☒ Form 20-F
|
☐ Form 40-F
|
• |
Revenue for the first quarter of 2023 reached $242.5 million, a 1.5% increase year-over-year on a comparable basis1 and a 2.0% decrease year-over-year.
|
• |
Adjusted EBITDA was $174.2 million for the first quarter of 2023, a 4.0% increase year-over-year on a comparable basis1 and a 0.3% increase year-over-year.
|
• |
Net loss for the first quarter of 2023 attributable to the Company was $11.0 million, compared with a net loss of $12.0 million in the first quarter of 2022.
|
• |
Cash available for distribution (“CAFD”) increased by 12.1% year-over-year up to $61.0 million in the first quarter of 2023 and by 4.6% on a comparable basis2.
|
• |
Quarterly dividend of $0.445 per share approved by the Board of Directors.
|
(in thousands of U.S. dollars)
|
Three-month period
ended March 31,
|
|||||||
2023
|
2022
|
|||||||
Revenue
|
$
|
242,509
|
$
|
247,452
|
||||
Loss for the period attributable to the Company
|
(10,990
|
)
|
(12,042
|
)
|
||||
Adjusted EBITDA
|
174,204
|
173,626
|
||||||
Net cash provided by operating activities
|
41,706
|
137,315
|
||||||
CAFD
|
61,049
|
54,407
|
Three-month period
ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Renewable energy
|
||||||||
MW in operation4
|
2,161
|
2,044
|
||||||
GWh produced5
|
1,192
|
1,094
|
||||||
Efficient natural gas & heat
|
||||||||
MW in operation6
|
398
|
398
|
||||||
GWh produced7
|
600
|
625
|
||||||
Availability (%)
|
94.9
|
%
|
100.3
|
%
|
||||
Transmission lines
|
||||||||
Miles in operation
|
1,229
|
1,229
|
||||||
Availability (%)
|
100.0
|
%
|
99.9
|
%
|
||||
Water
|
||||||||
M ft3 in operation4
|
17.5
|
17.5
|
||||||
Availability (%)
|
100.8
|
%
|
104.5
|
%
|
(in thousands of U.S. dollars)
|
Three-month period ended March 31,
|
|||||||
2023
|
2022
|
|||||||
Revenue by geography
|
||||||||
North America
|
$
|
72,840
|
$
|
74,304
|
||||
South America
|
43,720
|
38,528
|
||||||
EMEA
|
125,949
|
134,620
|
||||||
Total Revenue
|
$
|
242,509
|
$
|
247,452
|
||||
Adjusted EBITDA by geography
|
||||||||
North America
|
$ |
51,969
|
$ |
58,266
|
||||
South America
|
33,788
|
29,129
|
||||||
EMEA
|
88,447
|
86,231
|
||||||
Total Adjusted EBITDA
|
$ |
174,204
|
$ |
173,626
|
(in thousands of U.S. dollars)
|
Three-month period ended March 31,
|
|||||||
2023
|
2022
|
|||||||
Revenue by business sector
|
||||||||
Renewable energy
|
$
|
172,600
|
$
|
182,101
|
||||
Efficient natural gas & heat
|
27,403
|
25,327
|
||||||
Transmission lines
|
28,831
|
26,620
|
||||||
Water
|
13,674
|
13,404
|
||||||
Total Revenue
|
$
|
242,509
|
$
|
247,452
|
||||
Adjusted EBITDA by business sector
|
||||||||
Renewable energy
|
$
|
119,122
|
$
|
122,223
|
||||
Efficient natural gas & heat
|
22,610
|
21,699
|
||||||
Transmission lines
|
23,470
|
20,523
|
||||||
Water
|
9,002
|
9,181
|
||||||
Total Adjusted EBITDA
|
$
|
174,204
|
$
|
173,626
|
• |
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.
|
For the three-month period
ended March 31,
|
||||||||
2023
|
2022
|
|||||||
$
|
242,509
|
$
|
247,452
|
|||||
Other operating income
|
22,620
|
19,373
|
||||||
Employee benefit expenses
|
(23,840
|
)
|
(19,469
|
)
|
||||
Depreciation, amortization, and impairment charges
|
(103,790
|
)
|
(100,925
|
)
|
||||
Other operating expenses
|
(78,881
|
)
|
(87,933
|
)
|
||||
Operating profit
|
$
|
58,618
|
$
|
58,498
|
||||
Financial income
|
7,997
|
992
|
||||||
Financial expense
|
(84,852
|
)
|
(83,402
|
)
|
||||
Net exchange differences
|
1,705
|
3,073
|
||||||
Other financial income/(expense), net
|
(5,284
|
)
|
(1,130
|
)
|
||||
Financial expense, net
|
$
|
(80,434
|
)
|
$
|
(80,467
|
)
|
||
Share of profit of associates carried under the equity method
|
6,187
|
8,221
|
||||||
Loss before income tax
|
$
|
(15,629
|
)
|
$
|
(13,748
|
)
|
||
Income tax
|
9,656
|
3,906
|
||||||
Loss for the period (continued operations)
|
$
|
(5,973
|
)
|
$
|
(9,842
|
)
|
||
Loss attributable to non-controlling interests
|
(5,017
|
)
|
(2,200
|
)
|
||||
Loss for the period attributable to the Company
|
$
|
(10,990
|
)
|
$
|
(12,042
|
)
|
||
Weighted average number of ordinary shares outstanding (thousands)
|
116,140
|
112,741
|
||||||
Weighted average number of ordinary shares diluted (thousands)
|
119,487
|
116,894
|
||||||
Basic earnings per share (U.S. dollar per share)
|
$
|
(0.09
|
)
|
$
|
(0.11
|
)
|
||
Diluted earnings per share (U.S. dollar per share)
|
$
|
(0.09
|
)
|
$
|
(0.11
|
)
|
As of March 31,
2023
|
As of December 31,
2022
|
|||||||
Non-current assets
|
||||||||
Contracted concessional assets, PP&E and other intangible assets
|
$
|
7,432,696
|
$
|
7,483,259
|
||||
Investments carried under the equity method
|
258,264
|
260,031
|
||||||
Financial investments
|
158,320
|
176,237
|
||||||
Deferred tax assets
|
163,535
|
149,656
|
||||||
Total non-current assets
|
$
|
8,012,815
|
$
|
8,069,183
|
||||
Current assets
|
||||||||
Inventories
|
$
|
35,205
|
$
|
34,511
|
||||
Trade and other receivables
|
268,053
|
200,334
|
||||||
Financial investments
|
186,754
|
195,893
|
||||||
Cash and cash equivalents
|
602,856
|
600,990
|
||||||
Total current assets
|
$
|
1,092,868
|
$
|
1,031,728
|
||||
Total assets
|
$
|
9,105,683
|
$
|
9,100,911
|
||||
Share capital
|
$
|
11,615
|
$
|
11,606
|
||||
Share premium
|
986,594
|
986,594
|
||||||
Capital reserves
|
763,263
|
814,951
|
||||||
Other reserves
|
326,922
|
345,567
|
||||||
Accumulated currency translation differences
|
(154,194
|
)
|
(161,307
|
)
|
||||
Accumulated deficit
|
(407,739
|
)
|
(397,540
|
)
|
||||
Non-controlling interest
|
183,368
|
189,176
|
||||||
Total equity
|
$
|
1,709,829
|
$
|
1,789,047
|
||||
Non-current liabilities
|
||||||||
Long-term corporate debt
|
$
|
1,040,998
|
$
|
1,000,503
|
||||
Long-term project debt
|
4,252,226
|
4,226,518
|
||||||
Grants and other liabilities
|
1,246,433
|
1,252,513
|
||||||
Derivative liabilities
|
26,302
|
16,847
|
||||||
Deferred tax liabilities
|
283,738
|
296,481
|
||||||
Total non-current liabilities
|
$
|
6,849,697
|
$
|
6,792,862
|
||||
Current liabilities
|
||||||||
Short-term corporate debt
|
$
|
36,362
|
$
|
16,697
|
||||
Short-term project debt
|
344,397
|
326,534
|
||||||
Trade payables and other current liabilities
|
134,007
|
140,230
|
||||||
Income and other tax payables
|
31,391
|
35,541
|
||||||
Total current liabilities
|
$
|
546,157
|
$
|
519,002
|
||||
Total equity and liabilities
|
$
|
9,105,683
|
$
|
9,100,911
|
For the three-month period
ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Profit/(loss) for the period
|
$
|
(5,973
|
)
|
$
|
(9,842
|
)
|
||
Financial expense and non-monetary adjustments
|
171,121
|
182,751
|
||||||
Profit for the period adjusted by non-monetary items
|
$
|
165,148
|
$
|
172,909
|
||||
Changes in working capital
|
(93,263
|
)
|
(19,048
|
)
|
||||
Net interest and income tax paid
|
(30,179
|
)
|
(16,546
|
)
|
||||
$
|
41,706
|
$
|
137,315
|
|||||
Acquisitions of subsidiaries and entities under the equity method
|
(2,496
|
)
|
(39,009
|
)
|
||||
Investments in operating concessional assets
|
(7,630
|
)
|
(2,907
|
)
|
||||
Investments in assets under development or construction
|
(7,019
|
)
|
(3,601
|
)
|
||||
Distributions from entities under the equity method
|
12,401
|
31,870
|
||||||
Other non-current assets/liabilities
|
5,613
|
697
|
||||||
Net cash provided by/(used in) investing activities
|
$
|
869
|
$
|
(12,950
|
)
|
|||
|
||||||||
Net cash used in financing activities
|
$
|
(42,135
|
)
|
$
|
(8,802
|
)
|
||
|
||||||||
Net increase in cash and cash equivalents
|
$
|
440
|
$
|
115,563
|
||||
Cash and cash equivalents at beginning of the period
|
600,990
|
622,689
|
||||||
Translation differences in cash or cash equivalent
|
1,426
|
749
|
||||||
Cash and cash equivalents at end of the period
|
$
|
602,856
|
$
|
739,001
|
For the three-month period
ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Net cash provided by operating activities
|
$
|
41,706
|
$
|
137,315
|
||||
30,179
|
16,546
|
|||||||
Changes in working capital
|
93,263
|
19,047
|
||||||
Non-monetary items and other
|
(2,740
|
)
|
(13,484
|
)
|
||||
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
11,796
|
14,202
|
||||||
Adjusted EBITDA
|
$
|
174,204
|
$
|
173,626
|
For the three-month period ended March 31,
|
||||||||
2023
|
2022
|
|||||||
CAFD (in thousands of U.S. dollars)
|
$
|
61,049
|
$
|
54,407
|
||||
Weighted average number of shares (basic) for the period (in thousands)
|
116,140
|
112,741
|
||||||
CAFD per share (in U.S. dollars)
|
$
|
0.5257
|
$
|
0.4826
|
For the three-month period
ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Profit/(loss) for the period attributable to the Company
|
$
|
(10,990
|
)
|
$
|
(12,042
|
)
|
||
Profit/(loss) attributable to non-controlling interest
|
5,017
|
2,200
|
||||||
Income tax
|
(9,656
|
)
|
(3,906
|
)
|
||||
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)
|
5,609
|
5,982
|
||||||
Financial expense, net
|
80,434
|
80,467
|
||||||
Depreciation, amortization, and impairment charges
|
103,790
|
100,925
|
||||||
Adjusted EBITDA
|
174,204
|
$
|
173,626
|
|||||
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
(11,796
|
)
|
(14,202
|
)
|
||||
Non-monetary items
|
649
|
10,413
|
||||||
Accounting provision for electricity market prices in Spain
|
(1,153
|
)
|
7,141
|
|||||
Difference between billings and revenue in assets accounted for as concessional financial assets
|
16,441
|
18,169
|
||||||
Income from cash grants in the US
|
(14,639
|
)
|
(14,897
|
)
|
||||
Maintenance Capex
|
(7,630
|
)
|
(2,844
|
)
|
||||
Dividends from equity method investments
|
12,401
|
31,870
|
||||||
Net interest and income tax paid
|
(30,179
|
)
|
(16,546
|
)
|
||||
Changes in other assets and liabilities
|
(92,980
|
)
|
(5,588
|
)
|
||||
Deposits into/ withdrawals from restricted accounts10
|
9,820
|
11,805
|
||||||
Change in non-restricted cash at project level10
|
43,114
|
(103,116
|
)
|
|||||
Dividends paid to non-controlling interests
|
(6,011
|
)
|
(6,221
|
)
|
||||
Debt principal repayments
|
(30,543
|
)
|
(24,789
|
)
|
||||
Cash Available For Distribution
|
$
|
61,049
|
$
|
54,407
|
Chief Financial Officer
|
Investor Relations & Communication
|
Francisco Martinez-Davis
|
Leire Perez
|
E ir@atlantica.com
|
E ir@atlantica.com
|
T +44 20 3499 0465
|
Atlantica Sustainable Infrastructure plc
|
|||
By: |
/s/ Santiago Seage
|
||
Name:
|
Santiago Seage | ||
Title:
|
Chief Executive Officer | ||
Date: May 5, 2023
|