☒ Form 20-F
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☐ Form 40-F
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Page
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PART I – FINANCIAL INFORMATION
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Item 1
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9
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Item 2
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40 | |
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Item 3
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64 | |
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Item 4
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66 | |
PART II – OTHER INFORMATION
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Item 1
|
67 | |
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Item 1A
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67 | |
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Item 2
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67 | |
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Item 3
|
68 | |
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Item 4
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68 | |
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Item 5
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68 | |
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Item 6
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68 | |
69 |
• |
references to “2017 Note Issuance Facility” refer to the senior secured note facility dated February 10, 2017 of €275 million (approximately $308.5 million), with U.S. Bank
as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder;
|
• |
references to “2019 Notes” refer to the 7.000% Senior Notes due 2019 in an aggregate principal amount of $255 million issued on November 17, 2014, as further described in
“Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations- Liquidity and Capital Resources—Sources of Liqudity—2019 Notes”;
|
• |
references to “2019 Note Issuance Facility” refer to the senior unsecured note facility dated April 30, 2019 of an amount equal to the euro equivalent of $300 million, with
Lucid Agency Services Limited as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder;
|
• |
references to “AAGES” refer to the joint venture between Algonquin and Abengoa to invest in the development and construction of clean energy and water infrastructure
contracted assets;
|
• |
references to “AAGES ROFO Agreement” refer to the agreement we entered into with AAGES on March 5, 2018, which became effective upon completion of the Share Sale, that
provides us a right of first offer to purchase any of the AAGES ROFO Assets, as amended and restated from time to time;
|
• |
references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;
|
• |
references to “Abengoa ROFO Agreement” refer to the agreement we entered into with Abengoa on June 13, 2014, as amended and restated on December 9, 2014, that provides us a
right of first offer to purchase any of the present or future contracted assets in renewable energy, efficient natural gas, electric transmission and water of Abengoa that are in operation, and any other renewable energy, efficient
natural gas, electric transmission and water asset that is expected to generate contracted revenue and that Abengoa has transferred to an investment vehicle that are located in the United States, Canada, Mexico, Chile, Peru, Uruguay,
Brazil, Colombia and the European Union, and four additional assets in other selected regions, including a pipeline of specified assets that we expect to evaluate for future acquisition, for which Abengoa will provide us a right of
first offer to purchase if offered for sale by Abengoa or an investment vehicle to which Abengoa has transferred them;
|
• |
references to “ACBH” refer to Abengoa Concessões Brasil Holding, a subsidiary holding company of Abengoa that was engaged in the development, construction, investment and
management of concessions in Brazil, comprised mostly of transmission lines and which is currently undergoing a restructuring process in Brazil;
|
• |
references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of
Tabasco, Mexico;
|
• |
references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and
distribution utility, or Algonquin Power & Utilities Corp. together with its subsidiaries;
|
• |
references to “Algonquin ROFO Agreement” refer to the agreement we entered into with Algonquin on March 5, 2018, which became effective upon completion of the Share Sale,
under which Algonquin granted us a right of first offer to purchase any of the assets offered for sale located outside of the United States or Canada as amended from time to time. See “Item 2—Management’s Discussion and Analysis of
Financial Condition and Results of Operations—Overview”;
|
• |
references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2018 and 2017 and for the years
ended December 31, 2018, 2017 and 2016, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein);
|
• |
references to “Annual Report” refer to our 2018 Annual Report on Form 20-F, filed on February 28, 2019;
|
• |
references to “Atlantica” refer to Atlantica Yield plc;
|
• |
references to “ATN” refer to ATN S.A., the operational electronic transmission asset in Peru, which is part of the Guaranteed Transmission System;
|
• |
references to “cash available for distribution” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including
debt service and general and administrative expenses;
|
• |
references to “COD” refer to the commercial operation date of the applicable facility;
|
• |
references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of March 31, 2019 and
December 31, 2018 and for the three-month period ended March 31, 2019 and 2018, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;
|
• |
references to “DOE” refer to the U.S. Department of Energy;
|
• |
references to “EMEA” refer to Europe, Middle East and Africa;
|
• |
references to “EPC” refer to engineering, procurement and construction;
|
• |
references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates
at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market;
|
• |
references to “LIBOR” refer to London Interbank Offered Rate, a benchmark interest rate;
|
• |
references to “Federal Financing Bank” refer to a U.S. government corporation by that name;
|
• |
references to “Financial Support Agreement” refer to the Financial Support Agreement we entered into with Abengoa on June 13, 2014, as amended and restated on September 28,
2017, pursuant to which Abengoa agreed to maintain certain guarantees or letters of credit for a period of five years following our IPO;
|
• |
references to “Further Adjusted EBITDA” have the meaning set forth in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key
Metrics” within this quarterly report;
|
• |
references to “GWh” refer to gigawatt hour;
|
• |
references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;
|
• |
references to “IFRS as issued by the IASB” refer to International Financial Reporting Standards as issued by the International Accounting Standards Board;
|
• |
references to “Indenture” refer to the indenture governing the Notes;
|
• |
references to “IPO” refer to our initial public offering of ordinary shares in June 2014;
|
• |
references to “ITC” refer to investment tax credits;
|
• |
reference to “ITC Cash Grant” refer to the cash grant provided by the U.S. Department of the Treasury under Section 1603 of Division B of the American Recovery and
Reinvestment Act of 2009;
|
• |
references to “MWh” refer to megawatt hour;
|
• |
references to “NOL” refer to net operating loss;
|
• |
references to “operation” refer to the status of projects that have reached COD (as defined above);
|
• |
references to “Pemex” refer to Petróleos Mexicanos;
|
• |
references to “PG&E” refer to PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company collectively;
|
• |
references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;
|
• |
references to “PTC” refer to production tax credits;
|
• |
references to “PTS” refer to Pemex Transportation System;
|
• |
references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks (the “Revolving Credit Facility”) providing for a senior
secured revolving credit facility in an aggregate principal amount of $300 million which matures in December 31, 2021. The Revolving Credit Facility replaced tranche A of the Former Revolving Credit Facility, which was repaid in full
and cancelled prior to its maturity on June 1, 2018;
|
• |
references to “ROFO” refer to a right of first offer;
|
• |
references to “ROFO agreements” refer to the AAGES ROFO Agreement, Algonquin ROFO Agreement and Abengoa ROFO Agreement;
|
• |
references to “U.S. NOLs” refer to the net operating losses recognized under the U.S. Internal Revenue Code as a result of certain tax-deductible expenses exceeding taxable
revenues for a taxable year;
|
• |
references to “Share Sale” refer to the sale by Abengoa to Algonquin of 25% of our ordinary shares pursuant to an agreement for the sale that was entered into in November
2017; Algonquin acquired later an additional 16.5% stake in Atlantica and it currently holds a 41.5% equity interest in the Company;
|
• |
references to “U.K.” refer to the United Kingdom;
|
• |
reference to “U.S.” or “United States” refer to the United States of America;
|
• |
references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Yield plc and its subsidiaries, unless the context otherwise requires.
|
• |
our growth strategy and reliance on favorable trends in renewable energy and demand for sustainable power generation and new water sources;
|
• | 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; |
• |
the performance of our assets and long-term agreements and investments;
|
• |
our intention to collaborate with new and existing partners to expand asset ownership and growth;
|
• |
our objective to pay consistent and growing cash divdends to shareholders;
|
• |
acquisition closings that are subject to conditions precedent or outstanding government approval;
|
• |
the remaining term life of our assets and the expected costs of asset expansions and acquisitions;
|
• |
the impact of fluctuating interest rates on our performance and expenses and the projected success of mitigation tactics;
|
• |
our expected sources of liquidity and the sufficiency of our existing liquidity position and cash flows in meeting commitments and dividend requirements;
|
• |
the impact of currency fluctuations on business operations and cash-flow hedging tactics;
|
• |
the condition of the debt and equity capital markets and our ability and need to borrow additional funds and access capital markets, as well as our substantial indebtedness
and the possibility that we may incur additional indebtedness going forward;
|
• |
the ability of our counterparties to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;
|
• |
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs and policies affecting renewable
energy;
|
• |
our ability to finance and consummate new acquisitions on favorable terms;
|
• |
potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;
|
• |
third-party contractor and supplier viability;
|
• |
the effects of litigation and other legal proceedings (including bankruptcy) against us and our subsidiaries;
|
• |
price fluctuations, revocation and termination provisions in our offtake agreements and power purchase agreements;
|
• |
our relationship with our shareholders including bankruptcy; our substantial short-term and long-term indebtedness, and incurring additional debt in the future;
|
• |
financial damage caused by our off-taker PG&E and potential default under our project finance agreement due to a breach of our underlying PPA agreement with PG&E.
|
As of
March 31,
|
As of
December 31,
|
|||||||||||
Note (1)
|
2019
|
2018
|
||||||||||
Assets
|
||||||||||||
Non-current assets
|
||||||||||||
Contracted concessional assets
|
6
|
8,389,508
|
8,549,181
|
|||||||||
Investments carried under the equity method
|
7
|
54,777
|
53,419
|
|||||||||
Financial investments
|
8&9
|
65,386
|
52,670
|
|||||||||
Deferred tax assets
|
152,205
|
136,066
|
||||||||||
Total non-current assets
|
8,661,876
|
8,791,336
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
18,912
|
18,924
|
||||||||||
Trade and other receivables
|
12
|
241,412
|
236,395
|
|||||||||
Financial investments
|
8
|
243,025
|
240,834
|
|||||||||
Cash and cash equivalents
|
654,618
|
631,542
|
||||||||||
Total current assets
|
1,157,967
|
1,127,695
|
||||||||||
Total assets
|
9,819,843
|
9,919,031
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
As of
March 31,
|
As of
December 31,
|
|||||||||||
Note (1)
|
2019
|
2018
|
||||||||||
Equity and liabilities
|
||||||||||||
Equity attributable to the Company
|
||||||||||||
Share capital
|
13
|
10,022
|
10,022
|
|||||||||
Parent company reserves
|
13
|
1,992,859
|
2,029,940
|
|||||||||
Other reserves
|
71,040
|
95,011
|
||||||||||
Accumulated currency translation differences
|
(89,016
|
)
|
(68,315
|
)
|
||||||||
Retained earnings
|
13
|
(456,549
|
)
|
(449,274
|
)
|
|||||||
Non-controlling interest
|
13
|
136,647
|
138,728
|
|||||||||
Total equity
|
1,665,003
|
1,756,112
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term corporate debt
|
14
|
423,921
|
415,168
|
|||||||||
Long-term project debt
|
15
|
4,769,119
|
4,826,659
|
|||||||||
Grants and other liabilities
|
16
|
1,653,323
|
1,658,126
|
|||||||||
Related parties
|
11
|
28,434
|
33,675
|
|||||||||
Derivative liabilities
|
9
|
305,138
|
279,152
|
|||||||||
Deferred tax liabilities
|
227,261
|
211,000
|
||||||||||
Total non-current liabilities
|
7,407,196
|
7,423,780
|
||||||||||
Current liabilities
|
||||||||||||
Short-term corporate debt
|
14
|
273,624
|
268,905
|
|||||||||
Short-term project debt
|
15
|
307,233
|
264,455
|
|||||||||
Trade payables and other current liabilities
|
17
|
151,463
|
192,033
|
|||||||||
Income and other tax payables
|
15,324
|
13,746
|
||||||||||
Total current liabilities
|
747,644
|
739,139
|
||||||||||
Total equity and liabilities
|
9,819,843
|
9,919,031
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
Note (1)
|
For the three-month period ended March 31,
|
|||||||||||
2019
|
2018
|
|||||||||||
Revenue
|
4
|
221,452
|
225,265
|
|||||||||
Other operating income
|
20
|
26,439
|
28,414
|
|||||||||
Raw materials and consumables used
|
(2,913
|
)
|
(4,420
|
)
|
||||||||
Employee benefit expenses
|
(5,316
|
)
|
(5,097
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
4
|
(75,736
|
)
|
(74,624
|
)
|
|||||||
Other operating expenses
|
20
|
(60,573
|
)
|
(66,194
|
)
|
|||||||
Operating profit
|
103,353
|
103,344
|
||||||||||
Financial income
|
19
|
286
|
296
|
|||||||||
Financial expense
|
19
|
(101,503
|
)
|
(100,067
|
)
|
|||||||
Net exchange differences
|
866
|
(180
|
)
|
|||||||||
Other financial income/(expense), net
|
19
|
1,062
|
(1,660
|
)
|
||||||||
Financial expense, net
|
(99,289
|
)
|
(101,611
|
)
|
||||||||
Share of profit/(loss) of associates carried under the equity method
|
1,823
|
1,407
|
||||||||||
Profit/(loss) before income tax
|
5,887
|
3,140
|
||||||||||
Income tax
|
18
|
(9,577
|
)
|
(4,650
|
)
|
|||||||
Profit/(loss) for the period
|
(3,690
|
)
|
(1,510
|
)
|
||||||||
Loss/(profit) attributable to non-controlling interests
|
(5,267
|
)
|
(3,254
|
)
|
||||||||
Profit/(loss) for the period attributable to the Company
|
(8,957
|
)
|
(4,764
|
)
|
||||||||
Weighted average number of ordinary shares outstanding (thousands)
|
21
|
100,217
|
100,217
|
|||||||||
Basic and diluted earnings per share (U.S. dollar per share)
|
21
|
(0,09
|
)
|
(0,05
|
)
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
For the three-month period ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Profit/(loss) for the period
|
(3,690
|
)
|
(1,510
|
)
|
||||
Items that may be subject to transfer to income statement
|
||||||||
Change in fair value of cash flow hedges
|
(48,764
|
)
|
1,136
|
|||||
Currency translation differences
|
(22,975
|
)
|
30,302
|
|||||
Tax effect
|
12,234
|
(1,692
|
)
|
|||||
Net income/(expenses) recognized directly in equity
|
(59,505
|
)
|
29,746
|
|||||
Cash flow hedges
|
14,146
|
17,335
|
||||||
Tax effect
|
(3,537
|
)
|
(4,334
|
)
|
||||
Transfers to income statement
|
10,609
|
13,001
|
||||||
Other comprehensive income/(loss)
|
(48,896
|
)
|
42,747
|
|||||
Total comprehensive income/(loss) for the period
|
(52,586
|
)
|
41,237
|
|||||
Total comprehensive (income)/loss attributable to non-controlling interest
|
639
|
(4,486
|
)
|
|||||
Total comprehensive income/(loss) attributable to the Company
|
(51,947
|
)
|
36,751
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Retained
earnings
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||||||
Balance as of January 1, 2018
|
10,022
|
2,163,229
|
82,294
|
(489,026
|
)
|
(18,147
|
)
|
1,748,372
|
136,595
|
1,884,967
|
||||||||||||||||||||||
Profit/(loss) for the three-month period after taxes
|
—
|
—
|
—
|
(4,764
|
)
|
—
|
(4,764
|
)
|
3,254
|
(1,510
|
)
|
|||||||||||||||||||||
Change in fair value of cash flow hedges
|
—
|
—
|
20,386
|
—
|
—
|
20,386
|
(1,915
|
)
|
18,471
|
|||||||||||||||||||||||
Currency translation differences
|
—
|
—
|
—
|
—
|
27,668
|
27,668
|
2,634
|
30,302
|
||||||||||||||||||||||||
Tax effect
|
—
|
—
|
(6,539
|
)
|
—
|
—
|
(6,539
|
)
|
513
|
(6,026
|
)
|
|||||||||||||||||||||
Other comprehensive income
|
—
|
—
|
13,847
|
—
|
27,668
|
41,515
|
1,232
|
42,747
|
||||||||||||||||||||||||
Total comprehensive income
|
—
|
—
|
13,847
|
(4,764
|
)
|
27,668
|
36,751
|
4,486
|
41,237
|
|||||||||||||||||||||||
Dividend distribution
|
—
|
(31,068
|
)
|
—
|
—
|
—
|
(31,068
|
)
|
—
|
(31,068
|
)
|
|||||||||||||||||||||
Balance as of March 31, 2018
|
10,022
|
2,132,161
|
96,141
|
(493,790
|
)
|
9,521
|
1,754,055
|
141,081
|
1,895,136
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Retained
earnings
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||||||
Balance as of December 31, 2018
|
10,022
|
2,029,940
|
95,011
|
(449,274
|
)
|
(68,315
|
)
|
1,617,384
|
138,728
|
1,756,112
|
||||||||||||||||||||||
Profit/(loss) for the three -month period after taxes
|
—
|
—
|
—
|
(8,957
|
)
|
—
|
(8,957
|
)
|
5,267
|
(3,690
|
)
|
|||||||||||||||||||||
Change in fair value of cash flow hedges
|
—
|
—
|
(31,984
|
)
|
1,682
|
—
|
(30,302
|
)
|
(4,316
|
)
|
(34,618
|
)
|
||||||||||||||||||||
Currency translation differences
|
—
|
—
|
—
|
—
|
(20,701
|
)
|
(20,701
|
)
|
(2,274
|
)
|
(22,975
|
)
|
||||||||||||||||||||
Tax effect
|
—
|
—
|
8,013
|
—
|
—
|
8,013
|
684
|
8,697
|
||||||||||||||||||||||||
Other comprehensive income
|
—
|
—
|
(23,971
|
)
|
1,682
|
(20,701
|
)
|
(42,990
|
)
|
(5,906
|
)
|
(48,896
|
)
|
|||||||||||||||||||
Total comprehensive income
|
—
|
—
|
(23,971
|
)
|
(7,275
|
)
|
(20,701
|
)
|
(51,947
|
)
|
(639
|
)
|
(52,586
|
)
|
||||||||||||||||||
Capital reduction
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,442
|
)
|
(1,442
|
)
|
||||||||||||||||||||||
Dividend distribution
|
—
|
(37,081
|
)
|
—
|
—
|
—
|
(37,081
|
)
|
—
|
(37,081
|
)
|
|||||||||||||||||||||
Balance as of March 31, 2019
|
10,022
|
1,992,859
|
71,040
|
(456,549
|
)
|
(89,016
|
)
|
1,528,356
|
136,647
|
1,665,003
|
For the three-month period ended
March 31,
|
||||||||
2019
|
2018
|
|||||||
I. Profit/(loss) for the period
|
(3,690
|
)
|
(1,510
|
)
|
||||
Financial expense and non-monetary adjustments
|
169,013
|
170,459
|
||||||
II. Profit for the period adjusted by financial expense and non-monetary adjustments
|
165,323
|
168,949
|
||||||
III. Variations in working capital
|
(54,509
|
)
|
(11,654
|
)
|
||||
Net interest and income tax paid
|
(13,925
|
)
|
(26,760
|
)
|
||||
A. Net cash provided by operating activities
|
96,889
|
130,535
|
||||||
Investment in contracted concessional assets*
|
7,186
|
60,512
|
||||||
Other non-current assets/liabilities
|
(26,985
|
)
|
(5,118
|
)
|
||||
Acquisitions of subsidiaries and other financial instruments
|
(2,457
|
)
|
(7,854
|
)
|
||||
B. Net cash provided by/(used in) investing activities
|
(22,256
|
)
|
47,540
|
|||||
Proceeds from Project & Corporate debt
|
15,000
|
-
|
||||||
Repayment of Project & Corporate debt
|
(22,574
|
)
|
(70,147
|
)
|
||||
Dividends paid to company´s shareholders
|
(37,080
|
)
|
(31,068
|
)
|
||||
C. Net cash provided by/(used in) financing activities
|
(44,654
|
)
|
(101,215
|
)
|
||||
Net increase/(decrease) in cash and cash equivalents
|
29,979
|
76,860
|
||||||
Cash and cash equivalents at beginning of the period
|
631,542
|
669,387
|
||||||
Translation differences in cash or cash equivalent
|
(6,903
|
)
|
9,655
|
|||||
Cash and cash equivalents at end of the period
|
654,618
|
755,902
|
Note 1.- Nature of the business
|
17 |
Note 2.- Basis of preparation
|
20 |
Note 3.-
Financial risk management
|
22 |
Note 4.-
Financial information by segment
|
22 |
Note 5.- Changes in the scope of the consolidated condensed interim financial statements
|
28 |
Note 6.- Contracted concessional assets
|
30 |
Note 7.- Investments carried under the equity method
|
30 |
Note 8.- Financial Investments
|
31 |
Note 9.- Derivative financial instruments
|
31 |
Note 10.- Fair Value of financial instruments
|
32 |
Note 11.- Related parties
|
32 |
Note 12.- Trade and other receivables
|
33 |
Note 13.- Equity
|
33 |
Note 14.- Corporate debt
|
34 |
Note 15.- Project debt
|
35 |
Note 16.- Grants and other liabilities
|
36 |
Note 17.-Trade payables and other current liabilities
|
37 |
Note 18.- Income tax
|
37 |
Note 19.- Financial income and expenses
|
37 |
Note 20.- Other operating income and expenses
|
38 |
Note 21.- Earnings per share
|
39 |
Note 22.- Subsequent events
|
39 |
- |
On February 28, 2018, the Company closed the acquisition of a 100% stake in a 4 MW hydroelectric power plant in Peru (“Mini-Hydro”) for approximately $9 million;
|
- |
On December 11, 2018, the Company closed the acquisition of a 66kV transmission line in operation in Chile (“Chile TL3”) for approximately $6 million;
|
- |
On October 10, 2018, the Company completed the acquisition of a 5% stake in a natural gas transportation in Mexico (Pemex Transportation System or “PTS”). Consideration for
this 5% stake, which amounts to approximately $7 million, will be disbursed progressively as construction progresses;
|
- |
On December 14, 2018, the Company closed the acquisition of a 100% stake in a 50 MW on-shore wind plant in Uruguay (“Melowind”) for approximately $45 million;
|
- |
On December 28, 2018, the Company completed the acquisition of a transmission line, which is an extension of ATN (“ATN expansion 1”) for approximately $16 million.
|
Assets
|
Type
|
Ownership
|
Location
|
Currency(8)
|
Capacity
(Gross)
|
Counterparty
Credit Ratings(9)
|
COD*
|
Contract
Years Left
(13)
|
Solana
|
Renewable
(Solar)
|
100%
Class B(1)
|
Arizona (USA)
|
USD
|
280 MW
|
A-/A2/A-
|
2013
|
25
|
Mojave
|
Renewable
(Solar)
|
100%
|
California
(USA)
|
USD
|
280 MW
|
D/WR/WD
|
2014
|
21
|
Solaben 2 & 3
|
Renewable
(Solar)
|
70%(2)
|
Spain
|
Euro
|
2x50 MW
|
A-/Baa1/A-
|
2012
|
19/18
|
Solacor 1 & 2
|
Renewable
(Solar)
|
87%(3)
|
Spain
|
Euro
|
2x50 MW
|
A-/Baa1/A-
|
2012
|
18/18
|
PS10/PS20
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
31 MW
|
A-/Baa1/A-
|
2007&
2009
|
13/15
|
Helioenergy 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A-/Baa1/A-
|
2011
|
18/18
|
Helios 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A-/Baa1/A-
|
2012
|
19/19
|
Solnova 1, 3 & 4
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
3x50 MW
|
A-/Baa1/A-
|
2010
|
16/16/17
|
Solaben 1 & 6
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A-/Baa1/A-
|
2013
|
20/20
|
Kaxu
|
Renewable
(Solar)
|
51%(4)
|
South Africa
|
Rand
|
100 MW
|
BB/Baa3/
BB+(10)
|
2015
|
16
|
Palmatir
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(11)
|
2014
|
15
|
Cadonal
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(11)
|
2014
|
16
|
Melowind
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50MW
|
BBB/Baa2/BBB-
|
2015
|
17
|
Mini-Hydro
|
Renewable
(Hydraulic)
|
100%
|
Peru
|
USD
|
4 MW
|
BBB+/A3/ BBB+
|
2012
|
14
|
ACT
|
Efficient natural gas
|
100%
|
Mexico
|
USD
|
300 MW
|
BBB+/ Baa3/BBB-
|
2013
|
14
|
ATN (12)
|
Transmission
line
|
100%
|
Peru
|
USD
|
365 miles
|
BBB+/A3/BBB+
|
2011
|
22
|
ATS
|
Transmission
line
|
100%
|
Peru
|
USD
|
569 miles
|
BBB+/A3/BBB+
|
2014
|
25
|
ATN 2
|
Transmission
line
|
100%
|
Peru
|
USD
|
81 miles
|
Not rated
|
2015
|
14
|
Quadra 1
|
Transmission
line
|
100%
|
Chile
|
USD
|
49 miles
|
Not rated
|
2014
|
16
|
Quadra 2
|
Transmission
line
|
100%
|
Chile
|
USD
|
32 miles
|
Not rated
|
2014
|
16
|
Palmucho
|
Transmission
line
|
100%
|
Chile
|
USD
|
6 miles
|
BBB+/Baa1/
BBB+
|
2007
|
19
|
Chile TL3
|
Transmission
line
|
100%
|
Chile
|
USD
|
50 miles
|
A+/A1/A
|
1993
|
Regulated
|
Skikda
|
Water
|
34.2%(5)
|
Algeria
|
USD
|
3.5 M
ft3/day
|
Not rated
|
2009
|
15
|
Honaine
|
Water
|
25.5%(6)
|
Algeria
|
USD
|
7 M ft3/
day
|
Not rated
|
2012
|
19
|
Seville PV
|
Renewable
(Solar)
|
80%(7)
|
Spain
|
Euro
|
1 MW
|
A-/Baa1/A-
|
2006
|
17
|
(1) |
On September 30, 2013, Liberty Interactive Corporation agreed to invest $300 million in Class A shares of ASO Holdings Company LLC, the holding company of Solana, in
exchange for a share of the dividends and the taxable losses generated by Solana.
|
(2) |
Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3.
|
(3) |
JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.
|
(4) |
Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
|
(5) |
Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%.
|
(6) |
Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
|
(7) |
Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state owned company, holds 20% of the shares in Seville PV.
|
(8) |
Certain contracts denominated in U.S. dollars are payable in local currency.
|
(9) |
Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd,
or Fitch.
|
(10) |
Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa.
|
(11) |
Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.
|
(12) |
Including the acquisition of ATN expansion 1.
|
(13) |
As of December 31, 2018.
|
(*) |
Commercial Operation Date.
|
· |
IFRS 9 (Amendments to IFRS 9): Prepayment Features with Negative Compensation. This Standard is applicable for annual periods beginning on or after January 1, 2019 under
IFRS-IASB, earlier application is permitted.
|
· |
IAS 19 (Amendments to IAS 19): Plan Amendment, Curtailment or Settlement. This amendment is mandatory for annual periods beginning on or after January 1, 2019 under
IFRS-IASB, earlier application is permitted.
|
· |
IFRIC 23: Uncertainty over Income Tax Treatments. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB.
|
· |
IAS 28 (Amendment). Long-term Interests in Associates and Joint Ventures. This amendment is mandatory for annual periods beginning on or after January 1, 2019 under
IFRS-IASB, earlier application is permitted.
|
· |
Amendments resulting from Annual Improvements 2015–2017 Cycle (remeasurement of previously held interest). This amendment is mandatory for annual periods beginning on or
after January 1, 2019 under IFRS-IASB,
|
· |
IFRS 17 ‘Insurance Contracts’. This Standard is applicable for annual periods beginning on or after January 1, 2021 under IFRS-IASB, earlier application is permitted.
|
· |
IFRS 3 (Amendment). Definition of Business. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier application is
permitted.
|
· |
IAS 1 and IAS 8 (Amendment). Definition of Material. This amendment is mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB, earlier
application is permitted.
|
· |
Amendments to References to the Conceptual Frameworks in IFRS Standards. This Standard is applicable for annual periods beginning on or after January 1, 2020 under
IFRS-IASB.
|
• |
Contracted concessional agreements.
|
• |
Impairment of intangible assets and property, plant and equipment.
|
• |
Assessment of control.
|
• |
Derivative financial instruments and fair value estimates.
|
• |
Income taxes and recoverable amount of deferred tax assets.
|
• |
North America
|
• |
South America
|
• |
EMEA
|
a) |
The following tables show Revenues and Further Adjusted EBITDA by operating segments and business sectors for the three-month period ended March 31, 2019 and 2018:
|
Revenue
|
Further Adjusted EBITDA
|
|||||||||||||||
For the three-month period ended
March 31,
|
For the three-month period ended
March 31,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Geography
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
North America
|
60,441
|
61,781
|
50,870
|
60,247
|
||||||||||||
South America
|
33,493
|
29,536
|
28,212
|
24,180
|
||||||||||||
EMEA
|
127,518
|
133,948
|
100,007
|
93,541
|
||||||||||||
Total
|
221,452
|
225,265
|
179,089
|
177,968
|
Revenue
|
Further Adjusted EBITDA
|
|||||||||||||||
For the three-month period ended
March 31,
|
For the three-month period ended
March 31,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Business sector
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Renewable energy
|
156,817
|
167,225
|
123,484
|
131,435
|
||||||||||||
Efficient natural gas
|
34,009
|
28,387
|
30,476
|
23,330
|
||||||||||||
Electric transmission lines
|
24,867
|
23,840
|
21,650
|
19,836
|
||||||||||||
Water
|
5,759
|
5,813
|
3,479
|
3,367
|
||||||||||||
Total
|
221,452
|
225,265
|
179,089
|
177,968
|
For the three-month period ended
March 31,
($ in thousands)
|
||||||||
2019
|
2018
|
|||||||
Loss attributable to the Company
|
$
|
(8,957
|
)
|
(4,764
|
)
|
|||
Profit attributable to non-controlling interests
|
5,267
|
3,254
|
||||||
Income tax
|
9,577
|
4,650
|
||||||
Share of (profits)/losses of associates
|
(1,823
|
)
|
(1,407
|
)
|
||||
Financial expense, net
|
99,289
|
101,611
|
||||||
Depreciation, amortization, and impairment charges
|
75,736
|
74,624
|
||||||
Total segment Further Adjusted EBITDA
|
$
|
179,089
|
177,968
|
b) |
The assets and liabilities by operating segments (and business sector) as of March 31, 2019 and December 31, 2018 are as follows:
|
North
America
|
South America
|
EMEA
|
Balance as of
March 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,419,111
|
1,200,662
|
3,769,735
|
8,389,508
|
||||||||||||
Investments carried under the equity method
|
-
|
-
|
54,777
|
54,777
|
||||||||||||
Current financial investments
|
140,258
|
70,948
|
30,338
|
241,544
|
||||||||||||
Cash and cash equivalents (project companies)
|
156,085
|
40,526
|
349,772
|
546,383
|
||||||||||||
Subtotal allocated
|
3,715,454
|
1,312,136
|
4,204,622
|
9,232,212
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
217,591
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
370,040
|
|||||||||||||||
Subtotal unallocated
|
587,631
|
|||||||||||||||
Total assets
|
9,819,843
|
North
America
|
South America
|
EMEA
|
Balance as of
March 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,734,366
|
897,807
|
2,444,179
|
5,076,352
|
||||||||||||
Grants and other liabilities
|
1,518,669
|
8,364
|
126,290
|
1,653,323
|
||||||||||||
Subtotal allocated
|
3,253,035
|
906,171
|
2,570,469
|
6,729,675
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
697,545
|
|||||||||||||||
Other non-current liabilities
|
560,833
|
|||||||||||||||
Other current liabilities
|
166,787
|
|||||||||||||||
Subtotal unallocated
|
1,425,165
|
|||||||||||||||
Total liabilities
|
8,154,840
|
|||||||||||||||
Equity unallocated
|
1,665,003
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,090,168
|
|||||||||||||||
Total liabilities and equity
|
9,819,843
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2018
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,453,652
|
1,210,624
|
3,884,905
|
8,549,181
|
||||||||||||
Investments carried under the equity method
|
-
|
-
|
53,419
|
53,419
|
||||||||||||
Current financial investments
|
147,213
|
61,959
|
30,080
|
239,252
|
||||||||||||
Cash and cash equivalents (project companies)
|
195,678
|
41,316
|
287,456
|
524,450
|
||||||||||||
Subtotal allocated
|
3,796,543
|
1,313,899
|
4,255,860
|
9,366,302
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
188,736
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
363,993
|
|||||||||||||||
Subtotal unallocated
|
552,729
|
|||||||||||||||
Total assets
|
9,919,031
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2018
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,725,961
|
900,801
|
2,464,352
|
5,091,114
|
||||||||||||
Grants and other liabilities
|
1,527,724
|
7,550
|
122,852
|
1,658,126
|
||||||||||||
Subtotal allocated
|
3,253,685
|
908,351
|
2,587,204
|
6,749,240
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
684,073
|
|||||||||||||||
Other non-current liabilities
|
523,827
|
|||||||||||||||
Other current liabilities
|
205,779
|
|||||||||||||||
Subtotal unallocated
|
1,413,679
|
|||||||||||||||
Total liabilities
|
8,162,919
|
|||||||||||||||
Equity unallocated
|
1,756,112
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,169,791
|
|||||||||||||||
Total liabilities and equity
|
9,919,031
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
March 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,844,804
|
581,808
|
876,781
|
86,115
|
8,389,508
|
|||||||||||||||
Investments carried under the equity method
|
10,114
|
-
|
-
|
44,663
|
54,777
|
|||||||||||||||
Current financial investments
|
15,083
|
140,237
|
70,091
|
16,133
|
241,544
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
491,723
|
28,612
|
13,586
|
12,462
|
546,383
|
|||||||||||||||
Subtotal allocated
|
7,361,724
|
750,657
|
960,458
|
159,373
|
9,232,212
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
217,591
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
370,040
|
|||||||||||||||||||
Subtotal unallocated
|
587,631
|
|||||||||||||||||||
Total assets
|
9,819,843
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
March 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
3,857,857
|
540,695
|
649,802
|
27,998
|
5,076,352
|
|||||||||||||||
Grants and other liabilities
|
1,651,442
|
151
|
959
|
771
|
1,653,323
|
|||||||||||||||
Subtotal allocated
|
5,509,299
|
540,846
|
650,761
|
28,769
|
6,729,675
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
697,545
|
|||||||||||||||||||
Other non-current liabilities
|
560,833
|
|||||||||||||||||||
Other current liabilities
|
166,787
|
|||||||||||||||||||
Subtotal unallocated
|
1,425,165
|
|||||||||||||||||||
Total liabilities
|
8,154,840
|
|||||||||||||||||||
Equity unallocated
|
1,665,003
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,090,168
|
|||||||||||||||||||
Total liabilities and equity
|
9,819,843
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as
of
December
31,
2018
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,998,020
|
580,997
|
882,980
|
87,184
|
8,549,181
|
|||||||||||||||
Investments carried under the equity method
|
10,257
|
-
|
-
|
43,162
|
53,419
|
|||||||||||||||
Current financial investments
|
15,396
|
147,192
|
61,102
|
15,562
|
239,252
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
453,096
|
45,625
|
14,043
|
11,686
|
524,450
|
|||||||||||||||
Subtotal allocated
|
7,476,769
|
773,814
|
958,125
|
157,594
|
9,366,302
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
188,736
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
363,993
|
|||||||||||||||||||
Subtotal unallocated
|
552,729
|
|||||||||||||||||||
Total assets
|
9,919,031
|
Renewable
energy
|
Efficient
natural gas
|
Electric
transmission
lines
|
Water
|
Balance as of
December 31,
2018
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
3,868,626
|
545,123
|
647,820
|
29,545
|
5,091,114
|
|||||||||||||||
Grants and other liabilities
|
1,656,146
|
161
|
1,025
|
794
|
1,658,126
|
|||||||||||||||
Subtotal allocated
|
5,524,772
|
545,284
|
648,845
|
30,339
|
6,749,240
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
684,073
|
|||||||||||||||||||
Other non-current liabilities
|
523,827
|
|||||||||||||||||||
Other current liabilities
|
205,779
|
|||||||||||||||||||
Subtotal unallocated
|
1,413,679
|
|||||||||||||||||||
Total liabilities
|
8,162,919
|
|||||||||||||||||||
Equity unallocated
|
1,756,112
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,169,791
|
|||||||||||||||||||
Total liabilities and equity
|
9,919,031
|
c) |
The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2019 and 2018 are as follows:
|
For the three-month period ended
March 31,
|
||||||||
Depreciation, amortization and impairment by geography
|
2019
|
2018
|
||||||
($ in thousands)
|
||||||||
North America
|
(26,583
|
)
|
(23,861
|
)
|
||||
South America
|
(11,251
|
)
|
(10,197
|
)
|
||||
EMEA
|
(37,902
|
)
|
(40,566
|
)
|
||||
Total
|
(75,736
|
)
|
(74,624
|
)
|
For the three-month period ended
March 31,
|
||||||||
Depreciation, amortization and impairment by business sectors
|
2019
|
2018
|
||||||
($ in thousands)
|
||||||||
Renewable energy
|
(72,139
|
)
|
(67,554
|
)
|
||||
Electric transmission lines
|
(6,134
|
)
|
(7,070
|
)
|
||||
Efficent natual gas
|
2,537
|
-
|
||||||
Total
|
(75,736
|
)
|
(74,624
|
)
|
Asset Acquisition
for the year ended
December 31, 2018
|
||||
($ in thousands)
|
||||
Concessional assets
|
155,909
|
|||
Investments carried under the equity method
|
1
|
|||
Current assets
|
5,646
|
|||
Project debt long term
|
(79,016
|
)
|
||
Deferred tax liabilities
|
(590
|
)
|
||
Project debt short term
|
(2,346
|
)
|
||
Other current and non-current liabilities
|
(3,000
|
)
|
||
Asset acquisition - purchase price
|
(76,604
|
)
|
||
Net result of the asset acquisition
|
-
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Contracted concessional assets cost
|
10,373,619
|
10,475,828
|
||||||
Amortization and impairment
|
(1,984,111
|
)
|
(1,926,647
|
)
|
||||
Total
|
8,389,508
|
8,549,181
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Evacuación Valdecaballeros, S.L.
|
8,652
|
8,773
|
||||||
Myah Bahr Honaine, S.P.A.(*)
|
44,663
|
43,161
|
||||||
Pectonex, R.F. Proprietary Limited
|
1,461
|
1,485
|
||||||
ABY Infraestructuras, S.L.
|
1
|
-
|
||||||
Ca Ku A1, S.A.P.I. de CV (PTS)
|
-
|
-
|
||||||
Evacuación Villanueva del Rey, S.L
|
-
|
-
|
||||||
Total
|
54,777
|
53,419
|
Balance as of
March 31,
2019
|
Balance as of
December 31,
2018
|
|||||||
($ in thousands)
|
||||||||
Fair Value through OCI (Investment in Ten West link)
|
6,034
|
6,034
|
||||||
Derivative assets
|
6,297
|
11,571
|
||||||
Other receivable accounts at amortized cost
|
53,055
|
35,065
|
||||||
Total non-current financial investments
|
65,386
|
52,670
|
||||||
Contracted concessional financial assets
|
152,230
|
159,128
|
||||||
Derivative assets
|
1,481
|
1,582
|
||||||
Other receivable accounts at amortized cost
|
89,314
|
80,124
|
||||||
Total current financial investments
|
243,025
|
240,834
|
Balance as of March 31, 2019
|
Balance as of December 31, 2018
|
|||||||||||||||
($ in thousands)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
Interest rate cash flow hedges
|
3,879
|
305,138
|
9,923
|
279,152
|
||||||||||||
Foreign exchange derivative instruments
|
3,899
|
-
|
3,230
|
-
|
||||||||||||
Total
|
7,778
|
305,138
|
13,153
|
279,152
|
• |
Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.
|
• |
Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
|
• |
Level 3: Fair value is measured based on unobservable inputs for the asset or liability.
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Credit receivables (current)
|
4,044
|
5,328
|
||||||
Total current receivables with related parties
|
4,044
|
5,328
|
||||||
Trade payables (current)
|
25,139
|
19,352
|
||||||
Total current payables with related parties
|
25,139
|
19,352
|
||||||
Credit payables (non-current)
|
28,434
|
33,675
|
||||||
Total non-current payables with related parties
|
28,434
|
33,675
|
For the three-month period ended
March 31,
|
||||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Services received
|
-
|
(26,541
|
)
|
|||||
Financial income
|
7
|
1,386
|
||||||
Financial expenses
|
(183
|
)
|
(341
|
)
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019 | 2018 | |||||||
($ in thousands)
|
||||||||
Trade receivables
|
177,841
|
163,856
|
||||||
Tax receivables
|
35,062
|
54,959
|
||||||
Prepayments
|
19,342
|
5,521
|
||||||
Other accounts receivable
|
9,167
|
12,059
|
||||||
Total
|
241,412
|
236,395
|
Balance as of
Mach 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
423,921
|
415,168
|
||||||
Current
|
273,624
|
268,905
|
||||||
Total Corporate Debt
|
697,545
|
684,073
|
Remainder
of 2019
|
Between
January and
March 2020
|
2021
|
2022
|
2023 |
Subsequent
years
|
Total
|
||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||
New Revolving Credit Facility
|
-
|
-
|
122,761
|
-
|
-
|
-
|
122,761
|
|||||||||||||||||||||
Note Issuance Facility
|
422
|
-
|
100,902
|
100,166
|
100,092
|
301,582
|
||||||||||||||||||||||
2017 Credit Facility
|
11,203
|
-
|
-
|
-
|
-
|
-
|
11,203
|
|||||||||||||||||||||
2019 Notes
|
261,999
|
-
|
-
|
-
|
-
|
-
|
261,999
|
|||||||||||||||||||||
Total
|
273,624
|
-
|
122,761
|
100,902
|
100,166
|
100,092
|
697,545
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
4,769,119
|
4,826,659
|
||||||
Current
|
307,233
|
264,455
|
||||||
Total Project debt
|
5,076,352
|
5,091,114
|
Remainder of 2019
|
||||||||||||||||||||||||||||||||||
Payment of
interests
accrued as of
March 31, 2019
|
Nominal
repayment
|
Between
January and
March 2020
|
Between
April and
December 2020
|
2021
|
2022
|
2023
|
Subsequent
Years
|
Total
|
||||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||||||||||||
64,135
|
226,100
|
16,998
|
236,207
|
265,416
|
296,067
|
321,564
|
3,649,865
|
5,076,352
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Grants
|
1,134,944
|
1,150,805
|
||||||
Other Liabilities
|
518,379
|
507,321
|
||||||
Grant and other non-current liabilities
|
1,653,323
|
1,658,126
|
Balance as of
March 31,
|
Balance as of
December 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Trade accounts payable
|
71,367
|
109,430
|
||||||
Down payments from clients
|
6,249
|
6,289
|
||||||
Liberty (see Note 16)
|
37,119
|
37,119
|
||||||
Other accounts payable
|
36,728
|
39,195
|
||||||
Total
|
151,463
|
192,033
|
For the three-month period ended March 31,
|
||||||||
Financial income
|
2019
|
2018
|
||||||
($ in thousands)
|
||||||||
Interest income from loans and credits
|
173
|
119
|
||||||
Interest rates benefits derivatives: cash flow hedges
|
113
|
177
|
||||||
Total
|
286
|
296
|
For the three-month period ended March 31,
|
||||||||
Financial expenses
|
2019
|
2018
|
||||||
Expenses due to interest:
|
($ in thousands)
|
|||||||
- Loans from credit entities
|
(63,233
|
)
|
(63,751
|
)
|
||||
- Other debts
|
(23,822
|
)
|
(18,468
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(14,448
|
)
|
(17,848
|
)
|
||||
Total
|
(101,503
|
)
|
(100,067
|
)
|
For the three-month period ended March 31,
|
||||||||
Other financial income / (expenses)
|
2019
|
2018
|
||||||
($ in thousands)
|
||||||||
Other financial income
|
5,633
|
2,171
|
||||||
Other financial losses
|
(4,571
|
)
|
(3,831
|
)
|
||||
Total
|
1,062
|
(1,660
|
)
|
Other Operating income
|
For the three-month period ended March 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Grants (see Note 16)
|
14,789
|
14,857
|
||||||
Income from various services and insurance proceeds
|
11,650
|
13,557
|
||||||
Total
|
26,439
|
28,414
|
Other Operating expenses
|
For the three-month period ended March 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Leases and fees
|
(731
|
)
|
(743
|
)
|
||||
Operation and maintenance
|
(33,817
|
)
|
(32,444
|
)
|
||||
Independent professional services
|
(8,833
|
)
|
(7,091
|
)
|
||||
Supplies
|
(6,865
|
)
|
(7,391
|
)
|
||||
Insurance
|
(6,112
|
)
|
(6,443
|
)
|
||||
Levies and duties
|
(3,069
|
)
|
(9,909
|
)
|
||||
Other expenses
|
(1,146
|
)
|
(2,173
|
)
|
||||
Total
|
(60,573
|
)
|
(66,194
|
)
|
Item
|
For the three-month period ended March 31,
|
|||||||
2019
|
2018
|
|||||||
($ in thousands)
|
||||||||
Profit/ (loss) from continuing operations attributable to Atlantica Yield Plc.
|
(8,957
|
)
|
(4,764
|
)
|
||||
Average number of ordinary shares outstanding (thousands) - basic and diluted
|
100,217
|
100,217
|
||||||
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted
|
(0.09
|
)
|
(0.05
|
)
|
||||
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and
diluted
|
(0.09
|
)
|
(0.05
|
)
|
Three-month period ended March 31,
|
||||||||||||||||
Revenue by geography
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
60.5
|
27.3
|
%
|
$
|
61.8
|
27.4
|
%
|
||||||||
South America
|
33.5
|
15.1
|
%
|
29.5
|
13.1
|
%
|
||||||||||
EMEA
|
127.5
|
57.6
|
%
|
134.0
|
59.5
|
%
|
||||||||||
Total revenue
|
$
|
221.5
|
100.0
|
%
|
$
|
225.3
|
100.0
|
%
|
Three-month period ended March 31,
|
||||||||||||||||
Revenue by business sector
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
156.8
|
70.8
|
%
|
$
|
167.2
|
74.2
|
%
|
||||||||
Efficient natural gas power
|
34.0
|
15.4
|
%
|
28.4
|
12.6
|
%
|
||||||||||
Electric transmission lines
|
24.9
|
11.2
|
%
|
23.9
|
10.6
|
%
|
||||||||||
Water
|
5.8
|
2.6
|
%
|
5.8
|
2.6
|
%
|
||||||||||
Total revenue
|
$
|
221.5
|
100.0
|
%
|
$
|
225.3
|
100.0
|
%
|
Three-month period ended March 31,
|
||||||||||||||||
Further Adjusted EBITDA by geography
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
50.9
|
84.2
|
%
|
$
|
60.2
|
97.5
|
%
|
||||||||
South America
|
28.2
|
84.2
|
%
|
24.2
|
81.9
|
%
|
||||||||||
EMEA
|
100.0
|
78.4
|
%
|
93.6
|
69.8
|
%
|
||||||||||
Total Further Adjusted EBITDA(1)
|
$
|
179.1
|
80.9
|
%
|
$
|
178.0
|
79.0
|
%
|
Three-month period ended March 31,
|
||||||||||||||||
Further Adjusted EBITDA by business sector
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
123.5
|
78.8
|
%
|
$
|
131.4
|
78.6
|
%
|
||||||||
Efficient natural gas power
|
30.5
|
89.6
|
%
|
23.3
|
82.2
|
%
|
||||||||||
Electric transmission lines
|
21.6
|
86.7
|
%
|
19.9
|
83.2
|
%
|
||||||||||
Water
|
3.5
|
60.3
|
%
|
3.4
|
57.9
|
%
|
||||||||||
Total Further Adjusted EBITDA(1)
|
$
|
179.1
|
80.9
|
%
|
$
|
178.0
|
79.0
|
%
|
(1) |
Further Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent 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 of entities included in the Annual Consolidated
Financial Statements and the Consolidated Condensed Interim Financial Statements. Further Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Further Adjusted EBITDA as an
alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of
performance under generally accepted accounting principles. We believe that Further Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other
parties to evaluate us. Further Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Further Adjusted EBITDA may
not be indicative of our historical operating results, nor is it meant to be predictive of potential future results See Note 4 to the Consolidated Condensed Interim Financial Statements.
|
• |
Atlantica has a right to acquire stakes or make investments in two Algonquin assets in the US for a total equity value up to $100 million, subject to the parties acting
reasonably and in good faith agreeing price and terms of such transfers.
|
• |
Additionally, both companies have agreed to analyze jointly during the next six months Algonquin’s contracted assets portfolio in the US and Canada to identify assets
where a drop down could add value for both parties, according to each company’s key metrics.
|
•
|
The existing Shareholders Agreement has been modified to allow Algonquin to increase its shareholding in Atlantica up to a 48.5% without any
change in corporate governance. Algonquin’s voting rights and rights to appoint directors are limited to a 41.5% and the additional 7% will vote replicating non-Algonquin’s shareholders vote. Part of this investment in Atlantica’s
shares will be done by Algonquin by subscribing $30 million dollars in new shares to be issued by Atlantica at a price of $21.67 per share, a 6% premium with respect to the closing price of May 9, 2019.
|
Volume sold and availability levels
Three-month period ended March 31, |
||||||||
Key performance indicator
|
2019
|
2018
|
||||||
Renewable energy
|
||||||||
MW in operation(1)
|
1,496
|
1,446
|
||||||
GWh produced(2)
|
581
|
507
|
||||||
Efficient natural gas power
|
||||||||
MW in operation
|
300
|
300
|
||||||
GWh produced(3)
|
383
|
547
|
||||||
Availability (%)(3)(4)
|
87.1
|
%
|
97.9
|
%
|
||||
Electric transmission lines
|
||||||||
Miles in operation
|
1,152
|
1,099
|
||||||
Availability (%)(5)
|
99.9
|
%
|
100.0
|
%
|
||||
Water
|
||||||||
Mft3 in operation(1)
|
10.5
|
10.5
|
||||||
Availability (%)(5)
|
99.8
|
%
|
99.1
|
%
|
(1) |
Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
|
(2) |
Includes curtailment in wind assets for which we receive compensation.
|
(3) |
Major maintenance overhaul held in Q1 2019, as scheduled, reduced production and electric availability as per the contract.
|
(4) |
Electric availability refers to operational MW over contracted MW with Pemex.
|
(5) |
Availability refers to actual availability divided by contracted availability.
|
Three-month period ended March 31,
|
||||||||||||
2019
|
2018
|
% Variation
|
||||||||||
($ in millions)
|
||||||||||||
Revenue
|
$
|
221.5
|
$
|
225.3
|
(1.7
|
)%
|
||||||
Other operating income
|
26.4
|
28.4
|
(7.0
|
)%
|
||||||||
Raw materials and consumables used
|
(2.9
|
)
|
(4.5
|
)
|
(35.6
|
)%
|
||||||
Employee benefit expenses
|
(5.3
|
)
|
(5.1
|
)
|
3.9
|
%
|
||||||
Depreciation, amortization, and impairment charges
|
(75.7
|
)
|
(74.6
|
)
|
1.5
|
%
|
||||||
Other operating expenses
|
(60.6
|
)
|
(66.2
|
)
|
(8.5
|
)%
|
||||||
Operating profit
|
$
|
103.4
|
$
|
103.3
|
0.1
|
%
|
||||||
Financial income
|
0.3
|
0.3
|
(0.0
|
)%
|
||||||||
Financial expense
|
(101.5
|
)
|
(100.0
|
)
|
1.5
|
%
|
||||||
Net exchange differences
|
0.9
|
(0.2
|
)
|
(550.0
|
)%
|
|||||||
Other financial income/(expense), net
|
1.0
|
(1.7
|
)
|
(158.8
|
)%
|
|||||||
Financial expense, net
|
$
|
(99.3
|
)
|
$
|
(101.6
|
)
|
(2.3
|
)%
|
||||
Share of profit of associates carried under the equity method
|
1.8
|
1.4
|
28.6
|
%
|
||||||||
Profit/(loss) before income tax
|
$
|
5.9
|
$
|
3.1
|
90.3
|
%
|
||||||
Income tax
|
(9.6
|
)
|
(4.6
|
)
|
108.7
|
%
|
||||||
Profit/(loss) for the period
|
$
|
(3.7
|
)
|
$
|
(1.5
|
)
|
146.7
|
%
|
||||
Profit attributable to non-controlling interest
|
(5.3
|
)
|
(3.3
|
)
|
60.6
|
%
|
||||||
Profit/(loss) for the period attributable to the parent company
|
$
|
(9.0
|
)
|
$
|
(4.8
|
)
|
87.5
|
%
|
||||
Weighted average number of ordinary shares outstanding (millions)
|
100.2
|
100.2
|
||||||||||
Basic and diluted earnings per share attributable to the parent company (U.S. dollar per share)
|
(0.09
|
)
|
(0.05
|
)
|
||||||||
Dividend paid per share(1)
|
0.37
|
0.31
|
(1) |
On February 26, 2019, our board of directors approved a dividend of $0.37 per share, corresponding to the
fourth quarter of 2018, which was paid on March 22, 2019. On February 27, 2018, the board of directors declared a dividend of $0.31 per share corresponding to the fourth quarter of 2017, which was paid on March 27, 2018.
|
Three-month period ended March 31,
|
||||||||
Other operating income
|
2019
|
2018
|
||||||
($ in millions)
|
||||||||
Grants
|
$
|
14.8
|
$
|
14.9
|
||||
Income from various services
|
11.6
|
13.5
|
||||||
Total
|
$
|
26.4
|
$
|
28.4
|
Three-month period ended March 31,
|
||||||||||||||||
Other operating expenses
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Leases and fees
|
$
|
0.8
|
0.3
|
%
|
$
|
0.8
|
0.3
|
%
|
||||||||
Operation and maintenance
|
33.8
|
15.3
|
%
|
32.4
|
14.4
|
%
|
||||||||||
Independent professional services
|
8.8
|
4.0
|
%
|
7.1
|
3.1
|
%
|
||||||||||
Supplies
|
6.9
|
3.1
|
%
|
7.4
|
3.3
|
%
|
||||||||||
Insurance
|
6.1
|
2.8
|
%
|
6.5
|
2.9
|
%
|
||||||||||
Levies and duties
|
3.1
|
1.4
|
%
|
9.9
|
4.4
|
%
|
||||||||||
Other expenses
|
1.1
|
0.5
|
%
|
2.1
|
0.9
|
%
|
||||||||||
Total
|
$
|
60.6
|
27.3
|
%
|
$
|
66.2
|
29.4
|
%
|
Three-month period ended March 31,
|
||||||||
Financial income and financial expense
|
2019
|
2018
|
||||||
$ in millions
|
||||||||
Financial income
|
0.3
|
0.3
|
||||||
Financial expense
|
(101.5
|
)
|
(100.0
|
)
|
||||
Net exchange differences
|
0.9
|
(0.2
|
)
|
|||||
Other financial income/(expense), net
|
1.0
|
(1.7
|
)
|
|||||
Financial expense, net
|
(99.3
|
)
|
(101.6
|
)
|
Three-month period ended March 31,
|
||||||||
Financial expense
|
2019
|
2018
|
||||||
($ in millions)
|
||||||||
Interest expense:
|
||||||||
—Loans from credit entities
|
$
|
(63.2
|
)
|
$
|
(63.8
|
)
|
||
—Other debts
|
(23.8
|
)
|
(18.4
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(14.5
|
)
|
(17.8
|
)
|
||||
Total
|
$
|
(101.5
|
)
|
$
|
(100.0
|
)
|
Three-month period ended March 31,
|
||||||||
Other financial income /(expense), net
|
2019
|
2018
|
||||||
($ in millions)
|
||||||||
Other financial income
|
$
|
5.6
|
$
|
2.1
|
||||
Other financial expense
|
(4.6
|
)
|
(3.8
|
)
|
||||
Total
|
$
|
1.0
|
$
|
(1.7
|
)
|
Three-month period ended March 31,
|
||||||||||||||||
Revenue by geography
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
60.5
|
27.3
|
%
|
$
|
61.8
|
27.4
|
%
|
||||||||
South America
|
33.5
|
15.1
|
%
|
29.5
|
13.1
|
%
|
||||||||||
EMEA
|
127.5
|
57.6
|
%
|
134.0
|
59.5
|
%
|
||||||||||
Total revenue
|
$
|
221.5
|
100.0
|
%
|
$
|
225.3
|
100.0
|
%
|
Three-month period ended March 31,
|
||||||||||||||||
Further Adjusted EBITDA by geography
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
50.9
|
84.1
|
%
|
$
|
60.2
|
97.5
|
%
|
||||||||
South America
|
28.2
|
84.2
|
%
|
24.2
|
81.9
|
%
|
||||||||||
EMEA
|
100.0
|
78.4
|
%
|
93.6
|
69.8
|
%
|
||||||||||
Total Further Adjusted EBITDA(1)
|
$
|
179.9
|
80.4
|
%
|
$
|
178.0
|
79.0
|
%
|
(1) |
Further Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent 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 of entities included in the Annual Consolidated
Financial Statements and the Consolidated Condensed Interim Financial Statements, and dividends received from our preferred equity investment in ACBH. Further Adjusted EBITDA is not a measure of performance under IFRS as issued by the
IASB, and you should not consider Further Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of
our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Further Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness
and can assist securities analysts, investors and other parties to evaluate us. Further Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the
circumstances of those companies. Further Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of
Financial Condition and Results of Operations—Key Metrics.”
|
Volume sold and availability levels
Three-month period ended March 31, |
||||||||
Geography
|
2019
|
2018
|
||||||
North America (GWh) (1)
|
567
|
775
|
||||||
North America availability (1)(2)
|
87.1
|
%
|
97.9
|
%
|
||||
South America (miles in operation)
|
1,152
|
1,099
|
||||||
South America (GWh) (3)
|
114
|
69
|
||||||
South America availability (4)
|
99.9
|
%
|
100
|
%
|
||||
EMEA (GWh)
|
283
|
210
|
||||||
EMEA (capacity in Mft3 per day) (5)
|
10.5
|
10.5
|
||||||
EMEA availability (4)
|
99.8
|
%
|
99.1
|
%
|
(1) |
Major maintenance overhaul held in Q1 2019 in ACT, as scheduled, reduced electric production.
|
(2) |
Electric availability refers to operational MW over contracted MW with Pemex.
|
(3) |
Includes curtailment production in wind assets for which we receive compensation.
|
(4) |
Availability refers to actual availability divided by contracted availability.
|
(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.
|
Three-month period ended March 31,
|
||||||||||||||||
Revenue by business sector
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
156.8
|
70.8
|
%
|
$
|
167.2
|
74.2
|
%
|
||||||||
Efficient natural gas power
|
34.0
|
15.4
|
%
|
28.4
|
12.6
|
%
|
||||||||||
Electric transmission lines
|
24.9
|
11.2
|
%
|
23.9
|
10.6
|
%
|
||||||||||
Water
|
5.8
|
2.6
|
%
|
5.8
|
2.6
|
%
|
||||||||||
Total revenue
|
$
|
221.5
|
100.0
|
%
|
$
|
225.3
|
100.0
|
%
|
Three-month period ended March 31,
|
||||||||||||||||
Further Adjusted EBITDA by business sector
|
2019
|
2018
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
123.5
|
78.8
|
%
|
$
|
131.4
|
78.6
|
%
|
||||||||
Efficient natural gas power
|
30.5
|
89.7
|
%
|
23.3
|
82.2
|
%
|
||||||||||
Electric transmission lines
|
21.6
|
86.7
|
%
|
19.9
|
83.2
|
%
|
||||||||||
Water
|
3.5
|
60.3
|
%
|
3.4
|
57.9
|
%
|
||||||||||
Total Further Adjusted EBITDA(1)
|
$
|
179.1
|
80.9
|
%
|
$
|
178.0
|
79.0
|
%
|
(1) |
Further Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent 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 of entities included in the Annual Consolidated
Financial Statements and the Consolidated Condensed Interim Financial Statements and dividends received from our preferred equity investment in ACBH until 2017. Further Adjusted EBITDA is not a measure of performance under IFRS as
issued by the IASB, and you should not consider Further Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a
measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Further Adjusted EBITDA is a useful indicator of our ability to incur and service our
indebtedness and can assist securities analysts, investors and other parties to evaluate us. Further Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that
reflect the circumstances of those companies. Further Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “PresentationItem 2—Management’s
Discussion and Analysis of Financial Information—Non-GAAP Financial MeasuresCondition and Results of Operations—Key Metrics.”
|
Volume sold and available levels
|
||||||||
Three-month period ended March 31,
|
||||||||
Business Sectors
|
2019
|
2018
|
||||||
Renewable Energy (GWh) (1)
|
581
|
507
|
||||||
Efficient Natural Gas Power (GWh) (2)
|
383
|
547
|
||||||
Efficient Natural Gas Power availability(3)
|
87.1
|
%
|
97.9
|
%
|
||||
Electric transmission (miles in operation)
|
1,152
|
1,099
|
||||||
Electric transmission availability(4)
|
99.9
|
%
|
100
|
%
|
||||
Water (capacity in Mft3 per day) (5)
|
10.5
|
10.5
|
||||||
Water availability(4)
|
99.8
|
%
|
99.1
|
%
|
(1) |
Includes curtailment production in wind assets for which we receive compensation
|
(2) |
Major maintenance overhaul held in Q1 2019 in ACT, as scheduled, which reduced electric production, as per the contract.
|
(3) |
Electric availability refers to operational MW over contracted MW with Pemex. Major overhaul held in Q1 2019, as scheduled, which reduced the electric availability as per
the contract with Pemex.
|
(4) |
Availability refers to actual availability divided by contracted availability
|
(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
|
• |
debt service requirements on our existing and future debt;
|
• |
cash dividends to investors; and
|
• |
acquisitions of new companies and operations (see “Item 4.B—Business Overview—Our Business Strategy” in our Annual Report).
|
• |
On February 27, 2018, our board of directors approved a dividend of $0.31 per share. The dividend was paid on March 27, 2018, to shareholders of record as of March 19,
2018.
|
• |
On May 11, 2018, our board of directors approved a dividend of $0.32 per share. The dividend was paid on June 15, 2018, to shareholders of record as of May 31, 2018.
|
• |
On July 31, 2018, our board of directors approved a dividend of $0.34 per share. The dividend was paid on September 15, 2018, to shareholders of record as of August 31,
2018.
|
• |
On October 31, 2018, our board of directors approved a dividend of $0.36 per share. The dividend was paid on December 14, 2018, to shareholders of record as of November 30,
2018.
|
• |
On February 26, 2019, our board of directors approved a dividend of $0.37 per share. The dividend was paid on March 22, 2019, to shareholders of record as of March 12,
2019.
|
• |
On May 7, 2019, our board of directors approved a dividend of $0.39 per share, which represents an increase of 21.9% from the first quarter of 2018. The dividend is
expected to be paid on June 14, 2019, to shareholders of record as of June 3, 2019.
|
Three-month period ended March 31,
|
||||||||
2019
|
2018
|
|||||||
($ in millions)
|
||||||||
Gross cash flows from operating activities
|
||||||||
Profit/(loss) for the period
|
$
|
(3.7
|
)
|
$
|
(1.5
|
)
|
||
Financial expense and non-monetary adjustments
|
169.0
|
170.4
|
||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
165.3
|
$
|
168.9
|
||||
Variations in working capital
|
(54.5
|
)
|
(11.7
|
)
|
||||
Net interest and income tax paid
|
(13.9
|
)
|
$
|
(26.7
|
)
|
|||
Total net cash provided by operating activities
|
$
|
96.9
|
$
|
130.5
|
||||
Net cash provided/(used in) investing activities(1)
|
$
|
(22.3
|
)
|
$
|
47.6
|
|||
Net cash used in financing activities
|
$
|
(44.7
|
)
|
$
|
(101.2
|
)
|
||
Net increase/(decrease) in cash and cash equivalents
|
30.0
|
76.9
|
||||||
Cash and cash equivalents at the beginning of the period
|
631.5
|
669.4
|
||||||
Translation differences in cash or cash equivalents
|
(6.9
|
)
|
9.6
|
|||||
Cash and cash equivalents at the end of the period
|
$
|
654.6
|
$
|
755.9
|
(1) |
Includes proceeds for $7.4 million and $60.8 million for the three-month period ended March 31, 2019 and March 31, 2018 respectively, related to the amounts received from
Abengoa by Solana further to Abengoa´s obligation as EPC Contractor.
|
· |
Project debt in euros: between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed interest rates of between 0.60% and 4.87%;
|
· |
Project debt in U.S. dollars: between 70% and 100% of the notional amount, maturities until 2034; and average guaranteed interest rates of between 2.32% and 5.27%.
|
Balance as of
December 31,
|
||||||||
2018
|
2017
|
|||||||
Maturity
|
||||||||
Up to 3 months
|
163.9
|
186.7
|
||||||
Between 3 and 6 months
|
—
|
—
|
||||||
Total
|
163.9
|
186.7
|
Number |
Description
|
99.1 |
The Note Issuance Facility, dated April 30, 2019, among Atlantica Yield plc, the guarantors named therein, FSS Trustee Corporation,
as trustee, Lucid Agency Services Limited, as agent, and a group of funds managed by Westbourne as purchasers of the notes issued thereunder
|
ATLANTICA YIELD PLC
|
||
Date: May 10, 2019
|
By:
|
/s/ Santiago Seage
|
Name: Santiago Seage
|
||
Title: Chief Executive Officer
|
Execution version
Article 1
|
||
Authorization of Notes; Interest
|
||
Section 1.1
|
Authorization of Notes
|
1
|
Section 1.2
|
Interest
|
1
|
Section 1.3
|
Capitalization.
|
2
|
Article 2
|
||
Issue and Subscription of Notes
|
||
Article 3
|
||
Closing
|
||
Section 3.1
|
Closing
|
2
|
Article 4
|
||
Conditions to Closing
|
||
Section 4.1
|
Purchase Date
|
3
|
Article 5
|
||
Fees
|
||
Section 5.1
|
Agent Fee Letter
|
7
|
Section 5.2
|
Fees Generally
|
7
|
Article 6
|
||
Representations and Warranties of the Note Parties
|
||
Section 6.1
|
Existence, Qualification and Power
|
7
|
Section 6.2
|
Authorization; No Contravention
|
7
|
Section 6.3
|
Governmental Authorization; Other Consents
|
8
|
Section 6.4
|
Binding Effect
|
8
|
Section 6.5
|
Financial Statements; No Material Adverse Effect
|
8
|
Section 6.6
|
Litigation
|
9
|
Section 6.7
|
No Default
|
9
|
Section 6.8
|
Ownership of Property; Liens
|
9
|
Section 6.9
|
Environmental Compliance
|
10
|
Section 6.10
|
Insurance
|
10
|
Section 6.11
|
Taxes
|
10
|
Section 6.12
|
ERISA Compliance
|
11
|
Section 6.13
|
Subsidiaries; Equity Interests; Note Parties
|
12
|
Section 6.14
|
Margin Regulations; Investment Company Act
|
12
|
Section 6.15
|
Disclosure
|
12
|
Section 6.16
|
Compliance with Laws
|
13
|
Section 6.17
|
Intellectual Property; Licenses, Etc.
|
13
|
Section 6.18
|
Solvency
|
13
|
Section 6.19
|
OFAC; Anti-Terrorism
|
13
|
Section 6.20
|
Foreign Corrupt Practices Act, Etc.
|
13
|
Section 6.21
|
Anti-Corruption Laws
|
14
|
Section 6.22
|
Restricted Payments
|
14
|
Section 6.23
|
The Notes
|
14
|
Article 7
|
||
Representations of the Purchasers
|
||
Section 7.1
|
Reliance on Exemption
|
15
|
Section 7.2
|
No Registration
|
15
|
Section 7.3
|
No General Solicitation nor Directed Selling Efforts
|
15
|
Section 7.4
|
Non-U.S. Person
|
15
|
Article 8
|
||
Payment and Prepayment of the Notes
|
||
Section 8.1
|
Maturity
|
16
|
Section 8.2
|
Optional Redemption
|
16
|
Section 8.3
|
Prepayment for Tax Reasons.
|
17
|
Section 8.4
|
Redemption upon a Change of Control
|
18
|
Section 8.5
|
Redemption upon Sales of Assets
|
19
|
Section 8.6
|
Covenant Suspension Offer
|
19
|
Section 8.7
|
Allocation of Partial Prepayments
|
20
|
Section 8.8
|
Maturity; Surrender, Etc.
|
21
|
Section 8.9
|
Purchase of Notes
|
21
|
Section 8.10
|
Payments Due on Non-Business Days
|
21
|
Article 9
|
||
Affirmative Covenants
|
||
Section 9.1
|
Financial Statements
|
21
|
Section 9.2
|
Certificates; Other Information
|
22
|
Section 9.3
|
Notices
|
24
|
Section 9.4
|
Preservation of Existence, Center of Main Interests and
Establishments, Etc.
|
25
|
Section 9.5
|
Inspection Rights
|
25
|
Section 9.6
|
Use of Proceeds
|
26
|
Section 9.7
|
Covenant to Guarantee Obligations
|
26
|
Section 9.8
|
Further Assurances
|
26
|
Section 9.9
|
Maintenance of Rating
|
26
|
Section 9.10
|
Maintenance of Listing of the Notes
|
26
|
Section 9.11
|
Source of Consolidated Revenue
|
27
|
Section 9.12
|
Maintenance of Insurance
|
27
|
Section 9.13
|
Maintenance of Listing
|
27
|
Article 10
|
||
Negative Covenants
|
||
Section 10.1
|
Liens
|
27
|
Section 10.2
|
Merger, Consolidation or Sale of Assets
|
30
|
Section 10.3
|
Restricted Payments
|
31
|
Section 10.4
|
Limitation on Transactions with Affiliates
|
31
|
Section 10.5
|
Limitation on Sales of Assets
|
34
|
Section 10.6
|
Financial Covenant
|
35
|
Section 10.7
|
Covenant Suspension
|
36
|
Section 10.8
|
Anti-Corruption Laws
|
36
|
Section 10.9
|
Sanctions
|
36
|
Section 10.10
|
Residency Undertaking
|
37
|
Article 11
|
||
Events of Default
|
||
Section 11.1
|
Event of Default
|
37
|
Section 11.2
|
Remedies upon Event of Default
|
39
|
Section 11.3
|
Application of Funds
|
39
|
Article 12
|
||
Agent
|
||
Section 12.1
|
Appointment and Authority
|
40
|
Section 12.2
|
Rights as a Holder of a Note
|
42
|
Section 12.3
|
Exculpatory Provisions
|
42
|
Section 12.4
|
Reliance by the Agent
|
44
|
Section 12.5
|
Delegation of Duties
|
45
|
Section 12.6
|
Resignation and replacement of the Agent
|
45
|
Section 12.7
|
Non-Reliance on the Agent and Other Purchasers
|
46
|
Section 12.8
|
Guaranty Matters
|
46
|
Section 12.9
|
Parallel Debt
|
47
|
Section 12.10
|
Agent’s Management Time
|
48
|
Article 13
|
||
Tax Indemnification; FATCA
|
||
Section 13.1
|
Tax Indemnification
|
48
|
Article 14
|
||
Registration; Exchange; Substitution of Notes
|
||
Section 14.1
|
Registration of Notes
|
51
|
Section 14.2
|
Transfer of Commitments and Notes
|
51
|
Section 14.3
|
Registration of Transfer and Exchange of Notes
|
52
|
Section 14.4
|
Replacement of Notes
|
52
|
Section 14.5
|
Regulation S Transfer Restrictions
|
53
|
Section 14.6
|
Company Undertakings
|
53
|
Article 15
|
||
Payments on Notes
|
||
Section 15.1
|
Agent to Hold Money
|
53
|
Section 15.2
|
Principal, Maturity and Interest and Payment of Notes
|
54
|
Article 16
|
||
Expenses, Etc.
|
||
Section 16.1
|
Expenses; Indemnity; Damage Waiver
|
54
|
Section 16.2
|
Certain Taxes
|
57
|
Section 16.3
|
Survival
|
59
|
Article 17
|
||
Survival of Representations and Warranties; Entire Agreement
|
||
Article 18
|
||
Amendment and Waiver.
|
||
Section 18.1
|
Requirements
|
59
|
Section 18.2
|
Amendments by the Company and the Agent
|
60
|
Section 18.3
|
Binding Effect, Etc.
|
60
|
Section 18.4
|
Notes Held by Company, Etc.
|
60
|
Article 19
|
||
Notices; English Language
|
||
Article 20
|
||
Confidential Information
|
||
Article 21
|
||
Substitution of Purchaser
|
||
Article 22
|
||
Miscellaneous
|
||
Section 22.1
|
Successors and Assigns
|
63
|
Section 22.2
|
No Waiver; Cumulative Remedies; Enforcement
|
63
|
Section 22.3
|
Accounting Terms
|
64
|
Section 22.4
|
Severability
|
64
|
Section 22.5
|
Construction, Etc.
|
64
|
Section 22.6
|
Rounding
|
65
|
Section 22.7
|
Times of day
|
65
|
Section 22.8
|
Counterparts; Integration; Effectiveness
|
65
|
Section 22.9
|
Governing Law; Jurisdiction; Etc.
|
66
|
Section 22.10
|
Waiver of Jury Trial
|
67
|
Section 22.11
|
Special Provisions Regarding Enforcement Under the Laws of Spain
|
67
|
Section 22.12
|
Judgment Currency
|
69
|
Section 22.13
|
No Advisory or Fiduciary Responsibility
|
70
|
Section 22.14
|
Electronic Execution of Assignments and Certain Other Documents
|
70
|
Section 22.15
|
U.S. Patriot Act
|
71
|
Section 22.16
|
FSS Trustee Corporation
|
71
|
Section 22.17
|
Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
|
71
|
Article 23
|
||
Guaranty
|
||
Section 23.1
|
Guaranty
|
72
|
Section 23.2
|
Rights of Holders of the Notes
|
72
|
Section 23.3
|
Certain Waivers
|
73
|
Section 23.4
|
Obligations Independent
|
73
|
Section 23.5
|
Subrogation
|
73
|
Section 23.6
|
Termination; Reinstatement; Release
|
73
|
Section 23.7
|
Subordination
|
75
|
Section 23.8
|
Stay of Acceleration
|
75
|
Section 23.9
|
Condition of Company
|
75
|
Section 23.10
|
Keepwell
|
75
|
Section 23.11
|
Mexican Guarantors
|
76
|
Section 23.12
|
Spanish Guarantee Limitations
|
76
|
Schedule 6.3
|
Governmental Authorization; Other Consents
|
Schedule 6.5
|
Indebtedness for Borrowed Money
|
Schedule 6.8(b)
|
Existing Liens
|
Schedule 6.13
|
Subsidiaries; Equity Interests
|
Schedule 6.22
|
Limitations on Restricted Payments
|
Schedule 19
|
Agent’s Office; Certain addresses for notices
|
Exhibit A
|
Defined Terms
|
Exhibit B
|
Form of Notes
|
Exhibit C
|
Form of opinion of Skadden
|
Exhibit D
|
Form of opinion of Skadden UK
|
Exhibit E
|
Form of opinion of Santamarina
|
Exhibit F
|
Form of opinion of M&A
|
Exhibit G
|
Form of opinion of Garrigues
|
Exhibit H
|
Form of Solvency Certificate
|
Exhibit I
|
Form of Guarantor Accession Agreement
|
Exhibit J
|
Form of Purchase Request
|
Exhibit K
|
Form of Compliance Certificate
|
Exhibit L
|
Form of Bring-down Certificate
|
EXECUTED by ATLANTICA YIELD
PLC by:
|
|
CEO
|
|
Name: Santiago Seage
|
CFO
|
|
Name: Francisco Martinez Davis
|
EXECUTED by ABY CONCESSIONS
INFRASTRUCTURES S.L.U. by:
|
|
Representative
|
|
Name: David Esteban Guitard
|
EXECUTED by ABY CONCESSIONS
PERU S.A. by:
|
|
Representative
|
|
Name: Antonio Merino Ciudad
|
Representative
|
|
Name: María de Gracia Candau Sánchez de Ibargüen
|
EXECUTED by ASHUSA INC. by:
|
|
Director
|
|
Name: Emiliano García Sanz
|
Director
|
|
Name: Francisco Martinez Davis
|
EXECUTED by ATLANTICA YIELD
SOUTH AFRICA LIMITED by:
|
|
Director
|
|
Name: David Esteban Guitard
|
Director
|
|
Name: Carlos Colón Lasso de la Vega
|
EXECUTED by ASUSHI INC. by:
|
|
Director
|
|
Name: Emiliano García Sanz
|
Director
|
|
Name: Francisco Martinez Davis
|
EXECUTED by ACT HOLDING, S.A. DE
C.V. by:
|
|
Representative
|
|
Name: Javier Muro Gagliardi
|
Representative
|
|
Name: José Jaime Dávila Uribe
|
EXECUTED for
|
||
FSS TRUSTEE CORPORATION in its capacity as trustee of
the First State Superannuation Scheme by its investment manager and attorney, Westbourne Credit Management Limited (ACN 131 843 144):
|
||
By: | ||
Director
|
||
Name: | ||
By: | ||
Director/Secretary
|
||
Name: |
EXECUTED by WESTBOURNE INFRASTRUCTURE DEBT OPPORTUNITIES FUND II, L.P. acting through its General Partner, Rimor Fund II GP Limited by:
|
||
Director
|
Director
|
|
Name:
|
Name:
|
EXECUTED by WESTBOURNE INFRASTRUCTURE DEBT 4 LP acting through its General Partner, Westbourne Infrastructure Debt GP Limited by:
|
||
Director
|
Director
|
|
Name:
|
Name:
|
EXECUTED by WESTBOURNE INFRASTRUCTURE DEBT 5 LP acting through its General Partner, Westbourne Infrastructure Debt GP Limited by:
|
||
Director
|
Director
|
|
Name:
|
Name:
|
EXECUTED by WESTBOURNE INFRASTRUCTURE DEBT 6 LP acting through its General Partner, Westbourne Infrastructure Debt GP 2 Limited by:
|
||
Director
|
Director
|
|
Name:
|
Name:
|
EXECUTED by LUCID AGENCY
SERVICES LIMITED by:
|
|
Director
|
|
Name: Emma Hamley
|
(i) |
initially in relation to the Notes subscribed on the Purchase Date, the period commencing on the Purchase Date and ending on, but excluding, the last Business Day of
the fiscal quarter of the Company then in effect; and
|
(ii) |
thereafter, each period commencing on the last day of the preceding Interest Period and ending on the last Business Day of the immediately succeeding fiscal quarter
of the Company;
|
(a) |
if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the
result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;
|
(b) |
any Interest Period that would otherwise extend beyond the applicable Maturity Date shall end on the applicable Maturity Date; and
|
(c) |
any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period) shall end on the last Business Day of a calendar month.
|
1. |
FSS Trustee Corporation (ABN 11 118 202 672)
|
|
(i) |
Maximum principal amount of notes to be purchased:
|
USD46,000,000 to be converted to EUR at the Conversion Date
|
(ii) |
All payments by wire transfer of
immediately available funds to:
|
Bank Name: Deutsche Bank AG
BIC: DEUTDEFFXXX
Bank Address: Taunusanlage 12, 60262 Frankfurt,
Germany
|
with sufficient information to identify the
source and application of such funds.
|
Account Name: State Street Bank and Trust Company (SBOSGB2XXXX)
Account No: 9273616
IBAN: DE43 5007 0010 0927 3616 00
Reference (MUST be included with payment): FT42 AY
Att.: Lynne Beale
Westbourne Credit Management Limited
And
Att.: Unlisted Investment Team
State Street Australia Limited
|
|
(iii) |
All notices of payments and written
confirmations of such wire transfers:
|
Att.: Lynne Beale - Chief Operating Officer
Westbourne Credit Management Limited
Address: Level 12, 101 Collins Street, Melbourne
VIC 3000, Australia
Telephone: +61 3 9660 6900
Fax: +61 3 9660 6999
E-mail: admin@westbournecapital.com.au
And
Att.: Unlisted Investment Team
State Street Australia Limited
Address: Level 14, 420 George Street, Sydney NSW
2000, Australia
Fax: +61 2 9323 6476
E-mail: SSALUnlistedInvestments@StateStreet.com
|
(iv) |
E-m ail address for Electronic Delivery:
|
admin@westbournecapital.com.au
SSALUnlistedInvestments@StateStreet.com
|
(v) |
All other communications:
|
same as in (ii) above
|
2. |
Westbourne Infrastructure Debt Opportunities Fund II, L.P. acting through its General Partner, Rimor Fund II GP
Limited
|
|
(i) |
Maximum principal amount of notes to be purchased:
|
USD38,000,000 to be converted to EUR at the Conversion Date
|
(ii) |
All payments by wire transfer of
immediately available funds to:
|
Beneficiary Account Name: Westbourne Infrastructure
Debt Opportunities Fund II LP
Beneficiary Account Number: 0974-131970-503
|
with sufficient information to identify the
source and application of such funds.
|
Beneficiary Bank Name: National Australia Bank
Limited, Singapore Branch
Beneficiary Bank Address: 12 Marina View #20-02, Asia
Square Tower 2, Singapore 018961
Beneficiary Bank SWIFT: NATASGSG
Beneficiary Bank Code: 8077
Beneficiary Bank Branch Code: 001
Correspondent Bank: Deutsche Bank
Correspondent Bank Address: Taunusanlage 12, 60262 Frankfurt AM MAIN, GERMANY
Correspondent Bank SWIFT: DEUTDEFF
SWIFT Communication Format: MT103 (field 59)
Att.: Lynne Beale
Westbourne Credit Management Limited
|
(iii) |
All notices of payments and written
confirmations of such wire transfers:
|
Att.: Lynne Beale - Chief Operating Officer
Westbourne Credit Management Limited
Address: Level 12, 101 Collins Street, Melbourne
VIC 3000, Australia
Telephone: +61 3 9660 6900
Fax: +61 3 9660 6999
E-mail: admin@westbournecapital.com.au
And
Att.: Ivan Setiawan
Citco Fund Services (Australia) Pty Ltd
Address: Level 22, 45 Clarence Street, Sydney NSW 2000,
Australia
Telephone: +61 2 9005 0458
Fax: +61 2 9005 0452
|
(iv) |
E-m ail address for Electronic Delivery:
|
admin@westbournecapital.com.au
westbourne@citco.com
|
(v) |
All other communications:
|
same as in (ii) above
|
3. |
Westbourne Infrastructure Debt 4 LP acting through its General Partner, Westbourne
Infrastructure Debt GP Limited
|
|
(i) |
Maximum principal amount of notes to be purchased:
|
USD93,000,000 to be converted to EUR at the Conversion Date
|
(ii) |
All payments by wire transfer of
immediately available funds to:
|
Beneficiary Account Name: Westbourne Infrastructure
Debt 4 LP
Beneficiary Account Number: WESINEUR01
|
with sufficient information to identify the
source and application of such funds.
|
Beneficiary Bank Name: National Australia Bank
Beneficiary Bank Address: 500 Bourke Street, Melbourne
VIC 3000, Australia
Beneficiary Bank SWIFT: NATAAU3303M
Sort Code: 082-039
Correspondent Bank: Deutsche Bank
Correspondent Bank Address: Taunusanlage 12, 60262 Frankfurt AM MAIN, GERMANY
Correspondent Bank SWIFT: DEUTDEFF
SWIFT Communication Format: MT103 (field 59)
Reference (MUST be included with payment): WID4LP
Att.: Lynne Beale
Westbourne Credit Management Limited
|
(iii) |
All notices of payments and written
confirmations of such wire transfers:
|
Att.: Lynne Beale - Chief Operating Officer
Westbourne Credit Management Limited
Address: Level 12, 101 Collins Street, Melbourne
VIC 3000, Australia
Telephone: +61 3 9660 6900
Fax: +61 3 9660 6999
E-mail: admin@westbournecapital.com.au
And
Att.: Ivan Setiawan
Citco Fund Services (Australia) Pty Ltd
Address: Level 22, 45 Clarence Street, Sydney NSW 2000,
Australia
Telephone: +61 2 9005 0458
Fax: +61 2 9005 0452
|
(iv) |
E-m ail address for Electronic Delivery:
|
admin@westbournecapital.com.au
westbourne@citco.com
|
(v) |
All other communications:
|
same as in (ii) above
|
4. |
Westbourne Infrastructure Debt 5 LP acting through its General Partner, Westbourne Infrastructure Debt GP Limited
|
|
(i) |
Maximum principal amount of notes to be purchased:
|
USD93,000,000 to be converted to EUR at the Conversion Date
|
(ii) |
All payments by wire transfer of immediately available funds to:
|
Beneficiary Account Name: Westbourne Infrastructure
Debt 5 LP
Beneficiary Account Number: WESDBEUR01
|
with sufficient information to identify the source and application of such funds.
|
Beneficiary Bank Name: National Australia Bank
Beneficiary Bank Address: 500 Bourke Street, Melbourne
VIC 3000, Australia
Beneficiary Bank SWIFT: NATAAU3303M
Sort Code: 082-039
Correspondent Bank: Deutsche Bank
Correspondent Bank Address: Taunusanlage 12, 60262 Frankfurt AM MAIN, GERMANY
Correspondent Bank SWIFT: DEUTDEFF
SWIFT Communication Format: MT103 (field 59)
Reference (MUST be included with payment): WID5LP
Att.: Lynne Beale
Westbourne Credit Management Limited
|
|
(iii) |
All notices of payments and written confirmations of such wire transfers:
|
Att.: Lynne Beale - Chief Operating Officer
Westbourne Credit Management Limited
Address: Level 12, 101 Collins Street, Melbourne
VIC 3000, Australia
Telephone: +61 3 9660 6900
Fax: +61 3 9660 6999
E-mail: admin@westbournecapital.com.au
And
Att.: Ivan Setiawan
Citco Fund Services (Australia) Pty Ltd
Address: Level 22, 45 Clarence Street, Sydney NSW 2000,
Australia
Telephone: +61 2 9005 0458
Fax: +61 2 9005 0452
|
(iv) |
E-m ail address for electronic delivery:
|
admin@westbournecapital.com.au
westbourne@citco.com
|
(v) |
All other communications:
|
same as in (ii) above
|
5. |
Westbourne Infrastructure Debt 6 LP acting through its General Partner, Westbourne Infrastructure Debt GP 2
Limited
|
|
(i) |
Maximum principal amount of notes to be purchased:
|
USD30,000,000 to be converted to EUR at the Conversion Date
|
(ii) |
All payments by wire transfer of immediately available funds to:
|
Beneficiary Account Name: Westbourne Infrastructure
Debt 6 LP
Beneficiary Account Number: WESBIEUR01
Beneficiary Bank Name: National Australia Bank
|
with sufficient information to identify the source and application of such funds.
|
Beneficiary Bank Address: 500 Bourke Street, Melbourne
VIC 3000, Australia
Beneficiary Bank SWIFT: NATAAU3303M
Sort Code: 082-039
Correspondent Bank: Deutsche Bank
Correspondent Bank Address: Taunusanlage 12, 60262 Frankfurt AM MAIN, GERMANY
Correspondent Bank SWIFT: DEUTDEFF
SWIFT Communication Format: MT103 (field 59)
Reference (MUST be included with payment): WID6LP
Att.: Lynne Beale
Westbourne Credit Management Limited
|
|
(iii) |
All notices of payments and written confirmations of such wire transfers:
|
Att.: Lynne Beale - Chief Operating Officer
Westbourne Credit Management Limited
Address: Level 12, 101 Collins Street, Melbourne
VIC 3000, Australia
Telephone: +61 3 9660 6900
Fax: +61 3 9660 6999
E-mail: admin@westbournecapital.com.au
And
Att.: Ivan Setiawan
Citco Fund Services (Australia) Pty Ltd
Address: Level 22, 45 Clarence Street, Sydney NSW 2000,
Australia
Telephone: +61 2 9005 0458
Fax: +61 2 9005 0452
|
(iv) |
E-m ail address for electronic delivery:
|
admin@westbournecapital.com.au
westbourne@citco.com
|
(v) |
All other communications:
|
same as in (ii) above
|