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 November , 2021
Commission File Number 001-36487
Atlantica Sustainable Infrastructure 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).
 |
Atlantica Reports Third Quarter 2021 Financial Results
| • |
Revenue for the first nine months of 2021 increased by 22.3% year-over-year up to $940.4 million, and an increase of 8.4% year-over-year on a comparable basis1.
|
| • |
Adjusted EBITDA including unconsolidated affiliates was $634.1 million for the first nine months of 2021, a 2.1% year-over-year increase.
|
| • |
Net loss for the first nine months of 2021 attributable to the Company was $18.2 million, compared with a net profit of $61.2 million for the first nine months of 2020.
|
| • |
Operating cash flow for the first nine months of 2021 was $441.9 million, compared with an operating cash flow of $303.2 million for the first nine months of 2020.
|
| • |
Cash available for distribution (“CAFD”) increased by 12.9% year-over-year up to $168.5 million for the first nine months of 2021.
|
| • |
Quarterly dividend of $0.435 per share approved by the Board of Directors.
|
November 10, 2021 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first nine months of 2021.
Revenue was $940.4 million, a 22.3% increase compared with the first nine months of 2020. On a comparable basis1, the increase in revenue was 8.4%. Adjusted EBITDA including unconsolidated
affiliates increased by 2.1% up to $634.1 million. Growth in revenue and Adjusted EBITDA including unconsolidated affiliates, resulted mainly from the recent investments in new assets, higher production in our renewable energy business and
foreign exchange differences, and was partially offset by an accounting adjustment with no cash impact in the current period caused by higher electricity market prices in Spain. Cash Available for Distribution was $168.5 million, a 12.9%
increase compared with $149.2 million in the first nine months of 2020. CAFD per share2 was $1.52, a 3.6% increase compared to the same period of the previous year.
1 Revenue for the first nine months of 2021 on a constant currency basis and adjusted for
the consolidation of a non-recurrent Rioglass solar project was $833.2 million.
2 CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period.
1
|
|
Highlights
|
(in thousands of U.S. dollars)
|
Three-month period
ended September 30,
|
Nine-month period
ended September 30,
|
||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Revenue
|
$
|
329,243
|
$
|
302,987
|
$
|
940,418
|
$
|
768,734
|
||||||||
|
Profit/(loss) for the period attributable to the Company
|
(11,337
|
)
|
89,380
|
(18,166
|
)
|
61,209
|
||||||||||
|
Adjusted EBITDA incl. unconsolidated affiliates
|
229,846
|
240,958
|
634,081
|
621,027
|
||||||||||||
|
Net cash provided by operating activities
|
195,623
|
154,835
|
441,940
|
303,242
|
||||||||||||
|
CAFD
|
58,580
|
51,953
|
168,474
|
149,228
|
||||||||||||
Key Performance Indicators
|
Nine-month period
ended September 30,
|
||||||||
|
2021
|
2020
|
|||||||
|
Renewable energy
|
||||||||
|
MW in operation3
|
2,022
|
1,551
|
||||||
|
GWh produced4
|
3,460
|
2,608
|
||||||
|
Efficient natural gas & heat
|
||||||||
|
MW in operation5
|
398
|
343
|
||||||
|
GWh produced6
|
1,665
|
1,932
|
||||||
|
Availability (%)7
|
99.8
|
%
|
102.4
|
%
|
||||
|
Transmission lines
|
||||||||
|
Miles in operation
|
1,166
|
1,166
|
||||||
|
Availability (%)5
|
100.0
|
%
|
99.9
|
%
|
||||
|
Water
|
||||||||
|
Mft3 in operation2
|
17.5
|
17.5
|
||||||
|
Availability (%)5
|
99.8
|
%
|
101.6
|
%
|
||||
3 Represents total installed capacity in assets owned or consolidated at the end of the
period, regardless of our percentage of ownership in each of the assets, except for the U.S. Wind Portfolio for which we have included our 49% interest.
4 Includes 49% of the U.S. Wind Portfolio production since its acquisition. Includes curtailment in wind assets
for which we receive compensation.
5 Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from
Calgary District Heating.
6 GWh produced includes 30% share of the production from Monterrey.
7 Availability refers to the time during which the asset was available to our client totally or partially divided
by contracted or budgeted availability, as applicable.
2
|
|
Segment Results
|
(in thousands of U.S. dollars)
|
Nine-month period ended Sept 30,
|
|||||||
|
2021
|
2020
|
|||||||
|
Revenue by geography
|
||||||||
|
North America
|
$
|
308,661
|
$
|
267,688
|
||||
|
South America
|
117,129
|
112,019
|
||||||
|
EMEA
|
514,628
|
389,027
|
||||||
|
Total Revenue
|
$
|
940,418
|
$
|
768,734
|
||||
|
Adjusted EBITDA incl. unconsolidated affiliates by geography
|
||||||||
|
North America
|
$
|
243,361
|
$
|
238,494
|
||||
|
South America
|
90,626
|
89,749
|
||||||
|
EMEA
|
300,094
|
292,784
|
||||||
|
Total Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
634,081
|
$
|
621,027
|
||||
|
(in thousands of U.S. dollars)
|
Nine-month period ended Sept 30,
|
|||||||
|
2021
|
2020
|
|||||||
|
Revenue by business sector
|
||||||||
|
Renewable energy
|
$
|
725,756
|
$
|
579,230
|
||||
|
Efficient natural gas & heat
|
93,524
|
80,118
|
||||||
|
Transmission lines
|
80,428
|
79,229
|
||||||
|
Water
|
40,710
|
30,157
|
||||||
|
Total Revenue
|
$
|
940,418
|
$
|
768,734
|
||||
|
Adjusted EBITDA incl. unconsolidated affiliates by business sector
|
||||||||
|
Renewable energy
|
$
|
464,861
|
$
|
456,873
|
||||
|
Efficient natural gas & heat
|
76,387
|
75,244
|
||||||
|
Transmission lines
|
64,243
|
66,047
|
||||||
|
Water
|
28,590
|
22,863
|
||||||
|
Total Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
634,081
|
$
|
621,027
|
||||
3
|
|
Production in the renewable energy portfolio increased by 32.7% for the first nine-months of 2021 compared with the first nine months of 2020 mainly thanks to the contribution of recent
investments, higher output at Kaxu as well as better solar radiation in Spain. Our wind assets in the United States and South America had a lower production than expected due to lower wind resources.
In our efficient natural gas and heat and transmission lines segments, where revenue is based on availability, we maintained very high availability levels. In water, the decrease in availability was largely due
to the installation of some new safety-related equipment during the first quarter and maintenance works in the third quarter.
Liquidity and Debt
As of September 30, 2021, cash at Atlantica’s corporate level was $78.6 million, compared with $335.2 million as of December 31, 2020. Additionally, as of September 30, 2021, the Company had $425.0 million
available under its Revolving Credit Facility and therefore total corporate liquidity of $503.6 million, compared with $750.2 million as of December 31, 2020.
As of September 30, 2021, net project debt8 was $4.59 billion, compared with $4.70 billion as of December 31, 2020, while net corporate debt9 was $951.5 million, compared with $658.5 million as of December 31, 2020. The net corporate debt / CAFD pre-corporate debt service ratio10 was 3.5x as of
September 30, 2021. As of September 30, 2021, our average corporate debt maturity stands at approximately 5.5 years.
Dividend
On November 9, 2021, the Board of Directors of Atlantica approved a dividend of $0.435 per share. This dividend is expected to be paid on December 15, 2021 to shareholders of record as
of November 30, 2021.
8 Net project debt
is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.
9 Net corporate debt is calculated as
long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.
10 Net corporate leverage is calculated as corporate net debt divided by midpoint 2021 CAFD
guidance before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.
4
|
|
Accretive Growth Strategy
During the first nine months of 2021, Atlantica continued with its growth plan. 2021 has been a strong year in terms of investments.
| - |
With the acquisitions of Coso and Vento II, Atlantica invested close to $370 million in renewable assets in operation in North America.
|
| - |
The Company also invested in a photovoltaic (PV) plant through its renewable energy platform in Chile earlier this year and expects to close the acquisition of La Sierpe, another PV asset in South America in the fourth quarter of
2021.
|
| - |
Furthermore, in the third quarter of 2021, the Company closed the acquisition of two PV assets in Italy, the first investment in this country.
|
If we consider other smaller investments already executed during the year, total investments closed so far in 2021 total $465 million, well above the $300 million annual target that we provided at the beginning
of 2021.
Continued Strong Progress on ESG
Atlantica continues to achieve new milestones within its strong commitment to ESG.
| • |
At the COP 26, the United Nations Climate Change conference held in Glasgow this November, Atlantica announced an ambitious greenhouse gas (GHG) objective approved by the Science Based Targets initiative (SBTi). Atlantica targets
to reduce Scope 1 and 2 GHG emissions per kWh by 70% by 2035 from a 2020 base year11. Targets are considered ‘science-based’ if they are in line with the latest levels recommended by
climate science to meet the goals set out in the Paris Agreement to limit global warming to “well-below 2ºC”.
|
| • |
In addition, Atlantica has been selected amongst the inaugural recipients of the Terra Carta Seal, launched by His Royal Highness the Prince of Wales through the Sustainable Markets Initiative (SMI). The Terra Carta Seal recognizes
companies which are demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets. It is awarded to companies whose ambitions are aligned with those of the Terra Carta, a recovery plan for
Nature, People and Planet, launched in January 2021.
|
11 The target boundary includes steam generation.
5
|
|
2021 Guidance
Atlantica expects to close the year 2021 with a CAFD in the range of the guidance provided in March 2021, which is between $220 million and $240 million.
The Company expects to achieve an Adjusted EBITDA including unconsolidated affiliates at or slightly below the low end of its guidance, which was $820 million, mainly due to the accounting adjustment to revenue
caused by high electricity market prices in Spain. The accounting adjustment would not have a cash impact in 2021.
Details of the Results Presentation Conference
Atlantica’s CEO, Santiago Seage, and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Wednesday, November 10, 2021, at 8:30 am (New York time).
In order to access the conference call participants should dial: + 1-631-510-7495 (US), +44 (0) 844-571-8892 (UK) or +1-866-992-6802 (Canada), followed by the confirmation code 8186973. Atlantica advises
participants to access the conference call at least 20 minutes in advance.
The senior management team will hold meetings with investors during the month of November at the RBC Capital Markets Midstream and Energy Infrastructure Conference.
Forward-Looking Statements
This press release 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 press release,
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.
6
|
|
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 press release 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, 2020, 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 value; payments for investments, equity investment and project growth strategy; accretive investment opportunities;
accretive growth opportunities; accretive growth strategies; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including CAFD per share growth strategy and
targets, CAFD estimates per currency, geography and sector; net corporate leverage based on CAFD estimates; project debt; progress on ESG, the use of non-GAAP measures as a useful predicting tool for investors; dividends; and various other
factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2020 filed on Form 20-F.
The CAFD, Adjusted EBITDA, CAFD per share and other guidance incorporated into this press release are estimates as of March 1, 2021. These estimates are based on assumptions believed to be reasonable as of the
date Atlantica published its 2020 Financial Results. Atlantica disclaims any current intention to update such guidance, except as required by law.
This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues
(margin), CAFD and CAFD per share. 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 press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS. Also, please refer to the following paragraphs in
this section for an explanation of the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA including unconsolidated affiliates) in this press release provides useful
information to investors.
7
|
|
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 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, CAFD and CAFD per share 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; and
|
| • |
the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures.
|
8
|
|
We define Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest, income tax,
share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges. CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash
expenses of the Company, including debt service and general and administrative expenses. CAFD per share is calculated as CAFD divided by the weighted average number of outstanding ordinary shares of the Company during the period (110,749,202
for the nine months ended on September 30, 2021, and 101,878,667 for 2020).
Our management believes Adjusted EBITDA including unconsolidated affiliates, CAFD and CAFD per share 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 and CAFD per share are relevant supplemental measurements of the Company’s ability to earn and distribute cash returns to investors and are 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 and CAFD per share are used by our management team for
determining future acquisitions and managing our growth. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry.
Our management uses Adjusted EBITDA, CAFD and CAFD per share 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.
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.
9
|
|
(Amounts in thousands of U.S. dollars)
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Revenue
|
$
|
329,243
|
$
|
302,987
|
$
|
940,418
|
$
|
768,734
|
||||||||
|
Other operating income
|
17,327
|
18,666
|
57,597
|
75,902
|
||||||||||||
|
Employee benefit expenses
|
(20,093
|
)
|
(13,097
|
)
|
(59,105
|
)
|
(37,430
|
)
|
||||||||
|
Depreciation, amortization, and impairment charges
|
(146,040
|
)
|
(108,093
|
)
|
(334,916
|
)
|
(302,166
|
)
|
||||||||
|
Other operating expenses
|
(105,081
|
)
|
(71,543
|
)
|
(320,873
|
)
|
(197,635
|
)
|
||||||||
|
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
|
Financial income
|
616
|
740
|
1,848
|
6,413
|
||||||||||||
|
Financial expense
|
(87,476
|
)
|
(79,326
|
)
|
(277,000
|
)
|
(289,439
|
)
|
||||||||
|
Net exchange differences
|
(138
|
)
|
(306
|
)
|
2,046
|
(1,482
|
)
|
|||||||||
|
Other financial income, net
|
8,383
|
59,778
|
21,684
|
62,597
|
||||||||||||
|
Financial expense, net
|
$
|
(78,615
|
)
|
$
|
(19,114
|
)
|
$
|
(251,422
|
)
|
$
|
(221,911
|
)
|
||||
|
Share of profit/(loss) of associates carried under the equity method
|
1,589
|
(3,839
|
)
|
4,245
|
(2,248
|
)
|
||||||||||
|
Profit/(loss) before income tax
|
$
|
(1,670
|
)
|
$
|
105,967
|
$
|
35,944
|
$
|
83,246
|
|||||||
|
Income tax
|
(9,262
|
)
|
(21,608
|
)
|
(42,390
|
)
|
(25,079
|
)
|
||||||||
|
Profit/(loss) for the period (continued operations)
|
$
|
(10,932
|
)
|
$
|
84,359
|
$
|
(6,446
|
)
|
$
|
58,167
|
||||||
|
Loss/(profit) attributable to non-controlling interests
|
(405
|
)
|
5,021
|
(11,720
|
)
|
3,042
|
||||||||||
|
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
|
Weighted average number of ordinary shares outstanding (thousands)
|
101,602
|
110,749
|
101,602
|
|||||||||||||
|
Weighted average number of ordinary shares diluted (thousands)
|
114,577
|
104,273
|
114,156
|
102,499
|
||||||||||||
|
Basic earnings per share (U.S. dollar per share)
|
$
|
(0.10
|
)
|
$
|
0.88
|
$
|
(0.16
|
)
|
$
|
0.60
|
||||||
|
Diluted earnings per share (U.S. dollar per share)
|
$
|
(0.10
|
)
|
$
|
0.86
|
$
|
(0.16
|
)
|
$
|
0.60
|
||||||
10
|
|
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
|
As of September 30,
2021
|
As of December 31,
2020
|
|||||||
|
Non-current assets
|
||||||||
|
Contracted concessional assets
|
$
|
8,173,917
|
$
|
8,155,418
|
||||
|
Investments carried under the equity method
|
296,762
|
116,614
|
||||||
|
Financial investments
|
88,866
|
89,754
|
||||||
|
Deferred tax assets
|
164,304
|
152,290
|
||||||
|
Total non-current assets
|
$
|
8,723,849
|
$
|
8,514,076
|
||||
|
Current assets
|
||||||||
|
Inventories
|
$
|
33,156
|
$
|
23,958
|
||||
|
Trade and other receivables
|
324,267
|
331,735
|
||||||
|
Financial investments
|
207,801
|
200,084
|
||||||
|
Cash and cash equivalents
|
763,545
|
868,501
|
||||||
|
Total current assets
|
$
|
1,328,769
|
$
|
1,424,278
|
||||
|
Total assets
|
$
|
10,052,618
|
$
|
9,938,354
|
||||
|
Share capital
|
$
|
11,148
|
$
|
10,667
|
||||
|
Share premium
|
836,269
|
1,011,743
|
||||||
|
Capital reserves
|
1,069,344
|
881,745
|
||||||
|
Other reserves
|
147,915
|
96,641
|
||||||
|
Accumulated currency translation differences
|
(122,188
|
)
|
(99,925
|
)
|
||||
|
Accumulated deficit
|
(388,820
|
)
|
(373,489
|
)
|
||||
|
Non-controlling interest
|
207,922
|
213,499
|
||||||
|
Total equity
|
$
|
1,761,589
|
$
|
1,740,881
|
||||
|
Non-current liabilities
|
||||||||
|
Long-term corporate debt
|
$
|
1,009,128
|
$
|
970,077
|
||||
|
Long-term project debt
|
4,568,387
|
4,925,268
|
||||||
|
Grants and other liabilities
|
1,271,460
|
1,229,767
|
||||||
|
Derivative liabilities
|
249,639
|
328,184
|
||||||
|
Deferred tax liabilities
|
302,612
|
260,923
|
||||||
|
Total non-current liabilities
|
$
|
7,401,226
|
$
|
7,714,219
|
||||
|
Current liabilities
|
||||||||
|
Short-term corporate debt
|
$
|
20,951
|
$
|
23,648
|
||||
|
Short-term project debt
|
710,493
|
312,346
|
||||||
|
Trade payables and other current liabilities
|
118,600
|
92,557
|
||||||
|
Income and other tax payables
|
39,759
|
54,703
|
||||||
|
Total current liabilities
|
$
|
889,803
|
$
|
483,254
|
||||
|
Total equity and liabilities
|
$
|
10,052,618
|
$
|
9,938,354
|
||||
11
|
|
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Profit/(loss) for the period
|
$
|
(10,932
|
)
|
$
|
84,359
|
$
|
(6,446
|
)
|
$
|
58,167
|
||||||
|
Financial expense and non-monetary adjustments
|
224,283
|
147,022
|
609,429
|
536,579
|
||||||||||||
|
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
213,351
|
$
|
231,381
|
$
|
602,983
|
$
|
594,746
|
||||||||
|
Variations in working capital
|
27,573
|
(44,921
|
)
|
47,987
|
(128,926
|
)
|
||||||||||
|
Net interest and income tax paid
|
(45,301
|
)
|
(31,625
|
)
|
(209,030
|
)
|
(162,578
|
)
|
||||||||
|
Net cash provided by operating activities
|
$
|
195,622
|
$
|
154,835
|
$
|
441,940
|
$
|
303,242
|
||||||||
|
Investment in contracted concessional assets
|
6,245
|
(1,856
|
)
|
(10,348
|
)
|
3,819
|
||||||||||
|
Other non-current assets/liabilities
|
930
|
(6,138
|
)
|
375
|
(14,387
|
)
|
||||||||||
|
Acquisitions of subsidiaries and entities under the equity method
|
(14,436
|
)
|
-
|
(337,539
|
)
|
8,943
|
||||||||||
|
Dividends received from entities under the equity method
|
11,385
|
9,758
|
24,615
|
20,140
|
||||||||||||
|
Net cash provided by/(used in) investing activities
|
$
|
4,124
|
$
|
1,764
|
$
|
(322,897
|
)
|
$
|
18,515
|
|||||||
|
Net cash provided by/(used in) financing activities
|
$
|
(111,262
|
)
|
$
|
(167,736
|
)
|
$
|
(207,965
|
)
|
$
|
(95,799
|
)
|
||||
|
Net increase/(decrease) in cash and cash equivalents
|
$
|
88,485
|
$
|
(11,137
|
)
|
$
|
(88,922
|
)
|
$
|
225,958
|
||||||
|
Cash and cash equivalents at beginning of the period
|
686,289
|
788,770
|
868,501
|
562,795
|
||||||||||||
|
Translation differences in cash or cash equivalent
|
(11,229
|
)
|
11,262
|
(16,034
|
)
|
142
|
||||||||||
|
Cash and cash equivalents at end of the period
|
$
|
763,545
|
$
|
788,895
|
$
|
763,545
|
$
|
788,895
|
||||||||
12
|
|
Reconciliation of Adjusted EBITDA including unconsolidated affiliates to Profit for the period attributable to the company
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
|
Profit/(loss) attributable to non-controlling interest
|
405
|
(5,021
|
)
|
11,720
|
(3,042
|
)
|
||||||||||
|
Income tax
|
9,262
|
21,608
|
42,390
|
25,079
|
||||||||||||
|
Share of loss/(profit) of associates carried under the equity method
|
(1,589
|
)
|
3,839
|
(4,245
|
)
|
2,248
|
||||||||||
|
Financial expense, net
|
78,615
|
19,114
|
251,422
|
221,911
|
||||||||||||
|
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
|
Depreciation, amortization, and impairment charges
|
146,040
|
108,093
|
334,916
|
302,166
|
||||||||||||
|
Adjusted EBITDA
|
$
|
221,395
|
$
|
237,015
|
$
|
618,037
|
$
|
609,572
|
||||||||
|
Atlantica’s pro-rata share of EBITDA from Unconsolidated Affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
|
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
||||||||
Reconciliation of Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Net cash provided by operating activities
|
$
|
195,623
|
$
|
154,835
|
$
|
441,940
|
$
|
303,242
|
||||||||
|
Net interest and income tax paid
|
45,301
|
31,625
|
209,030
|
162,578
|
||||||||||||
|
Variations in working capital
|
(27,573
|
)
|
44,921
|
(47,987
|
)
|
128,926
|
||||||||||
|
Other non-cash adjustments and other
|
8,044
|
5,634
|
15,054
|
14,826
|
||||||||||||
|
Adjusted EBITDA
|
$
|
221,395
|
$
|
237,015
|
$
|
618,037
|
$
|
609,572
|
||||||||
|
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
|
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
||||||||
13
|
|
Reconciliation of Cash Available For Distribution to Profit for the period attributable to the Company
|
For the three-month
period ended Sept 30,
|
For the nine-month period
ended Sept 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
|
Profit/(loss) attributable to non-controlling interest
|
405
|
(5,021
|
)
|
(11,720
|
)
|
3,042
|
||||||||||
|
Income tax
|
9,262
|
21,608
|
42,390
|
25,079
|
||||||||||||
|
Share of loss/(profit) of associates carried under the equity method
|
(1,589
|
)
|
3,839
|
(4,245
|
)
|
2,248
|
||||||||||
|
Financial expense, net
|
78,615
|
19,114
|
251,422
|
221,911
|
||||||||||||
|
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
|
Depreciation, amortization, and impairment charges
|
146,040
|
108,093
|
334,916
|
302,166
|
||||||||||||
|
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
|
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
||||||||
|
(8,451
|
)
|
(3,943
|
)
|
(16,044
|
)
|
(11,455
|
)
|
|||||||||
|
Dividends from equity method investments
|
11,385
|
9,758
|
24,615
|
20,140
|
||||||||||||
|
Non-monetary items
|
(7,907
|
)
|
(5,327
|
)
|
(17,102
|
)
|
(13,344
|
)
|
||||||||
|
Interest and income tax paid
|
(45,301
|
)
|
(31,625
|
)
|
(209,030
|
)
|
(162,578
|
)
|
||||||||
|
Principal amortization of indebtedness
|
(40,336
|
)
|
(18,963
|
)
|
(160,307
|
)
|
(109,162
|
)
|
||||||||
|
Deposits into/ withdrawals from restricted accounts
|
(567
|
)
|
8,844
|
(761
|
)
|
59,370
|
||||||||||
|
Change in non-restricted cash at project level
|
(89,947
|
)
|
(94,192
|
)
|
(113,379
|
)
|
(113,402
|
)
|
||||||||
|
(11,717
|
)
|
(6,833
|
)
|
(23,327
|
)
|
(20,994
|
)
|
|||||||||
|
Changes in other assets and liabilities
|
21,574
|
(46,724
|
)
|
49,727
|
(120,374
|
)
|
||||||||||
|
Cash Available For Distribution
|
$
|
58,580
|
$
|
51,953
|
$
|
168,474
|
$
|
149,228
|
||||||||
14
|
|
Reconciliation of CAFD to CAFD per share
|
For the three-month
period ended Sept 30,
|
For the nine-month period
ended Sept 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
CAFD (in thousands of U.S. dollars)
|
$
|
58,580
|
$
|
51,953
|
$
|
168,474
|
$
|
149,228
|
||||||||
|
Weighted Number of Shares (basic) for the period (in thousands)
|
111,055
|
101,602
|
110,749
|
101,602
|
||||||||||||
|
CAFD per share (in U.S. dollars)
|
$
|
0.5275
|
$
|
0.5113
|
$
|
1.5212
|
$
|
1.4688
|
||||||||
About Atlantica
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, transmission lines and water
assets in North & South America, and certain markets in EMEA (www.atlantica.com).
|
Chief Financial Officer
Francisco Martinez-Davis
E ir@atlantica.com
|
Investor Relations & Communication
Leire Perez
E ir@atlantica.com
T +44 20 3499 0465
|
15
|
|
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 Sustainable Infrastructure plc
|
|||
|
Date: November 10, 2021
|
By:
|
/s/ Santiago Seage
|
|
|
Name:
|
Santiago Seage
|
||
|
Title:
|
Chief Executive Officer
|
||