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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, 2020

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: +44 203 499 0465


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):  ☐

This Report on Form 6-K is incorporated by reference into  the Registration Statement on Form F-3 of the Registrant filed with the Securities and Exchange Commission on August 6, 2018 (File 333-226611).

     Q1 2020 Earnings PresentationMay 7, 2020 
 
 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, 2019 filed on Form 20-F, for a more complete discussion of the risks and factors that could affect us. Forward-looking statements include, but are not limited to, statements relating to: expected amounts, payments and closing timelines for investments; business synergies from investments; project growth strategy; accretive investment opportunities; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including from project debt refinancing; net corporate leverage based on CAFD estimates; debt refinancing; ESG initiative improvement; the quality of our long-term contracts; self-amortizing project debt structure and related debt reduction; the use of non-GAAP measures as a useful predicting tool for investors; the possibility to extend asset life; cost improvements from debt refinancing; the impact of COVID-19 and the ongoing economic crisis; dividends; and various other factors, including those factors discussed under “Item 1.A—“Risk Factors” in our Quarterly Report for the three-month period ended March 31, 2020 furnished on Form 6-K on the date hereof and “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2019 filed on Form 20-F. The CAFD and other guidance incorporated into this presentation are estimates as of February 27, 2020. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its FY 2019 Financial Results. Atlantica disclaims any current intention to update such guidance, except as required by law. Non-GAAP Financial Information This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues (margin) and CAFD. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this 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. In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA including unconsolidated affiliates by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation. 
 
 Key Messages  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 30).    +5.4% year-over-year CAFD growth in Q1 2020 up to $47.6 million      Adj. EBITDA incl. unconsolidated affiliates1 decreased by 8.4% mostly due to FX and lower solar radiation in EMEA      ~$320 million Green Private Placement closed in April 2020 with ~$10 million interest cost improvement per year starting in 2021    Q1 2020 dividend of $0.41 per share      Continued delivery on accretive growth strategy:Option to buy Solana’s tax equity investor extendedCreation of a Renewable Energy Growth Platform with financial partners in ChilePTS reached COD, expected closing by Q3 2020$143 million recap closed and available for new investments        No material impact from Covid-19 situation as of today   
 
 COVID-19 UPDATENo material impact from Covid-19 as of today  Resilient business modelAll our assets are subject to long-term contracted, take-or-pay and/or regulated revenuesStrong financial position, with long-dated debt maturitiesNevertheless, difficult to forecast potential future impacts  Health and Safety remains our top priorityReinforced safety measures and protocolsSituation at the plants closely monitored100% office employees working remotely with no disruptions    We continue to provide reliable service to our clientsNo significant disruptions in availability or production due to COVID-19Managing Supply Chain:Increased purchases of spare parts and equipment required for operationsNo material impact, some delays in certain maintenance activities 
 
     1. Financial Results  Sustainable Infrastructure   
 
       HIGHLIGHTS+5% CAFD Growth in Q1 2020  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 30).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 32).  First Quarter  US $ in millions     2020    2019    ∆ Reported    ∆ Excluding FX impact  Revenue    210.4    221.5    (5.0)%    (3.0)%  Adjusted EBITDA incl. unconsolidated affiliates1    166.0    181.1    (8.4)%    (6.4)%   Margin2    79%    82%          CAFD    47.6    45.1    +5.4%     
 
 WATER    Q1 2020  Q1 2019  ∆  6.6  5.8  +15%  5.9  5.5  +7%  90%  95%    RENEWABLES  Q1 2020  Q1 2019  ∆  150.8  156.8  (4)%  113.7  123.5  (8)%  75%  79%    EFFICIENT NATURAL GAS  Q1 2020  Q1 2019  ∆  26.4  34.0  (22)%  24.5  30.5  (20)%  93%  90%    TRANSMISSION  Q1 2020  Q1 2019  ∆  26.6  24.9  +7%  21.9  21.7  +1%  82%  87%        HIGHLIGHTSPerformance by Sector and Region  By Sector  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2  EMEA    NORTH AMERICA    Q1 2020  Q1 2019  ∆  59.3  60.4  (2)%  52.7  50.9  +4%  89%  84%    SOUTH AMERICA    Q1 2020  Q1 2019  ∆  115.5  127.5  (9)%  84.9  102.0  (17)%  74%  80%    By Region  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2    Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 30).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 32).  Q1 2020  Q1 2019  ∆  35.7  33.5  +6%  28.4  28.2  +1%  80%  84%   
 
 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. Major maintenance overhaul in ACT held in Q1 and Q2 2019, as scheduled, which reduced production and electric availability as per contract. GWh produced also includes 30% production from Monterrey since August 2019.Includes 30% share of the investment in Monterrey since August 2, 2019.Availability refers to actual availability divided by contracted availability.  KEY OPERATIONAL METRICSSteady Operational Performance  WATER    RENEWABLES  TRANSMISSION          EFFICIENT NATURAL GAS          Q1 2020    Q1 2019  Availability5  101.8%    99.8%  Mft3 in operation2  10.5    10.5    Q1 2020    Q1 2019  GWh produced1  526      MW in operation2  1,496    1,496    Q1 2020    Q1 2019  GWh produced3  644      Electric availability3  102.4%    87.1%  MW in operation4  343    300    Q1 2020    Q1 2019  Availability5  99.9%    99.9%  Miles in operation  1,166    1,152  581  383 
 
 CASH FLOWStable Operating Cash Flow  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 30).Includes proceeds for $7.4 million Q1 2019 related to the amounts received by Solana in relation to the consent with the DOE. Consolidated cash as of March 31, 2020 increased by $127.4 million vs December 31, 2019 including FX translation differences of $(17.3) million.  First Quarter  US $ in millions       2020    2019  Adjusted EBITDA incl. unconsolidated affiliates1      166.0    181.1  Share in Adjusted EBITDA of unconsolidated affiliates      (3.6)    (2.0)  Net interest and income tax paid      (11.4)    (13.9)  Variations in working capital       (59.3)    (54.5)  Non-monetary adjustments and other      (6.0)    (13.8)  OPERATING CASH FLOW      85.7    96.9                          INVESTING CASH FLOW2      (0.8)    (22.2)  FINANCING CASH FLOW       59.8    (44.7)  Net change in consolidated cash3      144.7    30.0 
 
 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 2020 CAFD guidance before corporate debt service.  US $ in millions  As of Mar. 31,2020    As of Dec. 31,2019  Corporate Net Debt2  652.4    657.8  Project Net Debt3  4,241.9    4,355.6    ~$115 million   NET DEBTConservative Corporate Leverage      Corporate net debt / CAFD pre corporate debt service4  2.4x   
 
     2. Strategic Update  Sustainable Infrastructure   
 
 STRATEGIC UPDATEHealthy Balance Sheet and Strong Liquidity    Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term  >$400 million  @ 31/03/20  Corporate Liquidity  ~4.7 years average maturity1 of current corporate debt  RCF’s maturities in 2021 and 2022, we intend to seek renewal as usual ~$406 million available liquidity, out of which $155 million is corporate cash as of March 31, 2020Corporate debt maturities in 2025 and 2026  Corporate Debt Maturities1  RCF  As of May 7, 2020 
 
 GROWTH STRATEGYAccretive Growth Strategy Update    3  Renewable Energy Platform in Chile    Solana’s TEI Acquisition  1  Option extended until August 2020    PTS acquisition  2  COD reached in Q1 2020Closing of the investment expected by late Q2 / Q3 2020  36% ownership: strategic partnerLong list of pipeline opportunities  Creation of a renewable energy platform with financial partners in Chile  Acquisition of a ~50 MW solar PV plant Excellent solar resourceGood operating track record$5 million first investment  First Investment 
 
       FINANCINGNew Green Project Financing to Fund New Investments  ~$143 million1 Recap  Highlights of the New Green Financing    Leveraging on our core ESG focus  Net proceeds to be used for new investments  Capital for growth without increasing corporate leverage  $143 million Recap Already Available  Entered into by the Holding Company of certain of our Spanish solar assetsNon-recourse to Atlantica. Guaranteed by assets’ distributionsExisting non-recourse projects’ debt remains in-placeAttractive conditions~3.1% interest cost275% bullet in year 5 and 25% amortizedGreen Financing in compliance with 2018 Green Loan Principles                                  E  G  S  Green secured finance denominated in Euros, net of 2020 debt service and fees. Amount of the facility has been converted to U.S. dollars for reporting purposes at an EUR/USD exchange rate of 1.10.The interest rate for the loan is a floating rate based on six-month EURIBOR plus a margin of 3.25%. Additionally, we have hedged the floating rate with a cap at 0% strike.  
 
 DIVIDEND Q1 2020 Dividend1 of $0.41 per share  Quarterly dividends declared by the Board of Directors and paid during the following quarter.   On May 6, 2020, the Board of Directors declared a dividend of $0.41 per share corresponding to the first quarter of 2020 The dividend is expected to be paid on June 15, 2020, to shareholders of record as of June 1, 2020 
 
     3. Appendix  Sustainable Infrastructure   
 
 ESG FOCUSGood Progress on our ESG Commitments  Improved ESG Ratings in 2019  Performance  Rank  Percentile  Renewable Power Production  1 out of 48  1st   Utilities  1 out of 442  1st   Global Universe   58 out of 12,228   1st       9.7 ESG Risk Score  “Negligible Risk”1  “B” rating1   Active Player in Green Financing      14%  Reduction of GHG Emissions  14% reduction of GHG emissionsReporting Scope 1, 2 and 34.7 million tons of CO2 emissions avoided2    We have issued in the last 12 months: A Green Project Finance FacilityA Green Private PlacementAn ESG-linked Financial Guarantee Line  According to Sustanalytics ESG Risk Rating Summary Report dated February 12, 2020 and CDP Score Report - Climate Change 2019. For further information please see both reports on our website.Calculated taking into account GHG emissions Scope 1 and 2 and energy generation of our power generation assets, both electric and thermal energy. The GHG Equivalences Calculator uses the Avoided Emissions and Generation Tool (AVERT) U.S. national weighted average CO2 marginal emissions rate to convert reductions of Kilowatt-hours into avoided units of carbon dioxide emissions.  Commitment to maintain 80% of our revenues generated from low-carbon footprint assets  Rating issued in January 2020Risk score improved versus last year 
 
       Weighted Average Life  Project debt term  20  Represents weighted average years remaining as of December 31, 2019, and includes the acquisitions of new assets closed as of December 31, 2019.   (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  Contract term2  LONG-TERM STABLE CASH FLOWStrong Portfolio of Assets 
 
 FINANCINGSelf-Amortizing Project Debt Structure  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 
 
 Includes short-term financial investments. Exchange rates as of March 31, 2020 (EUR/USD = 1.1031) and December 31, 2019 (EUR/USD = 1.1213).Restricted cash is cash which is restricted generally due to requirements of project finance lenders.  US $ in millions2  As of March 312020    As of Dec. 312019  Corporate cash at Atlantica  154.9    66.0  Existing available revolver capacity  251.0    341.0  Total Corporate Liquidity  405.9    407.0          Cash at project companies1  535.3    531.5   - Restricted3  331.9    373.6   - Other  203.4    157.9  LIQUIDITYStrong Liquidity Position1 
 
 CORPORATE DEBT DETAILSCorporate Debt as of March 31, 2020No significant maturities in the short term  Exchange rates as of March 31, 2020 (EUR/USD = 1.1031).Amounts include principal amounts outstanding and interests to be paid in the short term.Total RCF limit of $425 million: $37.5 million with maturity in 2021 and $387.5 million in 2022.Other facilities include other credit lines and the commercial paper program issued in October 2019.NIFA means Note Issuance Facility Agreement. 2017 NIFA refers to the senior secured note facility dated February 10, 2017, of €275 million. 2019 NIFA refers to the senior secured note facility dated April 30, 2019, of Euro equivalent of $300 million.  US $ in millions1    Maturity    Amounts2  Credit Facilities  (2022 Revolving CF)  20223    171.9    (Other facilities) 4  2020 / 2021    37.4  2017 NIFA5 (€ denominated)  (Note 1)  Repaid in April 2020    99.7    (Note 2)      99.0    (Note 3)      99.0  2019 NIFA5(€ denominated)    2025    300.3  Total        807.3    Repaid in full in April 2020, with the proceeds of the New Green Senior Secured Notes maturing in 2026  2026    319.9                 
 
 Board  Independent Board4 independent Directors plus CEO 3 AlgonquinAlgonquin’s voting rights and director appointment rights limited to 41.5%Board strengthening with increased diversityDeep and diverse experience and expertise: Independence, public boards, C-suite, infrastructure/renewables, ESG, M&A,... 25% of the directors are womenWill focus on continuing to execute on strategic plansNo IDRs and only one class of shares  Ensuring that Atlantica benefits from strong corporate governance and effective Board oversight in the best interests of Atlantica and all of its shareholders.…  BOARD COMPOSITIONStrong Corporate Governance                                       

   HISTORICAL FINANCIAL REVIEWKey Financials by Quarter      Debt details  Key Financials  US $ in thousands  US $ in millions  (3)  Dividends are paid to shareholders in the quarter after they are declared.Ratios presented are the ratios shown on each earnings presentations.(3) Excludes Solana debt repayments with proceeds received from Abengoa $52.5M in Mar’18.      1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  Revenues    225,265   287,848  323,812  206,897  1,043,822    221,452   283,338  293,373  213,289  1,011,452    210,403   F.A. EBITDA margin (%)    79.8%  91.5%  83.7%  69.7%  81.5%    81.8%  80.9%  83.4%  75.1%  80.2%    77.3%  Adj. EBITDA incl. unconsolidated affiliates    179,800   263,458  271,188  144,270  858,717    181,106  229,352  247,668  163,429  821,255    165,962  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (1,832)  (2,071)  (2,183)  (2,024)  (8,110)    (2,017)  (2,043)  (3,062)  (3,229)  (10,351)    (3,553)  Adjusted EBITDA    177,968  261,388  269,005  142,246  850,607    179,089  227,309  244,606  160,200  811,204    162,409  Dividends from unconsolidated affiliates    -   -  4,432  -  4,432    -   -  26,945  3,498  30,443    5,120   Non-monetary items    (8,839)  (60,629)  (14,755)  (15,057)  (99,280)    (14,632)  (7,729)  (10,288)  (4,783)  (37,432)    (4,334)  Interest and income tax paid    (26,760)  (133,844)  (29,212)  (143,721)  (333,537)    (13,925)  (129,405)  (24,339)  (131,845)  (299,514)    (11,436)  Principal amortization of indebtedness net of new indebtedness at projects    (17,647)  (71,028)  (13,025)  (127,947)  (229,647)    (15,176)  (93,935)  (22,115)  (123,568)  (254,794)    (14,898)  Deposits into/withdrawals from debt service accounts    (16,631)  (2,643)  (26,128)  4,205  (41,197)    21,461  25,564  (52,463)  4,721  (717)    32,921  Change in non-restricted cash at project companies    (63,782)  85,444  (93,166)  93,857  22,352    (61,445)  69,866  (58,847)  119,707  69,281    (50,467)  Dividends paid to non-controlling interests    -  (6,787)  (2,958)  -  (9,745)    -  (5,105)  (18,978)  (5,156)  (29,239)    (4,915)  Changes in other assets and liabilities    (1,278)  (25,195)  (51,465)  85,499  7,562    (50,253)  (37,183)  (38,792)  27,271  (98,957)    (66,842)                                Cash Available For Distribution (CAFD)    43,031  46,706  42,728  39,082  171,547    45,119  49,382  45,729  50,045  190,275    47,558                                Dividends declared1    32,070   34,074  36,078  37,080  139,302    39,625   40,641  41,657  41,657  163,579    41,657   # 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  101,601,662  101,601,662  101,601,662  101,601,662    101,601,662  DPS (in $ per share)     0.32  0.34  0.36  0.37  1.39     0.39  0.40  0.41  0.41  1.61     0.41  Project debt    5,533.8  5,218.8  5,214.7  5,091.1  5,091.1    5,076.4  4,997.4  4,931.3  4,852.3  4,852.3    4,777.2  Project cash    (604.5)  (504.9)  (609.6)  (524.8)  (524.8)    (546.7)  (469.0)  (568.5)  (496.8)  (496.8)    (535.3)  Net project debt    4,929.3  4,713.9  4,605.1  4,566.3  4,566.3    4,529.6  4,528.4  4,362.8  4,355.6  4,355.6    4,241.9  Corporate debt    657.3  639.0  641.8  684.1  684.1    697.5  689.6  686.4  723.8  723.8    807.3  Corporate cash    (151.4)  (152.3)  (135.1)  (106.7)  (106.7)    (107.9)  (107.0)  (73.2)  (66)  (66)    (154.9)  Net corporate debt    505.9  486.8  506.7  577.4  577.4    589.7  582.6  613.2  657.8  657.8    652.4                                Total net debt    5,435.2  5,200.6  5,111.8  5,143.6  5,143.6    5.119.3  5,111.0  4,976.0  5,013.3  5,013.3    4,894.4  Net Corporate Debt/CAFD pre corporate interests2    2.3x  2.2x  2.3x  2.7x  2.7x    2.5x  2.5x  2.7x  2.9x  2.9x    2.4x  (4) “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior periods have been recalculated to conform this presentation.  (4)  (4) 
 
 HISTORICAL FINANCIAL REVIEWSegment Financials by Quarter            1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q 19  FY 2019    1Q20  by Geography                                 NORTH AMERICA       61,781   110,534  122,309  62,553  357,177    60,441   104,095  109,378  59,052  332,965    59,283   SOUTH AMERICA       29,536   30,345  31,928  31,405  123,214    33,493  35,597  36,671  36,447  142,207    35,654  EMEA       133,948   146,969  169,576  112,938  563,431    127,518  143,646  147,325  117,790  536,280    115,466  by Business Sector                                  RENEWABLES       167,225   224,988  259,922  141,422  793,557    156,817  223,269  229,742  151,261  761,090    150,793  EFFICIENT NAT. GAS       28,387   33,050  33,918  35,444  130,799    34,009  27,689  31,193  29,390  122,281    26,403  TRANSMISSION       23,840   24,063  24,018  24,076  95,998    24,867  26,231  25,926  26,429  103,453    26,608  WATER       5,813   5,747  5,955  5,954  23,468    5,759  6,149  6,511  6,209  24,629    6,599  Total Revenue       225,265  287,848  323,813  206,896  1,043,822    221,452  283,338  293,373  213,289  1,011,452    210,403                                        1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  by Geography                                 NORTH AMERICA       60,247  94,411  117,498  36,591  308,748    50,870  96,293  108,198  51,881  307,242    52,661        97.5%  85.4%  96.1%  58.5%  86.4%    84.2%  92.5%  98.9%  88.8%  92.3%    88.8%   SOUTH AMERICA1       24,180  25,067  26,987  23,999  100,233    28,212  29,252  30,293  27,589  115,346    28,422        81.9%  82.6%  84.5%  76.4%  81.3%    84.2%  82.2%  82.6%  75.6%  81.1%    79.7%  EMEA       95,373  143,979  126,703  83,681  449,736    102,024  103,807  109,177  83,959  398,968    84,879        71.2%  98.0%  74.7%  74.1%  79.8%    80.0%  72.3%  74.1%  71.3%  74.4%    73.5%  by Business Sector                                  RENEWABLES       131,434  213,952  220,529  98,514  664,429    123,484  177,910  192,168  110,517  604,079    113,670        78.6%  95.1%  84.8%  69.7%  83.7%    78.7%  79.7%  83.6%  73.1%  79.4%    75.4%  EFFICIENT NAT. GAS       23,330  23,652  24,742  22,134  93,858    30,476  23,826  27,983  26,915  109,200    24,462        82.2%  71,.6%  72.9%  62.4%  71.8%    89.6%  86.1%  89.7%  91.6%  89.3%    92.6%  TRANSMISSION1       19,837  20,463  20,148  18,014  78,463    21,650  21,936  21,548  20,524  85,658    21,922        83.2%  85.0%  83.9%  74.8%  81.7%    87.1%  83.6%  83.1%  77.6%  82.7%    82.4%  WATER       5,199  5,392  5,769  5,608  21,967    5,496  5,680  5,969  5,473  22,619    5,908        89.4%  93.8%  96.9%  94.2%  93.6%    95.4%  92.4%  91.7%  88.1%  91.8%    89.5%  Total Adj. EBITDA incl. unconsolidated affiliates1      179,800  263,458  271,188  144,270  858,717    181,106  229,352  247,668  163,429  821,556    165,962        79.8%  91.5%  83.7%  69.7%  82.3%    81.8%  80.9%  82.5%  76.6%  81.2%    78.7%                US $ in thousands  Revenue  Adj. EBITDA incl. unconsolidated affiliates                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) of $10.4M in Q1 2017. 
 
      1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  RENEWABLES3 (GWh)     507  939  1,109  504  3,058    581  1,071  1,048  536  3,236    526   (GWh)     547  554  613  603  2,318    383  483  615  694  2,090    644   (electric availability %)     97.9%  99.3%  101.3%  100.9%  99.8%    87.1%  89.9%  101.5%  101.4%  95.0%    102.4%  TRANSMISSION (availability %)     100.0%  99.9%  100.0%  99.8%  99.9%    99.9%  100.0%  99.9%  100%  100%    99.9%  WATER (availability %)     99.1%  102.6%  103.7%  102.5%  102.0%    99.8%  100.6%  103.6%  100.1%  101.2%    101.8%        1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20  RENEWABLES (MW)     1,446  1,446  1,446  1,496  1,496    1,496  1,496  1,496  1,496  1,496    1,496  EFF. NATURAL GAS2 (electric MW)     300  300  300  300  300    300  300  343  343  343    343  TRANSMISSION (Miles)     1,099  1,099  1,099  1,152  1,152    1,152  1,152  1,152  1,166  1,166    1,166  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  5  6  7  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 30% share of the investment in Monterrey since August 2, 2019.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 and Q2 2019, which occurs periodically. GWh produced in also includes 30% production from Monterrey since August 2019.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 GAS4 
 
       1Q18  2Q18  3Q18  4Q18  FY 2018    1Q19  2Q19  3Q19  4Q19  FY 2019    1Q20                                   US     18.8%  39.9%  38.9%  15.0%  28.2%    15.2%  39.8%  35.2%  16.3%  26.6%    18.2%   Spain     8.8%  20.8%  30.6%  7.3%  16.9%    12.1%  26.7%  27.2%  6.7%  18.2%    8.0%   Kaxu    36.9%  27.6%  29.9%  50.0%  36.0%    48.7%  27.8%  27.5%  45.4%  37.3%    28.9%                                WIND2 Uruguay     31.2%  34.5%  42.3%  40.7%  37.2%    33.0%  36.3%  40.9%  38.0%  37.2%    34.6%  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 2020-2024 period, including the acquisitions announced. 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  %  >  69% Renewable15% Transmission & Transport.13% Efficient Natural Gas 3% Water          45% North America35% Europe12% South America8% RoW         
 
 AT A GLANCESizeable and Diversified Asset Portfolio  As of December 31, 2019   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-  24  USD    Mojave    100%  USA (California)  280 MW  PG&E  NR/WR/WD  20  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  18/17  EUR 4    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 4    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  A/Baa1/A-  12/14  EUR 4    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 4    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A-/Baa1/A-  18/18  EUR 4    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  A/Baa1/A-  15/15/16  EUR 4    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  19/19  EUR 4    Seville PV    80%  Spain  1 MW  Kingdom of Spain  A/Baa1/A-  16  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BB/Ba1/BB3  15  ZAR    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  14  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  15  USD    Melowind    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-3  16  USD    Mini-Hydro    100%  Peru  4 MW  Peru  BBB+/A3/BBB+  13  USD  EFFICIENT NATURAL GAS  ACT    100%  Mexico  300 MW  Pemex  BBB/Ba2/BB-  13  USD 5    Monterrey    30%  Mexico  142 MW  Industrial Customers  Not rated  19  USD 5  ELECTRICAL TRANSMISSION  ATN    100%  Peru  379 miles  Peru  BBB+/A3/BBB+  21  USD 5    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  24  USD 5    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  13  USD 5    Quadra 1&2    100%  Chile  81 miles  Sierra Gorda  Not rated  15/15  USD 5    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa1 /A-  18  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  14  USD 5    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  18  USD 5          Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of May 7, 2020.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 Adjusted EBITDA including unconsolidated affiliates and CAFD are useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Our management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA and CAFD are widely used by other companies in the same industry. Our management uses Adjusted EBITDA and CAFD as measures of operating performance to assist in comparing performance from period to period on a consistent basis. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and they may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments; they do not reflect changes in, or cash requirements for, our working capital needs;they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA and CAFD do not reflect any cash requirements that would be required for such replacements;some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; andthe fact that other companies in our industry may calculate Adjusted EBITDA and CAFD differently than we do, which limits their usefulness as comparative measures.  
 
 RECONCILIATIONReconciliation of Cash Available For Distribution and 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,               2020     2019                Profit/(loss) for the period attributable to the Company        $ (40,511)    $ (8,957)  Profit attributable to non-controlling interest        2,246    5,267  Income tax        (10,147)    9,577  Share of loss/(profit) of associates carried under the equity method        668    (1,823)  Financial expense, net        100,534    99,289  Operating profit        $ 52,790    $ 103,353  Depreciation, amortization, and impairment charges        109,619    75,736  Adjusted EBITDA        $ 162,409    $ 179,089  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates        3,553    2,017  Adjusted EBITDA including unconsolidated affiliates1        $ 165,962    $ 181,106  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates        (3,553)    (2,017)  Dividends from equity method investments        5,120    -  Non-monetary items        (4,334)    (14,632)  Interest and income tax paid        (11,436)    (13,925)  Principal amortization of indebtedness        (14,898)    (15,176)  Deposits into/ withdrawals from restricted accounts2        32,921    21,461  Change in non-restricted cash at project level2         (50,467)    (61,445)  Dividends paid to non-controlling interests        (4,915)    -  Changes in other assets and liabilities        (66,843)    (50,253)  Cash Available For Distribution        $ 47,558    $ 45,119  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates.“Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior period has been recalculated to conform this presentation. 
 
 RECONCILIATIONReconciliation of Adjusted EBITDA including unconsolidated affiliates to Net Cash Provided by Operating Activities  (in thousands of U.S. dollars)      For the three-month period ended March 31,             2020     2019              Net cash provided by operating activities      85,685    $ 96,889  Net interest and income tax paid       11,436    13,925  Variations in working capital       59,333    54,508  Other non-cash adjustments and other      5,955    13,767  Adjusted EBITDA      162,409     $ 179,089  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates      3,553    2,017  Adjusted EBITDA including unconsolidated affiliates1      $ 165,962    $ 181,106  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates. 
 
 RECONCILIATIONReconciliation of Adjusted EBITDA Margin including unconsolidated affiliates to Operating Profit Margin  (in thousands of U.S. dollars)    For the three-month period ended March 31,           2020     2019            Revenue    $ 210,403     $ 221,452            Profit/(loss) for the period attributable to the Company    $ (40,511)    $ (8,957)  Profit attributable to non-controlling interest    2,246    5,267  Income tax    (10,147)    9,577  Share of loss/(profit) of associates carried under the equity method    668    (1,823)  Financial expense, net    100,534    99,289  Operating profit    $ 52,790    $ 103,353  Operating profit margin    % 25.1    % 46.7            Depreciation, amortization, and impairment charges    52.1    34.2            Adjusted EBITDA margin     % 77.2    % 80.9  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    1.6    0.9  Adjusted EBITDA Margin including unconsolidated affiliates1    % 78.8    % 81.8  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 7, 2020
By:
/s/ Santiago Seage
 
  
Name: Santiago Seage
 
  
Title:   Chief Executive Officer