• Atlantica Reports Q1 2023 Financial Results

    ソース: Nasdaq GlobeNewswire / 05 5 2023 07:25:35   America/New_York

    Atlantica Reports First Quarter 2023 Financial Results

    • 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.

    May 5, 2023 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first quarter of 2023. Revenue for the first quarter of 2023 was $242.5 million, a 2.0% decrease compared with the first quarter of 2022. On a comparable basis1, revenue increased by 1.5%. Adjusted EBITDA was $174.2 million, a 0.3% increase compared to the first quarter of 2022 and a 4.0% increase on a comparable basis1. CAFD was $61.0 million, a 12.1% rise compared with $54.4 million in the first quarter of 2022 and includes $4.1 million from the sale of part of our equity interest in our development company in Colombia to a partner. Without this impact, CAFD increased by 4.6% in the first quarter of 2023 compared to the same quarter of the previous year. CAFD per share3 was $0.53, an 8.9% increase compared to the same period of the previous year and a 1.5% increase without the effect of the sale previously described.

    Highlights

    (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 EBITDA174,204 173,626
    Net cash provided by operating activities41,706 137,315
    CAFD61,049 54,407

    Key Performance Indicators

     Three-month period
    ended March 31,    		 
     2023 2022
    Renewable energy   
    MW in operation42,161 2,044
    GWh produced51,192 1,094
    Efficient natural gas & heat   
    MW in operation6398 398
    GWh produced7600 625
    Availability (%)94.9% 100.3%
    Transmission lines   
    Miles in operation1,229 1,229
    Availability (%)100.0% 99.9%
    Water   
    M ft3 in operation417.5 17.5
    Availability (%)100.8% 104.5%

    Segment Results



    (in thousands of U.S. dollars)    		Three-month period ended March 31,
     2023 2022 
    Revenue by geography    
    North America$     72,840 $ 74,304       
    South America43,720 38,528 
    EMEA125,949 134,620 
    Total Revenue$             242,509 $            247,452  


    Adjusted EBITDA by geography   
    North America$ 51,969 $ 58,266
    South America33,788 29,129
    EMEA88,447 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 & heat27,403 25,327
    Transmission lines28,831 26,620
    Water13,674 13,404
    Total Revenue$           242,509 $ 247,452                    
        
    Adjusted EBITDA by business sector   
    Renewable energy$               119,122 $ 122,223             
    Efficient natural gas & heat22,610 21,699
    Transmission lines23,470 20,523
    Water9,002 9,181
    Total Adjusted EBITDA $              174,204 $ 173,626                                 

    Production in the renewable energy portfolio increased by 9% for the first quarter of 2023 compared with the first quarter of 2022 mainly due to the increase in production in our solar assets in Spain, where solar radiation was very good in the period and to the contribution from the recently consolidated assets and those that have entered into operation recently.

    In our efficient natural gas and heat segment availability decreased mostly due to a scheduled major overhaul, which did not impact revenue. In our transmission lines and water segments, where revenue is based on availability, we maintained very high availability levels.

    Liquidity and Debt

    As of March 31, 2023, cash at Atlantica’s corporate level was $109.4 million, compared with $60.8 million as of December 31, 2022. Additionally, as of March 31, 2023, the Company had $365.1 million available under its Revolving Credit Facility and therefore a total corporate liquidity of $474.5 million, compared with $445.9 million as of December 31, 2022.

    As of March 31, 2023, net project debt8 was $4.10 billion, compared with $4.01 billion as of December 31, 2022, while net corporate debt9 was $968.0 million, compared with $956.4 million as of December 31, 2022. As of March 31, 2023, the net corporate debt / CAFD before corporate debt service ratio10 was 3.3x.

    Dividend

    On May 4, 2023, the Board of Directors of Atlantica approved a dividend of $0.445 per share. This dividend is expected to be paid on June 15, 2023 to shareholders of record as of May 31, 2023.

    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 Friday, May 5, 2023, at 8:00 am (New York time).

    In order to access the conference call participants should dial: +1-646-664-1960 (US), +44 (0) 20-3936-2999 (UK) or +1-613-699-6539 (Canada), followed by the confirmation code 877320. Atlantica advises participants to access the conference call at least 15 minutes in advance.

    The senior management team will also hold meetings with investors on May 9, 2023, at the Citi 2023 Global Energy, Utilities and Climate Technology Conference in Boston and on May 23, 2023, at the EIC 2023 Investor Conference in Florida.

    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 "anticipate," "believe," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan", "should" or "will" or the negative of such terms or other similar expressions or terminology.

    By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this 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 anticipated or unanticipated events or circumstances.

    Investors should read the section entitled "Item 3.D—Risk Factors” and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”), 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: cash available for distribution (“CAFD”) estimates; net corporate leverage based on CAFD estimates; the use of non-GAAP measures as a useful predicting tool for investors; and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC.

    The CAFD guidance used in this presentation was estimated as of March 1, 2023. This estimate is based on assumptions believed to be reasonable as of the date Atlantica published its 2022 Financial Results. We disclaim any current intention to update such guidance, except as required by law.   

    Non-GAAP Financial Measures

    This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA, 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 net cash provided by operating activities 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) in this press release provides useful information to investors.

    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.

    We define Adjusted EBITDA as profit/(loss) for the period attributable to the Company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax, financial expense (net), depreciation, amortization and impairment charges of entities included in the consolidated financial statements and including depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership). 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 (116,140,187for the three-months ended on March 31, 2023, and 112,741,249 for March 31, 2022).

    Our management believes Adjusted EBITDA, 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 moving forward. 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 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.

    Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the period ended March 31, 2023 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a non-controlling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of associates carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles.

    Consolidated Statements of Operations
    (Amounts in thousands of U.S. dollars)

     For the three-month period
    ended March 31,    		 
     2023 2022   
    Revenue$           242,509 $ 247,452                    
    Other operating income22,620 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 income7,997 992   
    Financial expense(84,852) (83,402)   
    Net exchange differences1,705 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 method6,187 8,221   
    Loss before income tax$          (15,629) $      (13,748)   
    Income tax9,656 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)                   

    Consolidated Statement of Financial Position
    (Amounts in thousands of U.S. dollars)

    AssetsAs 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 method258,264 260,031 
     Financial investments158,320 176,237 
     Deferred tax assets163,535 149,656 
    Total non-current assets$ 8,012,815 $ 8,069,183                                 
    Current assets    
     Inventories$ 35,205 $                       34,511                                                
     Trade and other receivables268,053 200,334 
     Financial investments186,754 195,893 
     Cash and cash equivalents602,856 600,990 
    Total current assets$ 1,092,868 $ 1,031,728                                 
    Total assets$ 9,105,683 $ 9,100,911                            
    Equity and liabilities   
     Share capital$                  11,615 $ 11,606                                               
     Share premium986,594 986,594
     Capital reserves763,263 814,951
     Other reserves326,922 345,567
     Accumulated currency translation differences(154,194) (161,307)
     Accumulated deficit(407,739) (397,540)
     Non-controlling interest183,368 189,176
    Total equity$                  1,709,829 $                  1,789,047
    Non-current liabilities   
     Long-term corporate debt$                  1,040,998 $                  1,000,503                     
     Long-term project debt4,252,226 4,226,518
     Grants and other liabilities1,246,433 1,252,513
     Derivative liabilities26,302 16,847
     Deferred tax liabilities283,738 296,481
    Total non-current liabilities$ 6,849,697 $ 6,792,862                                
    Current liabilities   
     Short-term corporate debt$ 36,362 $                   16,697
     Short-term project debt344,397 326,534
     Trade payables and other current liabilities134,007 140,230
     Income and other tax payables31,391 35,541
    Total current liabilities$ 546,157 $ 519,002                                                    
    Total equity and liabilities$                 9,105,683 $                 9,100,911                                                   

    Consolidated Cash Flow Statements
    (Amounts in thousands of U.S. dollars)

     For the three-month period ended March 31,  
     2023 2022 
    Profit/(loss) for the period$         (5,973) $         (9,842) 
    Financial expense and non-monetary adjustments171,121 182,751 
    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) 
    Net cash provided by operating activities$         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 method12,401 31,870 
    Other non-current assets/liabilities5,613 697 
    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 period600,990 622,689 
    Translation differences in cash or cash equivalent1,426 749 
    Cash and cash equivalents at end of the period $ 602,856 $       739,001     

    Reconciliation of Adjusted EBITDA to Net cash provided by operating activities

    (in thousands of U.S. dollars)For the three-month period ended March 31,  
     2023 2022 
    Net cash provided by operating activities$ 41,706 $    137,315        
    Net interest and income tax paid30,179 16,546 
    Changes in working capital93,263 19,047 
    Non-monetary items and other(2,740) (13,484) 
    Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates11,796 14,202 
    Adjusted EBITDA$ 174,204 $    173,626      

    Reconciliation of CAFD to CAFD per share

     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 

    Reconciliation of Cash Available For Distribution and Adjusted EBITDA to Profit for the period attributable to the Company

    (in thousands of U.S. dollars)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 interest5,017 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, net80,434 80,467 
    Depreciation, amortization, and impairment charges103,790 100,925 
    Adjusted EBITDA 174,204 $ 173,626        
    Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates(11,796) (14,202) 
    Non-monetary items649 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 assets16,441 18,169  
    Income from cash grants in the US(14,639) (14,897)  
    Maintenance Capex(7,630) (2,844)  
    Dividends from equity method investments12,401 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 accounts119,820 11,805 
    Change in non-restricted cash at project level1043,114 (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        

    About Atlantica

    Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission 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

                    

    1 Compared with the first quarter of 2022 on a constant currency basis.
    2 Compared to Q1 2022, excluding $4.1 million from the sale of part of our equity interest in our development company in Colombia to a partner in Q1 2023.

    3 CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period.

    4 Represents total installed capacity in assets owned or consolidated for the three-month period ended March 31, 2023 and 2022, respectively, regardless of our percentage of ownership in each of the assets except for Vento II for which we have included our 49% interest.
    5 Includes 49% of Vento II wind portfolio production since its acquisition. Includes curtailment in wind assets for which we receive compensation.
    6 Includes 43 MW corresponding to our 30% share in Monterrey and 55MWt corresponding to thermal capacity from Calgary District Heating.

    7 GWh produced includes 30% share of the production from Monterrey.
    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 net corporate debt divided by midpoint 2023 CAFD guidance before corporate debt service. CAFD before corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.
    11 “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period.


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