Atlantica Yield Reports Third Quarter 2017 Financial Results
(Thomson Reuters ONE) -
Atlantica Yield Reports Third Quarter 2017 Financial Results
* Revenues for the nine-month period of $775.2 million (2% increase from the
comparable period of 2016) and Further Adjusted EBITDA including
unconsolidated affiliates[1] of $629.1 million, in line with the previous
year
* Net profit attributable to the Company of $42.6 million for the nine-month
period ended September 30, 2017, compared to $9.7 million in the same period
of 2016
* Net cash provided by operating activities of $327.3 million, a 8% increase
from the comparable period of 2016
* Cash Available for Distribution ("CAFD")[2] of $132.1 million for the nine-
month period of 2017, an 18% increase from the same period of 2016
* Announced a planned strategic partnership[3] with Algonquin to drive
accretive growth
* Secured the ACT minimum ownership waiver and agreed a consent with the US
Department of Energy to lower Abengoa's minimum ownership requirement of
Atlantica to 16%, with effectiveness subject to Abengoa fulfilling a number
of conditions precedent
* Increased quarterly dividend to $0.29 per share by 12% from the prior
quarter and by 78% from the third quarter of 2016
November 13, 2017 - Atlantica Yield plc (NASDAQ: ABY) ("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
nine-month period ended September 30, 2017. Revenues reached $775.2 million, a
2% increase compared to the respective period of 2016. Further Adjusted EBITDA
including unconsolidated affiliates4 remained stable at $629.1 million for the
first nine months of 2017, in line with the comparable period of the previous
year.
Cashflow generated by operating activities reached $327.3 million, a 8% increase
from the comparable period of 2016. CAFD generation during the nine-month
period ended September 30, 2017, reached $132.1 million compared to $112.1
million in the same period in 2016. In addition, during the period, we sold a
significant portion of our Abengoa debt and equity instruments for total
proceeds of $27.4 million. CAFD including the proceeds from Abengoa instruments
reached $159.5 million.
Highlights
For the three-month period For the nine-month period
ended September 30, ended September 30,
(in thousands of 2017 2016 2017 2016
U.S. dollars)
------------- --------------- ------------ -----------
Revenue $ 291,964 $295,272 $ 775,179 $762,950
Profit/(loss) for
the period 29,969 33,014 42,582 9,658
attributable to the
Company
Further Adjusted
EBITDA incl. 236,252 264,262 629,142 626,786
unconsolidated
affiliates[4]
Net cash provided
by operating 223,010 184,329 327,290 302,192
activities
CAFD[5] 36,690 53,780 132,144 112,123
Key Performance Indicators
For the nine-month period ended September
30,
2017 2016
-------- -----------------------------------
Renewable energy
MW in operation[6] 1,442 1,442
GWh produced[7] 2,577 2,587
Conventional power
MW in operation 300 300
GWh produced[8] 1,787 1,799
Availability(%)8 100.4% 97.7%
Electric transmission lines
Miles in operation 1,099 1,099
Availability(%)[9] 97.5% 99.9%
Water
Mft(3) in operation 6 10.5 10.5
Availability (%)[10] 102.3% 102.3%
Segment Results
Nine-month period ended
(in thousands of U.S. dollars) September 30,
2017 2016
------------------ ---------
Revenue by Geography
$ 270,037 $
North America 275,340
South America 90,005 88,164
EMEA 415,137 399,446
---------------- ----------
$ 775,179 $
Total revenue 762,950
---------------- ----------
Further Adjusted EBITDA incl. unconsolidated
affiliates by Geography
North America $ 243,289 $
244,220
South America 84,174 93,553
EMEA 301,679 289,213
---------------- ----------
Total Further Adjusted EBITDA incl. $ 629,142 $
unconsolidated affiliates[11] 626,786
---------------- ----------
(in thousands of U.S. Nine-month period ended
dollars) September 30,
2017 2016
---------------------------- ----------------
Revenue by business sector
Renewable energy $ 594,476 $ 578,256
Conventional power 89,653 94,921
Electric transmission lines 71,064 70,735
Water 19,986 19,039
---------------------------- ----------------
Total revenue $ 775,179 $ 762,950
---------------------------- ----------------
Renewable energy $ 462,607 $ 448,992
Conventional power 79,969 80,124
Electric transmission lines 68,649 79,909
Water 17,917 17,760
------------ --------------
Total Further Adjusted EBITDA incl. unconsolidated $ 629,142 $ $ 626,786
affiliates[12]
------------ --------------
Our renewable assets generated solid operating results during the nine-month
period ended September 30, 2017. Our fleet of solar assets in Spain continued to
deliver good levels of electricity generation thanks to high solar radiation in
the region. In the U.S., after a very good first half of 2017, production was
impacted in the third quarter by an incident in electric transformers in Solana,
which caused the plant to produce at a reduced capacity in July and part of
August; all the necessary repairs were completed in August. Kaxu, our solar
asset in South Africa, continued to perform at lower-than-expected levels, while
we carried out required repairs, which were completed in the fourth quarter of
2017. Finally, in our wind assets, energy generation was significantly higher
than in the same period of 2016.
ACT, our cogeneration plant in Mexico, demonstrated high levels of availability
during the nine-month period ended September 30, 2017. In transmission lines,
availability was high in the third quarter of 2017 and revenues and EBITDA
remained stable. Finally, our water assets continue to deliver steadily strong
levels of availability.
Liquidity and Debt
Our total liquidity as of September 30, 2017 is $880.6 million and consists of
$794.1 million of consolidated cash and cash equivalents, of which $197.1
million was available at the Atlantica corporate level, and $86.5 million of
cash classified as short-term financial investments at the project level.
As of September 30, 2017, net project debt amounted to $4,982.6 million and net
corporate debt amounted to $503.8 million. The net corporate debt / CAFD pre-
corporate debt service ratio[13] 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 the Atlantica Yield corporate level.
Strategic partnership with Algonquin
As we announced on November 1, 2017, we have entered into a non-binding term-
sheet with respect to strategic agreements[14] with Algonquin Power & Utilities
Corp. ("Algonquin") which we believe will define the beginning of a new phase
for Atlantica, opening new growth opportunities.
Algonquin announced on November 1, 2017 that it reached an agreement[15] with
Abengoa to acquire a 25% stake in Atlantica from Abengoa at a price of $24.25
per share, which implies a total equity value of Atlantica Yield of $2,430
million. After the closing of this transaction, Algonquin will be Atlantica's
largest shareholder. Abengoa has communicated that it intends to sell its
remaining 16.5% stake in Atlantica over the upcoming months in a private
transaction, subject to approval by the US Department of Energy. Algonquin has
an option to purchase this remaining stake until March 2018.
In addition, Algonquin and Abengoa announced that they signed an agreement to
create a joint venture called AAGES to invest in the development and
construction of contracted clean energy and water infrastructure assets.
In the context of these agreements, Atlantica signed a non-binding term-sheet
with Algonquin and Abengoa aimed at enhancing Atlantica's growth opportunities,
which will serve as the basis of a shareholders' agreement to be executed on or
before the closing of the purchase of the 25% interest by Algonquin and
reflecting the following initiatives:
* Proposed Right of First Offer ("ROFO") Agreement between AAGES and Atlantica
* Proposed agreement to periodically discuss the sale of North American assets
to Atlantica
* Proposed opportunity for Algonquin to provide, through the subscription of
ordinary shares of Atlantica, incremental equity of $100 million for the
acquisition of new assets by Atlantica. Algonquin has been granted certain
preferred rights when participating in further equity issuances with the
possibility of increasing Algonquin's ownership in Atlantica up to 41.5%
* Proposed right of Algonquin to appoint a number of directors corresponding
to Algonquin's percentage ownership, with a maximum of less than one half of
the total
* Maintain 80% target dividend payout ratio for Atlantica
We believe that Algonquin, an industrial North American company listed on the
Toronto and New York stock exchanges, will be an ideal sponsor for Atlantica.
The new proposed ROFO represents an excellent growth opportunity for Atlantica,
as it strengthens visibility on our near-term growth and provides a line of
sight to long-term growth. In addition, Algonquin's intention to lead future
equity issuances will anchor the financing of future acquisitions.
Waivers and consents
In October 2017, we obtained a waiver from the ACT project finance lenders to
delete the minimum ownership clause related to Abengoa.
In November 2017, we signed a consent with the US Department of Energy which
reduces the minimum ownership required by Abengoa in Atlantica to 16%, subject
to certain conditions precedent.
Dividend
On November 10, 2017, our Board of Directors approved a dividend of $0.29 per
share, which represents an increase of 12% from the prior quarter and 78%
increase from the third quarter of 2016. The dividend is expected to be paid on
or about December 15, 2017 to shareholders of record as of November 30, 2017.
New NASDAQ Ticker Symbol
The Atlantica ticker symbol on NASDAQ will change from "ABY" to "AY" effectively
tomorrow, November 14, 2017. The CUSIP number will remain the same.
Details of the Results Presentation Conference
Atlantica Yield's CEO, Santiago Seage, and its CFO, Francisco Martinez-Davis,
will hold a conference call today, November 13, at 8:30 am EST.
In order to access the conference call participants should dial: +1
646 722 4907 (US) / +44 (0) 203 043 2440 (UK). The participants' pin code is
86262130#. 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 meet investors in a roadshow
organized by RBC in New York and Boston on November 14 and 15 as well as
attending the RBC MLP Conference in Dallas on November 16.
Forward-Looking Statements
The purchase of Atlantica shares by Algonquin from Abengoa is subject to a
number of conditions, most of which are beyond our control. Atlantica cannot
make any representation regarding an agreement reached by two third parties. The
term-sheets entered into with Algonquin, AAGES and Abengoa are non-binding and
while the parties have agreed to negotiate in good faith towards a mutually
beneficial outcome, there is no guarantee that the AAGES ROFO and other
agreements will be entered into, or that any assets will be purchased by
Atlantica from Algonquin, AAGES or Abengoa.
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, including reduction of our revenues in
Spain, which are mainly defined by regulation through parameters that could be
reviewed at the end of each regulatory period; 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, other 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 potential damage caused to
us by Abengoa's reputation; 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; 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; exposure to market electricity can impact revenue from our
renewable energy and conventional power facilities; changes to national and
international law and policies that support renewable energy resources; 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, including Solana and Kaxu; failure to receive
dividends from all project and investments, including Solana and Kaxu;
variations in meteorological conditions; disruption of the fuel supplies
necessary to generate power at our conventional generation facilities;
deterioration in Abengoa's financial condition; 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 or payment
obligations 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 or failure by us to maintain guarantees; uncertainty regarding the
fair value of the Abengoa debt and equity instruments not yet sold, which were
received in relation to the agreement reached with Abengoa on the preferred
equity investment in ACBH; our ability to consummate future acquisitions from
Abengoa, AAGES, Algonquin or others; changes in our tax position and greater
than expected tax liability; our ability to use U.S. NOLs to offset future
income may be limited, including the possibility of experiencing an "ownership
change" as defined under Section 382 of the U.S. Internal Revenue Code;
conflicts of interest which may be resolved in a manner that is not in our best
interests or the best interests of our minority shareholders, potentially caused
by our ownership structure and certain service agreements in place with our
current largest shareholder; impact on the stock price of the Company of the
sale by Abengoa of its stake in the Company and potential negative effects of a
potential sale by Abengoa of its stake in the Company or of a potential change
of control of the Company or of a potential delay or failure of a sale process;
failure by Abengoa and Algonquin to close the agreement reached between both
parties on November 1, 2017, for the acquisition by Algonquin of a 25% stake in
Atlantica from Abengoa, including its potential negative impact on our stock
price; failure to sign a shareholders' agreement with Algonquin and Abengoa on
or before the closing of the purchase of the 25% interest by Algonquin in the
terms of the non-binding term-sheet signed between the three parties, including
its potential negative impact on the stock price of the Company; failure to sign
a ROFO agreement with AAGES, a joint venture to be created by Algonquin and
Abengoa to invest in the development and construction of contracted clean energy
and water infrastructure contracted assets, including its potential negative
impact on the stock price of the Company; technical failure, design errors or
faulty operation of our assets not covered by guarantees or insurance; failure
to collect insurance proceeds in the expected amounts; failure to reach an
agreement on the extension of the production guarantee period at Solana and
Kaxu; and various other factors including those discussed in our Annual Report.
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 nine-month period
ended September 30, ended September 30,
2017 2016 2017 2016
Revenue $ 291,964 $ 295,272 $ 775,179 $ 762,950
Other operating 16,186 17,218 56,499 47,657
income
Raw materials and (4,069) (6,880) (11,209) (24,481)
consumables used
Employee benefit (4,993) (4,747) (13,252) (10,596)
expenses
Depreciation,
amortization, and (80,720) (78,900) (236,431) (234,403)
impairment charges
Other operating (64,888) (59,936) (193,673) (176,605)
expenses
-------------- -------------- -------------- -------------
Operating $ 153,480 $ 162,027 $ 377,113 $ 364,522
profit/(loss)
-------------- -------------- -------------- -------------
Financial income 643 132 1,131 996
Financial expense (105,874) (101,553) (308,570) (304,083)
Net exchange (1,331) (1,638) (4,294) (4,911)
differences
Other financial
income/(expense), (5,185) 4,358 1,302 1,175
net
-------------- -------------- -------------- -------------
Financial expense, $ (111,747) $ (98,701) $ (310,431) $ (306,823)
net
-------------- -------------- -------------- -------------
Share of
profit/(loss) of
associates carried 1,624 1,760 3,700 5,104
under the equity
method
-------------- -------------- -------------- -------------
Profit/(loss) before $ 43,357 $ 65,086 $ 70,382 $ 62,803
income tax
-------------- -------------- -------------- -------------
Income tax (12,482) (29,801) (25,330) (45,964)
-------------- -------------- -------------- -------------
Profit/(loss) for $ 30,875 $ 35,285 $ 45,052 $ 16,839
the period
-------------- -------------- -------------- -------------
Loss/(profit)
attributable to non- (906) (2,271) (2,470) (7,181)
controlling
interests
-------------- -------------- -------------- -------------
Profit/(loss) for
the period $ 29,969 $ 33,014 $ 42,582 $ 9,658
attributable 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 $ 0.30 $ 0.33 $ 0.42 $ 0.10
(U.S. dollar per
share)
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
Assets As of September 30,
2017 As of December 31, 2016
Non-current assets
Contracted concessional assets $ 9,104,780 $ 8,924,272
Investments carried under the
equity method 54,583 55,009
Financial investments 42,202 69,773
Deferred tax assets 199,519 202,891
--------------------- ------------------------
Total non-current assets $ 9,401,084 $ 9,251,945
--------------------- ------------------------
Current assets
Inventories $ 16,326 15,384
Clients and other receivables 278,460 207,621
Financial investments 222,618 228,038
Cash and cash equivalents 794,094 594,811
--------------------- ------------------------
Total current assets $ 1,311,498 $ 1,045,854
--------------------- ------------------------
Total assets $ 10,712,582 $ 10,297,799
--------------------- ------------------------
Equity and liabilities
$ $ 10,022
Share capital 10,022
Parent company reserves 2,192,292 2,268,457
Other reserves 65,548 52,797
Accumulated currency
translation differences (36,008) (133,150)
Retained Earnings (322,808) (365,410)
Non-controlling interest 130,354 126,395
------------------------------ ---------------
Total equity $ 2,039,380 $ 1,959,111
------------------------------ ---------------
Non-current liabilities
Long-term corporate debt $ 685,014 $ 376,340
Long-term project debt 5,221,512 4,629,184
Grants and other liabilities 1,586,197 1,612,045
Related parties 103,749 101,750
Derivative liabilities 365,534 349,266
Deferred tax liabilities 122,343 95,037
------------------------------ ---------------
Total non-current liabilities $ 8,084,349 $ 7,163,622
------------------------------ ---------------
Current liabilities
Short-term corporate debt 15,872 291,861
Short-term project debt 358,028 701,283
Trade payables and other 177,129
current liabilities 160,505
Income and other tax payables 37,824 21,417
------------------------------ ---------------
Total current liabilities $ 588,853 $ 1,175,066
------------------------------ ---------------
Total equity and liabilities $ 10,712,582 $ 10,297,799
------------------------------ ---------------
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
For the three-month For the nine-month period
period ended September ended September 30,
30,
2017 2016 2017 2016
------------- ------------- -------------- -------------
Profit/(loss) for the 30,875 35,285 45,052 16,839
period
Financial expense
and non-monetary 188,647 192,496 528,408 534,749
adjustments
------------- ------------- -------------- -------------
Profit for the period
adjusted by financial $ 219,522 $ 227,781 $ 573,460 $ 551,588
expense and non-
monetary adjustments
------------- ------------- -------------- -------------
Variations in 32,464 (16,269) (47,503) (57,229)
working capital
Net interest and (28,976) (27,183) (198,667) (192,167)
income tax paid
------------- ------------- -------------- -------------
Net cash provided by $ 223,010 $ 184,329 $ 327,290 $ 302,192
operating activities
------------- ------------- -------------- -------------
Investment in
contracted (4,812) (101) (7,506) (5,952)
concessional assets
Other non-current (4,041) (17,250) (6,609) (19,807)
assets/liabilities
Acquisitions of - (14,833) - (33,905)
subsidiaries
Dividends received
from entities under 2,454 - 2,454 4,984
the equity method
Other investments 2,686 - 27,361 -
------------- ------------- -------------- -------------
Net cash provided $
by/(used in) investing $ (3,713) (32,184) $ 15,700 $ (54,680)
activities
------------- ------------- -------------- -------------
------------- ------------- -------------- -------------
Net cash provided $ (
by/(used in) financing $ (48,805) 39,283) $ (172,507) $ (101,755)
activities
------------- ------------- -------------- -------------
------------- ------------- -------------- -------------
Net
increase/(decrease) in $ 170,492 $ 112,862 $ 170,483 $ 145,757
cash and cash
equivalents
------------- ------------- -------------- -------------
Cash and cash
equivalents at 614,312 554,561 594,811 514,712
beginning of the
period
Translation
differences in cash or 9,290 6,024 28,800 12,978
cash equivalent
Cash and cash
equivalents at end of $ 794,094 $ 673,447 $ 794,094 $ 673,447
the period
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
Profit/(loss) for the period attributable to the company
(in thousands of For the three-month period For the nine-month period
U.S. dollars) ended September 30, ended September 30,
2017 2016 2017 2016
------------- --------------- ------------ ---------------
Profit/(loss) for
the period $ 29,969 $ 33,014 $ 42,582 $ 9,658
attributable to the
Company
Profit attributable
to non-controlling 906 2,271 2,470 7,181
interest
Income tax 12,482 29,801 25,330 45,964
Share of
loss/(profit) of
associates carried (1,624) (1,760) (3,700) (5,104)
under the equity
method
Financial expense, 111,747 98,701 310,431 306,823
net
------------- --------------- ------------ ---------------
Operating profit $ 153,480 $ 162,027 $ 377,113
$ 364,522
------------- --------------- ------------ ---------------
Depreciation,
amortization, and 80,720 78,900 236,431 234,403
impairment charges
Dividend from
exchangeable - 21,179 10,383 21,179
preferred equity
investment in ACBH
------------- --------------- ------------ ---------------
Further Adjusted $ 234,200 $ 262,105 $ 623,927
EBITDA $ 620,104
------------- --------------- ------------ ---------------
Atlantica Yield's
pro-rata share of
EBITDA from 2,052 2,157 5,215 6,682
Unconsolidated
Affiliates
------------- --------------- ------------ ---------------
Further Adjusted
EBITDA including $ 236,252 $ 264,262 $ 629,142
unconsolidated $ 626,786
affiliates
------------- --------------- ------------ ---------------
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to
net cash provided by operating activities
(in thousands of For the three-month period For the nine-month period
U.S. dollars) ended September 30, ended September 30,
2017 2016 2017 2016
------------ ---------------- ------------- --------------
Net cash provided by $ 223,010 $ 184,329 $ 327,290 $ 302,192
operating activities
Net interest and 28,976 27,183 198,667 192,167
income tax paid
Variations in (32,464) 16,269 47,503 57,229
working capital
Other non-cash 34,324
adjustments and 14,678 50,467 68,516
other
------------ ---------------- ------------- --------------
Further Adjusted $ 234,200 $ 262,105 $ 623,927 $ 620,104
EBITDA
Atlantica Yield's
pro-rata share of
EBITDA from 2,052 2,157 5,215 6,682
unconsolidated
affiliates
------------ ---------------- ------------- --------------
Further Adjusted
EBITDA including $ 236,252 $ 264,262 $ 629,142 $ 626,786
unconsolidated
affiliates
------------ ---------------- ------------- --------------
Cash Available For Distribution Reconciliation Historical
(in thousands of U.S. For the three-month period For the nine-month period
dollars) ended September 30, ended September 30,
2017 2016 2017 2016
------------ --------------- ------------- --------------
Profit/(loss) for the
period attributable $ 29,969 $ 33,014 $ 42,582 $ 9,658
to the Company
Profit attributable
to non-controlling 906 2,271 2,470 7,181
interest
Income tax 12,482 29,801 25,330 45,964
Share of
loss/(profit) of
associates carried (1,624) (1,760) (3,700) (5,104)
under the equity
method
Financial expense, 111,747 98,701 310,431 306,823
net
------------ --------------- ------------- --------------
Operating profit $ 153,480 $ 162,027 $ 377,113 $ 364,522
------------ --------------- ------------- --------------
Depreciation,
amortization, and 80,720 78,900 236,431 234,403
impairment charges
Dividends from
exchangeable - 21,179 10,383 21,179
preferred equity
investment in ACBH
Atlantica Yield's
pro-rata share of
EBITDA from 2,052 2,157 5,215 6,682
unconsolidated
affiliates
------------ --------------- ------------- --------------
Further Adjusted
EBITDA including $ 236,252 $ 264,262 $ 629,142 $ 626,786
unconsolidated
affiliates
------------ --------------- ------------- --------------
Atlantica Yield's
pro-rata share of
EBITDA from (2,052) (2,157) (5,215) (6,682)
unconsolidated
affiliates
Dividends from equity 2,454 - 2,454 4,984
method investments
Non-monetary items (13,005) (11,508) (35,788) (42,427)
Interest and income (28,976) (27,183) (198,667) (192,167)
tax paid
Principal
amortization of (20,330) (18,792) (96,380) (86,897)
indebtedness
Deposits into/
withdrawals from (26,581) (43,027) (27,181) (64,891)
restricted accounts
Change in non-
restricted cash at (143,982) (90,385) (104,389) (71,506)
project level
Dividends paid to
non-controlling (2,837) (3,473) (4,638) (8,952)
interests
Changes in other
assets and 35,747 (13,957) (27,194) (61,018)
liabilities
ATN2 refinancing - - - 14,893
------------ --------------- ------------- --------------
Cash Available For $ 36,690 $ 53,780 $ 132,144 $ 112,123
Distribution[16]
------------ --------------- ------------- --------------
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).
[2] CAFD includes $10.4 million of ACBH dividend compensation in the nine-month
period ended September 30, 2017 and $21.2 million in the nine-month period ended
September 30, 2016. In addition, there is $14.9 million one-time impact of a
partial refinancing of ATN2 in the nine-month period ended September 30, 2016.
[3] The purchase of Atlantica shares by Algonquin from Abengoa is subject to a
number of conditions precedent, most of which are beyond our control. The term-
sheets entered into with Algonquin, AAGES and Abengoa are non-binding and while
the parties have agreed to negotiate in good faith towards a mutually beneficial
outcome, there is no guarantee that the AAGES ROFO and other agreements will be
entered into, or that any assets will be purchased by Atlantica from Algonquin,
AAGES or Abengoa.
[4] 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).
[5] CAFD includes $10.4 million of ACBH dividend compensation in the nine-month
period ended September 30, 2017 and $21.2 million in the nine-month period ended
September 30, 2016. Also there is $14.9 million of the one-time impact of a
partial refinancing of ATN2 in the nine-month period ended September 30, 2016.
[6] Represents total installed capacity in assets owned at the end of the
period, regardless of our percentage of ownership in each of the assets.
[7] Includes curtailment in wind assets for which we receive compensation in the
nine-month period ended September 30, 2017.
[8] Conventional production and availability were affected by scheduled major
maintenance in February 2016, which occurs periodically.
[9] Availability refers to actual availability adjusted as per contract
[10] Availability refers to actual availability divided by contracted
availability.
[11] 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).
[12] 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).
[13] Based on midpoint CAFD guidance before corporate debt service for the year
2017.
[14] The term-sheets entered into with Algonquin, AAGES and Abengoa are non-
binding and while the parties have agreed to negotiate in good faith towards a
mutually beneficial outcome, there is no guarantee that the AAGES ROFO and other
agreements will be entered into, or that any assets will be purchased by
Atlantica from Algonquin, AAGES or Abengoa.
[15] The purchase of Atlantica shares by Algonquin from Abengoa is subject to a
number of conditions, most of which are beyond our control.
[16] CAFD includes $10.4 million of ACBH dividend compensation in the nine-month
period ended September 30, 2017 and $21.2 million in the nine-month period ended
September 30, 2016. In addition, there is $14.9 million one-time impact of a
partial refinancing of ATN2 in the nine-month period ended September 30, 2016.
Press Release Atlantica Yield 3Q17:
http://hugin.info/172891/R/2149283/824811.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: 13.11.2017 - 14:21 Uhr
Sprache: Deutsch
News-ID 567845
Anzahl Zeichen: 55377
contact information:
Town:
Brentford
Kategorie:
Business News
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"Atlantica Yield Reports Third Quarter 2017 Financial Results"
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