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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


 REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2019

Commission File Number 001-36487


Atlantica Yield plc
(Exact name of Registrant as Specified in its Charter)


Not Applicable
(Translation of Registrant’s name into English)


Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel.: +44 20 7098 4384


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F
  
☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 Q1 2019 Earnings PresentationMay 10, 2019 
 
 DISCLAIMER  Forward Looking StatementsThis presentation 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 presentation, 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 presentation 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, 2018 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: uncertainties in emerging markets where we have international operations; statements related to project growth strategy; commitments to increased DPS and accretive investment opportunities; strategic business alternatives to ensure optimal company value and improve shareholder return; intentions to divest assets and reinvest to show value creation; our ability to close announced asset acquisitions; our ability to grow through acquisitions from AAGES, Algonquin, other partners, or third parties, including our ability to acquire assets from Algonquin under our enhanced collaboration agreement with Algonquin; estimated returns and cash available for distribution (“CAFD”) estimates from recently announced acquisitions and finalized asset acquisitions; projected future CAFD yield; failure to meet our estimated returns and cash available for distribution estimates in acquisitions recently announced; cash available for distribution estimates made in reliance on asset performance and assets reaching COD by the expected date; fluctuations in the cost of energy and gas; predictions and estimates regarding global water demand, power generation, renewable energy, water desalination markets and related investments; global infrastructure investments; estimates of cost improvement under financing agreements; financial damage caused by our off-take PG&E and potential default under our project finance agreement due to a breach of our underlying PPA agreement with PG&E; strategies in the event of Mojave distribution delays based on the PG&E default; risks associated with acquisitions and investments; targeted potential equity growth investments; ESG initiative improvement; the quality of our long-term contracts; self-amortizing project debt structure and related debt reduction; expected U.S. growth, the use of non-GAAP measures as a useful predicting tool for investors; the possibility to extend asset life; and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2018 filed on Form 20-F.For the purposes of the announced transactions, CAFD yield is the annual weighted average of CAFD expected to be generated by the investments over their first 10-year period from 2019, or from COD for those assets which are not yet in operation, divided by the expected acquisition price. CAFD Yield is an internal estimation subject to a high degree of uncertainty and our ability to reach this expected CAFD Yield depends on a variety of factors, including closing of the acquisitions on their expected terms, acquired assets performing as expected, acquired assets making cash distributions to the holding level as expected, and assets reaching COD by the expected date. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect our future results included in our filings with the U.S. Securities and Exchange Commission at www.sec.gov. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.The CAFD and other guidance included in this presentation are estimates as of February 28, 2019. These estimates are based on assumptions believed to be reasonable as of the date Atlantica Yield published its FY 2018 Financial Results. Atlantica Yield disclaims any current intention to update such guidance, except as required by law.Non-GAAP Financial Information This presentation also includes certain non-GAAP financial measures, including Further Adjusted EBITDA including unconsolidated affiliates, Further 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 presentation for a reconciliation of the non-GAAP financial measures included in this presentation 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 presentation provides useful information. 
 
 Key Messages         Atlantica, a strong value creation proposition focused on sustainable infrastructure         Q1 Dividend of $0.39/share, a +22% vs Q1’18 increase and a +5% vs Q4’18        Good progress toward financial optimization:2019 notes to be refinanced with improved terms and flexibilityLevers to maintain CAFD guidance even if Mojave’s distribution was delayed         New enhanced collaboration agreement with Algonquin that should allow Atlantica to accelerate its growth in the US         Solid Q1 2019 results, in line with expectations: Revenue1, Further Adj. EBITDA including unconsolidated affiliates2 and CAFD growth  Period over period revenue growth on a constant currency basis, that is, excluding negative FX translation impact.Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).         Good progress on accretive growth: new acquisition announced today 
 
 Sustainable Infrastructure  1. Strategic Update   
 
       Focus on Sustainable Infrastructure  Renewable Energy viewed as a high growth market that requires Natural Gas, Power Storage and Transmission   Wind and Solar offer lower costs than conventional power in many regions~$10 trillion investment in new zero-emissions power generation assets until 2050~50% of the world power generation by 2050 from wind and solarNeed transmission lines, storage and natural gas power for dispatchabilityComplemented by further sustainable areas where we have expertise (i.e. hydro & desalination)Global water demand estimated to exceed supply by ~40% by 2030      $3.2 trillion investment globally in transmission infrastructures over the next decade to support renewable energy  Storage and Natural Gas are key “enablers” in the power sector to support Wind and Solar in the mid-term   Renewable Energy and Water Infrastructure  Efficient Natural Gas & Storage  TransmissionLines    Global water desalination market is expected to reach $26.8 billion by 2025 driven by increasing population / demand and depleted resources   Water          Sources:Bloomberg New Energy Finance – 2018 and World Energy Outlook 2017.The Global Electricity Transmission and Distribution Infrastructure Dataset (2016-2026) - Northeast Group, LLC. International Energy Outlook 2017.   Annual Energy Outlook, EIA.“Charting Our Water Future” report. 2030 Water Resources Group.According to Hexa Research.  
 
 Atlantica Is a Differentiated Sustainable Investment Opportunity Amidst a World in Transition  Experience                        Exposure      Scale                            Structure  %  Strong Strategic Partner      ~$330 million in accretive equity investments announced in the last 6 monthsExperienced management team with an average >20 years working in relevant sectors and regions  Operating in geographies favorable to wind and solar developmentDiversified infrastructure company by sectors, technologies and geographies Weighted average remaining contract life of 18 years1  Favorable tax structure and high payout to shareholdersNo IDRs and only one class of sharesMajority of independent directorsInvested in environmentally sustainable assets  Long-term partnership with Algonquin supports a sustainable strategy Direct access to new growth sources: first drop-down agreed (Sugar Creek)AAGES ROFO: development of global clean energy and water infrastructure assetsImproved financing sources for growth  24 contracted assets: 1,496 MW of renewable energy generation, 300 MW of conventional power generation, 1,152 miles of electric transmission lines and 10.5 Mft3 per day of water capacity   Regulated revenues in the case of the Spanish solar assets and Chile TL3. Weighted average years remaining as of December 31, 2018. 
 
 Regulated revenues in the case of the Spanish solar assets and Chile TL3. Weighted average years remaining as of December 31, 2018.Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates. Additionally, for the fiscal year 2017, it includes the dividend from the preferred equity investment in Brazil or its compensation. Further Adjusted EBITDA Margin including unconsolidated affiliates is defined as Further Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on pages 31 and 32).FY 2017 CAFD includes $10.4 million of ACBH dividend compensation (see reconciliation on page 31).Based on CAFD estimates for the 2019-2023 period, including the acquisitions of new assets announced in November 2018, some of which have been not been closed yet as of today and may not be completed.Based on CAFD estimates for the 2019-2023 period. Non-resource dependence payments includes our transmission and transportation assets, our efficient natural gas plant, our water assets and ~70% revenues received by our Spanish assets.        LOW DEPENDENCE & HIGH RESILIENCE  Minimal  Commodity Risk   100%  Contracted revenues1  >90%  Interest rate fixed  18 years  Weighted average contracted life remaining1  HIGHLY DIVERSIFIED4  LONG-TERM HIGH QUALITY CONTRACTS  A Sustainable Business with Solid Cash Generation    STRONG LONG-TERM CASH FLOW VISIBILITY & GROWTH TRACK-RECORD  $M  Organic CAFD growthTails in most assets once debt is amortizedPossibility to extend contracted life   3  2  Non-resource dependence5   Generation Driven  >60% of CAFD comes from non-resource dependence payments5    +4%    +9%    +1% 
 
 Strong Value Proposition  Growth Embedded in Our Existing Portfolio   4  Core Strengths  High-Quality Portfolio  1  Efficient Corporate Structure   2  Prudent Financing Policy  3  Visible Accretive Growth Pipeline   Execution of Growth Strategy  Attractive Current Dividend Yield1    ~7.5%  +    8-10%  CAGR Target DPS Q4’17 – FY 20222  An Attractive Total Return Opportunity        Current dividend yield calculated as the last dividend payment declared ($0.39 x 4 = $1.56) divided by AY stock price as of May 8, 2019 ($20.30 per share). Compound annual growth rate of the annualized Q4 2017 quarterly dividend per share of $1.24 per share ($0.31 of Q4 2017 dividend multiplied by 4x). CAGR Target DPS represents the growth rate of DPS if the target DPS is achieved. There is no guarantee that such target will be achieved. See “Disclaimer – Forward Looking Statements”.   M&A in Attractive Markets  5 
 
         Strong Commitment to ESG  Relative Performance  Rank  Percentile  Renewable Power Production  1 out of 51  1st   Utilities  2 out of 404  1st   Global Universe   221 out of 9,802   3rd   Low risk of experiencing material financial impacts from ESG factors due to medium exposure and strong management of material ESG issues  Rated “Low ESG Risk”  Our renewable energy helped to avoid 5 million tons of CO2  Focus on Clean Energy  of our 2018 revenues came from solar and wind assets  Life on Land  We work to protect flora and fauna in the vicinity of our plants and to contain any negative impact from our operations on biodiversity  Health & Safety  Frequency-with-leave index below US Utilities’ averageZero major injuries in 2017, 2018 and 2019 YTD and 100% KPIs1 within targets  Equal oppor-tunities   We promote equal opportunities for our employees and stakeholders 41% of our employees are women  (1) KPI’s considered: General Frequency Index, Frequency with Leave Index and Total Recordable Deviation Index. For further information please see our Sustainability Report for the FY 2017.   76%  of our 2018 revenues came from low-carbon footprint businesses  87% 
 
 Significant Progress Achieved in Q1 2019  Highlights  Key Drivers                                  Unlocking Value Creation Within Existing Portfolio  Committed to achieving CAFD guidance irrespective of PG&E exposure2019 Notes to be refinanced with improved termsIntend to explore options to divest some assets and reinvest accretively to show value creation in 2019Positive outlook with regards to the upcoming renewable rate determination in Spain              Strategic Review Committee  Currently analyzing several strategic alternatives to optimize Atlantica’s value and to improve returns to shareholders            Accretive Growth  New investments integrated and performing as expectedAnnouncement of a new investmentPotential new transmission lines in USD in Uruguay with AAGESNew enhanced collaboration agreement signed with Algonquin with the goal of accelerating growth in the US  10 
 
 2019 Notes Refinanced with Improved Terms  New Note Issuance Facility Agreement   Issuer  Atlantica Yield Plc  Issuance  Senior Unsecured Notes fully subscribed by a private investor  Amount  Euro equivalent of $300 million  Interest  Expected cost hedged at 4.5%1  Interest Capitalization  Option to capitalize up to 2 years of interest payment over the term of the facility at no additional cost  Maturity  6 years  Repayment  Bullet  Early Redemption  Yes  Use of Proceeds  Repayment of the Senior Notes due 2019 and general corporate purposes, asset acquisitions    Natural hedge for CAFD generated in Euros  Longer tenor than notes due in 2019  Expected ~$[4] million2 cost improvement per annum from 2020  Interest accrues at a rate per annum equal to the sum of 3-month EURIBOR plus 4.65%. Atlantica intends to fully hedge the principal amount of the notes with an interest rate swap for no less than 3 years, expected to result in an all-in interest cost of approximately 4.5%. Calculated as the difference between the annual coupon of the previous 2019 Notes ($17.9 M) and expected the interest cost of the new Note Issuance Facility hedging of 4.5% for three years and assuming current €/$ FX rate.  Option to capitalize up to 2 years of interest payments (~$14 M/year), which would partially offset CAFD impact if Mojave’s distribution is delayed 
 
 Levers to Achieve CAFD Guidance in 2019 Even if Mojave’s Distribution Delayed  PG&E Exposure  2019 CAFD guidance includes $30-35M from Mojave in Q4PG&E invoices paid according to contract and plant operating normally“Business as usual”  Levers to Ensure CAFD Guidance  Release certain project restricted accounts in 2019 and 2020 that would compensate potential delays in Mojave  2  Option to capitalize ~$14 million/year of interest payment in the new Note Issuance for up to 2 years  1      Able to compensate for 2019 and 2020 Mojave distributions if delayed due to PG&E’s situation 
 
   New Asset Acquisition: MonterreyA 142 MW gas-fired engine facility with electric battery storage  A new 142 MW (130 MW installed capacity plus 12 MW battery) gas-fired cycle facility in operation since 2018 in Mexico  PROJECT OVERVIEW  TRANSACTION HIGHLIGHTS    Atlantica Investment  $42 Million    ROFO to increase stake up to 100%  ROFO    ~9.2x  EV/EBITDA2    30% interest  Stake1  ATTRACTIVE VALUATION MULTIPLES  Highly Accretive Transaction  Final purchase agreement signed. Closing of the acquisition is subject to certain conditions precedent.EV/EBITDA multiple defined as the enterprise value of the asset divided by the expected 2020E EBITDA from the asset.  20-year USD-denominated PPA with price escalation factor20-year natural gas transportation contract with a U.S. listed energy company to provide gas from TexasNo commodity risk  First investment in electric battery storageIncremental revenues from the sale of excess energy into the grid leveraging a low US natural gas cost contract in place 
 
 Enhanced Strategic Partnership with Algonquin Aimed at accelerating Atlantica’s growth in the US  ALGONQUIN ABLE TO INCREASE ITS STAKE IN ATLANTICA UP TO 48.5%  Atlantica has a right to acquire stakes in two Algonquin assets in the US for a total equity value up to $100 million  Modification of shareholders agreement to allow Algonquin to increase its stake up to 48.5% with no change in corporate governanceVoting rights and director appointment rights limited to 41.5%. The additional 7% to vote following non-Algonquin shareholdersPart of the new investment ($30M) will be in new shares to be issued at a price of $21.67 per share, a 6% premium vs last closing price  3  STAKES IN TWO ALGONQUIN ASSETS  1  AGREEMENT TO ANALYZE DROP-DOWNS OF ALGONQUIN’S CONTRACTED ASSETS  A joint working group to analyze Algonquin’s contracted asset portfolio in the US and Canada during the next six monthsAssets where a drop-down could add value for both parties leveraging the advantages of each company  2 
 
   Assets  COD    2019E  2020E  2021E  2022E  Asset Expansions  n.a.    24  20  20  20  Repowering  n.a.    -  -  -  -                ROFO 2018-2020  2019-2020    24  ?  ?  -  <              ATN3  2020    10  -  30  -  Uruguay Transmission  2022    5  -  -  15  New Projects  n.a.    10-30  30  170  200                2019 enhanced partnership  n.a    100  50-100  ?  ?  Sugar Creek  n.a.    10  20  10  -                PTS  2019    7  100  43  -  Monterrey  2018    42  -  -  >100  Ten West Link  2021    4  2  15  -  Others  n.a.    -  0-30  0-20  0-20                Proactive Bilateral Opp.  n.a.    0-50  0-50  0-50  0-50  Competitive Processes  n.a.                  236 – 306  222 - 352   288 - 358  335 - 405  Targeted Potential Equity Investment  Organic  1  In Millions Dollars  AQN Partnership / ROFO  AAGES  ABG  2  Algonquin  Partnerships  3  Note: Targeted equity investments shown above are estimates. These targeted equity investments are subject to change depending on the different circumstances such as, but not limited to, project opportunities, timing, status of negotiations, access to capital markets, etc. The targeted equity investments may vary from category to category depending on such circumstances. Atlantica does 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. Atlantica cannot guarantee the timing or size of the investments or if it will make any investments at all.  Colored figures in the table relate to equity investments of the acquisitions announced   Strong Pipeline of OpportunitiesTargeted Potential Equity Growth Investments of $200-$300 M/year  Third Party  4  15 
   
 Sustainable Infrastructure  2. Financial Results  Sustainable Infrastructure   
 
     HIGHLIGHTSStarting 2019 in Line with Expectations  Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).Further Adjusted EBITDA Margin including unconsolidated affiliates is defined as Further Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 39).  First Quarter  US $ in millions     2019    2018    ∆ Reported    ∆ Excl. FX impact  Revenue    221.5    225.3    (2)%    +4%  Further Adjusted EBITDA incl. unconsolidated affiliates1    181.1    179.8    +1%    +7%   Margin2    82%    80%          CAFD    45    43    +5%     
 
 WATER    Q1 2019  Q1 2018  ∆  5.8  5.8  (0)%  5.5  5.2  +6%  95%  89%    RENEWABLES  Q1 2019  Q1 2018  ∆  156.8  167.2  (6)%  123.5  131.4  (6)%  79%  79%    EFFICIENT NATURAL GAS  Q1 2019  Q1 2018  ∆  34.0  28.4  +20%  30.5  23.3  +31%  90%  82%    TRANSMISSION  Q1 2019  Q1 2018  ∆  24.9  23.8  +4%  21.7  19.8  +9%  87%  83%        HIGHLIGHTSSolid Performance by Sectors and Regions  By Sector  US $ in millions  Revenue  Further Adjusted EBITDA incl. unconsolidated affiliates1  Margin2  EMEA    NORTH AMERICA    Q1 2019  Q1 2018  ∆  60.4  61.8  (2)%  50.9  60.2  (16)%  84%  98%    SOUTH AMERICA    Q1 2019  Q1 2018  ∆  127.5  133.9  (5)%  102.0  95.4  +7%  80%  71%    By Region  US $ in millions  Revenue  Further Adjusted EBITDA incl. unconsolidated affiliates1  Margin2    Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).Further Adjusted EBITDA Margin including unconsolidated affiliates is defined as Further Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 38).  Q1 2019  Q1 2018  ∆  33.5  29.5  +13%  28.2  24.2  +17%  84%  82%   
 
 Includes curtailment in wind assets for which we received compensation.Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.Electric availability refers to operational MW over contracted MW with PEMEX. Major maintenance overhaul held in Q1 2019, as scheduled, which reduced production and the electric availability as per the contract.Availability refers to actual availability divided by contracted availability.        GWh produced  Q1 2018  581  507          Availability  Q1 2019  Q1 2018  99.9%  100.0%          Availability  Q1 2019  99.8%  Q1 2018  99.1%  Mft3 in operation  10.5  10.5  Miles in operation  1,152  1,099  MW in operation  1,496  1,446  2  4  4  2  1  KEY OPERATIONAL METRICSRobust and Steady Operational Performance  WATER    RENEWABLES  TRANSMISSION                  GWh produced3  Electric availability  Q1 2019  383  Q1 2018  547  87.1%  97.9%  MW in operation  300  300  3  EFFICIENT NATURAL GAS        Q1 2019   
 
 CASH FLOWOperating Cash Flow  Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).Includes proceeds for $72.6 million in 2018.Consolidated cash as of March 31, 2019 increased by $23.1 million vs December 31, 2018 including FX translation differences of $(6.9) million.  US $ in millions   Q1 2019    Q1 2018  Further Adjusted EBITDA incl. unconsolidated affiliates1  181.1    179.8  Share in Further Adjusted EBITDA of unconsolidated affiliates  (2.0)    (1.8)  Net interest and income tax paid  (13.9)    (26.8)  Variations in working capital   (54.5)    (11.7)  Non-monetary adjustments and other  (13.8)    (9.0)  OPERATING CASH FLOW  96.9    130.5          OPERATING CASH FLOW excluding Abengoa payments to Solana  96.9    113.8          INVESTING CASH FLOW2  (22.2)    47.5  FINANCING CASH FLOW   (44.7)    (101.2)  Net change in consolidated cash3  30.0    76.9 
 
 NET DEBT POSITION1  Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.Corporate Net Debt defined as indebtedness where Atlantica Yield Plc is the primary obligor minus cash and cash equivalents held at Atlantica Yield Plc. Project Net Debt is defined as indebtedness where one of our subsidiaries is the primary obligor minus cash and cash equivalents held by one of our subsidiaries.Net corporate leverage calculated as corporate net debt divided by midpoint 2019 CAFD guidance before corporate debt service.  US $ in millions  As of Mar. 31,2019    As of Dec. 31,2018  Corporate Net Debt2  589.7    577.4  Project Net Debt3  4,529.6    4,566.3      Corporate net debt / CAFD pre corporate debt service4  2.5x  NET DEBTConservative Corporate Leverage   
 
   DIVIDEND Delivering on Our Commitment to Grow Dividends  Dividends Declared1  Quarterly dividends declared by the Board of Directors and paid during the following quarter. 2019 dividend chart above does not represent any scale.    $0.39  Q1 2019 dividend of $0.39 per share or $1.56 annualizedGrowth of 22% vs Q1 2018 and 5% vs Q4 2018Commitment to DPS Growth in 2019 and Beyond   Amounts in USD per share    +5%      +22% 
 
 Sustainable Infrastructure  3. Appendix   
 
   ENVIRONMENT, SOCIAL, GOVERNANCEStrong Commitment to ESG  UN Global Compact participant  Strong ESG Commitment  Rated by Sustainalytics as “Low ESG Risk”, Top First in Renewables, Top Second in Utilities and top 3% in the global universe  ENVIRONMENT  Environmental policy and management system in place, which complies with Environmental Management System standard ISO 14001 and is externally verifiedAtlantica’s assets help to avoid approximately 5 million tons of equivalent CO2 compared with a 100% fossil fuel-based generationGHG Emissions reported since our incorporation (Scope 1 and 2)Purified sea water to meet water needs of 1.5M people per year  Graph: Comparison of Atlantica’s GHG emission ratio and fossil-fired generation GHG emissions ratio footnote Emission rate calculated taking into account emissions and energy generation of our power assets, both electric and thermal energy.  Atlantica emissions 
 
 ENVIRONMENT, SOCIAL, GOVERNANCEStrong Commitment to ESG (cont.)  GOVERNANCE  No IDRs and only one class of sharesMajority of independent directorsAlgonquin has appointed 2 DirectorsAlgonquin’s voting rights and director appointment rights limited to 41.5%Independent management team since IPO  SOCIAL  Health and Safety Policy and Management System in accordance with the Occupational Health and Safety 18001 standard requirements and externally verifiedGeneral frequency index below industry average in the US and improving each yearCode of Conduct approved by the Board of directors and signed yearly by all employeesSupplier code of conduct to be adopted by all suppliersCommitment with local communities, particularly in South Africa, Algeria & Peru                                     
 
 Long-term High Quality Contracts        Contract term2  Project debt term  20  Represents weighted average years remaining as of December 31, 2018, and includes the acquisitions of new assets closed as of December 31, 2018.   (2) Regulation term in the case of Spain and Chile TL3.(3) Mini-perm structure: semiannually sculpted debt service payments using an underlying tenor of 15 years but with contractual legal maturity in 2028.  (4) Weighted average maturity of the different debt tranches.  3  3    PPAs with predefined prices for >18 years on average1     Refinancing opportunities could increase CAFD in earlier years    Possibility to extend life in many assets (excluding ATN and ATS)    Tails in most assets after debt amortization  4  4  Year 
 
 Includes short-term financial investments. Exchange rates as of March 31, 2019 (EUR/USD = 1.1218) and December 31, 2018 (EUR/USD = 1.1467).Restricted cash is cash which is restricted generally due to the requirements of the project finance lenders.  US $ in millions2  As of Mar. 31,2019    As of Dec. 31,2018  Corporate cash at Atlantica Yield  107.9    106.7  Existing available revolver capacity  175.0    105.0  Total Corporate Liquidity  282.9    211.7          Cash at project companies1  634.8    603.7   - Restricted3  347.0    375.3   - Other  287.8    228.4  LIQUIDITYStrong Liquidity Position1RCF increased to $300 million in Jan. 2019 
 
 FINANCINGSelf-Amortizing Project Debt Structure  Net consolidated debt is calculated as long-term consolidated debt plus short-term consolidated 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 Yield corporate level.  Key principle: non-recourse project financing in ring-fenced subsidiaries100% project debt self-amortizing progressively before the end of the contracted lifeLow interest rate risk, with +90% of interest rates fixed or hedged    ~$1.1B planned debt reduction in the next 4 years 
 
       CORPORATE DEBT DETAILSCorporate Debt as of March 31, 2019  Exchange rates as of March 31, 2019: (EUR/USD = 1.1218).Amounts include principal amounts outstanding and interests to be paid in the short term.  US $ in millions1    Maturity    Amounts2  2019 Notes    2019    262.0  Credit Facilities  (2021 Revolving CF)  2021    123.1    (Other facilities)  2019    11.2  Note Issuance Facility in Euros  (Note 1)  2022    100.9    (Note 2)  2023    100.2    (Note 3)  2024    100.1  Total        697.5  To be refinanced in June 2019 with a New Note Issuance Facility for the Euro equivalent of $300 M, with improved terms and a 2025 maturity  ~$4 million of interest cost improvement per annum from 2020Longer tenor than 2019 Notes: 6 yearsOption to capitalize up to 2 years of interest paymentsNatural hedge for CAFD generated in euros   
 
   HISTORICAL FINANCIAL REVIEWKey Financials by Quarter      Debt details  Key Financials  US $ in thousands  US $ in millions      FY 2016    1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  Revenues     971,797     198,146   285,069  291,964  233,202    1,008,381     225,265   287,848  323,812  206,897  1,043,822    221,452   F.A. EBITDA margin (%)    79.5%    83.3%  79.9%  80.9%  67.5%  78.0%    79.8%  91.5%  82,3%  68.8%  81.5%    81.8%  Further Adj. EBITDA incl. unconsolidated affiliates    772,112     165,049   227,841  236,252  157,433   786,575     179,800   263,458  271,188  144,270  858,717    181,106  Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates    (8,802)    (1,100)  (2,064)  (2,052)  (2,049)  (7,265)    (1,832)  (2,071)  (2,183)  (2,024)  (8,110)    (2,017)  Further Adjusted EBITDA    763,310     163,949  225,777  234,200  155,384   779,310     177,968  261,388  269,005  142,246  850,607    179,089  Dividends from unconsolidated affiliates    4,984     -   -  2,454  549   3,003     -   -  4,432  -  4,432    -   Non-monetary items    (59,375)    (12,025)  (10,758)  (13,005)  14,906  (20,882)    (8,839)  (60,629)  (14,755)  (15,056)  (99,279)    (14,632)  Interest and income tax paid    (334,057)    (26,610)  (143,081)  (28,976)  (150,866)  (349,533)    (26,760)  (133,844)  (29,212)  (143,721)  (333,537)    (13,925)  Principal amortization of indebtedness net of new indebtedness at project level    (182,636)    (21,522)  (54,528)  (20,330)  (113,362)   (209,742) *     (17,647)  (71,028)  (13,025)  (127,947)  (229,647)    (15,176)  Deposits into/withdrawals from debt service accounts    (46,705)    7,557  (8,157)  (26,581)  (1,205)  (28,386)    (21,720)  9,122  (24,388)  6,149  (30,837)    24,935  Change in non-restricted cash at project companies    41,413     (27,293)   66,886  (143,982)  83,397  (20,992)    (68,031)  94,448  (92,027)  95,596  29,986    (59,447)  Dividends paid to non-controlling interests    (8,952)    -  (1,801)  (2,837)  -  (4,638)    -  (6,787)  (2,958)  -  (9,745)    -  Changes in other assets and liabilities    (21,694)    (23,184)   (39,756)  35,747  49,621  22,428    8,060  (45,963)  (54,344)  81,815  (10,433)    (55,725)  Asset refinancing    14,893    -  -  -  -  -    -  -  -  -  -    -  Cash Available For Distribution (CAFD)    171,181      60,872   34,582  36,690   38,424  170,568     43,031  46,706  42,728  39,082  171,547    45,119                                    Dividends declared1    70,452    25,054   26,056  29,063  31,067   111,241    32,070   34,074  36,078  37,080  139,302    39,085   # of shares at the end of the period    100,217,260     100,217,260   100,217,260   100,217,260   100,217,260   100,217,260     100,217,260   100,217,260   100,217,260  100,217,260  100,217,260    100,217,260  DPS (in $ per share)    0.703     0.25  0.26  0.29  0.31  1.11     0.32  0.34  0.36  0.37  1.39     0.39  Project debt    5,330.5     5,410.3  5,474.1  5,579.5  5,475.2   5,475.2     5,533.8  5,218.8  5,214.7  5,091.1  5,091.1    5,076.4  Project cash    (472.6)     (487.4)  (435.4)  (597.0)  (520.9)   (520.9)     (604.5)  (504.9)  (609.6)  (524.8)  (524.8)    (546.7)  Net project debt    4,857.9     4,922.9  5,038.7  4,982.5  4,954.3   4,954.3     4,929.3  4,713.9  4,605.1  4,566.3  4,566.3    4,529.6  Corporate debt    668.2     667.9  684.6  700.9  643.1   643.1     657.3  639.0  641.8  684.1  684.1    697.5  Corporate cash    (122.2)     (102.0)  (178.9)  (197.1)  (148.5)   (148.5)     (151.4)  (152.3)  (135.1)  (106.7)  (106.7)    (107.9)  Net corporate debt    546.0     565.9  505.7  503.8  494.6   494.6     505.9  486.8  506.7  577.4  577.4    589.7                                    Total net debt    5,403.8     5,488.8  5,544.4  5,486.3  5,448.9   5,448.9     5,435.2  5,200.6  5,111.8  5,143.6  5,143.6    5.119.3  Net Corporate Debt/CAFD pre corporate interests2    2.7x    2.6x  2.3x  2.3x  2.3x  2.3x    2.3x  2.2x  2.3x  2.7x  2.7x    2.5x  (5)  (3)(4)  (4)  (5)  Dividends are paid to shareholders in the quarter after they are declaredRatios presented are the ratios shown on each earnings presentationsIncludes the impact of a one-time partial refinancing of ATN2.  (4) Includes compensation from our preferred equity investment in Brazil ($21.2M in Q3 2016, $6.8M in Q4 2016 and $10.4M in Q1 2017).(5) Excludes Solana debt repayments with proceeds received from Abengoa $52.5M in March 2018 and $42.5M in December 2017. 
 
   HISTORICAL FINANCIAL REVIEWSegment Financials by Quarter          FY 2016    1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  by Geography                                         NORTH AMERICA       337,061     60,952  109,505  99,580  62,668   332,705     61,781   110,534  122,309  62,553  357,177    60,441    SOUTH AMERICA       118,763     28,527  30,161  31,317  30,792   120,797     29,536   30,345  31,928  31,405  123,214    33,493  EMEA       515,973     108,667  145,403  161,067  139,742   554,879     133,948   146,969  169,576  112,938  563,431    127,518  by Business Sector                                      RENEWABLES       724,326     137,664  225,939  230,872  172,751   767,226     167,225   224,988  259,922  141,422  793,557    156,817  EFFICIENT NAT. GAS       128,046     29,800  29,614  30,240  30,130   119,784     28,387   33,050  33,918  35,444  130,799    34,009  TRANSMISSION       95,137     24,165  23,452  23,447  24,032   95,096     23,840   24,063  24,018  24,076  95,998    24,867  WATER       24,288     6,517  6,064  7,405  6,289   26,275     5,813   5,747  5,955  5,954  23,468    5,759  Total Revenue       971,797     198,146  285,069  291,964  233,202   1,008,381     225,265  287,848  323,813  206,896  1,043,822    221,452                                            FY 2016    1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  by Geography                                        NORTH AMERICA       284,690     54,753  97,033  91,503  39,039   282,328     60,247  94,411  117,498  36,591  308,748    50,870        84.5%    89.8%  88.6%  91.9%  62.3%  84.9%    97.5%  85.4%  96.1%  58.5%  86.4%    84.2%   SOUTH AMERICA1       124,599     33,757  24,858  25,560  24,591   108,766     24,180  25,067  26,987  23,999  100,233    28,212        104.9%    118.3%  82.4%  81.6%  79.9%  90.0%    81.9%  82.6%  84.5%  76.4%  81.3%    84.2%  EMEA       362,823     76,539  105,951  119,190  93,801   395,481     95,373  143,979  126,703  83,681  449,736    102,024        70.3%    70.0%  72.9%  74.0%  67.1%  71.3%    71.2%  98.0%  74.7%  74.1%  79.8%    80.0%  by Business Sector                                      RENEWABLES       538,427     102,625  176,638  183,344  106,586   569,193     131,434  213,952  220,529  98,514  664,429    123,484        74.3%    74.5%  78.2%  79.4%  61.7%  74.2%    78.6%  95.1%  84.8%  69.7%  83.7%    78.7%  EFFICIENT NAT. GAS       106,492     26,716  26,126  27,128  26,170   106,140     23,330  23,652  24,742  22,134  93,858    30,476        83.2%    89.7%  88.2%  89.7%  86.9%  88.6%    82.2%  71,.6%  72.9%  62.4%  71.8%    89.6%  TRANSMISSION1       104,795     30,459  19,373  18,817  19,046   87,695     19,837  20,463  20,148  18,014  78,463    21,650        110.2%    126.0%  82.6%  80.3%  79.2%  92.2%    83.2%  85.0%  83.9%  74.8%  81.7%    87.1%  WATER       22,398     5,249  5.705  6,964  5,629   23,547     5,199  5,392  5,769  5,608  21,967    5,496        92.2%    80.5%  94.0%  94.0%  89.5%  89.6%    89.4%  93.8%  96.9%  94.2%  93.6%    95.4%  Total Further Adj. EBITDA incl. unconsolidated affiliates1      772,112     165,049  227,842  236,253  157,431   786,575     179,800  263,458  271,188  144,270  858,717    181,106        79.5%    83.3%  79.9%  80.9%  67.5%  78.0%    79.8%  91.5%  84.2%  69.7%  82.3%    81.8%                US $ in thousands  Revenue  Further Adj. EBITDA incl. unconsolidated affiliates                Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates. Additionally, it includes the dividend from our preferred equity investment in Brazil or its compensation $21.2M in Q3 2016, $6.8M in Q4 2016 and $10.4M in Q1 2017. 
 
      1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  RENEWABLES2 (GWh)     460  1,100  1,017  590   3,167     507  939  1,109  504  3,058    581   (GWh)     591  580  615  585   2,372     547  554  613  603  2,318    383   (electric availability %)     99.8%  99.8%  101.6%  100.9%  100.5%    97.9%  99.3%  101.3%  100.9%  99.8%    87.1%  TRANSMISSION (availability %)     94.4%  98.8%  99.2%  99.2%  97.9%    100.0%  99.9%  100.0%  99.8%  99.9%    99.5%  WATER (availability %)     102.3%  101.9%  102.6%  100.4%  101.8%    99.1%  102.6%  103.7%  102.5%  102.0%    99.8%        1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19                                 RENEWABLES (MW)     1,442  1,442  1,442  1,442   1,442     1,446  1,446  1,446  1,496  1,496    1,496  EFF. NATURAL GAS (electric MW)     300  300  300  300   300     300  300  300  300  300    300  TRANSMISSION (Miles)     1,099  1,099  1,099  1,099   1,099     1,099  1,099  1,099  1,152  1,152    1,152  WATER (Mft3/day)     10.5  10.5  10.5  10.5   10.5     10.5  10.5  10.5  10.5  10.5    10.5                  Capacity in operation1(at the end of the period)  Production / Availability  HISTORICAL FINANCIAL REVIEWKey Performance Indicators  4  5  6  Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.Includes curtailment in wind assets for which we receive compensation.Efficient Natural Gas production and availability were impacted by a scheduled major maintenance in Q1 2019, which occurs periodically.Electric availability refers to operational MW over contracted MW with PEMEX. Availability refers to actual availability adjusted as per contract.Availability refers to actual availability divided by contracted availability.  EFFICIENT NATURAL GAS3 
 
       1Q17  2Q17  3Q17  4Q17  FY 2017    1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19                                   US     18.1%  41.9%  29.5%  18.2%  27.0%    18.8%  39.9%  38.9%  15.0%  28.2%    15.2%   Spain     10.0%  31.0%  33.4%  12.6%  21.8%    8.8%  20.8%  30.6%  7.3%  16.9%    12.1%   Kaxu    15.9%  20.9%  21.4%  41.1%  24.9%    36.9%  27.6%  29.9%  50.0%  36.0%    48.7%                                WIND2 Uruguay     27.8%  36.1%  46.1%  37.7%  37.0%    31.2%  34.5%  42.3%  40.7%  37.2%    33.0%  SOLAR      Historical Capacity Factors1  HISTORICAL FINANCIAL REVIEWCapacity Factors  Capacity factor ratio represents actual electrical energy output over a given period of time to the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.Includes curtailment production in wind assets for which we receive compensation.  
 
 SIZEABLE AND DIVERSIFIED ASSET PORTFOLIOPortfolio Breakdown Based on Estimated CAFD1  CURRENCY2  SECTOR  GEOGRAPHY  Based on CAFD estimates for the 2019-2023 period, including the acquisitions of new assets announced (ATN Expansion 1, ATN Expansion 2, Chile TL3, PTS, Tenes and Melowind). Final purchase agreements for some of which have been not been signed yet as of today. Some of the acquisitions have not closed and may not be completed within the expected period of time, if ever. See “Disclaimer – Forward Looking Statements”.Including the effect of currency swap agreements.    of long-term interest rates in projects are fixed or hedged2  ~ 90%  90  Denominatedin USD  %  >  68% Renewable14% Efficient Natural Gas14% Transmission & Transpor. 4% Water          36% North America41% Europe12% South America11% RoW         
 
 AT A GLANCESizeable and Diversified Asset Portfolio  As of December 31, 2018   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARS INCONTRACT LEFT  CURRENCY  RENEWABLE ENERGY  Solana    100%2  USA (Arizona)  280 MW  APS  A-/A2/A-  25  USD    Mojave    100%  USA (California)  280 MW  PG&E  D/WR/WD  21  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  19/18  EUR 4    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  18/18  EUR 4    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  A-/Baa1/A-  13/15  EUR 4    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  18/18  EUR 4    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  19/19  EUR 4    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  A-/Baa1/A-  16/16/17  EUR 4    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  20/20  EUR 4    Seville PV    80%  Spain  1 MW  Kingdom of Spain  A-/Baa1/A-  17  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BB/Baa3/BB+3  16  ZAR    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  15  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  16  USD    Melowind    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  16  USD    Mini-Hydro    100%  Peru  4 MW  Peru  BBB+/A3/BBB+  14  USD  EFFICIENT NATURAL GAS  ACT    100%   Mexico  300 MW  Pemex  BBB+/Baa3/BBB-  14  USD 5  ELECTRICAL TRANSMISSION  ATN    100%  Peru  362 miles  Peru  BBB+/A3/BBB+  22  USD 5    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  25  USD 5    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  14  USD 5    Quadra 1&2    100%  Chile  81 miles  Sierra Gorda  Not rated  16/16  USD 5    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa1 /BBB+  19  USD 5    Chile TL3    100%  Chile  50 miles  CNE  A+/A1/A+  Regulated  USD 5  WATER  Skikda    34%  Algeria  3.5 Mft3/day  Sonatrach & ADE  Not rated  15  USD 5    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  19  USD 5          Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of April 30, 2018.Liberty Interactive Corporation holds $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana.For Kaxu it refers to the credit rating of the Republic of South Africa, and for Palmatir, Cadonal and Melowind it refers to the credit rating of Uruguay, as UTE is unrated.Gross cash in euros dollarized through currency hedges.USD denominated but payable in local currency. 
 
 NON-GAAP FINANCIAL INFORMATIONReconciliation of Non-GAAP Measures  Our management believes Further Adjusted EBITDA including unconsolidated affiliates and CAFD is 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. Further 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. Further Adjusted EBITDA and CAFD are widely used by other companies in the same industry. Our management uses Further 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.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 Further 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 Further Adjusted EBITDA reflect cash payments that were made, or will be made in the future; andthe fact that other companies in our industry may calculate Further Adjusted EBITDA and CAFD differently than we do, which limits their usefulness as comparative measures.  
 
 RECONCILIATIONReconciliation of Cash Available For Distribution and Further Adjusted EBITDA to Profit/(loss) for the period attributable to the Company  (in thousands of U.S. dollars)    For the three-month period ended March 31,           2019     2018            Profit/(loss) for the period attributable to the Company    $ (8,957)    $ (4,764)  Profit attributable to non-controlling interest    5,267    3,254   Income tax    9,577    4,650   Share of loss/(profit) of associates carried under the equity method    (1,823)    (1,407)   Financial expense, net    99,289    101,611   Operating profit    $ 103,353    $ 103,344   Depreciation, amortization, and impairment charges    75,736    74,624   Further Adjusted EBITDA    $ 179,089    $ 177,968  Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates    2,017    1,832  Further Adjusted EBITDA including unconsolidated affiliates1    $ 181,106    $ 179,800  Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates    (2,017)    (1,832)  Non-monetary items    (14,632)    (8,839)  Interest and income tax paid    (13,925)    (26,760)  Principal amortization of indebtedness    (15,176)    (17,647)  Deposits into/ withdrawals from restricted accounts    24,935    (21,720)  Change in non-restricted cash at project level     (59,447)    (68,031)  Changes in other assets and liabilities    (55,725)    8,060  Cash Available For Distribution    $ 45,119    $ 43,031  Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates. 
 
 RECONCILIATIONReconciliation of Further Adjusted EBITDA including unconsolidated affiliates to Net Cash Provided by Operating Activities  (in thousands of U.S. dollars)    For the three-month period ended March 31,           2019     2018            Net cash provided by operating activities    $ 96,889    $ 130,535  Net interest and income tax paid     13,925    26,760   Variations in working capital     54,508    11,654   Other non-cash adjustments and other    13,767    9,019   Further Adjusted EBITDA     $ 179,089    $ 177,968   Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates    2,017    1,832   Further Adjusted EBITDA including unconsolidated affiliates1    $ 181,106    $ 179,800   Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates. 
 
 RECONCILIATIONReconciliation of Further Adjusted EBITDA Margin including unconsolidated affiliates to Operating Profit Margin  (in thousands of U.S. dollars)    For the three-month period ended March 31,           2019     2018            Revenue    $ 221,452     $ 225,265            Profit/(loss) for the period attributable to the Company    $ (8,957)    $ (4,764)  Profit attributable to non-controlling interest    5,267    3,254   Income tax    9,577    4,650   Share of loss/(profit) of associates carried under the equity method    (1,823)    (1,407)   Financial expense, net    99,289    101,611   Operating profit    $ 103,353    $ 103,344   Operating profit margin    % 46.7    % 45.9            Depreciation, amortization, and impairment charges    34.2    33.1            Further Adjusted EBITDA margin     % 80.9    % 79.0  Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates    0.9    0.8  Further Adjusted EBITDA Margin including unconsolidated affiliates1    % 81.8    % 79.8  Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates. 
 
 Great West House, GW1, 17th floor,Great West RoadBrentford TW8 9DFLondon (United Kingdom) 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
ATLANTICA YIELD PLC
 
 
Date: May 10, 2019
By:
/s/ Santiago Seage
 
 
Name:
Santiago Seage
 
 
Title:
Chief Executive Officer