,398 | |||
| Atlantica’s pro-rata share of EBITDA from Unconsolidated Affiliates | 3,959 | 2,043 | 7,512 | 4,060 | |||
| Adjusted EBITDA including unconsolidated affiliates | $ 214,107 | $ 229,352 | $ 380,069 | $ 410,458 | |||
Reconciliation of Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities
| (in thousands of U.S. dollars) | For the three-month period ended June 30, | For the six-month period ended June 30, | ||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||
| Net cash provided by operating activities | $ 62,722 | $ 52,218 | $ 148,407 | $ 149,108 | ||||||
| Net interest and income tax paid | 119,517 | 129,405 | 130,953 | 143,329 | ||||||
| Variations in working capital | 24,672 | 37,418 | 84,005 | 91,926 | ||||||
| Other non-cash adjustments and other | 3,237 | 8,268 | 9,192 | 22,035 | ||||||
| Adjusted EBITDA | $ 210,148 | $ 227,309 | $ 372,557 | $ 406,398 | ||||||
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | 3,959 | 2,043 | 7,512 | 4,060 | ||||||
| Adjusted EBITDA including unconsolidated affiliates | $ 214,107 | $ 229,352 | $ 380,069 | $ 410,458 | ||||||
Reconciliation of Cash Available For Distribution to Profit/(loss) for the period attributable to the Company
| (in thousands of U.S. dollars) | For the three-month period ended June 30, | For the six-month period ended June 30, | |||||
| 2020 | 2019 | 2020 | 2019 | ||||
| Profit/(loss) for the period attributable to the Company | $ 12,340 | $ 25,913 | $ (28,171) | $ 16,956 | |||
| Profit attributable to non-controlling interest | (267) | 524 | 1,979 | 5,791 | |||
| Income tax | 13,618 | 17,463 | 3,471 | 27,040 | |||
| Share of loss/(profit) of associates carried under the equity method | (2,259) | (1,529) | (1,591) | (3,352) | |||
| Financial expense, net | 102,263 | 110,611 | 202,797 | 209,900 | |||
| Operating profit | $ 125,695 | $ 152,982 | $ 178,485 | $ 256,335 | |||
| Depreciation, amortization, and impairment charges | 84,454 | 74,327 | 194,073 | 150,063 | |||
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | 3,959 | 2,043 | 7,512 | 4,060 | |||
| Adjusted EBITDA including unconsolidated affiliates | $ 214,107 | $ 229,352 | $ 380,069 | $ 410,458 | |||
| Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates | (3,959) | (2,043) | (7,512) | (4,060) | |||
| Dividends from equity method investments | 5,262 | - | 10,382 | - | - | ||
| Non-monetary items | (3,683) | (7,729) | (8,017) | (22,361) | |||
| Interest and income tax paid | (119,517) | (129,405) | (130,953) | (143,330) | |||
| Principal amortization of indebtedness | (75,301) | 7 | (93,935) | (90,199) | (109,111) | ||
| Deposits into/ withdrawals from restricted accounts | 17,605 | 22,692 | 50,526 | 47,627 | |||
| Change in non-restricted cash at project level | 31,257 | 68,101 | (19,210) | 8,654 | |||
| Dividends paid to non-controlling interests | (9,246) | (5,105) | (14,161) | (5,105) | |||
| Changes in other assets and liabilities | (6,808) | (32,546) | (73,650) | (88,271) | |||
| Cash Available For Distribution | $ 49,717 | $ 49,382 | $ 97,275 | $ 94,501 | |||
About Atlantica
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, 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 Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 15).
2 This amount includes the
3 The acquisition is expected to close in August, subject to customary conditions.
4 We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA including unconsolidated affiliates using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. See Second Quarter 2020 Financial Statements on Form 6-K filed on August 3, 2020 for further information.
5 Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
6 Includes curtailment in wind assets for which we receive compensation.
7 Includes 43MW corresponding to our
8 GWh produced in the first half of 2020 includes
9 Electric availability refers to operational MW over contracted MW.
10 Availability refers to actual availability divided by contracted availability.
11 Net corporate leverage calculated as corporate net debt divided by midpoint 2020 CAFD guidance before corporate debt service.
12 Includes proceeds for
FAQ
What was Atlantica's net loss for the first half of 2020?
How much did Atlantica's revenue decline in the first half of 2020?
What was the adjusted EBITDA for Atlantica in the first half of 2020?
What dividend did Atlantica declare in 2020?
How much cash did Atlantica generate through refinancing in Q2 2020?
