· |
Strong operating results for the quarter, with $295.3 million in revenue representing a 10% increase compared to the same quarter of the previous year
|
· |
Profit for the quarter attributable to the Company of $33.0 million, a 28% increase compared to the same quarter of the previous year
|
· |
Further Adjusted EBITDA including unconsolidated affiliates1 of $264.3 million for the quarter, a 21% increase compared to the same quarter of the previous year
|
· |
Net cash provided by operating activities increased by 17% to $184.4 million for the third quarter
|
· |
Cash Available For Distribution (“CAFD”) of $53.8 million2 for the quarter
|
· |
Dividend declared of $ 0.163 per share
|
1
|
Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation (see reconciliation on page 12).
|
2
|
The third quarter CAFD includes $21.2 million of ACBH dividend compensation in the third quarter of 2016.
|
Nine-month period ended
September 30,
|
||||||||
(in thousands of U.S. dollars)
|
2016
|
2015
|
||||||
Revenue
|
762,950
|
575,914
|
||||||
Profit for the period attributable to the Company
|
9,658
|
25,195
|
||||||
Further Adjusted EBITDA incl. unconsolidated affiliates4
|
626,786
|
483,435
|
||||||
Net cash provided by operating activities
|
302,192
|
237,293
|
||||||
CAFD3
|
112,123
|
141,671
|
3
|
CAFD includes $21.2 million of ACBH dividend compensation in the third quarter of 2016 and $14.9 million proceeds of ATN2 refinancing in the first quarter of 2016.
|
4
|
Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation (see reconciliation on page 12).
|
Nine-month period ended
September 30,
|
||||||||
2016
|
2015
|
|||||||
Renewable energy
|
||||||||
MW in operation5
|
1,442
|
1,441
|
||||||
GWh produced
|
2,587
|
2,041
|
||||||
Conventional power
|
||||||||
MW in operation5
|
300
|
300
|
||||||
GWh produced6
|
1,799
|
1,845
|
||||||
Electrical availability6,7 (%)
|
97.7
|
%
|
101.8
|
%
|
||||
Electric transmission lines
|
||||||||
Miles in operation
|
1,099
|
1,099
|
||||||
Availability7(%)
|
99.9
|
%
|
99.7
|
%
|
||||
Water
|
||||||||
Capacity (Mft/day)5
|
10.5
|
10.5
|
||||||
Availability7 (%)
|
102.3
|
%
|
101.1
|
%
|
(in thousands of U.S. dollars)
|
Nine-month period ended
September 30,
|
|||||||
2016
|
2015
|
|||||||
Revenue by Geography
|
||||||||
North America
|
$
|
275,340
|
$
|
259,811
|
||||
South America
|
88,164
|
80,249
|
||||||
EMEA
|
399,446
|
235,854
|
||||||
Total revenue
|
$
|
762,950
|
$
|
575,914
|
||||
Further Adjusted EBITDA incl. unconsolidated affiliates by Geography
|
||||||||
North America
|
$
|
244,220
|
$
|
232,036
|
||||
South America
|
93,553
|
80,794
|
||||||
EMEA
|
289,013
|
170,605
|
||||||
Total Further Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
626,786
|
$
|
483,435
|
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
|
Conventional production and availability were impacted by a periodic scheduled major maintenance in February 2016
|
7
|
Availability refers to actual availability divided by contracted availability.
|
(in thousands of U.S. dollars)
|
Nine-month period ended
September 30,
|
|||||||
2016
|
2015
|
|||||||
Revenue by business sector
|
||||||||
Renewable energy
|
$
|
578,256
|
$
|
397,839
|
||||
Conventional power
|
94,921
|
100,015
|
||||||
Electric transmission lines
|
70,735
|
61,284
|
||||||
Water
|
19,039
|
16,776
|
||||||
Total revenue
|
$
|
762,950
|
$
|
575,914
|
||||
Further Adjusted EBITDA incl. unconsolidated affiliates by business sector
|
||||||||
Renewable energy
|
$
|
448,992
|
$
|
322,135
|
||||
Conventional power
|
80,124
|
80,256
|
||||||
Electric transmission lines
|
79,909
|
64,740
|
||||||
Water
|
17,760
|
16,304
|
||||||
Total Further Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
626,786
|
$
|
483,435
|
8
|
Based on mid-point of guidance range for CAFD for 2016.
|
For the three-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
$
|
295,272
|
$
|
267,345
|
$
|
762,950
|
$
|
575,914
|
||||||||
Other operating income
|
17,218
|
18,400
|
47,657
|
54,776
|
||||||||||||
Raw materials and consumables used
|
(6,880
|
)
|
(8,444
|
)
|
(24,481
|
)
|
(18,774
|
)
|
||||||||
Employee benefit expenses
|
(4,747
|
)
|
(1,083
|
)
|
(10,596
|
)
|
(2,877
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
(78,900
|
)
|
(73,642
|
)
|
(234,403
|
)
|
(183,992
|
)
|
||||||||
Other operating expenses
|
(59,936
|
)
|
(64,290
|
)
|
(176,605
|
)
|
(148,624
|
)
|
||||||||
Operating profit/(loss)
|
$
|
162,027
|
$
|
138,286
|
$
|
364,522
|
$
|
276,423
|
||||||||
Financial income
|
132
|
(53
|
)
|
996
|
3,464
|
|||||||||||
Financial expense
|
(101,553
|
)
|
(98,567
|
)
|
(304,083
|
)
|
(234,852
|
)
|
||||||||
Net exchange differences
|
(1,638
|
)
|
2,759
|
(4,911
|
)
|
1,286
|
||||||||||
Other financial income/(expense), net
|
4,358
|
1,407
|
1,175
|
5,738
|
||||||||||||
Financial expense, net
|
$
|
(98,701
|
)
|
$
|
(94,454
|
)
|
$
|
(306,823
|
)
|
$
|
(224,364
|
)
|
||||
Share of profit/(loss) of associates carried under the equity method
|
1,760
|
1,288
|
5,104
|
4,630
|
||||||||||||
Profit before income tax
|
$
|
65,086
|
$
|
45,120
|
$
|
62,803
|
$
|
56,689
|
||||||||
Income tax
|
(29,801
|
)
|
(15,981
|
)
|
(45,964
|
)
|
(22,409
|
)
|
||||||||
Profit for the period
|
$
|
35,285
|
$
|
29,139
|
$
|
16,839
|
$
|
34,280
|
||||||||
Loss/(profit) attributable to non-controlling interests
|
(2,271
|
)
|
(3,271
|
)
|
(7,181
|
)
|
(9,085
|
)
|
||||||||
Profit for the period attributable to the Company
|
$
|
33,014
|
$
|
25,868
|
$
|
9,658
|
$
|
25,195
|
||||||||
Weighted average number of ordinary shares outstanding (thousands)
|
100,217
|
100,217
|
100,217
|
90,332
|
||||||||||||
Basic earnings per share attributable to Atlantica Yield plc (U.S. dollar per share)
|
$
|
0.33
|
$
|
0.26
|
$
|
0.10
|
$
|
0.28
|
Assets
|
As of September 30,
2016
|
As of December 31,
2015
|
||||||
Non-current assets
|
||||||||
Contracted concessional assets
|
$
|
9,243,143
|
$
|
9,300,897
|
||||
Investments carried under the equity method
|
54,250
|
56,181
|
||||||
Financial investments
|
66,926
|
93,791
|
||||||
Deferred tax assets
|
193,837
|
191,314
|
||||||
Total non-current assets
|
$
|
9,558,156
|
$
|
9,642,183
|
||||
Current assets
|
||||||||
Inventories
|
15,014
|
14,913
|
||||||
Clients and other receivables
|
271,642
|
197,308
|
||||||
Financial investments
|
238,054
|
221,358
|
||||||
Cash and cash equivalents
|
673,447
|
514,712
|
||||||
Total current assets
|
$
|
1,198,157
|
$
|
948,291
|
||||
Total assets
|
$
|
10,756,313
|
$
|
10,590,474
|
||||
Equity and liabilities
|
||||||||
Share capital
|
$
|
10,022
|
$
|
10,022
|
||||
Parent company reserves
|
2,284,792
|
2,313,855
|
||||||
Other reserves
|
(26,199
|
)
|
24,831
|
|||||
Accumulated currency translation differences
|
(65,664
|
)
|
(109,582
|
)
|
||||
Retained Earnings
|
(350,897
|
)
|
(356,524
|
)
|
||||
Non-controlling interest
|
121,994
|
140,899
|
||||||
Total equity
|
$
|
1,974,048
|
$
|
2,023,501
|
||||
Non-current liabilities
|
||||||||
Long-term corporate debt
|
$
|
663,824
|
$
|
661,341
|
||||
Long-term project debt
|
3,596,976
|
3,574,464
|
||||||
Grants and other liabilities
|
1,620,857
|
1,646,748
|
||||||
Related parties
|
107,222
|
126,860
|
||||||
Derivative liabilities
|
471,611
|
385,095
|
||||||
Deferred tax liabilities
|
107,740
|
79,654
|
||||||
Total non-current liabilities
|
$
|
6,568,230
|
$
|
6,474,162
|
||||
Current liabilities
|
||||||||
Short-term corporate debt
|
7,834
|
3,153
|
||||||
Short-term project debt
|
2,015,943
|
1,896,205
|
||||||
Trade payables and other current liabilities
|
167,549
|
178,217
|
||||||
Income and other tax payables
|
22,709
|
15,236
|
||||||
Total current liabilities
|
$
|
2,214,035
|
$
|
2,092,811
|
||||
Total equity and liabilities
|
$
|
10,756,313
|
$
|
10,590,474
|
For the three-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Profit/(loss) for the period
|
35,285
|
29,139
|
16,839
|
34,280
|
||||||||||||
Financial expense and non-monetary adjustments
|
192,496
|
168,702
|
534,749
|
374,805
|
||||||||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
227,781
|
$
|
197,841
|
$
|
551,588
|
$
|
409,085
|
||||||||
Variations in working capital
|
(16,269
|
)
|
6,304
|
(57,229
|
)
|
6,683
|
||||||||||
Net interest and income tax paid
|
(27,183
|
)
|
(46,161
|
)
|
(192,167
|
)
|
(178,475
|
)
|
||||||||
Net cash provided by operating activities
|
$
|
184,329
|
$
|
157,984
|
$
|
302,192
|
$
|
237,293
|
||||||||
Investment in contracted concessional assets
|
(101
|
)
|
(6,627
|
)
|
(5,952
|
)
|
(99,797
|
)
|
||||||||
Other non-current assets/liabilities
|
(17,250
|
)
|
551
|
(19,807
|
)
|
3,694
|
||||||||||
Investments in entities under equity method
|
-
|
4,163
|
4,984
|
4,163
|
||||||||||||
Acquisitions of subsidiaries and non-controlling interest
|
(14,833
|
)
|
(275,298
|
)
|
(33,905
|
)
|
(757,143
|
)
|
||||||||
Net cash used in investing activities
|
$
|
(32,184
|
)
|
$
|
(277,211
|
)
|
$
|
(54,680
|
)
|
$
|
(849,083
|
)
|
||||
Net cash provided by/(used in) financing activities
|
$
|
(39,283
|
)
|
$
|
253,482
|
$
|
(101,755
|
)
|
$
|
928,442
|
||||||
Net increase/(decrease) in cash and cash equivalents
|
$
|
112,862
|
$
|
134,255
|
$
|
145,757
|
$
|
316,652
|
||||||||
Cash and cash equivalents at beginning of the period
|
554,561
|
528,164
|
514,712
|
354,154
|
||||||||||||
Translation differences in cash or cash equivalent
|
6,024
|
89
|
12,978
|
(8,298
|
)
|
|||||||||||
Cash and cash equivalents at end of the period
|
$
|
673,447
|
$
|
662,508
|
$
|
673,447
|
$
|
662,508
|
(in thousands of U.S. dollars)
|
For the three-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
33,014
|
$
|
25,868
|
$
|
9,658
|
$
|
25,195
|
||||||||
Profit attributable to non-controlling interest
|
2,271
|
3,271
|
7,181
|
9,085
|
||||||||||||
Income tax
|
29,801
|
15,981
|
45,964
|
22,409
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,760
|
)
|
(1,288
|
)
|
(5,104
|
)
|
(4,630
|
)
|
||||||||
Financial expense, net
|
98,701
|
94,454
|
306,823
|
224,364
|
||||||||||||
Operating profit
|
$
|
162,027
|
$
|
138,286
|
$
|
364,522
|
$
|
276,423
|
||||||||
Depreciation, amortization, and impairment charges
|
78,900
|
73,642
|
234,403
|
183,992
|
||||||||||||
Dividend from exchangeable preferred equity investment in ACBH
|
21,179
|
4,600
|
21,179
|
13,800
|
||||||||||||
Further Adjusted EBITDA
|
$
|
262,105
|
$
|
216,529
|
$
|
620,104
|
$
|
474,215
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from Unconsolidated Affiliates
|
2,157
|
2,121
|
6,682
|
9,220
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
264,262
|
$
|
218,650
|
$
|
626,786
|
$
|
483,435
|
(in thousands of U.S. dollars)
|
For the three-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net cash provided by operating activities
|
$
|
184,329
|
$
|
157,984
|
$
|
302,192
|
$
|
237,293
|
||||||||
Net interest and income tax paid
|
27,183
|
46,161
|
192,167
|
178,475
|
||||||||||||
Variations in working capital
|
16,269
|
(6,304
|
)
|
57,229
|
(6,683
|
)
|
||||||||||
Other non-cash adjustments and other
|
34,324
|
18,688
|
68,516
|
65,130
|
||||||||||||
Further Adjusted EBITDA
|
$
|
262,105
|
$
|
216,529
|
$
|
620,104
|
$
|
474,215
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates
|
2,157
|
2,121
|
6,682
|
9,220
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
264,262
|
$
|
218,650
|
$
|
626,786
|
$
|
483,435
|
(in thousands of U.S. dollars)
|
For the three-month period ended
September 30,
|
For the nine-month period ended
September 30,
|
||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
33,014
|
$
|
25,868
|
$
|
9,658
|
$
|
25,195
|
||||||||
Profit attributable to non-controlling interest
|
2,271
|
3,271
|
7,181
|
9,085
|
||||||||||||
Income tax
|
29,801
|
15,981
|
45,964
|
22,409
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,760
|
)
|
(1,288
|
)
|
(5,104
|
)
|
(4,630
|
)
|
||||||||
Financial expense, net
|
98,701
|
94,454
|
306,823
|
224,364
|
||||||||||||
Operating profit
|
$
|
162,027
|
$
|
138,286
|
$
|
364,522
|
$
|
276,423
|
||||||||
Depreciation, amortization, and impairment charges
|
78,900
|
73,642
|
234,403
|
183,992
|
||||||||||||
Dividend from exchangeable preferred equity investment in ACBH
|
21,179
|
4,600
|
21,179
|
13,800
|
||||||||||||
Atlantica Yield’s pro-rata share of EBITDA from Unconsolidated Affiliates
|
2,157
|
2,121
|
6,682
|
9,220
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
264,262
|
$
|
218,650
|
$
|
626,786
|
$
|
483,435
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates
|
(2,157
|
)
|
(2,121
|
)
|
(6,682
|
)
|
(9,220
|
)
|
||||||||
Dividends from equity method investments
|
-
|
4,163
|
4,984
|
4,163
|
||||||||||||
Non-monetary items
|
(11,508
|
)
|
(21,447
|
)
|
(42,427
|
)
|
(66,417
|
)
|
||||||||
Interest and income tax paid
|
(27,183
|
)
|
(46,161
|
)
|
(192,167
|
)
|
(178,475
|
)
|
||||||||
Principal amortization of indebtedness
|
(18,792
|
)
|
(38,573
|
)
|
(86,897
|
)
|
(89,236
|
)
|
||||||||
Deposits into/ withdrawals from restricted accounts
|
(43,027
|
)
|
(10,090
|
)
|
(64,891
|
)
|
(13,420
|
)
|
||||||||
Change in non-restricted cash at project level
|
(90,385
|
)
|
(62,285
|
)
|
(71,506
|
)
|
(2,171
|
)
|
||||||||
Dividends paid to non-controlling interests
|
(3,473
|
)
|
(4,665
|
)
|
(8,952
|
)
|
(4,665
|
)
|
||||||||
Changes in other assets and liabilities
|
(13,957
|
) |
21,105
|
(61,018
|
)
|
17,677
|
||||||||||
ATN2 refinancing
|
-
|
-
|
14,893
|
-
|
||||||||||||
Cash Available For Distribution9
|
$
|
53,780
|
$
|
58,576
|
$
|
112,123
|
$
|
141,671
|
9
|
CAFD includes $21.2 million of ACBH dividend compensation in the third quarter of 2016 and $14.9 million proceeds of ATN2 refinancing in the first quarter of 2016.
|
Chief Financial Officer
Francisco Martinez-Davis
E ir@atlanticayield.com
|
Investor Relations & Communication
Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465
|
|
ATLANTICA YIELD PLC
|
|
|
|
|
Date: November 14, 2014
|
By:
|
/s/ Santiago Seage
|
|
|
Name: Santiago Seage
|
|
|
Title: Chief Executive Officer
|