Atlantica Yield Reports Second Quarter 2017 Financial Results
(Thomson Reuters ONE) -
Atlantica Yield Reports Second Quarter 2017 Financial Results
* Revenues for the second quarter increased by 9% to $285.1 million compared
to the same period of 2016
* Net profit attributable to the Company of $24.4 million for the second
quarter of 2017 compared to a $2.7 million profit in the comparable period
of 2016
* Further Adjusted EBITDA including unconsolidated affiliates1 increased by
10% to $227.8 million for the second quarter of 2017 compared with $207.6
million for the same period of 2016
* Cash available for distribution ("CAFD")2 of $34.6 million in the second
quarter of 2017, or $95.5 million for the first half of 2017
* Acquisition from a third party of a mini hydro plant in Peru with contracted
revenues in U.S. dollars for an approximate price of $9 million
* Quarterly dividend of $0.26 per share declared by the Board of Directors, a
4% increase compared with the previous quarter
August 3, 2017 - Atlantica Yield plc ("ABY" or "Atlantica"), the sustainable
total return company that owns a diversified portfolio of contracted assets in
the energy and environment sectors, reported financial results for the second
quarter and the six-month period ended June 30, 2017. Revenues increased by 9%
to $285.1 million for the second quarter and by 3% to $483.2 million for the
first half of 2017 compared to the respective periods of 2016. Further Adjusted
EBITDA including unconsolidated affiliates1 amounted to $227.8 million for the
second quarter and $392.9 million for the first half of 2017 representing an
increase of 10% and 8% as compared to the respective periods of 2016.
Cash Available for Distribution ("CAFD") generation was excellent in the first
half of the year, reaching $95.5 million (of which $34.6 million was generated
in the second quarter of 2017), compared to $58.3 million in the same period in
2016. In addition, during the second quarter, we sold a large portion of our
Abengoa debt and equity instruments for total proceeds of $24.7 million. CAFD
including the proceeds from Abengoa instruments reached $120.2 million.
Highlights
For the three-month period For the six-month period
ended June 30, ended June 30,
(in thousands of 2017 2016 2017 2016
U.S. dollars)
------------ ---------------- ------------ ----------------
Revenue $ 285,069 $ 261,302 $ 483,215 $ 467,678
Profit/(loss) for the
period attributable 24,382 2,650 12,613 (23,357)
to the Company
Further Adjusted
EBITDA incl. 227,841 207,645 392,891 362,524
unconsolidated
affiliates1
Net cash provided by 17,908 33,363 104,280 117,861
operating activities
CAFD2 34,582 39,607 95,454 58,343
Key Performance Indicators
Six-month period ended June 30,
2017 2016
---------- -----------------------
Renewable energy
MW in operation3 1,442 1,441
GWh produced4 1,560 1,488
Conventional power
MW in operation 300 300
GWh produced5 1,171 1,150
Availability(%)6 99.8% 95.0%
Electric transmission lines
Miles in operation 1,099 1,099
Availability(%)7 96.6% 99.9%
Water
Mft(3) in operation3 10.5 10.5
Availability (%)7 102.1% 102.1%
Segment Results
Six-month period ended
(in thousands of U.S. dollars) June 30,
2017 2016
---------------- -------
Revenue by Geography
$ 170,457 $
North America 165,848
South America 58,688 57,981
EMEA 254,070 243,849
------------ ---------
$ 483,215 $
Total revenue 467,678
------------ ---------
Further Adjusted EBITDA incl. unconsolidated affiliates
by Geography
North America $ 151,786 $
141,171
South America 58,615 48,057
EMEA 182,490 173,296
------------ ---------
Total Further Adjusted EBITDA incl. unconsolidated $ 392,891 $
affiliates 362,524
------------ ---------
Six-month period ended
(in thousands of U.S. dollars) June 30,
2017 2016
------------ ------------
Revenue by business sector
Renewable energy $ 363,603 $ 342,413
Conventional power 59,414 65,468
Electric transmission lines 47,617 46,912
Water 12,581 12,885
------------ ------------
Total revenue $ 483,215 $ 467,678
------------ ------------
Further Adjusted EBITDA incl. unconsolidated affiliates
by business sector
Renewable energy $ 279,263 $ 257,422
Conventional power 52,842 53,734
Electric transmission lines 49,832 39,359
Water 10,954 12,009
------------ ------------
Total Further Adjusted EBITDA incl. unconsolidated $ 392,891 $ 362,524
affiliates
------------ ------------
In the first half of 2017, we generated strong operating results thanks to
excellent performance in most of our assets. For our solar assets in the US, the
second quarter of 2017 has been the best quarter since they started operations,
reaching a 42% capacity factor. In Spain, solar radiation was higher than
expected, which, in combination with the asset's solid operational performance,
achieved excellent production levels, reaching a record production for a second
quarter. At Kaxu, production in the first half of this year was lower than in
the same period of the previous year as a result of technical issues at the end
of 2016. We have completed the repairs of the water pumps at Kaxu and collected
the insurance claim proceeds for repairs and loss of production. Finally, in
our wind assets, which represent a small portion of our portfolio, production
was in line with the same period of the previous year.
ACT, our cogeneration plant in Mexico, has demonstrated high levels of
availability and production in the first half of 2017. In transmission lines,
availability in the second quarter was high and revenues and EBITDA remained
stable. Finally, our water assets delivered stable levels of availability.
Acquisition of a 4MW mini-hydro in Peru
On July 20, 2017, we signed an agreement for the acquisition of a dollarized 4
MW mini-hydro plant in Peru for approximately $9 million. We expect the asset to
generate a 10% equity IRR. The asset comes with a fixed-price contract with the
Ministry of Energy of Peru (BBB/A3/BBB+8) and has an indexation mechanism to
U.S. CPI. It has delivered a solid operational track record since its
commercial operations date in 2012. We expect to finance the acquisition with
cash on hand.
"This asset allows us to diversify into a new technology while enjoying
geographical synergies with our existing assets in Peru. One of our main goals
is to build a pipeline of growth opportunities, combining proprietary
opportunities in M&A with existing and new partnerships", said Santiago Seage,
CEO of Atlantica.
The price is subject to conventional working capital adjustments and the closing
of the transaction is subject to customary conditions, including approvals by
the relevant authorities in Peru.
Liquidity and Debt
Our total liquidity as of June 30, 2017 is $691.9 million and consists of $614.3
million of consolidated cash and cash equivalents, of which $178.9 million was
available at the Atlantica corporate level, and $77.6 million of cash classified
as short-term financial investments at the project level.
As of June 30, 2017, net project debt amounted to $5,038.7 million and net
corporate debt amounted to $505.7 million. The net corporate debt / CAFD pre-
corporate debt service ratio9 improved to 2.3x compared to 2.7x as of December
31, 2016.
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.
Dividend
On July 28, 2017, our Board of Directors approved a dividend of $0.26 per share,
which represents an increase of 4% from the prior quarter, reflecting a positive
outlook regarding the resolution of some of our last remaining waivers. The
dividend is expected to be paid on or about September 15, 2017 to shareholders
of record as of August 31, 2017. The Board maintains its prudent approach this
quarter and we expect to increase dividends once the few 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, August 3, at 4:30 pm EST.
In order to access the conference call participants should dial:
+1 866 305 9104 (US) / +44 (0) 203 043 2434 (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 will attend the Goldman Sachs Power,
Utilities, MLPs and Pipelines Conference in New York on August 10.
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 For the six-month
ended June 30, period ended June
30,
2017 2016 2017 2016
-------------- --------------- -------------- -------------
Revenue $ 285,069 $ 261,302 $ 483,215 $ 467,678
Other operating 25,321 15,615 40,313 30,440
income
Raw materials and (6,064) (10,226) (7,140) (17,601)
consumables used
Employee benefit (4,179) (3,595) (8,259) (5,849)
expenses
Depreciation,
amortization, and (78,835) (78,343) (155,711) (155,503)
impairment charges
Other operating (74,370) (57,645) (128,785) (116,669)
expenses
-------------- --------------- -------------- -------------
Operating $ 146,942 $ 127,109 $ 223,633 $ 202,496
profit/(loss)
-------------- --------------- -------------- -------------
Financial income 168 797 488 864
Financial expense (101,657) (103,681) (202,696) (202,530)
Net exchange (3,104) (704) (2,963) (3,273)
differences
Other financial 2,209 (993) 6,487 (3,183)
income/(expense), net
-------------- --------------- -------------- -------------
Financial expense, $ (102,384) $ (104,581) $ (198,684) $ (208,122)
net
-------------- --------------- -------------- -------------
Share of
profit/(loss) of
associates carried 1,374 1,429 2,076 3,343
under the equity
method
-------------- --------------- -------------- -------------
Profit/(loss) before $ 45,932 $ 23,956 $ 27,025 $ (2,283)
income tax
-------------- --------------- -------------- -------------
Income tax (17,348) (19,762) (12,848) (16,163)
-------------- --------------- -------------- -------------
Profit/(loss) for the $ 28,584 $ 4,194 $ 14,177 $ (18,446)
period
-------------- --------------- -------------- -------------
Loss/(profit)
attributable to non- (4,202) (1,544) (1,564) (4,911)
controlling interests
-------------- --------------- -------------- -------------
Profit/(loss) for the
period attributable $ 24,382 $ 2,649 $ 12,613 $ (23,357)
to the Company
-------------- --------------- -------------- -------------
Weighted average
number of ordinary 100,217 100,217 100,217 100,217
shares outstanding
(thousands)
Basic earnings per
share attributable to
Abengoa Yield plc $ 0.24 $ 0.03 $ 0.13 $ (0.23)
(U.S. dollar per
share)
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
As of June 30,
Assets
2017 As of December 31, 2016
Non-current assets
Contracted concessional assets $ 9,087,129 $ 8,924,272
Investments carried under the equity 56,586 55,009
method
Financial investments 39,310 69,773
Deferred tax assets 204,713 202,891
---------------- ------------------------
Total non-current assets $ 9,387,738 $ 9,251,945
---------------- ------------------------
Current assets
Inventories 16,024 15,384
Clients and other receivables 286,308 207,621
Financial investments 219,591 228,038
Cash and cash equivalents 614,312 594,811
---------------- ------------------------
Total current assets $ 1,136,235 $ 1,045,854
---------------- ------------------------
Total assets $ 10,523,973 $ 10,297,799
---------------- ------------------------
Equity and liabilities
Share capital $ 10,022 $ 10,022
Parent company reserves 2,218,348 2,268,457
Other reserves 66,782 52,797
Accumulated currency translation differences (60,246) (133,150)
Retained Earnings (352,797) (365,410)
Non-controlling interest 131,021 126,395
--------------- --------------
Total equity $ 2,013,130 $ 1,959,111
--------------- --------------
Non-current liabilities
Long-term corporate debt $ 681,674 $ 376,340
Long-term project debt 5,167,694 4,629,184
Grants and other liabilities 1,595,396 1,612,045
Related parties 106,004 101,750
Derivative liabilities 351,077 349,266
Deferred tax liabilities 114,939 95,037
--------------- --------------
Total non-current liabilities $ 8,016,784 $ 7,163,622
--------------- --------------
Current liabilities
Short-term corporate debt 2,890 291,861
Short-term project debt 306,406 701,283
Trade payables and other current liabilities 164,338 160,505
Income and other tax payables 20,425 21,417
--------------- --------------
Total current liabilities $ 494,059 $ 1,175,066
--------------- --------------
Total equity and liabilities $ 10,523,973 $ 10,297,799
--------------- --------------
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
For the three-month period For the six-month period
ended June 30, ended June 30,
2017 2016 2017 2016
------------- --------------- ------------- -------------
Profit/(loss) for the 28,584 4,194 14,177 (18,446)
period
Financial expense and
non-monetary 183,671 187,991 339,761 342,253
adjustments
------------- --------------- ------------- -------------
Profit for the period
adjusted by financial $ 212,255 $ 192,185 $ 353,938 $ 323,807
expense and non-
monetary adjustments
------------- --------------- ------------- -------------
Variations in working (51,266) (21,450) (79,967) (40,960)
capital
Net interest and (143,081) (137,372) (169,691) (164,985)
income tax paid
------------- --------------- ------------- -------------
Net cash provided
by/(used in) operating $ 17,908 $ 33,363 $ 104,280 $ 117,862
activities
------------- --------------- ------------- -------------
Investment in
contracted concessional (875) (813) (2,694) (5,851)
assets
Other non-current 10,795 13,057 (2,568) (2,557)
assets/liabilities
Acquisitions of - - - (19,071)
subsidiaries
Dividends received
from entities under the - 4,984 - 4,984
equity method
Other investments 68,304 - 24,675 -
------------- --------------- ------------- -------------
Net cash provided
by/(used in) investing $ 78,225 $ 17,228 $ 19,413 $ (22,495)
activities
------------- --------------- ------------- -------------
------------- --------------- ------------- -------------
Net cash provided
by/(used in) financing $ (87,508) $ (63,110) $ (123,702) $ (62,471)
activities
------------- --------------- ------------- -------------
------------- --------------- ------------- -------------
Net increase/(decrease)
in cash and cash $ 8,625 $ (12,519) $ (9) $ 32,896
equivalents
------------- --------------- ------------- -------------
Cash and cash
equivalents at 589,392 574,788 594,811 514,712
beginning of the period
Translation differences
in cash or cash 16,295 (7,708) 19,510 6,953
equivalent
Cash and cash
equivalents at end of $ 614,312 $ 554,561 $ 614,312 $ 554,561
the period
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
Profit/(loss) for the period attributable to the company
(in thousands of U.S. For the three-month period For the six-month period
dollars) ended June 30, ended June 30,
2017 2016 2017 2016
------------ ---------------- ------------ ----------------
Profit/(loss) for the
period attributable $ 24,382 $ 2,649 $ 12,613 $ (23,357)
to the Company
Profit attributable
to non-controlling 4,202 1,545 1,564 4,911
interest
Income tax 17,348 19,762 12,848 16,163
Share of
loss/(profit) of
associates carried (1,374) (1,428) (2,076) (3,343)
under the equity
method
Financial expense, 102,384 104,581 198,684 208,122
net
------------ ---------------- ------------ ----------------
Operating profit $ 146,942 $ 127,109 $ 223,633 $ 202,496
------------ ---------------- ------------ ----------------
Depreciation,
amortization, and 78,835 78,343 155,711 155,503
impairment charges
Dividend from
exchangeable - - 10,383 -
preferred equity
investment in ACBH
------------ ---------------- ------------ ----------------
Further Adjusted $ 225,777 $ 205,452 $ 389,727 $ 357,999
EBITDA
------------ ---------------- ------------ ----------------
Atlantica Yield's
pro-rata share of
EBITDA from 2,064 2,193 3,164 4,525
Unconsolidated
Affiliates
------------ ---------------- ------------ ----------------
Further Adjusted
EBITDA including $ 227,841 $ 207,645 $ 392,891 $ 362,524
unconsolidated
affiliates
------------ ---------------- ------------ ----------------
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
net cash provided by operating activities
(in thousands of U.S. For the three-month period For the six-month period
dollars) ended June 30, ended June 30,
2017 2016 2017 2016
------------ ---------------- ------------ ---------------
Net cash provided by $ 17,908 $ 33,363 $ 104,280 $ 117,862
operating activities
Net interest and 143,081 137,372 169,691 164,985
income tax paid
Variations in working 51,266 21,450 79,967 40,960
capital
Other non-cash 13,522 13,268 35,789 34,192
adjustments and other
------------ ---------------- ------------ ---------------
Further Adjusted $ 225,777 $ 205,452 $ 389,727 $ 357,999
EBITDA
Atlantica Yield's pro-
rata share of EBITDA 2,064 2,193 3,164 4,525
from unconsolidated
affiliates
------------ ---------------- ------------ ---------------
Further Adjusted
EBITDA including $ 227,841 $ 207,645 $ 392,891 $ 362,524
unconsolidated
affiliates
------------ ---------------- ------------ ---------------
Cash Available For Distribution Reconciliation (Historical)
(in thousands of For the three-month period For the six-month period
U.S. dollars) ended June 30, ended June 30,
2017 2016 2017 2016
------------ ----------------- ------------ ----------------
Profit/(loss) for
the period $ 24,382 $ 2,649 $ 12,613 $ (23,357)
attributable to the
Company
Profit attributable
to non-controlling 4,202 1,545 1,564 4,911
interest
Income tax 17,348 19,762 12,848 16,163
Share of
loss/(profit) of
associates carried (1,374) (1,428) (2,076) (3,343)
under the equity
method
Financial expense, 102,384 104,581 198,684 208,122
net
------------ ----------------- ------------ ----------------
Operating profit $ 146,942 $ 127,109 $ 223,633 $ 202,496
------------ ----------------- ------------ ----------------
Depreciation,
amortization, and 78,835 78,343 155,711 155,503
impairment charges
Dividends from
exchangeable - - 10,383 -
preferred equity
investment in ACBH
Atlantica Yield's
pro-rata share of
EBITDA from 2,064 2,193 3,164 4,525
unconsolidated
affiliates
------------ ----------------- ------------ ----------------
Further Adjusted
EBITDA including $ 227,841 $ 207,645 $ 392,891 $ 362,524
unconsolidated
affiliates
------------ ----------------- ------------ ----------------
Atlantica Yield's
pro-rata share of
EBITDA from (2,064) (2,193) (3,164) (4,525)
unconsolidated
affiliates
Dividends from
equity method - 4,984 - 4,984
investments
Non-monetary items (10,758) (12,563) (22,783) (30,919)
Interest and income (143,081) (137,372) (169,691) (164,985)
tax paid
Principal
amortization of (54,528) (53,851) (76,050) (68,105)
indebtedness
Deposits into/
withdrawals from (8,157) 12,291 (600) (21,864)
restricted accounts
Change in non-
restricted cash at 66,886 59,969 39,593 18,879
project level
Dividends paid to
non-controlling (1,801) (5,479) (1,801) (5,479)
interests
Changes in other
assets and (39,756) (33,824) (62,941) (47,060)
liabilities
ATN2 refinancing - - - 14,893
------------ ----------------- ------------ ----------------
Cash Available For $ 34,582 $ 39,607 $ 95,454 $ 58,343
Distribution10
------------ ----------------- ------------ ----------------
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 [15]).
2 CAFD includes $10.4 million of ACBH dividend compensation in the six-month
period ended June 30, 2017 and $14.9 million of the one-time impact of a partial
refinancing of ATN2 in the six-month period ended June 30, 2016.
3 Represents total installed capacity in assets owned at the end of the period,
regardless of our percentage of ownership in each of the assets.
4 Includes curtailment in wind assets in Q1 and Q2 2017 for which we receive
compensation.
5 Conventional production and availability were impacted by a scheduled major
maintenance in February 2016, which occurs periodically.
6 Availability of conventional sector refers to operational MW over contracted
MW with Pemex.
7 Availability refers to actual availability divided by contracted
availability.
8 Based on the counterparty's issuer credit rating of BBB+/A3/BBB+ as issued by
Standard & Poor's Ratings Services, Moody's Investors Services Inc. and Fitch
Ratings Ltd.
9 Based on midpoint CAFD guidance before corporate debt service for the year
2017.
10 Cash Available For Distribution includes a one-time impact of the refinancing
of ATN2 in the three-month period ended March 31, 2016 and in the six-month
period ended June 30, 2016.
-----------------------------------------------
Atlantica Yield Reports Second Quarter 2017 Financial Results:
http://hugin.info/172891/R/2125528/811273.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: 03.08.2017 - 22:27 Uhr
Sprache: Deutsch
News-ID 555329
Anzahl Zeichen: 48549
contact information:
Town:
Brentford
Kategorie:
Business News
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