Atlantica Yield Reports First Quarter 2017 Financial Results
(Thomson Reuters ONE) -
Atlantica Yield Reports First Quarter 2017 Financial Results
* Net loss for the quarter attributable to the Company of $11.8 million
compared to $26.0 million loss in the first quarter of 2016
* Further Adjusted EBITDA including unconsolidated affiliates[1] increased by
7% to $165.0 million in the first quarter of 2017 compared with $154.9
million in the same quarter of 2016
* Excellent cash available for distribution ("CAFD")[2] of $60.9 million in
the quarter compared to $18.7 million in the first quarter of 2016
* Quarterly dividend of $0.25 per share declared by the Board of Directors
May 15, 2017 - Atlantica Yield plc ("ABY"), the sustainable total return company
that owns a diversified portfolio of contracted assets in the energy and
environment sectors, reported solid financial results for the three-month period
ended March 31, 2017. Further Adjusted EBITDA including unconsolidated
affiliates[1] amounted to $165.0 million representing a 7% increase compared to
the same quarter in 2016 despite lower than expected solar radiation in the
Southwest of the United States. Further Adjusted EBITDA margin improved to
83.3% from 75% as compared to the first quarter of 2016.
Net cash provided by operating activities amounted to $86.4 million, in line
with $84.5 million in the first quarter of 2016. Cash Available for Distribution
("CAFD") generation was excellent in the first quarter, reaching $60.9 million
($18.7 million on the first quarter of 2016).
Highlights
Three-month period ended
March 31,
(in thousands of U.S. dollars) 2017 2016
------------- -----------
Revenue $ 198,146 $ 206,376
Loss for the period attributable to the Company (11,769) (26,006)
Further Adjusted EBITDA incl. unconsolidated $ 165,049 $ 154,879
affiliates[3]
Net cash provided by operating activities 86,372 84,499
CAFD[4] $ 60,872 $ 18,736
Key Performance Indicators
Three-month period ended March 31,
2017 2016
---------- --------------------------
Renewable energy
MW in operation[5] 1,442 1,441
GWh produced[6] 460 514
Conventional power
MW in operation5 300 300
GWh produced[7] 591 529
Availability(%)[8] 99.8% 87.5%
Electric transmission lines
Miles in operation 1,099 1,099
Availability(%)8 94.4% 99.9%
Water
Mft(3) in operation 10.5 10.5
Availability (%)8 102.5% 101.5%
Segment Results
Three-month period ended
(in thousands of U.S. dollars) March 31,
2017 2016
---------------- ---------
Revenue by Geography
$ 60,952 $
North America 65,232
South America 28,527 29,008
EMEA 108,667 112,136
------------- -----------
$ 198,146 $
Total revenue 206,376
------------- -----------
Further Adjusted EBITDA incl. unconsolidated
affiliates by Geography
North America $ 54,753 $ 51,212
South America 33,757 24,062
EMEA 76,539 79,605
------------- -----------
Total Further Adjusted EBITDA incl. unconsolidated $ 165,049 $
affiliates 154,879
------------- -----------
Three-month period
(in thousands of U.S. dollars) ended
March 31,
2017 2016
------------- -----------
Revenue by business sector
Renewable energy $ 137,664 $
141,166
Conventional power 29,800 35,179
Electric transmission lines 24,165 23,530
Water 6,517 6,501
------------- -----------
Total revenue $ 198,146 $
206,376
------------- -----------
Further Adjusted EBITDA incl. unconsolidated
affiliates by business sector
Renewable energy $ 102,625 $
102,170
Conventional power 26,716 27,079
Electric transmission lines 30,459 19,410
Water 5,249 6,220
------------- -----------
Total Further Adjusted EBITDA incl. unconsolidated $ 165,049 $
affiliates 154,879
------------- -----------
During the three-month period ended March 31, 2017, revenue amounted to $198.1
million representing a 4% decrease in comparison with the revenue generated in
the first quarter of 2016. The decrease was due, in part to translation
differences driven by the depreciation of Euro against US dollar, with no impact
on cash generation since we hedge the net cash we receive from our euro
denominated-assets. The decrease was also due to the lower production at Kaxu,
our solar plant in South Africa which experienced technical problems at the end
of 2016. In our wind assets, which represent a very small portion of the
portfolio, we continue to see low wind resource.
The rest of the assets have performed ahead or in line with expectations. As
such, revenues and production generated by our solar assets in the United States
in the first quarter of 2017 increased as compared to the first quarter of
2016, despite lower levels of solar radiation in California and Arizona. In
Spain, our solar plants continued to deliver solid results, with higher levels
of production and revenues compared with the first quarter of 2016.
Our availability-based assets continue to deliver solid performance. ACT, our
cogeneration plant in Mexico, has maintained its strong levels of availability,
production and cash generation. Finally, our transmission and water assets
delivered very stable levels of revenue and Further Adjusted EBITDA.
Events During the First Quarter
In February 2017, we successfully refinanced part of our corporate debt by
signing a note facility (the "Note Issuance Facility ") with a group of funds
managed by Westbourne Capital, an Australian infrastructure investor for a total
amount of ?275 million (approximately $293 million). With this new financing,
we evenly staggered the maturity of the new notes in a manner than each of the
three notes of approximately ?92 million matures in 2022, 2023 and 2024. We
have fixed the interest rate to 5.5% via an interest rate swap. The Note
Issuance Facility provides a natural hedge for the cash distributions we receive
from our assets in Spain.
In addition, in the first quarter of 2017, we completed the acquisition of a
12.5% stake in a 114-mile transmission line which will connect California and
Arizona. The asset will receive a FERC regulated rate of return, and is
currently under development, with COD expected in 2020. We expect our total
investment to be up to $10 million in the coming three years and we have a right
to acquire an additional 12.5% interest in the asset.
Finally, in March 2017, we have obtained a waiver in Kaxu which waives any past
potential cross-default with Abengoa in the project finance agreement and allows
reduction of ownership by Abengoa below the 35% threshold.
Liquidity and Debt
Our total liquidity as of March 31, 2017 represents $673.7 million and consists
of $589.4 million of consolidated cash and cash equivalents, of which $102.0
million was available at the Atlantica corporate level and $84.3 million of cash
classified as short-term financial investments at the project level. If we
adjust cash for the sale of Abengoa's New Money 1 Tradable Notes[9] closed in
early April for $44.9 million, total liquidity amounts to $718.6 million, of
which $146.9 million was available at the corporate level.
As of March 31, 2017, net project debt amounted to $4,922.9 million and net
corporate debt amounted to $565.9 million. The net corporate debt / CAFD pre-
corporate debt service ratio[10] improved to 2.6x compared to 2.7x as of
December 31, 2016 and is significantly below our stated target of 3x.
Net project debt is calculated as long-term project debt plus short-term project
debt minus cash and cash equivalents at the project level. Net corporate debt is
calculated as long-term corporate debt plus short-term corporate debt minus cash
and cash equivalents at Atlantica Yield corporate level.
On May 12, 2017 Standard & Poors upgraded Atlantica Yield to BB- with Stable
Outlook. Senior secured debt rating was raised to BB+. With this, S&P
acknowledges the progress we have achieved on the separation from Abengoa,
obtaining a majority of the waivers for cross-default and change of ownership
provisions cointained in certain of our project finance agreements. S&P also
values positively the refinancing of our corporate debt mentioned above, with
maturities extended until 2024.
Dividend
On May 12, 2017, our Board of Directors approved a dividend of $0.25 per share.
This dividend is expected to be paid on or about June 15, 2017 to shareholders
of record as of May 31, 2017. The Board has decided to remain prudent this
quarter and we expect to increase dividends as the last remaining waivers and
forbearances are secured.
Details of the Results Presentation Conference
Atlantica Yield's CEO, Santiago Seage, and its CFO, Francisco Martinez-Davis,
will hold a conference call today, May 15, at 4:30 pm EST.
In order to access the conference call participants should dial:
+1 866 388 1927 (US) / + 44 (0) 207 750 9908 (UK). A live webcast of the
conference call will be available on Atlantica Yield's website. Please visit the
website at least 15 minutes earlier in order to register for the live webcast
and download any necessary audio software.
Additionally, Atlantica Yield¡s management is in New York this week to meet with
investors.
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. 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.
Many factors could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, including, among others: difficult conditions in the global economy
and in the global market and uncertainties in emerging markets where we have
international operations; changes in government regulations providing incentives
and subsidies for renewable energy; political, social and macroeconomic risks
relating to the United Kingdom's potential exit from the European Union; changes
in general economic, political, governmental and business conditions globally
and in the countries in which we do business; Decreases in government
expenditure budgets, reductions in government subsidies or adverse changes in
laws and regulations affecting our businesses and growth plan; challenges in
achieving growth and making acquisitions due to our dividend policy; inability
to identify and/or consummate future acquisitions, whether the Abengoa ROFO
Assets or otherwise, on favorable terms or at all; our ability to identify and
reach an agreement with new sponsors or partners similar to the ROFO Agreement
with Abengoa; legal challenges to regulations, subsidies and incentives that
support renewable energy sources; extensive governmental regulation in a number
of different jurisdictions, including stringent environmental regulation;
increases in the cost of energy and gas, which could increase our operating
costs; counterparty credit risk and failure of counterparties to our offtake
agreements to fulfill their obligations; inability to replace expiring or
terminated offtake agreements with similar agreements; new technology or changes
in industry standards; inability to manage exposure to credit, interest rates,
foreign currency exchange rates, supply and commodity price risks; reliance on
third-party contractors and suppliers; Risks associated with acquisitions and
investments; deviations from our investment criteria for future acquisitions and
investments; failure to maintain safe work environments; effects of
catastrophes, natural disasters, adverse weather conditions, climate change,
unexpected geological or other physical conditions, criminal or terrorist acts
or cyber-attacks at one or more of our plants; Insufficient insurance coverage
and increases in insurance cost; litigation and other legal proceedings
including claims due to Abengoa's restructuring process; reputational risk,
including damage to the reputation of Abengoa; the loss of one or more of our
executive officers; Failure of information technology on which we rely to run
our business; revocation or termination of our concession agreements or power
purchase agreements; lowering of revenues in Spain that are mainly defined by
regulation; Inability to adjust regulated tariffs or fixed-rate arrangements as
a result of fluctuations in prices of raw materials, exchange rates, labor and
subcontractor costs; changes to national and international law and policies that
support renewable energy resources; our receipt of dividends from our
exchangeable preferred equity investment in ACBH in the context of the ongoing
proceedings in ACBH in Brazil; lack of electric transmission capacity and
potential upgrade costs to the electric transmission grid; disruptions in our
operations as a result of our not owning the land on which our assets are
located; risks associated with maintenance, expansion and refurbishment of
electric generation facilities; failure of our assets to perform as expected;
Failure to receive dividends from all project and investments; variations in
meteorological conditions; disruption of the fuel supplies necessary to generate
power at our conventional generation facilities; deterioration in Abengoa's
financial condition and the outcome of Abengoa's ongoing proceedings under the
ongoing restructuring process and the outcome of the ongoing proceedings in ACBH
in Brazil; abengoa's ability to meet its obligations under our agreements with
Abengoa, to comply with past representations, commitments and potential
liabilities linked to the time when Abengoa owned the assets, potential clawback
of transactions with Abengoa, and other risks related to Abengoa; failure to
meet certain covenants under our financing arrangements; failure to obtain
pending waivers in relation to the minimum ownership by Abengoa and the cross-
default provisions contained in some of our project financing agreements;
failure of Abengoa to maintain existing guarantees and letters of credit under
the Financial Support Agreement; failure of Abengoa to complete the
restructuring process and comply with its obligations under the agreement
reached between Abengoa and us in relation to our preferred equity investment in
ACBH; uncertainty regarding the fair value of the non-contingent credit
recognized by Abengoa in the agreement reached between Abengoa and us in
relation to our preferred equity investment in ACBH and uncertainty regarding
the ability to recover this amount at maturity; Our ability to consummate future
acquisitions from Abengoa; changes in our tax position and greater than expected
tax liability; Impact on the stock price of the Company of the sale by Abengoa
of its stake in the Company; and technical failure, design errors or faulty
operation of our assets not covered by guarantees or insurance. Furthermore, any
dividends are subject to available capital, market conditions, and compliance
with associated laws and regulations. These factors should be considered in
connection with information regarding risks and uncertainties that may affect
Atlantica Yield's future results included in Atlantica Yield's filings with the
U.S. Securities and Exchange Commission at www.sec.gov.
Atlantica Yield undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
developments or otherwise.
Non-GAAP Financial Measures
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 of other companies and have limitations as analytical tools and should
not be considered in isolation 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 and should not be considered as alternatives to
operating profit or profit for the year 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.
We define Further 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 from continued
operations, income tax, share of profit/(loss) of associates carried under the
equity method, finance expense net, depreciation, amortization and impairment
charges, and dividends received from the preferred equity investment in ACBH.
Our management believes Further Adjusted EBITDA including unconsolidated
affiliates is 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. This
measure 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. Further Adjusted EBITDA including
unconsolidated affiliates is also used by management as a measure of liquidity.
Our management uses Further Adjusted EBITDA including unconsolidated affiliates
as a measure of operating performance to assist in comparing performance from
period to period on a consistent basis and to readily view operating trends, as
a measure for planning and forecasting overall expectations and for evaluating
actual results against such expectations, and in communications with our Board
of Directors, shareholders, creditors, analysts and investors concerning our
financial performance.
We define Cash Available For Distribution as cash distributions received by the
Company from its subsidiaries minus all cash expenses of the Company, including
debt service and general and administrative expenses. Management believes cash
available for distribution is a relevant supplemental measure of the Company's
ability to earn and distribute cash returns to investors.
We believe cash available for distribution is useful to investors in evaluating
our operating performance because securities analysts and other interested
parties use such calculations as a measure of our ability to make quarterly
distributions. In addition, cash available for distribution is used by our
management team for determining future acquisitions and managing our growth.
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
For the three-month period ended
March 31,
2017 2016
------------- ---------------------------
Revenue $ 198,146 $ 206,376
Other operating income 14,992 14,824
Raw materials and consumables (1,076) (7,375)
used
Employee benefit expenses (4,080) (2,254)
Depreciation, amortization, and (76,876) (77,160)
impairment charges
Other operating expenses (54,415) (59,024)
------------- ---------------------------
Operating profit $ 76,691 $ 75,387
------------- ---------------------------
Financial income 320 67
Financial expense (101,039) (98,849)
Net exchange differences 141 (2,569)
Other financial 4,278 (2,190)
income/(expense), net
------------- ---------------------------
Financial expense, net $ (96,300) $ (103,541)
------------- ---------------------------
Share of profit/(loss) of
associates carried under the 702 1,915
equity method
------------- ---------------------------
Profit/(loss) before income tax $ (18,907) $ (26,239)
------------- ---------------------------
Income tax 4,500 3,599
------------- ---------------------------
Profit/(loss) for the period $ (14,407) $ (22,640)
------------- ---------------------------
Loss/(profit) attributable to non- 2.638 (3,366)
controlling interests
------------- ---------------------------
Profit((loss) for the period $ (11,769) $ (26,006)
attributable to the Company
------------- ---------------------------
Weighted average number of
ordinary shares outstanding 100,217 100,217
(thousands)
Basic earnings per share
attributable to Atlantica Yield $ (0.12) $ (0.26)
plc (U.S. dollar per share)
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
Assets As of March 31,
2017 As of December 31, 2016
Non-current assets
Contracted concessional assets $ 8,909,158 $ 8,924,272
Investments carried under the 55,711 55,009
equity method
Financial investments 39,029 69,773
Deferred tax assets 209,350 202,891
----------------- ------------------------
Total non-current assets $ 9,213,248 $ 9,251,945
----------------- ------------------------
Current assets
Inventories 16,160 15,384
Clients and other receivables 214,127 207,621
Financial investments 298,860 228,038
Cash and cash equivalents 589,392 594,811
----------------- ------------------------
Total current assets $ 1,118,539 $ 1,045,854
----------------- ------------------------
Total assets $ 10,331,787 $ 10,297,799
----------------- ------------------------
Equity and liabilities
Share capital $ 10,022 $ 10,022
Parent company reserves 2,243,403 2,268,457
Other reserves 60,383 52,797
Accumulated currency translation differences (120,327) (133,150)
Retained Earnings (377,179) (365,410)
Non-controlling interest 124,592 126,395
---------------- ---------------
Total equity $ 1,940,894 $ 1,959,111
---------------- ---------------
Non-current liabilities
Long-term corporate debt $ 660,525 $ 376,340
Long-term project debt 5,071,537 4,629,184
Grants and other liabilities 1,602,639 1,612,045
Related parties 103,772 101,750
Derivative liabilities 345,359 349,266
Deferred tax liabilities 97,236 95,037
---------------- ---------------
Total non-current liabilities $ 7,881,068 $ 7,163,622
---------------- ---------------
Current liabilities
Short-term corporate debt 7,397 291,861
Short-term project debt 338,712 701,283
Trade payables and other current liabilities 149,264 160,505
Income and other tax payables 14,452 21,417
---------------- ---------------
Total current liabilities $ 509,825 $ 1,175,066
---------------- ---------------
Total equity and liabilities $ 10,331,787 $ 10,297,799
---------------- ---------------
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
Three-month period ended
March 31,
2017 2016
------------ ------
Profit/(loss) for the period (14,407) (22,640)
Financial expense and non-monetary adjustments 156,090 154,262
------------ ----------
Profit for the period adjusted by financial $ 141,683 $
expense and non-monetary adjustments 131,622
------------ ----------
Variations in working capital (28,701) (19,510)
Net interest and income tax paid (26,610) (27,613)
------------ ----------
Net cash provided by operating activities $ 86,372 $
84.499
------------ ----------
Investment in contracted concessional assets (1.819) (5,038)
Other non-current assets/liabilities (13,363) (15,614)
Acquisitions of subsidiaries - (19,071)
Other investments (43,629) -
------------ ----------
Net cash used in investing activities $ $
(58,811) (39,723)
------------ ----------
------------ ----------
Net cash provided by/(used in) financing $ $ 639
activities (36,194)
------------ ----------
------------ ----------
Net increase/(decrease) in cash and cash $ $
equivalents (8,633) 45,515
------------ ----------
Cash and cash equivalents at beginning of the 594,811 514,712
period
Translation differences in cash or cash equivalent 3,214 14,661
------------ ----------
Cash and cash equivalents at end of the period $ 589,392 $
574,788
------------ ----------
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
Profit/(loss) for the period attributable to the company
(in thousands of U.S. dollars) Three-month period ended
March 31,
2017 2016
------------- ----------------------
Profit/(loss) for the period $ (11,769) $ (26,006)
attributable to the Company
Profit attributable to non-controlling (2.638) 3,366
interest
Income tax (4,500) (3,599)
Share of loss/(profit) of associates (702) (1,915)
carried under the equity method
Financial expense, net 96,300 103,541
------------- ----------------------
Operating profit $ 76,691 $ 75,387
------------- ----------------------
Depreciation, amortization, and 76,876 77,160
impairment charges
Dividend from exchangeable preferred 10,383 -
equity investment in ACBH
------------- ----------------------
Further Adjusted EBITDA $ 163,950 $ 152,547
------------- ----------------------
Atlantica Yield's pro-rata share of 1,100 2,332
EBITDA from Unconsolidated Affiliates
------------- ----------------------
Further Adjusted EBITDA including $ 165,049 $ 154,879
unconsolidated affiliates
------------- ----------------------
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
net cash provided by operating activities
(in thousands of U.S. dollars) Three-month period ended March
31,
2017 2016
------------ ------------------
Net cash provided by operating activities $ 86,372 $ 84,499
Net interest and income tax paid 26,610 27,613
Variations in working capital 28,701 19,510
Other non-cash adjustments and other 22.267 20,925
------------ ------------------
Further Adjusted EBITDA $ 163,950 $ 152,547
Atlantica Yield's pro-rata share of EBITDA from
unconsolidated affiliates 1,100 2,332
------------ ------------------
Further Adjusted EBITDA including $ 165,049 $ 154,879
unconsolidated affiliates
------------ ------------------
Cash Available For Distribution Reconciliation (Historical)
(in thousands of U.S. dollars) Three-month period ended
March 31,
2017 2016
------------- ----------------------
Profit/(loss) for the period $ (11,769) $ (26,006)
attributable to the Company
Profit attributable to non-controlling (2.638) 3,366
interest
Income tax (4,500) (3,599)
Share of loss/(profit) of associates (702) (1,915)
carried under the equity method
Financial expense, net 96,300 103,541
------------- ----------------------
Operating profit $ 76,691 $ 75,387
------------- ----------------------
Depreciation, amortization, and 76,876 77,160
impairment charges
Dividend from exchangeable preferred 10,383 -
equity investment in ACBH
------------- ----------------------
Atlantica Yield's pro-rata share of 1,100 2,332
EBITDA from unconsolidated affiliates
------------- ----------------------
Further Adjusted EBITDA including $ 165,049 $ 154,879
unconsolidated affiliates
------------- ----------------------
Atlantica Yield's pro-rata share of
EBITDA from unconsolidated affiliates (1,100) (2,332)
Dividends from equity method - -
investments
Non-monetary items (12,025) (18,356)
Interest and income tax paid (26,610) (27,613)
Principal amortization of indebtedness (21,522) (14,254)
Deposits into/ withdrawals from 7,557 (34,155)
restricted accounts
Change in non-restricted cash at (27,293) (41,090)
project level
Dividends paid to non-controlling - -
interests
Changes in other assets and liabilities (23,184) (13,237)
ATN2 refinancing - 14,893
------------- ----------------------
Cash Available For Distribution[11] $ 60,872 $ 18,736
------------- ----------------------
About Atlantica Yield
Atlantica Yield plc is a total return company that owns a diversified portfolio
of contracted renewable energy, power generation, electric transmission and
water assets in North & South America, and certain markets in EMEA
(www.atlanticayield.com).
Chief Financial Officer Investor Relations & Communication
Francisco Martinez-Davis Leire Perez
E ir(at)atlanticayield.com E ir(at)atlanticayield.com
T +44 20 3499 0465
--------------------------------------------------------------------------------
[1] Further Adjusted EBITDA includes our share in EBITDA of unconsolidated
affiliates and the dividend from our preferred equity investment in Brazil or
its compensation (see reconciliation on page 14).
[2] CAFD includes $10.4 million of ACBH dividend compensation in the three-month
period ended March 31, 2017 and $14.7 million of one-time impact of a partial
refinancing of ATN2 in the three-month period ended March 31, 2016.
[3] Further Adjusted EBITDA includes our share in EBITDA of unconsolidated
affiliates and the dividend from our preferred equity investment in Brazil or
its compensation (see reconciliation on page 14).
[4] CAFD includes $10.4 million of ACBH dividend compensation in the three-month
period ended March 31, 2017 and $14.7 million of one-time impact of a partial
refinancing of ATN2 in the three-month period ended March 31, 2016.
[5] Represents total installed capacity in assets owned at the end of the
period, regardless of our percentage of ownership in each of the assets.
[6] Includes curtailment production in wind assets for which we receive
compensation.
[7] Conventional production and availability were impacted by a periodic
scheduled major maintenance in February 2016.
[8] Availability refers to actual availability divided by contracted
availability.
[9] As part of its restructuring plan, Abengoa has issued New Money 1 Tradable
Notes which are super-senior debt securities asset-backed by a ring-fenced
structure consisting of the shares Abengoa owns in us and A3T, a cogeneration
plant in Mexico. We participated in the New Money 1 Tradable Notes in order to
elevate to senior the status the debt securities Abengoa gaves us as a part of
the ACBH investment agreement. We sold our New Money 1 Tradable Notes in early
April.
[10] Based on CAFD pre corporate debt service for the year 2016.
[11] CAFD includes $14.9 million proceeds of ATN2 refinancing in the first
quarter of 2016 and $6.8 million and $21.2 million of ACBH dividend compensation
in the third and fourth quarter of 2016 respectivelly.
Atlantica Yield Reports First Quarter 2017 Financial Results:
http://hugin.info/172891/R/2104947/798893.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atlantica Yield plc via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.05.2017 - 00:19 Uhr
Sprache: Deutsch
News-ID 543010
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contact information:
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Kategorie:
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