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PART I – FINANCIAL INFORMATION
Item 1	Financial Statements	9
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4	Controls and Procedures	66
PART II – OTHER INFORMATION
Item 1	Legal Proceedings	67
Item 1A	Risk Factors	67
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3	Defaults Upon Senior Securities	69
Item 4	Mine Safety Disclosures	69
Item 5	Other Information	69
Item 6	Exhibits	69
Signature		70

•

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 5.B—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Sources of Liquidity—2019 Notes” in our Annual Report;

•

references to “2020 Green Private Placement” refer to the €290 million (approximately $320 million) senior secured notes maturing in June 20, 2026 which were issued under a senior secured note purchase agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;

•	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 “AAGES ROFO Assets” refer to any of AAGES’ contracted assets or proposed contracted assets that we expect to evaluate for future acquisition, with certain exceptions, for which AAGES has provided us a right of first offer to purchase if offered for sale by AAGES;

•	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 7.B—Related Party Transactions—Algonquin drop down agreement and Right of First Offer on assets outside the United States or Canada” in our Annual Report;

•

references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in this annual report;

•	references to “ASI Operations” refer to ASI Operations LLC;

•	references to “ATN” refer to ATN S.A., the operational electric transmission asset in Peru, which is part of the Guaranteed Transmission System;

•	references to “ATS” refer to ABY Transmision Sur S.A.;

•	references to “AYES Canada” refer to Atlantica Yield Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;

•	references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U;

•	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 “CESCE” refer to Compañia Española de Seguros de Credito a la Exportacion, S.A. the Spanish Company of Export Credit Insurance;

•	references to “CNMC” refer to Comision Nacional de los Mercados y de la Competencia, the Spanish state-owned regulator;

•	references to “COD” refer to the commercial operation date of the applicable facility;

•	references to “DOE” refer to the U.S. Department of Energy;

•	references to “DTC” refer to The Depository Trust Company;

•	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 “EU” refer to the European Union;

•	references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;

•	references to “Federal Financing Bank” refer to a U.S. government corporation by that name;

•

references to “Former Revolving Credit Facility” refer to the credit facility entered into on December 3, 2014, among the Company, as borrower, and Banco Santander, S.A., Bank of America, N.A., Citigroup Global Markets Limited, HSBC Bank plc and RBC Capital Markets, as joint lead arrangers and joint bookrunners;

•	references to “Further Adjusted EBITDA” have the meaning set forth in “Key Metrics” in the section below;

•

references to “Green Project Finance” refer to green project financing agreement entered into between Logrosan, the sub-holding company of Solaben 1/6 and Solaben 2/3, as borrower, and ING Bank, B.V. and Banco Santander S.A., as lenders, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Project Finance”;

•

references to “gross capacity” refers to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by our percentage of ownership interest in such facility as of the date of this annual 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 “ITC” refer to investment tax credits;

•	references to “LIBOR” refer to London Interbank Offered Rate;

•	references to “Logrosan” refer to Logrosan Solar Inversiones, S.A.;

•	references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in, Monterrey, Mexico;

•	references to “Multinational Investment Guarantee Agency” refer to Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which offers political insurance and credit enhancement guarantees;

•	references to “MW” refer to megawatts;

•	references to “MWh” refer to megawatt hour;

•

references to “Note Issuance Facility 2017” refer to the senior secured note facility dated February 10, 2017, of €275 million (approximately $308 million), with Elavon Financial Services DAC, UK Branch, as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder;

•	references to “Note Issuance Facility 2019” refer to the senior unsecured note facility dated April 30, 2019, 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 “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 “PTS” refer to Pemex Transportation System;

•

references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 and amended on January 24, 2019 and August 2, 2019, providing for a senior secured revolving credit facility in an aggregate principal amount of $425 million, of which $37.5 million matures on December 31, 2021, and the remaining $387.5 matures on December 31, 2022. 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 “Rioglass” refer to Rioglass Solar Holding, S.A.;

•	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 “Solaben Luxembourg” refer to Solaben Luxembourg S.A;

•	references to “U.K.” refer to the United Kingdom;

•	reference to “U.S.” or “United States” refer to the United States of America; and

•	references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Yield plc or Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context otherwise requires.

•	the condition of the debt and equity capital markets and our ability 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;

•	risks relating to our activities in areas subject to economic, social and political uncertainties;

•	our ability to finance and consummate new acquisitions on favorable terms;

•	risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;

•	risks related to our reliance on third-party contractors or suppliers;

•	price fluctuations, revocation and termination provisions in our off-take agreements and power purchase agreements;

•	our electricity generation, our projections thereof and factors affecting production, including those related to the COVID-19 outbreak;

•	risks related to our relationship with our shareholders including bankruptcy;

•	our substantial short-term and long-term indebtedness, including additional debt in the future;

•	potential impact of the COVID-19 outbreak on our business, financial condition, results of operations and cash flows;

•	reputational and 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; and

•	other factors discussed under “Item 1.A— “Risk Factors” and in our Annual Report under “Item 3.D—Key Information—Risk Factors”.

						As of March 31,				As of December 31,
		Note (1)				2020				2019
Assets
Non-current assets
Contracted concessional assets			6				7,907,329				8,161,129
Investments carried under the equity method			7				127,619				139,925
Financial investments			8&9				91,757				91,587
Deferred tax assets							157,432				147,966
Total non-current assets							8,284,137				8,540,607
Current assets
Inventories							20,581				20,268
Trade and other receivables			12				341,183				317,568
Financial investments			8				183,098				218,577
Cash and cash equivalents							690,172				562,795
Total current assets							1,235,034				1,119,208
Total assets							9,519,171				9,659,815

(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)				2020				2019
Equity and liabilities
Equity attributable to the Company
Share capital			13				10,160				10,160
Parent company reserves			13				1,859,142				1,900,800
Other reserves			9				43,885				73,797
Accumulated currency translation differences							(111,408	)			(90,824	)
Retained earnings			13				(425,968	)			(385,457	)
Non-controlling interest			13				193,319				206,380
Total equity							1,569,130				1,714,856
Non-current liabilities
Long-term corporate debt			14				779,335				695,085
Long-term project debt			15				3,953,432				4,069,909
Grants and other liabilities			16				1,622,257				1,641,752
Related parties			11				15,609				17,115
Derivative liabilities			9				335,396				298,744
Deferred tax liabilities							237,518				248,996
Total non-current liabilities							6,943,547				6,971,601
Current liabilities
Short-term corporate debt			14				28,012				28,706
Short-term project debt			15				823,760				782,439
Trade payables and other current liabilities			17				126,695				128,062
Income and other tax payables							28,027				34,151
Total current liabilities							1,006,494				973,358
Total equity and liabilities							9,519,171				9,659,815

(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,
						2020				2019
Revenue			4				210,403				221,452
Other operating income			20				29,538				26,439
Employee benefit expenses							(11,717	)			(5,316	)
Depreciation, amortization, and impairment charges			4				(109,619	)			(75,736	)
Other operating expenses			20				(65,815	)			(63,486	)
Operating profit							52,790				103,353
Financial income			19				1,207				286
Financial expense			19				(96,008	)			(101,503	)
Net exchange differences							(1,621	)			866
Other financial income/(expense), net			19				(4,112	)			1,062
Financial expense, net							(100,534	)			(99,289	)
Share of profit/(loss) of associates carried under the equity method							(668	)			1,823
Profit/(loss) before income tax							(48,412	)			5,887
Income tax			18				10,147				(9,577	)
Profit/(loss) for the period							(38,265	)			(3,690	)
Loss/(profit) attributable to non-controlling interests							(2,246	)			(5,267	)
Profit/(loss) for the period attributable to the Company							(40,511	)			(8,957	)
Weighted average number of ordinary shares outstanding (thousands)			21				101,602				100,217
Basic and diluted earnings per share (U.S. dollar per share)			21				(0.40	)			(0.09	)

(1)	Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.

		For the three-month period ended March 31,
		2020				2019
Profit/(loss) for the period			(38,265	)			(3,690	)
Items that may be subject to transfer to income statement
Change in fair value of cash flow hedges			(54,699	)			(48,764	)
Currency translation differences			(31,425	)			(22,975	)
Tax effect			13,594				12,234
Net income/(expenses) recognized directly in equity			(72,530	)			(59,505	)
Cash flow hedges			14,529				14,146
Tax effect			(3,632	)			(3,537	)
Transfers to income statement			10,897				10,609
Other comprehensive income/(loss)			(61,633	)			(48,896	)
Total comprehensive income/(loss) for the period			(99,898	)			(52,586	)
Total comprehensive (income)/loss attributable to non-controlling interest			8,891				639
Total comprehensive income/(loss) attributable to the Company			(91,007	)			(51,947	)

		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

		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, 2019			10,160				1,900,800				73,797				(385,457	)			(90,824	)			1,508,476				206,380				1,714,856
Profit/(loss) for the three -month period after taxes			-				-				-				(40,511	)			-				(40,511	)			2,246				(38,265	)
Change in fair value of cash flow hedges			-				-				(39,775	)			-				-				(39,775	)			(395	)			(40,170	)
Currency translation differences			-				-				-				-				(20,584	)			(20,584	)			(10,841	)			(31,425	)
Tax effect			-				-				9,863				-				-				9,863				99				9,962
Other comprehensive income			-				-				(29,912	)			-				(20,584	)			(50,496	)			(11,137	)			(61,633	)
Total comprehensive income			-				-				(29,912	)			(40,511	)			(20,584	)			(91,007	)			(8,891	)			(99,898	)
Dividend distribution			-				(41,658	)			-				-				-				(41,658	)			(4,170	)			(45,828	)
Balance as of March 31, 2020			10,160				1,859,142				43,885				(425,968	)			(111,408	)			1,375,811				193,319				1,569,130

		For the three-month period ended March 31,
		2020				2019
I. Profit/(loss) for the period			(38,265	)			(3,690	)
Financial expense and non-monetary adjustments			194,720				169,013
II. Profit for the period adjusted by financial expense and non-monetary adjustments			156,455				165,323
III. Variations in working capital			(59,334	)			(54,509	)
Net interest and income tax paid			(11,436	)			(13,925	)
A. Net cash provided by operating activities			85,685				96,889
Investment in contracted concessional assets*			-				7,186
Other non-current assets/liabilities			(5,938	)			(26,985	)
Acquisitions and other financial instruments			-				(2,457	)
Dividends received from entities under the equity method			5,120				-
B. Net cash provided by/(used in) investing activities			(818	)			(22,256	)
Proceeds from Project & Corporate debt			122,821				15,000
Repayment of Project & Corporate debt			(16,420	)			(22,574	)
Dividends paid to Company´s shareholders			(41,658	)			(37,080	)
Dividends paid to non-controlling interest			(4,912	)			-
C. Net cash provided by/(used in) financing activities			59,831				(44,654	)
Net increase/(decrease) in cash and cash equivalents			144,698				29,979
Cash and cash equivalents at beginning of the period			562,795				631,542
Translation differences in cash or cash equivalent			(17,321	)			(6,903	)
Cash and cash equivalents at end of the period			690,172				654,618

Note 1.- Nature of the business	17
Note 2.- Basis of preparation	21
Note 3.- Financial risk management	22
Note 4.- Financial information by segment	23
Note 5.- Changes in the scope of the consolidated condensed interim financial statements	29
Note 6.- Contracted concessional assets	30
Note 7.- Investments carried under the equity method	31
Note 8.- Financial Investments	32
Note 9.- Derivative financial instruments	32
Note 10.- Fair Value of financial instruments	33
Note 11.- Related parties	33
Note 12.- Trade and other receivables	34
Note 13.- Equity	34
Note 14.- Corporate debt	35
Note 15.- Project debt	36
Note 16.- Grants and other liabilities	37
Note 17.-Trade payables and other current liabilities	38
Note 18.- Income tax	38
Note 19.- Financial income and expenses	39
Note 20.- Other operating income and expenses	39
Note 21.- Earnings per share	40
Note 22.- Subsequent events	40

-	On April 15, 2019, the Company entered into an agreement to acquire a 30% stake in Monterrey, a 142 MW gas-fired engine facility (“Monterrey”). The acquisition was closed on August 2, 2019, after conditions precedent were fulfilled, and the Company paid $42 million for the total investment.

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	24
Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	NR/WR/WD	2014	20
Solaben 2 & 3	Renewable (Solar)	70%(2)	Spain	Euro	2x50 MW	A/Baa1/A-	2012	18/17
Solacor 1 & 2	Renewable (Solar)	87%(3)	Spain	Euro	2x50 MW	A/Baa1/A-	2012	17/17
PS10/PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A/Baa1/A-	2007& 2009	12/14
Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2011	17/17
Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2012	18/18
Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A/Baa1/A-	2010	15/15/16
Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2013	19/19
Kaxu	Renewable (Solar)	51%(4)	South Africa	Rand	100 MW	BB/Ba1/ BB(10)	2015	15
Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(11)	2014	14
Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(11)	2014	15
ACT	Efficient natural gas	100%	Mexico	USD	300 MW	BBB/ Ba2/ BB-	2013	13

Monterrey	Efficient natural gas	30%	Mexico	USD	142 MW	Not rated	2018	19
ATN (12)	Transmission line	100%	Peru	USD	379 miles	BBB+/A3/BBB+	2011	21
ATS	Transmission line	100%	Peru	USD	569 miles	BBB+/A3/BBB+	2014	24

ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	13
Quadra 1	Transmission line	100%	Chile	USD	49 miles	Not rated	2014	15
Quadra 2	Transmission line	100%	Chile	USD	32 miles	Not rated	2014	15
Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB+/Baa1/ A-	2007	18
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	14
Honaine	Water	25.5%(6)	Algeria	USD	7 M ft3/ day	Not rated	2012	18
Seville PV	Renewable (Solar)	80%(7)	Spain	Euro	1 MW	A/Baa1/A-	2006	16
Melowind	Renewable (Wind)	100%	Uruguay	USD	50MW	BBB/Baa2/BBB-	2015	16
Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB+/A3/BBB+	2012	13

(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 (Note 16).

(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.

(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 & 2.

(13)	As of December 31, 2019.

(*)	Commercial Operation Date.

-

The COVID-19 may affect the operation and maintenance employees of the Company as well as suppliers of operation and maintenance. Furthermore, COVID-19 has caused travel restrictions and significant disruptions to global supply chains. A prolonged disruption could limit the availability of certain parts required to operate the facilities of the Company and adversely impact the ability of its operation and maintenance suppliers. If the Company were to experience a shortage of or inability to acquire critical spare parts, it could incur significant delays in returning facilities to full operation.

-

Slowdown of broad sectors of the economy, a general reduction in demand, including demand for commodities and a negative impact on prices of commodities, including electricity, oil and gas. The global outbreak has also caused significant disruption and volatility in the global financial markets, including the market price of the shares of the Company. Debt and equity markets have also been affected and there have been weeks with a very low number of new debt and equity issuance transactions. Interest rates for new issuances and spreads with respect to treasury yields have increased significantly. Although all the revenues of the Company are contracted or regulated, clients may be affected by a reduced demand, lower commodity prices and the turmoil in the credit markets. A reduced demand and low prices persisting over time could cause delays in collections, a deterioration in the financial situation of the clients of the Company or their bankruptcy.

-

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.

-

IFRS 7 and IFRS 9. Amendments regarding pre-replacement issues in the context of the IBOR reform. These amendments are mandatory for annual periods beginning on or after January 1, 2020 under IFRS-IASB.

-

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.

-

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.

-

IAS 1 (Amendment). Classification of liabilities. This amendment is mandatory for annual periods beginning on or after January 1, 2022 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 Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2020 and 2019:

	Revenue								Adjusted EBITDA
	For the three-month period ended March 31,								For the three-month period ended March 31,
	($ in thousands)
Geography	2020				2019				2020				2019
North America			59,283				60,441				51,176				50,870
South America			35,654				33,493				28,422				28,212
EMEA			115,466				127,518				82,811				100,007
Total			210,403				221,452				162,409				179,089

	Revenue								Adjusted EBITDA
	For the three-month period ended March 31,								For the three-month period ended March 31,
	($ in thousands)
Business sector	2020				2019				2020				2019
Renewable energy			150,793				156,817				113,491				123,484
Efficient natural gas			26,403				34,009				23,540				30,476
Electric transmission lines			26,608				24,867				21,538				21,650
Water			6,599				5,759				3,840				3,479
Total			210,403				221,452				162,409				179,089

		For the three-month period ended March 31, ($ in thousands)
		2020				2019
Profit/(Loss) attributable to the Company		$	(40,511	)			(8,957	)
(Loss)/Profit attributable to non-controlling interests			2,246				5,267
Income tax			(10,147	)			9,577
Share of (profits)/losses of associates			668				(1,823	)
Financial expense, net			100,534				99,289
Depreciation, amortization, and impairment charges			109,619				75,736
Total segment Adjusted EBITDA		$	162,409				179,089

b)

The assets and liabilities by operating segments (and business sector) as of March 31, 2020 and December 31, 2019 are as follows:

		North America				South America				EMEA				Balance as of March 31, 2020
		($ in thousands)
Assets allocated
Contracted concessional assets			3,238,914				1,170,544				3,497,872				7,907,329
Investments carried under the equity method			79,526				-				48,093				127,619
Current financial investments			123,186				27,814				20,084				171,084
Cash and cash equivalents (project companies)			182,423				80,417				271,906				534,746
Subtotal allocated			3,624,049				1,278,774				3,837,955				8,740,778
Unallocated assets
Other non-current assets															249,189
Other current assets (including cash and cash equivalents at holding company level)															529,204
Subtotal unallocated															778,393
Total assets															9,519,171

		North America				South America				EMEA				Balance as of March 31, 2020
		($ in thousands)
Liabilities allocated
Long-term and short-term project debt			1,689,143				886,319				2,201,730				4,777,192
Grants and other liabilities			1,483,240				12,615				126,402				1,622,257
Subtotal allocated			3,172,383				898,934				2,328,132				6,399,449
Unallocated liabilities
Long-term and short-term corporate debt															807,347
Other non-current liabilities															588,523
Other current liabilities															154,722
Subtotal unallocated															1,550,592
Total liabilities															7,950,041
Equity unallocated															1,569,130
Total liabilities and equity unallocated															3,119,722
Total liabilities and equity															9,519,171

		North America				South America				EMEA				Balance as of December 31, 2019
		($ in thousands)
Assets allocated
Contracted concessional assets			3,299,198				1,186,552				3,675,379				8,161,129
Investments carried under the equity method			90,847				-				49,078				139,925
Current financial investments			159,267				29,190				20,673				209,131
Cash and cash equivalents (project companies)			181,458				80,909				234,097				496,464
Subtotal allocated			3,730,771				1,296,652				3,979,227				9,006,649
Unallocated assets
Other non-current assets															239,553
Other current assets (including cash and cash equivalents at holding company level)															413,613
Subtotal unallocated															653,166
Total assets															9,659,815

		North America				South America				EMEA				Balance as of December 31, 2019
						($ in thousands)
Liabilities allocated
Long-term and short-term project debt			1,676,251				884,835				2,291,262				4,852,348
Grants and other liabilities			1,490,679				12,864				138,209				1,641,752
Subtotal allocated			3,166,930				897,699				2,429,471				6,494,100
Unallocated liabilities
Long-term and short-term corporate debt															723,791
Other non-current liabilities															564,855
Other current liabilities															162,213
Subtotal unallocated															1,450,859
Total liabilities															7,944,959
Equity unallocated															1,714,856
Total liabilities and equity unallocated															3,165,715
Total liabilities and equity															9,659,815

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of March 31, 2020
										($ in thousands)
Assets allocated
Contracted concessional assets			6,436,376				529,540				861,725				79,688				7,907,329
Investments carried under the equity method			67,789				15,469				-				44,362				127,619
Current financial investments			16,122				109,189				27,814				17,958				171,084
Cash and cash equivalents (project companies)			444,622				19,805				59,612				10,707				534,746
Subtotal allocated			6,964,909				674,003				949,150				152,716				8,740,778
Unallocated assets
Other non-current assets																			249,189
Other current assets  (including cash and cash equivalents at holding company level)																			529,204
Subtotal unallocated																			778,393
Total assets																			9,519,171

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of March 31, 2020
		($ in thousands)
Liabilities allocated
Long-term and short-term project debt			3,584,214				523,907				647,085				21,986				4,777,192
Grants and other liabilities			1,615,004				99				6,435				719				1,622,257
Subtotal allocated			5,199,218				524,006				653,520				22,705				6,399,449
Unallocated liabilities
Long-term and short-term corporate debt																			807,347
Other non-current liabilities																			588,523
Other current liabilities																			154,722
Subtotal unallocated																			1,550,592
Total liabilities																			7,950,041
Equity unallocated																			1,569,130
Total liabilities and equity unallocated																			3,119,722
Total liabilities and equity																			9,519,171

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of December 31, 2019
		($ in thousands)
Assets allocated
Contracted concessional assets			6,644,024				559,069				872,757				85,280				8,161,129
Investments carried under the equity method			77,549				17,154				-				45,222				139,925
Current financial investments			13,798				148,723				28,237				18,373				209,131
Cash and cash equivalents (project companies)			421,198				11,850				53,868				9,548				496,464
Subtotal allocated			7,156,568				736,796				954,862				158,423				9,006,649
Unallocated assets
Other non-current assets																			239,553
Other current assets (including cash and cash equivalents at holding company level)																			413,613
Subtotal unallocated																			653,166
Total assets																			9,659,815

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of December 31, 2019
		($ in thousands)
Liabilities allocated
Long-term and short-term project debt			3,658,507				529,350				640,160				24,331				4,852,348
Grants and other liabilities			1,634,361				146				6,517				728				1,641,752
Subtotal allocated			5,292,868				529,495				646,677				25,059				6,494,100
Unallocated liabilities
Long-term and short-term corporate debt																			723,791
Other non-current liabilities																			564,855
Other current liabilities																			162,213
Subtotal unallocated																			1,450,859
Total liabilities																			7,944,959
Equity unallocated																			1,714,856
Total liabilities and equity unallocated																			3,165,715
Total liabilities and equity																			9,659,815

c)

The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2020 and 2019 are as follows:

	For the three-month period ended March 31,
Depreciation, amortization and impairment by geography	2020					2019
	($ in thousands)
North America			(57,121	)			(26,583	)
South America			(15,572	)			(11,250	)
EMEA			(36,927	)			(37,902	)
Total			(109,619	)			(75,736	)

	For the three-month period ended March 31,
Depreciation, amortization and impairment by business sectors	2020					2019
	($ in thousands)
Renewable energy			(71,613	)			(72,139	)
Efficient natural gas			(26,202	)			2,537
Electric transmission lines			(10,457	)			(6,134	)
Water			(1,348	)			-
Total			(109,619	)			(75,736	)

		Asset Acquisition for the year ended December 31, 2019
Concessional assets			28,738
Investments carried under the equity method			113,897
Other non-current assets			25,342
Current assets			1,503
Deferred tax liabilities			(2,539	)
Other current and non-current liabilities			(1,512	)
Non-controlling interests			(92,303	)
Asset acquisition - purchase price			(73,126	)
Net result of the asset acquisition			-

	Balance as of March 31, 2020					Balance as of December 31, 2019
	($ in thousands)
Contracted concessional assets cost			10,196,131				10,384,597
Amortization and impairment			(2,288,802	)			(2,223,468	)
Total			7,907,329				8,161,129

		Balance as of March 31, 2020				Balance as of December 31, 2019
		($ in thousands)
Evacuación Valdecaballeros, S.L.			2,261				2,348
Myah Bahr Honaine, S.P.A.(*)			44,362				45,222
Pectonex, R.F. Proprietary Limited			1,368				1,391
ABY Infraestructuras, S.L.			20				11
Ca Ku A1, S.A.P.I. de CV (PTS)			-				-
Evacuación Villanueva del Rey, S.L			-				-
Windlectric Inc (**)			64,058				73,693
Pemcorp SAPI de CV (***)			15,469				17,179
Other renewable energy joint ventures (****)			81				81
Total			127,619				139,925

		Balance as of March 31, 2020				Balance as of December 31, 2019
		($ in thousands)
Fair Value through OCI (Investment in Ten West link)			11,189				9,874
Fair Value through Profit and Loss (Investment in Rioglass)			4,669				7,000
Derivative assets			2,923				3,182
Other receivable accounts at amortized cost			72,976				71,531
Total non-current financial investments			91,757				91,587
Contracted concessional financial assets			153,786				160,624
Derivative assets			4,616				2,048
Other receivable accounts at amortized cost			24,696				55,905
Total current financial investments			183,098				218,577

	Balance as of March 31, 2020								Balance as of December 31, 2019
($ in thousands)	Assets				Liabilities				Assets				Liabilities
Interest rate cash flow hedges			1,276				335,396				1,619				298,744
Foreign exchange derivative instruments			6,264				-				3,610				-
Total			7,540				335,396				5,230				298,744

•	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,
		2020				2019
		($ in thousands)
Credit receivables (current)			9,496				13,350
Total current receivables with related parties			9,946				13,350
Credit receivables (non-current)			22,733				21,355
Total non-current receivables with related parties			22,733				21,355
Credit payables (current)			18,450				23,979
Total current payables with related parties			18,450				23,979
Credit payables (non-current)			15,609				17,115
Total non-current payables with related parties			15,609				17,115

	For the three-month period ended March 31,
	2020				2019
	($ in thousands)
Financial income			584				7
Financial expenses			(42	)			(183	)

	Balance as of March 31,					Balance as of December 31,
	2020					2019
	($ in thousands)
Trade receivables			255,565				242,008
Tax receivables			32,620				50,901
Prepayments			32,487				5,150
Other accounts receivable			20,511				19,508
Total			341,183				317,568

	Balance as of March 31,					Balance as of December 31,
	2020					2019
	($ in thousands)
Non-current			779,335				695,085
Current			28,012				28,706
Total Corporate Debt			807,347				723,791

		Remainder of 2020				Between January and March 2021				Between April and December 2021				2022				2023			2024				Subsequent years				Total
										($ in thousands)
Note Issuance Facility 2017			41				-				-				99,796				98,978			98,869				-				297,684
2017 Credit Facility			6				-				9,970				-				-			-				-				9,976
New Revolving Credit Facility			464				-				-				171,467				-			-				-				171,931
Note Issuance Facility 2019			-				-				11,073				-				-			-				289,182				300,255
Commercial Paper			27,501				-				-				-				-			-				-				27,501
Total			28,012				-				21,043				271,263				98,978			98,869				289,182				807,347

	Balance as of March 31,					Balance as of December 31,
	2020					2019
	($ in thousands)
Non-current			3,953,432				4,069,909
Current			823,760				782,439
Total Project debt			4,777,192				4,852,348

Remainder of 2020
Payment of interests accrued as of March 31, 2020			Nominal repayment				Between January and March 2021				Between April and December 2021				2022				2023				2024				Subsequent Years				Total
($ in thousands)
	59,240				243,993				3,232				242,663				285,997				309,822				324,234				3,308,013				4,777,192

	Balance as of March 31,					Balance as of December 31,
	2020					2019
	($ in thousands)
Grants			1,072,758				1,087,553
Other Liabilities			549,499				554,199
Grant and other non-current liabilities			1,622,257				1,641,752

	Balance as of March 31,					Balance as of December 31,
	2020					2019
	($ in thousands)
Trade accounts payable			58,661				52,062
Down payments from clients			598				565
Liberty (Note 16)			41,032				41,032
Other accounts payable			26,404				34,403
Total			126,695				128,062

	For the three-month period ended March 31,
Financial income	2020					2019
	($ in thousands)
Interest income from loans and credits			1,116				173
Interest rates benefits derivatives: cash flow hedges			90				113
Total			1,207				286

	For the three-month period ended March 31,
Financial expenses	2020					2019
Expenses due to interest:	($ in thousands)
- Loans from credit entities			(61,388	)			(63,233	)
- Other debts			(19,136	)			(23,822	)
Interest rates losses derivatives: cash flow hedges			(15,484	)			(14,448	)
Total			(96,008	)			(101,503	)

	For the three-month period ended March 31,
Other financial income / (expenses)	2020					2019
	($ in thousands)
Other financial income			2,202				5,633
Other financial losses			(6,315	)			(4,571	)
Total			(4,112	)			1,062

Other Operating income	For the three-month period ended March 31,
	2020					2019
	($ in thousands)
Grants (Note 16)			14,751				14,789
Income from various services and insurance proceeds			14,787				11,650
Total			29,538				26,439

Other Operating expenses		For the three-month period ended March 31,
		2020				2019
		($ in thousands)
Raw materials and consumables used			(2,208	)			(2,913	)
Leases and fees			(660	)			(731	)
Operation and maintenance			(26,790	)			(33,817	)
Independent professional services			(10,444	)			(8,833	)
Supplies			(5,587	)			(6,865	)
Insurance			(9,204	)			(6,112	)
Levies and duties			(8,904	)			(3,069	)
Other expenses			(2,017	)			(1,146	)
Total			(65,815	)			(63,486	)

Item	For the three-month period ended March 31,
	2020					2019
	($ in thousands)
Profit/ (loss) from continuing operations attributable to Atlantica.			(40,511	)			(8,957	)
Average number of ordinary shares outstanding (thousands) - basic and diluted			101,602				100,217
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted			(0.40	)			(0.09	)
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and diluted			(0.40	)			(0.09	)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

		Three-month period ended March 31,
Revenue by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America			$	59.3				28.2	%		$	60.5				27.3	%
South America				35.7				16.9	%			33.5				15.1	%
EMEA				115.4				54.9	%			127.5				57.6	%
Total revenue			$	210.4				100.0	%		$	221.5				100.0	%

		Three-month period ended March 31,
Revenue by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy			$	150.8				71.7	%		$	156.8				70.8	%
Efficient natural gas power				26.4				12.5	%			34.0				15.4	%
Electric transmission lines				26.6				12.7	%			24.9				11.2	%
Water				6.6				3.1	%			5.8				2.6	%
Total revenue			$	210.4				100.0	%		$	221.5				100.0	%

		Three-month period ended March 31,
Adjusted EBITDA by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America			$	51.2				86.3	%		$	50.9				84.2	%
South America				28.4				79.6	%			28.2				84.2	%
EMEA				82.8				71.8	%			100.0				78.4	%
Total Adjusted EBITDA(1)			$	162.4				77.2	%		$	179.1				80.9	%

		Three-month period ended March 31,
Adjusted EBITDA by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy			$	113.5				75.3	%		$	123.5				78.8	%
Efficient natural gas power				23.5				89.0	%			30.5				89.6	%
Electric transmission lines				21.5				80.8	%			21.6				86.7	%
Water				3.9				59.1	%			3.5				60.3	%
Total Adjusted EBITDA(1)			$	162.4				77.2	%		$	179.1				80.9	%

(1)

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. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider 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 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. 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. 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.

		Volume sold and availability levels Three-month period ended March 31,
Key performance indicator		2020				2019
Renewable energy
MW in operation(1)			1,496				1,496
GWh produced(2)			526				581
Efficient natural gas power
MW in operation(3)			343				300
GWh produced(4)			644				383
Availability (%)(5)			102.4	%			87.1	%
Electric transmission lines
Miles in operation			1.166				1,152
Availability (%)(6)			99.9	%			99.9	%
Water
Mft3 in operation(1)			10.5				10.5
Availability (%)(6)			101.8	%			99.8	%

(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)	Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.

(4)	GWh produced in the first quarter of 2020 includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in Q1 2019, as scheduled, which reduced production and electric availability as per the contract.

(5)	Electric availability refers to operational MW over contracted MW.

(6)	Availability refers to actual availability divided by contracted availability.

		Three-month period ended March 31,
		2020				2019				% Variation
		($ in millions)
Revenue		$	210.4			$	221.5				(5.0	)%
Other operating income			29.5				26.4				11.7	%
Employee benefit expenses			(11.7	)			(5.3	)			120.8	%
Depreciation, amortization, and impairment charges			(109.6	)			(75.7	)			44.8	%
Other operating expenses			(65.8	)			(63.5	)			3.6	%
Operating profit		$	52.8			$	103.4				(48.9	)%
Financial income			1.2				0.3				300.0	%
Financial expense			(96.0	)			(101.5	)			(5.4	)%
Net exchange differences			(1.6	)			0.9				(277.8	)%
Other financial income/(expense), net			(4.1	)			1.0				(510.0	)%
Financial expense, net		$	(100.5	)		$	(99.3	)			1.2	%
Share of profit of associates carried under the equity method			(0.7	)			1.8				(138.9	)%
Profit/(loss) before income tax		$	(48.4	)		$	5.9				(920.3	)%
Income tax			10.1				(9.6	)			205.2	%
Profit/(loss) for the period		$	(38.3	)		$	(3.7	)			(935.1	)%
Profit attributable to non-controlling interest			(2.2	)			(5.3	)			58.5	%
Profit/(loss) for the period attributable to the parent company		$	(40.5	)		$	(9.0	)			(350.0	)%
Weighted average number of ordinary shares outstanding (millions)			101.6				100.2
Basic and diluted earnings per share attributable to the parent company (U.S. dollar per share)			(0.40	)			(0.09	)
Dividend paid per share(1)			0.41				0.37

(1)

On February 26, 2020, our board of directors approved a dividend of $0.41 per share, corresponding to the fourth quarter of 2019, which was paid on March 23, 2020. On February 26, 2019, the board of directors declared a dividend of $0.37 per share corresponding to the fourth quarter of 2018, which was paid on March 22, 2019.

		Three-month period ended March 31,
Other operating income		2020					2019
		($ in millions)
Grants			$	14.7			$	14.8
Income from various services				14.8				11.6
Total			$	29.5			$	26.4

		Three-month period ended March 31,
Other operating expenses		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Leases and fees		$	0.7				0.3	%		$	0.8				0.3	%
Operation and maintenance			26.8				12.7	%			33.8				15.3	%
Independent professional services			10.4				4.9	%			8.8				4.0	%
Supplies			5.6				2.7	%			6.9				3.1	%
Insurance			9.2				4.4	%			6.1				2.8	%
Levies and duties			8.9				4.2	%			3.1				1.4	%
Other expenses			2.0				1.0	%			1.1				0.5	%
Raw Materials			2.2				1.0	%			2.9				1.311	%
Total		$	65.8				31.3	%		$	63.5				28.7	%

		Three-month period ended March 31,
Financial income and financial expense		2020					2019
		$ in millions
Financial income				1.2				0.3
Financial expense				(96.0	)			(101.5	)
Net exchange differences				(1.6	)			0.9
Other financial income/(expense), net				(4.1	)			1.0
Financial expense, net				(100.5	)			(99.3	)

		Three-month period ended March 31,
Financial expense		2020				2019
		($ in millions)
Interest expense:
—Loans from credit entities			$	(61.4	)		$	(63.2	)
—Other debts				(19.1	)			(23.8	)
Interest rates losses derivatives: cash flow hedges				(15.5	)			(14.5	)
Total			$	(96.0	)		$	(101.5	)

		Three-month period ended March 31,
Other financial income /(expense), net		2020					2019
		($ in millions)
Other financial income			$	2.2			$	5.6
Other financial expense				(6.3	)			(4.6	)
Total			$	(4.1	)		$	1.0

•

North America;

•

South America; and

•

EMEA.

•

Renewable energy, which includes our activities related to the production of electricity from concentrating solar power and wind plants;

•

Efficient natural gas, which includes our activities related to the production of electricity and steam from natural gas;

•

Electric transmission, which includes our activities related to the operation of electric transmission lines and gas compression and transportation; and

•

Water, which includes our activities related to desalination plants.

		Three-month period ended March 31,
Revenue by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America			$	59.3				28.2	%		$	60.5				27.3	%
South America				35.7				16.9	%			33.5				15.1	%
EMEA				115.4				54.9	%			127.5				57.6	%
Total revenue			$	210.4				100.0	%		$	221.5				100.0	%

		Three-month period ended March 31,
Adjusted EBITDA by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America			$	51.2				86.3	%		$	50.9				84.2	%
South America				28.4				79.6	%			28.2				84.2	%
EMEA				82.8				71.8	%			100.0				78.4	%
Total Adjusted EBITDA(1)			$	162.4				77.2	%		$	179.1				80.9	%

(1)

Adjusted EBITDA is calculated as profit/(loss) for the year 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. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB, and you should not consider 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 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. 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. 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 produced/availability
		Three- Month period ended March 31,
Volume by geography		2020					2019
North America (GWh) (1)				867				567
North America availability(1)(2)				102.4	%			87.1	%
South America (GWh) (3)				121				114
South America availability(4)				99.9	%			99.9	%
EMEA (GWh)				182				283
EMEA availability(4)				101.8	%			99.8	%

(1)	GWh produced in the first quarter of 2020 includes 30% production from Monterrey (only for Q1 2020). Major maintenance overhaul held in Q1 2019, as scheduled, which reduced electric production as per the contract.

(2)	Electric availability refers to operational MW over contracted MW with Pemex. Major maintenance overhaul held in Q1 2019, as scheduled, which reduced electric availability as per the contract.

(3)	Includes curtailment production in wind assets for which we receive compensation.

(4)	Availability refers to actual availability divided by contracted availability.

		Three-month period ended March 31,
Revenue by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy			$	150.8				71.7	%		$	156.8				70.8	%
Efficient natural gas power				26.4				12.5	%			34.0				15.4	%
Electric transmission lines				26.6				12.7	%			24.9				11.2	%
Water				6.6				3.1	%			5.8				2.6	%
Total revenue			$	210.4				100.0	%		$	221.5				100.0	%

		Three-month period ended March 31,
Adjusted EBITDA by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy			$	113.5				75.3	%		$	123.5				78.8	%
Efficient natural gas power				23.5				89.0	%			30.5				89.7	%
Electric transmission lines				21.5				80.8	%			21.6				86.7	%
Water				3.8				57.6	%			3.5				60.3	%
Total Adjusted EBITDA(1)			$	162.4				77.2	%		$	179.1				80.9	%

(1)

Adjusted EBITDA is calculated as profit/(loss) for the year 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. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB, and you should not consider 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 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. 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. 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 produced/availability
		Year ended March 31,
Volume by business sector		2020				2019
Renewable energy (GWh) (1)				526				581
Efficient natural gas Power (GWh) (2)				644				383
Efficient natural gas Power availability(3)				102.4	%			87.1	%
Electric transmission availability(4)				99.9	%			99.9	%
Water availability(4)				101.8	%			99.8	%

(1)	Includes curtailment production in wind assets for which we receive compensation.

(2)	GWh produced in the first quarter of 2020 includes 30% production from Monterrey. Major maintenance overhaul held in 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 Q1and Q2 2019, as scheduled, which reduced the electric availability as per the contract with Pemex

(4)	Availability refers to actual availability divided by contracted availability.

•	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 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. The dividend was paid on June 14, 2019, to shareholders of record as of June 3, 2019.

•

On August 2, 2019 our board of directors approved a dividend of $0.40 per share. The dividend was paid on September 13, 2019 to shareholders of record as of August 30, 2019.

•

On November 5, 2019 our board of directors approved a dividend of $0.41 per share. The dividend was paid on December 13, 2019 to shareholders of record as of November 29, 2019.

•

On February 26, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on March 23, 2020, to shareholders of record as of March 12, 2020.

•

On May 6, 2020, our board of directors approved a dividend of $0.41 per share. The dividend is expected to be paid on June 15, 2020, to shareholders of record as of June 1, 2020.

		Three-month period ended March 31,
		2020				2018
		($ in millions)
Gross cash flows from operating activities
Profit/(loss) for the period		$	(38.3	)		$	(3.7	)
Financial expense and non-monetary adjustments			194.7				169.0
Profit for the period adjusted by financial expense and non-monetary adjustments		$	156.5			$	165.3
Variations in working capital			(59.3	)			(54.5	)
Net interest and income tax paid			(11.4	)		$	(13.9	)
Total net cash provided by operating activities		$	85.7			$	96.9
Net cash provided/(used in) investing activities(1)		$	(0.8	)		$	(22.3	)
Net cash used in financing activities		$	59.8			$	(44.7	)
Net increase/(decrease) in cash and cash equivalents			144.7				30.0
Cash and cash equivalents at the beginning of the period			562.8				631.5
Translation differences in cash or cash equivalents			(17.3	)			(6.9	)
Cash and cash equivalents at the end of the period		$	690.2			$	654.6

(1)

Includes proceeds for $7.4 million for the three-month period ended March 31, 2019, related to the amounts received from Abengoa by Solana further to Abengoa’s obligation as EPC Contractor.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

•

Project debt in euro: between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed strike interest rates of between 0.89% and 4.87% and

•

Project debt in U.S. dollars: between 70% and 100% of the notional amount, maturities until 2034 and average guaranteed strike interest rates of between 1.98% and 5.27%.

Item 4.

Controls and Procedures

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Exhibit No.		Description
4.20		Note Purchase Agreement, dated March 20, 2020, between Atlantica Yield plc and a group of institutional investors as purchasers of the notes issued thereunder.

	ATLANTICA YIELD PLC
Date: May 7, 2020	By:	/s/ Santiago Seage
		Name: Santiago Seage
		Title:   Chief Executive Officer