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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlantica Sustainable Infrastructure PLC | NASDAQ:AY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.05% | 21.41 | 18.44 | 55.50 | 21.93 | 21.10 | 21.80 | 2,966,337 | 05:00:07 |
☒ Form 20-F
|
☐ Form 40-F
|
Page
|
||
PART I – FINANCIAL INFORMATION
|
||
Item 1
|
8 | |
Item 2
|
44 | |
Item 3
|
71 | |
Item 4
|
73 | |
PART II – OTHER INFORMATION
|
||
Item 1
|
73 | |
Item 1A
|
74 | |
Item 2
|
75 | |
Item 3
|
76 | |
Item 4
|
76
|
|
Item 5
|
76
|
|
Item 6
|
76 | |
77 |
• |
references to “2019 Notes” refer to the 7.000% Senior Notes due 2019 in an aggregate principal amount of $255 million issued on November 17, 2014, as further described in “Item
5.B—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Sources of Liquidity—2019 Notes” in our Annual Report;
|
• |
references to “2020 Green Private Placement” refer to the €290 million (approximately $320 million) senior secured notes maturing in June 20, 2026 which were issued under a senior secured note purchase
agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and
Results of Operations— Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;
|
• |
references to “AAGES” refer to the joint venture between Algonquin and Abengoa to invest in the development and construction of clean energy and water infrastructure contracted assets;
|
• |
references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;
|
• |
references to “Abengoa ROFO Agreement” refer to the agreement we entered into with Abengoa on June 13, 2014, as amended and restated on December 9, 2014, that provides us a right of first offer to purchase
any of the present or future contracted assets in renewable energy, efficient natural gas, electric transmission and water of Abengoa that are in operation, and any other renewable energy, efficient natural gas, electric transmission and
water asset that is expected to generate contracted revenue and that Abengoa has transferred to an investment vehicle that are located in the United States, Canada, Mexico, Chile, Peru, Uruguay, Brazil, Colombia and the European Union,
and four additional assets in other selected regions, including a pipeline of specified assets that we expect to evaluate for future acquisition, for which Abengoa will provide us a right of first offer to purchase if offered for sale by
Abengoa or an investment vehicle to which Abengoa has transferred them;
|
• |
references to “ACBH” refer to Abengoa Concessões Brasil Holding, a subsidiary holding company of Abengoa that was engaged in the development, construction, investment and management of concessions in
Brazil, comprised mostly of transmission lines and which is currently undergoing a restructuring process in Brazil;
|
• |
references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;
|
• |
references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power
& Utilities Corp. together with its subsidiaries;
|
• |
references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and
2017, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in the Annual Report of Form 20-F filed with the SEC on February 28, 2020;
|
• |
references to “ASI Operations” refer to ASI Operations LLC;
|
• |
references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly owned subsidiary of Atlantica;
|
• |
references to “ATN” refer to ATN S.A., the operational electric transmission asset in Peru, which is part of the Guaranteed Transmission System;
|
• |
references to “ATS” refer to ABY Transmision Sur S.A.;
|
• |
references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;
|
• |
references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U;
|
• |
references to “cash available for distribution” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and
administrative expenses;
|
• |
references to “CESCE” refer to Compañia Española de Seguros de Credito a la Exportacion, S.A. the Spanish Company of Export Credit Insurance;
|
• |
references to “Chile PV I” refer to the solar PV plant of 55 MW located in Chile, which represents the first investment closed through the Chilean renewable energy platform in the second quarter of 2020
together with local financial partners;
|
• |
references to “COD” refer to the commercial operation date of the applicable facility;
|
• |
references to “EMEA” refer to Europe, Middle East and Africa;
|
• |
references to “EPC” refer to engineering, procurement and construction;
|
• |
references to “ESG-linked Financial Guarantee Line” refer to the financial guarantee line with ING Bank N.V. up to approximately $39 million signed in June 2019 as further described in “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources —Sources of Liquidity—ESG-linked Financial Guarantee Line”;
|
• |
references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to
lend unsecured funds to other banks in the euro wholesale money market;
|
• |
references to “EU” refer to the European Union;
|
• |
references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;
|
• |
references to “Federal Financing Bank” refer to a U.S. government corporation by that name;
|
• |
references to “Former Revolving Credit Facility” refer to the credit facility entered into on December 3, 2014, among the Company, as borrower, and Banco Santander, S.A., Bank of America, N.A., Citigroup
Global Markets Limited, HSBC Bank plc and RBC Capital Markets, as joint lead arrangers and joint bookrunners;
|
• |
references to “Further Adjusted EBITDA” have the meaning set forth in “Key Metrics” in the section below;
|
• |
references to “Green Exchangeable Notes” refer to the green exchangeable senior notes due on 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a senior,
unsecured basis, by Atlantica, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of
Liquidity—Green Exchangeable Notes”;
|
• |
references to “Green Project Finance” refer to green project financing agreement entered into between Logrosan, the sub-holding company of Solaben 1/6 and Solaben 2/3, as borrower, and ING Bank, B.V. and
Banco Santander S.A., as lenders, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of
Liquidity—Green Project Finance”;
|
• |
references to “gross capacity” refers to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or
by our percentage of ownership interest in such facility as of the date of this quarterly report;
|
• |
references to “GWh” refer to gigawatt hour;
|
• |
references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;
|
• |
references to “IFRS as issued by the IASB” refer to International Financial Reporting Standards as issued by the International Accounting Standards Board;
|
• |
references to “ITC” refer to investment tax credits;
|
• |
references to “JIBAR” refer to Johannesburg Interbank Average Rate;
|
• |
references to “ Liberty” refer to Liberty Interactive Corporation;
|
• | references to “Liberty Ownership Interest in Solana” refer to Class A membership interests of ASO Holdings Company LLC (the holding company of Arizona Solar One LLC, owner of the 250 MW net (280 MW gross) solar electric generation facility located in Maricopa County, Arizona, identified as Solana plant, owned by Liberty Interactive Corporation the Solana Ownership; |
• |
references to “LIBOR” refer to London Interbank Offered Rate;
|
• |
references to “Logrosan” refer to Logrosan Solar Inversiones, S.A.;
|
• |
references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in, Monterrey, Mexico;
|
• |
references to “Multinational Investment Guarantee Agency” refer to Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which offers political insurance and
credit enhancement guarantees;
|
• |
references to “MW” refer to megawatts;
|
• |
references to “MWh” refer to megawatt hour;
|
• |
references to “Note Issuance Facility 2017” refer to the senior secured note facility dated February 10, 2017, of €275 million (approximately $308 million), with Elavon Financial Services DAC, UK Branch, as
facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2017”;
|
• |
references to “Note Issuance Facility 2019” refer to the senior unsecured note facility dated April 30, 2019, of $300 million, with Lucid Agency Services Limited, as facility agent and a group of funds
managed by Westbourne Capital as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity
and Capital Resources—Sources of Liquidity—Note Issuance Facility 2019”;
|
• |
references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, of €140 million, with Lucid Agency Services Limited, as facility agent and a group of funds
managed by Westbourne Capital as purchasers of the notes to be issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;
|
• |
references to “operation” refer to the status of projects that have reached COD (as defined above);
|
• |
references to “Pemex” refer to Petróleos Mexicanos;
|
• |
references to “PG&E” refer to PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company collectively;
|
• |
references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;
|
• |
references to “PTS” refer to Pemex Transportation System;
|
• |
references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 and amended on January 24, 2019, August 2, 2019, and December 17,
2019, providing for a senior secured revolving credit facility in an aggregate principal amount of $425 million, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;
|
• |
references to “Rioglass” refer to Rioglass Solar Holding, S.A.;
|
• |
references to “ROFO” refer to a right of first offer;
|
• |
references to “Solaben Luxembourg” refer to Solaben Luxembourg S.A;
|
• |
references to “Tenes” refer to the water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;
|
• |
references to “U.K.” refer to the United Kingdom;
|
• |
reference to “U.S.” or “United States” refer to the United States of America; and
|
• |
references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc or Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the
context otherwise requires.
|
• |
the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur
additional indebtedness going forward;
|
• |
the ability of our counterparties, including Pemex, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;
|
• |
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy;
|
• |
changes in tax laws and regulations;
|
• |
risks relating to our activities in areas subject to economic, social and political uncertainties;
|
• |
our ability to finance and consummate new acquisitions on favorable terms;
|
• |
risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;
|
• |
potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;
|
• |
risks related to our reliance on third-party contractors or suppliers;
|
• |
risks related to our exposure in the labor market;
|
• |
potential issues arising with our operators’ employees including disagreement with employees’ unions and subcontractors;
|
• |
risks related to extreme weather events related to climate change could damage our assets or result in significant liabilities and cause an increase in our operation and maintenance costs;
|
• |
the effects of litigation and other legal proceedings (including bankruptcy) against us and our subsidiaries;
|
• |
price fluctuations, revocation and termination provisions in our off-take agreements and power purchase agreements;
|
• |
our electricity generation, our projections thereof and factors affecting production, including those related to the COVID-19 outbreak;
|
• |
risks related to our relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy;
|
• |
risks related to our relationship with our shareholders including bankruptcy;
|
• |
our substantial short-term and long-term indebtedness, including additional debt in the future;
|
• |
potential impact of the COVID-19 outbreak on our business, financial condition, results of operations and cash flows;
|
• |
reputational and financial damage caused by our off-taker PG&E and potential default under our project finance agreement due to a breach of our underlying PPA agreement with PG&E; and
|
• |
other factors discussed in our Annual Report under “Item 3.D—Key Information—Risk Factors”.
|
As of
June 30,
|
As of
December 31,
|
|||||||||||
|
Note (1)
|
2020
|
2019
|
|||||||||
Assets
|
||||||||||||
Non-current assets
|
||||||||||||
Contracted concessional assets
|
6
|
8,034,890
|
8,161,129
|
|||||||||
Investments carried under the equity method
|
7
|
126,613
|
139,925
|
|||||||||
Financial investments
|
8&9
|
78,771
|
91,587
|
|||||||||
Deferred tax assets
|
152,603
|
147,966
|
||||||||||
Total non-current assets
|
8,392,877
|
8,540,607
|
||||||||||
Current assets
|
||||||||||||
Inventories
|
22,388
|
20,268
|
||||||||||
Trade and other receivables
|
12
|
366,180
|
317,568
|
|||||||||
Financial investments
|
8
|
196,732
|
218,577
|
|||||||||
Cash and cash equivalents
|
788,769
|
562,795
|
||||||||||
Total current assets
|
1,374,069
|
1,119,208
|
||||||||||
Total assets
|
9,766,946
|
9,659,815
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
As of
June 30,
|
As of
December 31,
|
|||||||||||
|
Note (1)
|
2020
|
2019
|
|||||||||
Equity and liabilities
|
||||||||||||
Equity attributable to the Company
|
||||||||||||
Share capital
|
13
|
10,160
|
10,160
|
|||||||||
Parent company reserves
|
13
|
1,817,486
|
1,900,800
|
|||||||||
Other reserves
|
9
|
46,801
|
73,797
|
|||||||||
Accumulated currency translation differences
|
(113,220
|
)
|
(90,824
|
)
|
||||||||
Retained earnings
|
13
|
(413,628
|
)
|
(385,457
|
)
|
|||||||
Non-controlling interest
|
13
|
209,520
|
206,380
|
|||||||||
Total equity
|
1,557,119
|
1,714,856
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term corporate debt
|
14
|
813,480
|
695,085
|
|||||||||
Long-term project debt
|
15
|
4,194,978
|
4,069,909
|
|||||||||
Grants and other liabilities
|
16
|
1,602,155
|
1,641,752
|
|||||||||
Related parties
|
11
|
14,102
|
17,115
|
|||||||||
Derivative liabilities
|
9
|
340,507
|
298,744
|
|||||||||
Deferred tax liabilities
|
248,715
|
248,996
|
||||||||||
Total non-current liabilities
|
7,213,937
|
6,971,601
|
||||||||||
Current liabilities
|
||||||||||||
Short-term corporate debt
|
14
|
23,493
|
28,706
|
|||||||||
Short-term project debt
|
15
|
812,555
|
782,439
|
|||||||||
Trade payables and other current liabilities
|
17
|
128,577
|
128,062
|
|||||||||
Income and other tax payables
|
31,265
|
34,151
|
||||||||||
Total current liabilities
|
995,890
|
973,358
|
||||||||||
Total equity and liabilities
|
9,766,946
|
9,659,815
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
|
Note (1)
|
For the six-month period ended June 30,
|
||||||||||
2020
|
2019
|
|||||||||||
Revenue
|
4
|
465,747
|
504,790
|
|||||||||
Other operating income
|
20
|
57,236
|
44,908
|
|||||||||
Employee benefit expenses
|
(24,333
|
)
|
(10,777
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
4
|
(194,073
|
)
|
(150,063
|
)
|
|||||||
Other operating expenses
|
20
|
(126,092
|
)
|
(132,523
|
)
|
|||||||
Operating profit
|
178,485
|
256,335
|
||||||||||
Financial income
|
19
|
5,673
|
517
|
|||||||||
Financial expense
|
19
|
(210,113
|
)
|
(210,532
|
)
|
|||||||
Net exchange differences
|
(1,176
|
)
|
326
|
|||||||||
Other financial income/(expense), net
|
19
|
2,819
|
(211
|
)
|
||||||||
Financial expense, net
|
(202,797
|
)
|
(209,900
|
)
|
||||||||
Share of profit/(loss) of associates carried under the equity method
|
1,591
|
3,352
|
||||||||||
Profit/(loss) before income tax
|
(22,721
|
)
|
49,787
|
|||||||||
Income tax
|
18
|
(3,471
|
)
|
(27,040
|
)
|
|||||||
Profit/(loss) for the period
|
(26,192
|
)
|
22,747
|
|||||||||
Loss/(profit) attributable to non-controlling interests
|
(1,979
|
)
|
(5,791
|
)
|
||||||||
Profit/(loss) for the period attributable to the Company
|
(28,171
|
)
|
16,956
|
|||||||||
Weighted average number of ordinary shares outstanding (thousands)
|
21
|
101,602
|
100,516
|
|||||||||
Basic and diluted earnings per share (U.S. dollar per share)
|
21
|
(0.28
|
)
|
0.17
|
(1) |
Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.
|
For the six-month period ended June 30,
|
||||||||
2020
|
2019
|
|||||||
Profit/(loss) for the period
|
(26,192
|
)
|
22,747
|
|||||
Items that may be subject to transfer to income statement
|
||||||||
Change in fair value of cash flow hedges
|
(65,683
|
)
|
(89,199
|
)
|
||||
Currency translation differences
|
(31,702
|
)
|
(13,121
|
)
|
||||
Tax effect
|
16,182
|
21,939
|
||||||
Net income/(expenses) recognized directly in equity
|
(81,203
|
)
|
(80,381
|
)
|
||||
Cash flow hedges
|
30,043
|
29,320
|
||||||
Tax effect
|
(7,511
|
)
|
(7,330
|
)
|
||||
Transfers to income statement
|
22,532
|
21,990
|
||||||
Other comprehensive income/(loss)
|
(58,671
|
)
|
(58,391
|
)
|
||||
Total comprehensive income/(loss) for the period
|
(84,863
|
)
|
(35,644
|
)
|
||||
Total comprehensive (income)/loss attributable to non-controlling interest
|
7,300
|
(673
|
)
|
|||||
Total comprehensive income/(loss) attributable to the Company
|
(77,563
|
)
|
(36,317
|
)
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Retained
earnings
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||||||
Balance as of December 31, 2018
|
10,022
|
2,029,940
|
95,011
|
(449,274
|
)
|
(68,315
|
)
|
1,617,384
|
138,728
|
1,756,112
|
||||||||||||||||||||||
Profit/(loss) for the six -month period after taxes
|
—
|
—
|
—
|
16,956
|
—
|
16,956
|
5,791
|
22,747
|
||||||||||||||||||||||||
Change in fair value of cash flow hedges
|
—
|
—
|
(56,490
|
)
|
1,682
|
—
|
(54,808
|
)
|
(5,071
|
)
|
(59,879
|
)
|
||||||||||||||||||||
Currency translation differences
|
—
|
—
|
—
|
—
|
(12,189
|
)
|
(12,189
|
)
|
(932
|
)
|
(13,121
|
)
|
||||||||||||||||||||
Tax effect
|
—
|
—
|
13,724
|
—
|
—
|
13,724
|
885
|
14,609
|
||||||||||||||||||||||||
Other comprehensive income
|
—
|
—
|
(42,766
|
)
|
1,682
|
(12,189
|
)
|
(53,273
|
)
|
(5,118
|
)
|
(58,391
|
)
|
|||||||||||||||||||
Total comprehensive income
|
—
|
—
|
(42,766
|
)
|
18,638
|
(12,189
|
)
|
(36,317
|
)
|
673
|
(35,644
|
)
|
||||||||||||||||||||
Capital reduction
|
—
|
—
|
—
|
—
|
—
|
—
|
(1,867
|
)
|
(1,867
|
)
|
||||||||||||||||||||||
Capital increase (Note 13)
|
138
|
29,862
|
—
|
—
|
—
|
30,000
|
—
|
30,000
|
||||||||||||||||||||||||
Changes in scope (Note 5)
|
—
|
—
|
—
|
—
|
—
|
—
|
92,303
|
92,303
|
||||||||||||||||||||||||
Dividend distribution (declared)
|
—
|
(76,705
|
)
|
—
|
—
|
—
|
(76,705
|
)
|
(22,944
|
)
|
(99,649
|
)
|
||||||||||||||||||||
Balance as of June 30, 2019
|
10,160
|
1,983,097
|
52,245
|
(430,636
|
)
|
(80,504
|
)
|
1,534,362
|
206,893
|
1,741,255
|
|
Share
Capital
|
Parent
company
reserves
|
Other
reserves
|
Retained
earnings
|
Accumulated
currency
translation
differences
|
Total
equity
attributable
to the
Company
|
Non-
controlling
interest
|
Total
equity
|
||||||||||||||||||||||||
Balance as of December 31, 2019
|
10,160
|
1,900,800
|
73,797
|
(385,457
|
)
|
(90,824
|
)
|
1,508,476
|
206,380
|
1,714,856
|
||||||||||||||||||||||
Profit/(loss) for the six -month period after taxes
|
-
|
-
|
-
|
(28,171
|
)
|
-
|
(28,171
|
)
|
1,979
|
(26,192
|
)
|
|||||||||||||||||||||
Change in fair value of cash flow hedges
|
-
|
-
|
(35,676
|
) |
-
|
-
|
(35,676
|
)
|
36
|
(35,640
|
)
|
|||||||||||||||||||||
Currency translation differences
|
-
|
-
|
-
|
-
|
(22,396
|
)
|
(22,396
|
)
|
(9,306
|
)
|
(31,702
|
)
|
||||||||||||||||||||
Tax effect
|
-
|
-
|
8,680
|
-
|
-
|
8,680
|
(9
|
)
|
8,671
|
|||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
(26,996
|
)
|
-
|
(22,396
|
)
|
(49,392
|
)
|
(9,279
|
)
|
(58,671
|
)
|
|||||||||||||||||||
Total comprehensive income
|
-
|
-
|
(26,996
|
) |
(28,171
|
)
|
(22,396
|
)
|
(77,563
|
)
|
(7,300
|
)
|
(84,863
|
)
|
||||||||||||||||||
Change in the scope
|
-
|
-
|
-
|
-
|
-
|
25,079
|
25,079
|
|||||||||||||||||||||||||
Dividend distribution (declared)
|
-
|
(83,314
|
)
|
-
|
-
|
-
|
(83,314
|
)
|
(14,639
|
)
|
(97,953
|
)
|
||||||||||||||||||||
Balance as of June 30, 2020
|
10,160
|
1,817,486
|
46,801
|
(413,628
|
)
|
(113,220
|
)
|
1,347,599
|
209,520
|
1,557,119
|
For the six-month period ended
June 30,
|
||||||||
2020
|
2019
|
|||||||
I. Profit/(loss) for the period
|
(26,192
|
)
|
22,747
|
|||||
Financial expense and non-monetary adjustments
|
389,557
|
361,616
|
||||||
II. Profit for the period adjusted by financial expense and non-monetary adjustments
|
363,365
|
384,363
|
||||||
III. Variations in working capital
|
(84,005
|
)
|
(91,926
|
)
|
||||
Net interest and income tax paid
|
(130,953
|
)
|
(143,329
|
)
|
||||
A. Net cash provided by operating activities
|
148,407
|
149,108
|
||||||
Investment in contracted concessional assets*
|
5,675
|
14,704
|
||||||
Other non-current assets/liabilities
|
(8,249
|
)
|
(30,439
|
)
|
||||
Acquisitions and other financial instruments
|
8,943
|
(103,614
|
)
|
|||||
Dividends received from entities under the equity method
|
10,382
|
-
|
||||||
B. Net cash provided by/(used in) investing activities
|
16,751
|
(119,349
|
)
|
|||||
Proceeds from Project & Corporate debt
|
594,803
|
308,981
|
||||||
Repayment of Project & Corporate debt
|
(425,392
|
)
|
(433,906
|
)
|
||||
Dividends paid to Company´s shareholders
|
(83,314
|
)
|
(76,705
|
)
|
||||
Dividends paid to non-controlling interest
|
(14,160
|
)
|
(5,105
|
)
|
||||
Proceeds for capital increase
|
-
|
30,000
|
||||||
Proceeds from non-controlling interest
|
-
|
92,303
|
||||||
C. Net cash provided by/(used in) financing activities
|
71,937
|
(84,432
|
)
|
|||||
Net increase/(decrease) in cash and cash equivalents
|
237,095
|
(54,673
|
)
|
|||||
Cash and cash equivalents at beginning of the period
|
562,795
|
631,542
|
||||||
Translation differences in cash or cash equivalent
|
(11,121
|
)
|
(803
|
)
|
||||
Cash and cash equivalents at end of the period
|
788,769
|
576,066
|
Note 1.- Nature of the business
|
16 |
Note 2.- Basis of preparation
|
20 |
Note 3.- Financial risk management
|
22 |
Note 4.- Financial information by segment
|
23 |
Note 5.- Changes in the scope of the consolidated condensed interim financial statements
|
29 |
Note 6.- Contracted concessional assets
|
31 |
Note 7.- Investments carried under the equity method
|
32 |
Note 8.- Financial Investments
|
33
|
Note 9.- Derivative financial instruments
|
33 |
Note 10.- Fair Value of financial instruments
|
34 |
Note 11.- Related parties
|
34
|
Note 12.- Trade and other receivables
|
35 |
Note 13.- Equity
|
35 |
Note 14.- Corporate debt
|
36 |
Note 15.- Project debt
|
37 |
Note 16.- Grants and other liabilities
|
39 |
Note 17.-Trade payables and other current liabilities
|
40
|
Note 18.- Income tax
|
40 |
Note 19.- Financial income and expenses
|
40 |
Note 20.- Other operating income and expenses
|
41 |
Note 21.- Earnings per share
|
42 |
Note 22.- Subsequent events
|
42 |
Assets
|
Type
|
Ownership
|
Location
|
Currency(10)
|
Capacity
(Gross)
|
Counterparty
Credit Ratings(11)
|
COD*
|
Contract
Years
Left(15)
|
Solana
|
Renewable
(Solar)
|
100%
Class B(1)
|
Arizona
(USA)
|
USD
|
280 MW
|
A-/A2/A-
|
2013
|
24
|
Mojave
|
Renewable
(Solar)
|
100%
|
California
(USA)
|
USD
|
280 MW
|
BB-/WR/BB
|
2014
|
20
|
Solaben 2 & 3
|
Renewable
(Solar)
|
70%(2)
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
18/17
|
Solacor 1 & 2
|
Renewable
(Solar)
|
87%(3)
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
17/17
|
PS10/PS20
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
31 MW
|
A/Baa1/A-
|
2007&
2009
|
12/14
|
Helioenergy 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2011
|
17/17
|
Helios 1 & 2
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2012
|
18/18
|
Solnova 1, 3 & 4
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
3x50 MW
|
A/Baa1/A-
|
2010
|
15/15/16
|
Solaben 1 & 6
|
Renewable
(Solar)
|
100%
|
Spain
|
Euro
|
2x50 MW
|
A/Baa1/A-
|
2013
|
19/19
|
Kaxu
|
Renewable
(Solar)
|
51%(4)
|
South
Africa
|
Rand
|
100 MW
|
BB-/Ba1/
BB(12)
|
2015
|
15
|
Palmatir
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(13)
|
2014
|
14
|
Cadonal
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-(13)
|
2014
|
15
|
ACT
|
Efficient
natural gas
|
100%
|
Mexico
|
USD
|
300 MW
|
BBB/ Ba2/
BB-
|
2013
|
13
|
Monterrey
|
Efficient
natural gas
|
30%
|
Mexico
|
USD
|
142 MW
|
Not rated
|
2018
|
19
|
ATN (14)
|
Transmission
line
|
100%
|
Peru
|
USD
|
379 miles
|
BBB+/A3/BBB+
|
2011
|
21
|
ATS
|
Transmission
line
|
100%
|
Peru
|
USD
|
569 miles
|
BBB+/A3/BBB+
|
2014
|
24
|
ATN 2
|
Transmission
line
|
100%
|
Peru
|
USD
|
81 miles
|
Not rated
|
2015
|
13
|
Quadra 1/2
|
Transmission
line
|
100%
|
Chile
|
USD
|
49 miles/ 32 miles
|
Not rated
|
2014
|
15/15
|
Palmucho
|
Transmission
line
|
100%
|
Chile
|
USD
|
6 miles
|
BBB+/Baa1/
A-
|
2007
|
18
|
Chile TL3
|
Transmission
line
|
100%
|
Chile
|
USD
|
50 miles
|
A+/A1/A
|
1993
|
Regulated
|
Skikda
|
Water
|
34.2%(5)
|
Algeria
|
USD
|
3.5 M
ft3/day
|
Not rated
|
2009
|
14
|
Honaine
|
Water
|
25.5%(6)
|
Algeria
|
USD
|
7 M ft3/
day
|
Not rated
|
2012
|
18
|
Seville PV
|
Renewable
(Solar)
|
80%(7)
|
Spain
|
Euro
|
1 MW
|
A/Baa1/A-
|
2006
|
16
|
Melowind
|
Renewable
(Wind)
|
100%
|
Uruguay
|
USD
|
50 MW
|
BBB/Baa2/BBB-
|
2015
|
16
|
Mini-Hydro
|
Renewable
(Hydraulic)
|
100%
|
Peru
|
USD
|
4 MW
|
BBB+/A3/BBB+
|
2012
|
13
|
Tenes
|
Water
|
51%(8)
|
Algeria
|
USD
|
7 M ft3/
day
|
Not rated
|
2015
|
20
|
Chile PV I
|
Renewable
(Solar)
|
35%(9)
|
Chile
|
USD
|
55 MW
|
N/A
|
2016
|
N/A
|
• |
Contracted concessional agreements.
|
• |
Impairment of intangible assets and property, plant and equipment.
|
• |
Assessment of control.
|
• |
Derivative financial instruments and fair value estimates.
|
• |
Income taxes and recoverable amount of deferred tax assets.
|
• |
North America
|
• |
South America
|
• |
EMEA
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the six-month period ended
June 30,
|
For the six-month period ended
June 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Geography
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
North America
|
157,932
|
164,536
|
139,273
|
147,162
|
||||||||||||
South America
|
75,029
|
69,090
|
59,803
|
57,464
|
||||||||||||
EMEA
|
232,786
|
271,164
|
173,481
|
201,772
|
||||||||||||
Total
|
465,747
|
504,790
|
372,557
|
406,398
|
Revenue
|
Adjusted EBITDA
|
|||||||||||||||
For the six-month period ended
June 30,
|
For the six-month period ended
June 30,
|
|||||||||||||||
($ in thousands)
|
||||||||||||||||
Business sector
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Renewable energy
|
344,674
|
380,086
|
274,761
|
301,395
|
||||||||||||
Efficient natural gas
|
52,032
|
61,698
|
45,877
|
54,302
|
||||||||||||
Electric transmission lines
|
53,395
|
51,098
|
43,216
|
43,585
|
||||||||||||
Water
|
15,646
|
11,908
|
8,703
|
7,116
|
||||||||||||
Total
|
465,747
|
504,790
|
372,557
|
406,398
|
North
America
|
South America
|
EMEA
|
Balance as of
June 30,
2020
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,189,576
|
1,221,048
|
3,624,266
|
8,034,890
|
||||||||||||
Investments carried under the equity method
|
79,187
|
-
|
47,425
|
126,613
|
||||||||||||
Current financial investments
|
118,563
|
27,951
|
40,788
|
187,302
|
||||||||||||
Cash and cash equivalents (project companies)
|
193,323
|
78,226
|
238,058
|
509,607
|
||||||||||||
Subtotal allocated
|
3,580,649
|
1,327,225
|
3,950,538
|
8,858,412
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
231,374
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
677,160
|
|||||||||||||||
Subtotal unallocated
|
908,534
|
|||||||||||||||
Total assets
|
9,766,946
|
North
America
|
South America
|
EMEA
|
Balance as of
June 30,
2020
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,657,615
|
927,322
|
2,422,596
|
5,007,533
|
||||||||||||
Grants and other liabilities
|
1,476,559
|
11,558
|
114,037
|
1,602,155
|
||||||||||||
Subtotal allocated
|
3,134,174
|
938,880
|
2,536,633
|
6,609,688
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
836,973
|
|||||||||||||||
Other non-current liabilities
|
603,324
|
|||||||||||||||
Other current liabilities
|
159,842
|
|||||||||||||||
Subtotal unallocated
|
1,600,139
|
|||||||||||||||
Total liabilities
|
8,209,827
|
|||||||||||||||
Equity unallocated
|
1,557,119
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,157,259
|
|||||||||||||||
Total liabilities and equity
|
9,766,946
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Assets allocated
|
||||||||||||||||
Contracted concessional assets
|
3,299,198
|
1,186,552
|
3,675,379
|
8,161,129
|
||||||||||||
Investments carried under the equity method
|
90,847
|
-
|
49,078
|
139,925
|
||||||||||||
Current financial investments
|
159,267
|
29,190
|
20,673
|
209,131
|
||||||||||||
Cash and cash equivalents (project companies)
|
181,458
|
80,909
|
234,097
|
496,464
|
||||||||||||
Subtotal allocated
|
3,730,771
|
1,296,652
|
3,979,227
|
9,006,649
|
||||||||||||
Unallocated assets
|
||||||||||||||||
Other non-current assets
|
239,553
|
|||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
413,613
|
|||||||||||||||
Subtotal unallocated
|
653,166
|
|||||||||||||||
Total assets
|
9,659,815
|
North
America
|
South America
|
EMEA
|
Balance as of
December 31,
2019
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Liabilities allocated
|
||||||||||||||||
Long-term and short-term project debt
|
1,676,251
|
884,835
|
2,291,262
|
4,852,348
|
||||||||||||
Grants and other liabilities
|
1,490,679
|
12,864
|
138,209
|
1,641,752
|
||||||||||||
Subtotal allocated
|
3,166,930
|
897,699
|
2,429,471
|
6,494,100
|
||||||||||||
Unallocated liabilities
|
||||||||||||||||
Long-term and short-term corporate debt
|
723,791
|
|||||||||||||||
Other non-current liabilities
|
564,855
|
|||||||||||||||
Other current liabilities
|
162,213
|
|||||||||||||||
Subtotal unallocated
|
1,450,859
|
|||||||||||||||
Total liabilities
|
7,944,959
|
|||||||||||||||
Equity unallocated
|
1,714,856
|
|||||||||||||||
Total liabilities and equity unallocated
|
3,165,715
|
|||||||||||||||
Total liabilities and equity
|
9,659,815
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
June 30,
2020
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,490,467
|
515,445
|
854,401
|
174,577
|
8,034,890
|
|||||||||||||||
Investments carried under the equity method
|
64,115
|
17,716
|
46
|
44,736
|
126,613
|
|||||||||||||||
Current financial investments
|
17,049
|
103,640
|
27,951
|
38,662
|
187,302
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
406,392
|
31,569
|
47,212
|
24,434
|
509,607
|
|||||||||||||||
Subtotal allocated
|
6.978.023
|
668,370
|
929,610
|
282,409
|
8,858,412
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
231,374
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
677,160
|
|||||||||||||||||||
Subtotal unallocated
|
908,534
|
|||||||||||||||||||
Total assets
|
9,766,946
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
June 30,
2020
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
3,731,485
|
516,805
|
636,140
|
123,103
|
5,007,533
|
|||||||||||||||
Grants and other liabilities
|
1,594,452
|
83
|
6,251
|
1,369
|
1,602,155
|
|||||||||||||||
Subtotal allocated
|
5,325,937
|
516,888
|
642,391
|
124,472
|
6,609,688
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
836,973
|
|||||||||||||||||||
Other non-current liabilities
|
603,324
|
|||||||||||||||||||
Other current liabilities
|
159,842
|
|||||||||||||||||||
Subtotal unallocated
|
1,600,139
|
|||||||||||||||||||
Total liabilities
|
8,209,827
|
|||||||||||||||||||
Equity unallocated
|
1,557,119
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,157,259
|
|||||||||||||||||||
Total liabilities and equity
|
9,766,946
|
Renewable
energy
|
Efficient
natural
gas
|
Electric
transmission
lines
|
Water
|
Balance as of
December 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Assets allocated
|
||||||||||||||||||||
Contracted concessional assets
|
6,644,024
|
559,069
|
872,757
|
85,280
|
8,161,129
|
|||||||||||||||
Investments carried under the equity method
|
77,549
|
17,154
|
-
|
45,222
|
139,925
|
|||||||||||||||
Current financial investments
|
13,798
|
148,723
|
28,237
|
18,373
|
209,131
|
|||||||||||||||
Cash and cash equivalents (project companies)
|
421,198
|
11,850
|
53,868
|
9,548
|
496,464
|
|||||||||||||||
Subtotal allocated
|
7,156,568
|
736,796
|
954,862
|
158,423
|
9,006,649
|
|||||||||||||||
Unallocated assets
|
||||||||||||||||||||
Other non-current assets
|
239,553
|
|||||||||||||||||||
Other current assets (including cash and cash equivalents at holding company level)
|
413,613
|
|||||||||||||||||||
Subtotal unallocated
|
653,166
|
|||||||||||||||||||
Total assets
|
9,659,815
|
Renewable
energy
|
Efficient
natural gas
|
Electric
transmission
lines
|
Water
|
Balance as of
December 31,
2019
|
||||||||||||||||
($ in thousands)
|
||||||||||||||||||||
Liabilities allocated
|
||||||||||||||||||||
Long-term and short-term project debt
|
3,658,507
|
529,350
|
640,160
|
24,331
|
4,852,348
|
|||||||||||||||
Grants and other liabilities
|
1,634,361
|
146
|
6,517
|
728
|
1,641,752
|
|||||||||||||||
Subtotal allocated
|
5,292,868
|
529,495
|
646,677
|
25,059
|
6,494,100
|
|||||||||||||||
Unallocated liabilities
|
||||||||||||||||||||
Long-term and short-term corporate debt
|
723,791
|
|||||||||||||||||||
Other non-current liabilities
|
564,855
|
|||||||||||||||||||
Other current liabilities
|
162,213
|
|||||||||||||||||||
Subtotal unallocated
|
1,450,859
|
|||||||||||||||||||
Total liabilities
|
7,944,959
|
|||||||||||||||||||
Equity unallocated
|
1,714,856
|
|||||||||||||||||||
Total liabilities and equity unallocated
|
3,165,715
|
|||||||||||||||||||
Total liabilities and equity
|
9,659,815
|
For the six-month period ended
June 30,
|
||||||||
Depreciation, amortization and impairment by geography
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
North America
|
(95,981
|
)
|
(53,013
|
)
|
||||
South America
|
(27,666
|
)
|
(22,859
|
)
|
||||
EMEA
|
(70,426
|
)
|
(74,191
|
)
|
||||
Total
|
(194,073
|
)
|
(150,063
|
)
|
For the six-month period ended
June 30,
|
||||||||
Depreciation, amortization and impairment by business sectors
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Renewable energy
|
(140,806
|
)
|
(142,895
|
)
|
||||
Efficient natural gas
|
(35,697
|
)
|
5,425
|
|||||
Electric transmission lines
|
(16,961
|
)
|
(12,593
|
)
|
||||
Water
|
(609
|
)
|
-
|
|||||
Total
|
(194,073
|
)
|
(150,063
|
)
|
|
- |
Impact of changes in the scope in the consolidated financial statements
|
Asset Acquisition
for the six-month period ended June 30, 2020
|
||||
Concessional assets
|
|
162,489
|
||
Other non-current assets
|
|
931
|
||
Cash & cash equivalents
|
|
17,646
|
||
Other current assets
|
|
29,998
|
||
Non-current Project debt
|
|
(150,087
|
)
|
|
Current Project debt
|
(8,357
|
)
|
||
Other current and non-current liabilities
|
(4,378
|
)
|
||
Non-controlling interests
|
(25,632
|
)
|
||
Asset acquisition - purchase price
|
(22,610
|
)
|
||
Net result of the asset acquisition
|
|
-
|
|
- |
Impact of changes in the scope in the consolidated financial statements
|
Asset Acquisition
for the year ended December 31, 2019
|
||||
Concessional assets
|
28,738
|
|||
Investments carried under the equity method
|
113,897
|
|||
Other non-current assets
|
25,342
|
|||
Current assets
|
1,503
|
|||
Deferred tax liabilities
|
(2,539
|
)
|
||
Other current and non-current liabilities
|
(1,512
|
)
|
||
Non-controlling interests
|
(92,303
|
)
|
||
Asset acquisition - purchase price
|
(73,126
|
)
|
||
Net result of the asset acquisition
|
-
|
Balance as of
June 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Contracted concessional assets cost
|
10,435,825
|
10,384,597
|
||||||
Amortization and impairment
|
(2,400,935
|
)
|
(2,223,468
|
)
|
||||
Total
|
8,034,890
|
8,161,129
|
Balance as of
June 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Evacuación Valdecaballeros, S.L.
|
1,005
|
2,348
|
||||||
Myah Bahr Honaine, S.P.A.(*)
|
44,736
|
45,222
|
||||||
Pectonex, R.F. Proprietary Limited
|
1,588
|
1,391
|
||||||
ABY Infraestructuras, S.L.
|
15
|
11
|
||||||
Ca Ku A1, S.A.P.I. de CV (PTS)
|
46
|
-
|
||||||
Evacuación Villanueva del Rey, S.L
|
-
|
-
|
||||||
Windlectric Inc (**)
|
61,426
|
73,693
|
||||||
Pemcorp SAPI de CV (***)
|
17,716
|
17,179
|
||||||
Other renewable energy joint ventures (****)
|
81
|
81
|
||||||
Total
|
126,613
|
139,925
|
Balance as of
June 30,
2020
|
Balance as of
December 31,
2019
|
|||||||
($ in thousands)
|
||||||||
Fair Value through OCI (Investment in Ten West link)
|
11,189
|
9,874
|
||||||
Fair Value through Profit and Loss (Investment in Rioglass)
|
4,717
|
7,000
|
||||||
Derivative assets
|
1,972
|
3,182
|
||||||
Other receivable accounts at amortized cost
|
60,893
|
71,531
|
||||||
Total non-current financial investments
|
78,771
|
91,587
|
||||||
Contracted concessional financial assets
|
171,176
|
160,624
|
||||||
Derivative assets
|
2,032
|
2,048
|
||||||
Other receivable accounts at amortized cost
|
23,524
|
55,905
|
||||||
Total current financial investments
|
196,732
|
218,577
|
Balance as of June 30, 2020
|
Balance as of December 31, 2019
|
|||||||||||||||
($ in thousands)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
Interest rate cash flow hedges
|
1,454
|
340,507
|
1,619
|
298,744
|
||||||||||||
Foreign exchange derivative instruments
|
2,550
|
-
|
3,610
|
-
|
||||||||||||
Total
|
4,004
|
340,507
|
5,230
|
298,744
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Credit receivables (current)
|
10,368
|
13,350
|
||||||
Total current receivables with related parties
|
10,368
|
13,350
|
||||||
Credit receivables (non-current)
|
21,057
|
21,355
|
||||||
Total non-current receivables with related parties
|
21,057
|
21,355
|
||||||
Credit payables (current)
|
21,013
|
23,979
|
||||||
Total current payables with related parties
|
21,013
|
23,979
|
||||||
Credit payables (non-current)
|
14,102
|
17,115
|
||||||
Total non-current payables with related parties
|
14,102
|
17,115
|
For the six-month period ended
June,
|
||||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Financial income
|
782
|
12
|
||||||
Financial expenses
|
(84
|
)
|
(104
|
)
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Trade receivables
|
276,433
|
242,008
|
||||||
Tax receivables
|
43,032
|
50,901
|
||||||
Prepayments
|
30,527
|
5,150
|
||||||
Other accounts receivable
|
16,188
|
19,508
|
||||||
Total
|
366,180
|
317,568
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
813,480
|
695,085
|
||||||
Current
|
23,493
|
28,706
|
||||||
Total Corporate Debt
|
836,973
|
723,791
|
Remainder
of 2020
|
Between
January
and
June
2021
|
Between
July and
December
2021
|
2022
|
2023
|
2024
|
Subsequent
years
|
Total
|
||||||||||||||||||
($ in thousands)
|
|||||||||||||||||||||||||
2017 Credit Facility
|
5
|
-
|
10,207
|
-
|
-
|
-
|
-
|
10,212
|
|||||||||||||||||
New Revolving Credit Facility
|
497
|
-
|
15,353
|
156,417
|
-
|
-
|
-
|
172,267
|
|||||||||||||||||
Note Issuance Facility 2019
|
36
|
-
|
-
|
-
|
-
|
-
|
309,238
|
309,274
|
|||||||||||||||||
Commercial Paper
|
22,318
|
442
|
-
|
-
|
-
|
-
|
-
|
22,760
|
|||||||||||||||||
2020 Green Private Placement
|
195
|
-
|
-
|
-
|
-
|
-
|
322,265
|
322,460
|
|||||||||||||||||
Total
|
23,051
|
442
|
25,560
|
|
156,417
|
-
|
-
|
631,503
|
836,973
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Non-current
|
4,194,978
|
4,069,909
|
||||||
Current
|
812,555
|
782,439
|
||||||
Total Project debt
|
5,007,533
|
4,852,348
|
|
- |
change in the scope of Atlantica (acquisition of Chile PV I and Tenes – see Note 5) for a total amount of $158 million.
|
|
- |
a green project financing agreement entered into by Logrosán Solar Inversiones, S.A.U., the Holdco of Spanish assets Solaben 1, 2, 3 and 6, closed on April 8, 2020 for a €140 million nominal amount.
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Grants
|
1,058,053
|
1,087,553
|
||||||
Other Liabilities
|
544,102
|
554,199
|
||||||
Grant and other non-current liabilities
|
1,602,155
|
1,641,752
|
Balance as of
June 30,
|
Balance as of
December 31,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Trade accounts payable
|
51,896
|
52,062
|
||||||
Down payments from clients
|
555
|
565
|
||||||
Liberty (Note 16)
|
41,032
|
41,032
|
||||||
Other accounts payable
|
35,094
|
34,403
|
||||||
Total
|
128,577
|
128,062
|
For the six-month period ended June 30,
|
||||||||
Financial income
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Interest income from loans and credits
|
5,489
|
340
|
||||||
Interest rates benefits derivatives: cash flow hedges
|
184
|
177
|
||||||
Total
|
5,673
|
517
|
For the six-month period ended June 30,
|
||||||||
Financial expenses
|
2020
|
2019
|
||||||
Expenses due to interest:
|
($ in thousands)
|
|||||||
- Loans from credit entities
|
(132,221
|
)
|
(130,644
|
)
|
||||
- Other debts
|
(39,300
|
)
|
(50,387
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(38,592
|
)
|
(29,501
|
)
|
||||
Total
|
(210,113
|
)
|
(210,532
|
)
|
For the six-month period ended June 30,
|
||||||||
Other financial income / (expenses)
|
2020
|
2019
|
||||||
($ in thousands)
|
||||||||
Other financial income
|
11,468
|
8,536
|
||||||
Other financial losses
|
(8,649
|
)
|
(8,747
|
)
|
||||
Total
|
2,819
|
(211
|
)
|
Other Operating income
|
For the six-month period ended June 30,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Grants (Note 16)
|
29,503
|
29,578
|
||||||
Income from various services and insurance proceeds
|
27,733
|
15,330
|
||||||
Total
|
57,236
|
44,908
|
Other Operating expenses
|
For the six-month period ended June 30,
|
|||||||
2020
|
2019
|
|||||||
($ in thousands)
|
||||||||
Raw materials and consumables used
|
(4,136
|
)
|
(6,293
|
)
|
||||
Leases and fees
|
(1,285
|
)
|
(945
|
)
|
||||
Operation and maintenance
|
(49,716
|
)
|
(66,580
|
)
|
||||
Independent professional services
|
(19,136
|
)
|
(17,604
|
)
|
||||
Supplies
|
(11,382
|
)
|
(11,326
|
)
|
||||
Insurance
|
(17,973
|
)
|
(12,053
|
)
|
||||
Levies and duties
|
(18,828
|
)
|
(14,715
|
)
|
||||
Other expenses
|
(3,636
|
)
|
(3,007
|
)
|
||||
Total
|
(126,092
|
)
|
(132,523
|
)
|
Item
|
For the six-month period ended June 30,
|
|||||||
2020
|
2019
|
|||||||
|
($ in thousands)
|
|||||||
Profit/ (loss) from continuing operations attributable to Atlantica.
|
(28,171
|
)
|
16,956
|
|||||
Average number of ordinary shares outstanding (thousands) - basic and diluted
|
101,602
|
100,516
|
||||||
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted
|
(0.28
|
)
|
0.17
|
|||||
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and diluted
|
(0.28
|
)
|
0.17
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
North America
|
$
|
157.9
|
33.9
|
%
|
$
|
164.5
|
32.6
|
%
|
||||||||
South America
|
75.0
|
16.1
|
%
|
69.1
|
13.7
|
%
|
||||||||||
EMEA
|
232.8
|
50.0
|
%
|
271.2
|
53.7
|
%
|
||||||||||
Total revenue
|
$
|
465.7
|
100
|
%
|
$
|
504.8
|
100.0
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Renewable energy
|
$
|
344.7
|
74.0
|
%
|
$
|
380.1
|
75.3
|
%
|
||||||||
Efficient natural gas power
|
52.0
|
11.2
|
%
|
61.7
|
12.2
|
%
|
||||||||||
Electric transmission lines
|
53.4
|
11.4
|
%
|
51.1
|
10.1
|
%
|
||||||||||
Water
|
15.6
|
3.4
|
%
|
11.9
|
2.4
|
%
|
||||||||||
Total revenue
|
$
|
465.7
|
100
|
%
|
$
|
504.8
|
100.0
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
139.3
|
88.2
|
%
|
$
|
147.1
|
89.4
|
%
|
||||||||
South America
|
59.8
|
79.7
|
%
|
57.5
|
83.2
|
%
|
||||||||||
EMEA
|
173.5
|
74.5
|
%
|
201.8
|
74.4
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
372.6
|
80.0
|
%
|
$
|
406.4
|
80.5
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
274.8
|
79.7
|
%
|
$
|
301.4
|
79.3
|
%
|
||||||||
Efficient natural gas power
|
45.9
|
88.3
|
%
|
54.3
|
88.0
|
%
|
||||||||||
Electric transmission lines
|
43.2
|
80.9
|
%
|
43.6
|
85.3
|
%
|
||||||||||
Water
|
8.7
|
55.8
|
%
|
7.1
|
59.7
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
372.6
|
80.0
|
%
|
$
|
406.4
|
80.5
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent 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 of entities included in the Annual Consolidated Financial Statements and the
Consolidated Condensed Interim Financial Statements. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as
a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting
principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar
measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it
meant to be predictive of potential future results.
|
(2) |
Adjusted EBITDA is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume sold and availability levels
Six-month period ended June 30,
|
||||||||
Key performance indicator
|
2020
|
2019
|
||||||
Renewable energy
|
||||||||
MW in operation(1)
|
1,551
|
1,496
|
||||||
GWh produced(2)
|
1,482
|
1,651
|
||||||
Efficient natural gas power
|
||||||||
MW in operation(3)
|
343
|
300
|
||||||
GWh produced(4)
|
1,268
|
866
|
||||||
Availability (%)(4)(5)
|
101.7
|
%
|
88.5
|
%
|
||||
Electric transmission lines
|
||||||||
Miles in operation
|
1,166
|
1,152
|
||||||
Availability (%)(6)
|
99.9
|
%
|
100.0
|
%
|
||||
Water
|
||||||||
Mft3 in operation(1)
|
17.5
|
10.5
|
||||||
Availability (%)(6)
|
102.0
|
%
|
100.6
|
%
|
(1) |
Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
|
(2) |
Includes curtailment in wind assets for which we receive compensation.
|
(3) |
Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.
|
(4) |
GWh produced in the first half of 2020 includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced production and
electric availability as per the contract.
|
(5) |
Electric availability refers to operational MW over contracted MW.
|
(6) |
Availability refers to actual availability divided by contracted availability.
|
Six-month period ended June 30,
|
|||||||||||||
2020
|
2019
|
% Variation
|
|||||||||||
($ in millions)
|
|||||||||||||
Revenue
|
$
|
465.7
|
$
|
504.8
|
(7.7
|
)
|
%
|
||||||
Other operating income
|
57.2
|
44.9
|
27.4
|
%
|
|||||||||
Employee benefit expenses
|
(24.3
|
)
|
(10.8
|
)
|
125.8
|
%
|
|||||||
Depreciation, amortization, and impairment charges
|
(194.0
|
)
|
(150.1
|
)
|
29.3
|
%
|
|||||||
Other operating expenses
|
(126.1
|
)
|
(132.5
|
)
|
(4.9
|
)
|
%
|
||||||
Operating profit
|
$
|
178.5
|
$
|
256.3
|
(30.4
|
)
|
%
|
||||||
|
|||||||||||||
Financial income
|
5.7
|
0.5
|
997.3
|
%
|
|||||||||
Financial expense
|
(210.1
|
)
|
(210.5
|
)
|
(0.2
|
)
|
%
|
||||||
Net exchange differences
|
(1.2
|
)
|
0.3
|
(460.7
|
)
|
%
|
|||||||
Other financial income/(expense), net
|
2.8
|
(0.2
|
)
|
(1436.0
|
)
|
%
|
|||||||
Financial expense, net
|
$
|
(202.8
|
)
|
$
|
(209.9
|
)
|
(3.4
|
)
|
%
|
||||
|
|||||||||||||
Share of profit of associates carried under the equity method
|
1.6
|
3.4
|
(52.5
|
)
|
%
|
||||||||
Profit/(loss) before income tax
|
$
|
(22.7
|
)
|
$
|
49.8
|
(145.6
|
)
|
%
|
|||||
|
|||||||||||||
Income tax
|
(3.5
|
)
|
(27.0
|
)
|
(87.2
|
)
|
%
|
||||||
Profit/(loss) for the period
|
$
|
(26.2
|
)
|
$
|
22.8
|
(215.1
|
)
|
%
|
|||||
|
|||||||||||||
Profit attributable to non-controlling interest
|
(2.0
|
)
|
(5.8
|
)
|
(65.8
|
)
|
%
|
||||||
Profit/(loss) for the period attributable to the parent company
|
$
|
(28.2
|
)
|
$
|
17.0
|
(266.1
|
)
|
%
|
|||||
Weighted average number of ordinary shares outstanding (millions)
|
101.6
|
100.5
|
|||||||||||
Basic and diluted earnings per share attributable to the parent company (U.S. dollar per share)
|
(0.28
|
)
|
0.17
|
||||||||||
Dividend paid per share(1)
|
0.82
|
0.76
|
(1) |
On February 26, 2020 and May 6, 2020 our board of directors approved a dividend of $0.41 per share for each of the quarters, corresponding to the fourth quarter of 2019 and the first quarter of 2020, which
were paid on March 23, 2020 and June 15, 2020 respectively. On February 26, 2019 and May 7, 2019, the board of directors declared a dividend of $0.37 and $0.39 per share corresponding to the fourth quarter of 2018 and the first
quarter of 2019, which were paid on March 22, 2019 and June 14, 2019, respectively.
|
Six-month period ended June 30,
|
||||||||
Other operating income
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Grants
|
$
|
29.5
|
$
|
29.6
|
||||
Income from various services
|
27.7
|
15.3
|
||||||
Total
|
$
|
57.2
|
$
|
44.9
|
Six-month period ended June 30,
|
||||||||||||||||
Other operating expenses
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
% of
revenue
|
$ in
millions
|
% of
revenue
|
|||||||||||||
Leases and fees
|
$
|
1.3
|
0.3
|
%
|
$
|
1.0
|
0.2
|
%
|
||||||||
Operation and maintenance
|
49.7
|
10.7
|
%
|
66.6
|
13.2
|
%
|
||||||||||
Independent professional services
|
19.1
|
4.1
|
%
|
17.6
|
3.5
|
%
|
||||||||||
Supplies
|
11.4
|
2.4
|
%
|
11.3
|
2.2
|
%
|
||||||||||
Insurance
|
18.0
|
3.9
|
%
|
12.1
|
2.4
|
%
|
||||||||||
Levies and duties
|
18.8
|
4.0
|
%
|
14.7
|
2.9
|
%
|
||||||||||
Other expenses
|
3.6
|
0.8
|
%
|
2.9
|
0.6
|
%
|
||||||||||
Raw Materials
|
4.2
|
0.9
|
%
|
6.3
|
1.2
|
%
|
||||||||||
Total
|
$
|
126.1
|
27.1
|
%
|
$
|
132.5
|
26.2
|
%
|
Six-month period ended June 30,
|
||||||||
Financial income and financial expense
|
2020
|
2019
|
||||||
$ in millions
|
||||||||
Financial income
|
5.7
|
0.5
|
||||||
Financial expense
|
(210.1
|
)
|
(210.5
|
)
|
||||
Net exchange differences
|
1.2
|
0.3
|
||||||
Other financial income/(expense), net
|
2.8
|
(0.2
|
)
|
|||||
Financial expense, net
|
(202.8
|
)
|
(209.9
|
)
|
Six-month period ended June 30,
|
||||||||
Financial expense
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Interest expense:
|
||||||||
—Loans from credit entities
|
$
|
(132.2
|
)
|
$
|
(130.6
|
)
|
||
—Other debts
|
(39.3
|
)
|
(50.4
|
)
|
||||
Interest rates losses derivatives: cash flow hedges
|
(38.6
|
)
|
(29.5
|
)
|
||||
Total
|
$
|
(210.1
|
)
|
$
|
(210.5
|
)
|
Six-month period ended June 30,
|
||||||||
Other financial income /(expense), net
|
2020
|
2019
|
||||||
($ in millions)
|
||||||||
Other financial income
|
$
|
11.4
|
$
|
8.5
|
||||
Other financial expense
|
(8.6
|
)
|
(8.7
|
)
|
||||
Total
|
$
|
2.8
|
$
|
(0.2
|
)
|
• |
North America;
|
• |
South America; and
|
• |
EMEA.
|
• |
Renewable energy, which includes our activities related to the production of electricity from concentrating solar power and wind plants;
|
• |
Efficient natural gas, which includes our activities related to the production of electricity and steam from natural gas;
|
• |
Electric transmission, which includes our activities related to the operation of electric transmission lines and gas compression and transportation; and
|
• |
Water, which includes our activities related to desalination plants.
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
%
of revenue
|
$ in
millions
|
%
of revenue
|
|||||||||||||
North America
|
$
|
157.9
|
33.9
|
%
|
$
|
164.5
|
32.6
|
%
|
||||||||
South America
|
75.0
|
16.1
|
%
|
69.1
|
13.7
|
%
|
||||||||||
EMEA
|
232.8
|
50.0
|
%
|
271.2
|
53.7
|
%
|
||||||||||
Total revenue
|
$
|
465.7
|
100
|
%
|
$
|
504.8
|
100.0
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by geography
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
North America
|
$
|
139.3
|
88.2
|
%
|
$
|
147.1
|
89.4
|
%
|
||||||||
South America
|
59.8
|
79.7
|
%
|
57.5
|
83.2
|
%
|
||||||||||
EMEA
|
173.5
|
74.5
|
%
|
201.8
|
74.4
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
372.6
|
80.0
|
%
|
$
|
406.4
|
80.5
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent 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 of entities included in the Annual Consolidated Financial Statements and the
Consolidated Condensed Interim Financial Statements. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB, and you should not consider Adjusted EBITDA as an alternative to operating income or profits or
as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting
principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar
measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it
meant to be predictive of potential future results. See “Item 2— Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics.”
|
(2) |
Adjusted EBITDA is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume produced/availability
|
||||||||
Six- Month period ended June 30,
|
||||||||
Volume by geography
|
2020
|
2019
|
||||||
North America (GWh) (1)
|
1,950
|
1,535
|
||||||
North America availability(1)(2)
|
101.7
|
%
|
88.5
|
%
|
||||
South America (GWh) (3)
|
271
|
240
|
||||||
South America availability(4)
|
99.9
|
%
|
100.0
|
%
|
||||
EMEA (GWh)
|
530
|
742
|
||||||
EMEA availability(4)
|
102.0
|
%
|
100.6
|
%
|
(1) |
GWh produced in the first half of 2020 includes 30% production from Monterrey. Major maintenance overhaul in ACT held in Q1 and Q2 2019, as scheduled, which reduced electric production as per the contract.
|
(2) |
Electric availability refers to operational MW over contracted MW with Pemex. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced electric availability as per the
contract.
|
(3) |
Includes curtailment production in wind assets for which we receive compensation.
|
(4) |
Availability refers to actual availability divided by contracted availability.
|
Six-month period ended June 30,
|
||||||||||||||||
Revenue by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
%
of revenue
|
$ in
millions
|
%
of revenue
|
|||||||||||||
Renewable energy
|
$
|
344.7
|
74.0
|
%
|
$
|
380.1
|
75.3
|
%
|
||||||||
Efficient natural gas power
|
52.0
|
11.2
|
%
|
61.7
|
12.2
|
%
|
||||||||||
Electric transmission lines
|
53.4
|
11.4
|
%
|
51.1
|
10.1
|
%
|
||||||||||
Water
|
15.6
|
3.4
|
%
|
11.9
|
2.4
|
%
|
||||||||||
Total revenue
|
$
|
465.7
|
100.0
|
%
|
$
|
504.8
|
100.0
|
%
|
Six-month period ended June 30,
|
||||||||||||||||
Adjusted EBITDA by business sector
|
2020
|
2019
|
||||||||||||||
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
$ in
millions
|
Adjusted
EBITDA
Margin (2)
|
|||||||||||||
Renewable energy
|
$
|
274.8
|
79.7
|
%
|
$
|
301.4
|
79.3
|
%
|
||||||||
Efficient natural gas power
|
45.9
|
88.3
|
%
|
54.3
|
88.0
|
%
|
||||||||||
Electric transmission lines
|
43.2
|
80.9
|
%
|
43.6
|
85.3
|
%
|
||||||||||
Water
|
8.7
|
55.8
|
%
|
7.1
|
59.7
|
%
|
||||||||||
Total Adjusted EBITDA(1)
|
$
|
372.6
|
80.0
|
%
|
$
|
406.4
|
80.5
|
%
|
(1) |
Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent 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 of entities included in the Annual Consolidated Financial Statements. Adjusted EBITDA
is not a measure of performance under IFRS as issued by the IASB, and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating,
investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of
our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are
often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2— Management’s Discussion and Analysis of Financial Condition and Results of Operations —Key Metrics.”
|
(2) |
Adjusted EBITDA is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.
|
Volume produced/availability
|
|||||||||
Year ended June 30,
|
|||||||||
Volume by business sector
|
2020
|
2019
|
|||||||
Renewable energy (GWh) (1)
|
1,482
|
1,651
|
|||||||
Efficient natural gas Power (GWh) (2)
|
1,268
|
866
|
|||||||
Efficient natural gas Power availability(3)
|
101.7
|
%
|
88.5
|
%
|
|||||
Electric transmission availability(4)
|
99.9
|
%
|
100
|
%
|
|||||
Water availability(4)
|
102.0
|
%
|
100.6
|
%
|
(1) |
Includes curtailment production in wind assets for which we receive compensation.
|
(2) |
GWh produced in the first half of 2020 includes 30% production from Monterrey. Major maintenance overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced electric production, as per the
contract.
|
(3) |
Electric availability refers to operational MW over contracted MW with Pemex. Major overhaul held in Q1 and Q2 2019, as scheduled, which reduced the electric availability as per the contract with Pemex.
|
(4) |
Availability refers to actual availability divided by contracted availability.
|
• |
debt service requirements on our existing and future debt;
|
• |
cash dividends to investors; and
|
• |
investments and acquisitions of new assets, companies and operations (see “Item 4.B—Business Overview—Our Business Strategy” in our Annual Report).
|
• |
On February 26, 2019, our board of directors approved a dividend of $0.37 per share. The dividend was paid on March 22, 2019, to shareholders of record as of March 12, 2019.
|
• |
On May 7, 2019, our board of directors approved a dividend of $0.39 per share. The dividend was paid on June 14, 2019, to shareholders of record as of June 3, 2019.
|
• |
On August 2, 2019 our board of directors approved a dividend of $0.40 per share. The dividend was paid on September 13, 2019 to shareholders of record as of August 30, 2019.
|
• |
On November 5, 2019 our board of directors approved a dividend of $0.41 per share. The dividend was paid on December 13, 2019 to shareholders of record as of November 29, 2019.
|
• |
On February 26, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on March 23, 2020, to shareholders of record as of March 12, 2020.
|
• |
On May 6, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on June 15, 2020, to shareholders of record as of June 1, 2020.
|
• |
On July 31, 2020, our board of directors approved a dividend of $0.42 per share. The dividend is expected to be paid on September 15, 2020, to shareholders of record as of August 31, 2020.
|
Six-month period ended June 30,
|
||||||||
2020
|
2019
|
|||||||
($ in millions)
|
||||||||
Gross cash flows from operating activities
|
||||||||
Profit/(loss) for the period
|
$
|
(26.2
|
)
|
$
|
22.78
|
|||
Financial expense and non-monetary adjustments
|
389.6
|
361.6
|
||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
363.4
|
$
|
384.4
|
||||
Variations in working capital
|
(84.0
|
)
|
(91.9
|
)
|
||||
Net interest and income tax paid
|
(131.0
|
)
|
$
|
(143.4
|
)
|
|||
Total net cash provided by operating activities
|
$
|
148.4
|
$
|
149.1
|
||||
Net cash provided by/(used in) investing activities(1)
|
$
|
16.8
|
$
|
(119.3
|
)
|
|||
Net cash provided by/(used in) financing activities
|
$
|
71.9
|
$
|
(84.4
|
)
|
|||
Net increase/(decrease) in cash and cash equivalents
|
237.1
|
(54.7
|
)
|
|||||
Cash and cash equivalents at the beginning of the period
|
562.8
|
631.5
|
||||||
Translation differences in cash or cash equivalents
|
(11.1
|
)
|
(0.8
|
)
|
||||
Cash and cash equivalents at the end of the period
|
$
|
788.8
|
$
|
576.1
|
(1) |
Includes proceeds for $7.4 million and $14.8 million for the six-month period ended June 30, 2020 and June 30, 2019 respectively, related to the amounts received from Abengoa by Solana further to
Abengoa’s obligation as EPC Contractor.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
• |
Project debt in euro: between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed strike interest rates of between 0.00% and 4.87% and
|
• |
Project debt in U.S. dollars: between 70% and 100% of the notional amount, maturities until 2034 and average guaranteed strike interest rates of between 1.98% and 5.27%.
|
Item 2. |
Item 3. |
Item 4. |
Item 5. |
Item 6. |
Exhibit
No.
|
Description
|
|
Memorandum and Articles of Association of Atlantica Sustainable Infrastructure Jersey Limited
|
||
Indenture (including Form of Global Note) relating to Atlantica Sustainable Infrastructure Jersey Limited’s 4.00% Green Exchangeable Senior Notes due 2025, dated July 17, 2020, by and
among Atlantica Sustainable Infrastructure Jersey Limited, as Issuer, Atlantica Sustainable Infrastructure plc, as Guarantor, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch, as
Paying and Exchange Agent, and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Note Registrar and Transfer Agent.
|
||
Deed Poll granted by Atlantica Sustainable Infrastructure plc, as Guarantor, in favor of Atlantica Sustainable Infrastructure Jersey Limited, as Issuer, dated July 17, 2020, in
connection with the 4.00% Green Exchangeable Senior Notes due 2025.
|
||
The Note Issuance Facility for an amount of €140 million, dated July 8, 2020, among Atlantica Sustainable Infrastructure plc, the guarantors named therein, Lucid Agency Services
Limited, as facility agent, and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder.
|
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
|
||
Date: August 3, 2020
|
By:
|
/s/ Santiago Seage
|
Name: Santiago Seage
|
||
Title: Chief Executive Officer
|
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