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2020-08-03

Atlantica Sustainable Infrastructure plc:

Atlantica Reports Second Quarter 2020 Financial Results

  • Net loss for the first half of 2020 attributable to the Company was $28.2 million, compared with a net profit of $17.0 million in the first half of 2019.
  • Adjusted EBITDA including unconsolidated affiliates1 was approximately $380.1 million in the first half of 2020, representing a 7.4% year-over-year decrease mostly due to foreign exchange differences and lower solar radiation in EMEA.
  • Cash available for distribution (“CAFD”) increased by 2.9% to $97.3 million in the first half of 2020.
  • Additionally, the Company generated approximately $143 million of one-off cash through a non-recourse refinancing in the second quarter of 2020 to finance growth without increasing corporate debt.
  • Quarterly dividend of $0.42 per share declared by the Board of Directors.
  • Year to date until July Atlantica has raised $489 million2 at an average cost of 3.9% to fund new growth, including non-recourse project refinancings and additional corporate debt issuances.
  • Exercised the option to buy out Solana’s tax equity investor3.
  • Closed the acquisition of the previously announced 55MW solar plant through the Renewable Energy Platform created in Chile.
  • No material impact from COVID-19 situation as of today; health and safety remains Atlantica’s top priority.         

                    

August 3, 2020 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or “the Company”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported today its financial results for the six-month period ended June 30, 2020.

To date, Atlantica has not experienced any significant disruptions in availability or production due to COVID-19. The Company has continued monitoring COVID-19 situation closely and is adapting its safety measures and protocols to the specific situation in each asset and office. Atlantica continues to provide reliable service to its clients, always keeping health and safety as its top priority.       

Revenue for the six-month period ended June 30, 2020 was $465.7 million, a 7.7% decrease versus the same period in 2019. On a constant currency basis4, revenue for the six-month period ended June 30, 2020 decreased by 6.1% compared to the six-month period ended June 30, 2019. Adjusted EBITDA including unconsolidated affiliates was $380.1 million in the first half of 2020, representing a 7.4% decrease year-over-year. On a constant currency basis, Adjusted EBITDA including unconsolidated affiliates for the first half of 2020 decreased by 5.5% compared to the first half of 2019. The decrease in revenue and Adjusted EBITDA including unconsolidated affiliates was mostly due to lower solar resource in EMEA and lower production in Kaxu caused by the unscheduled outage discussed last quarter.

CAFD generation in the first six months of 2020 was $97.3 million, a 2.9% increase compared with $94.5 million in the first half of 2019.

Additionally, in the second quarter of 2020 the Company generated $143 million of one-off cash, net of transaction costs and reserves, through a non-recourse project debt refinancing. The Green Project Finance was entered into by a subsidiary-holding company of certain Atlantica’s solar assets in Spain. It was issued in compliance with the 2018 Green Loan Principles and has a Second Party Opinion delivered by Sustainalytics.


Highlights

(in thousands of U.S. dollars)Six-month period ended June 30,
 2020 2019
Revenue$  465,747  $  504,790
Profit / (loss) for the period attributable to the Company(28,171) 16,956
Adjusted EBITDA incl. unconsolidated affiliates380,069 410,458
Net cash provided by operating activities148,407 149,108
CAFD97,275 94,501

Key Performance Indicators

 Six-month period ended June 30,
 2020 2019
Renewable energy   
MW in operation51,551 1,496
GWh produced61,482 1,651
Efficient natural gas   
MW in operation7343 300
GWh produced81,268 866
Electric Availability (%)8,9101.7% 88.5%
Electric transmission lines   
Miles in operation1,166 1,152
Availability (%)1099.9% 100.0%
Water   
Mft3 in operation517.5 10.5
Availability (%)10102.0% 100.6%

Segment Results

 (in thousands of U.S. dollars)Six-month period ended June 30,
 2020 2019
Revenue by geography   
North America$  157,932 $  164,536
South America75,029 69,090
EMEA232,786 271,164
Total revenue$  465,747   $  504,790
  
Adjusted EBITDA incl. unconsolidated affiliates by geography   
North America  $   142,615    $   147,163
South America59,802 57,464
EMEA177,652 205,831
Total Adjusted EBITDA incl. unconsolidated affiliates<...

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