Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2022

Commission File Number 001-36487

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Atlantica Sustainable Infrastructure plc

(Exact name of Registrant as specified in its charter)

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Not applicable

(Translation of Registrant’s name into English)

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Great West House, GW1, 17th floor

Great West Road

Brentford, TW8 9DF

United Kingdom

Tel: [phone]

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F

☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

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 Q3 2022 Earnings Presentation  November 9, 2022 

 

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 DISCLAIMER  Forward Looking Statements  This presentation 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 presentation, 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. In some cases, you can identify forward-looking statements by terminology such as “aim,” "anticipate," "believe," "could," "estimate," "expect,“, "guidance," "intend," "may," "plan," "predict," "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 presentation 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. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.  Investors should read the section entitled "Item 3.D.—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us.  Forward-looking statements include, but are not limited to, statements relating to: expected value, new investments and projects, including their expected development, completion, commercial operations date (“COD”), expected financial and operating performance (including enterprise value to EBITDA multiples), as well as statements with respect to potential acquisitions; expected output capacity, ability to add leverage or capacity, anticipated synergies and market dynamics relating to such investments and projects; the Inflation Reduction Act in the U.S. (“IRA”) and tax grants thereunder; our anticipated exposure to current market risks, including the potential impact from foreign exchange rates and interest rates on cash available for distribution (“CAFD”); the impact from potential caps on market prices in the net value of our assets; taxes on electricity companies in Spain; equity investments; estimated returns, CAFD estimates, including per currency, geography, sector and escalation factors; net corporate leverage based on CAFD estimates; debt refinancing; the quality of our off-takers and the performance of our long-term contracts; self-amortizing project debt structure and debt reduction; the use of non-GAAP measures as a useful tool for investors; the possibility to extend asset life; dividends; and various other factors, including those factors discussed under “Item 3.D.—Risk Factors” and “Item 5.A.—Operating Results” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the SEC.  Non-GAAP Financial Information   This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD, CAFD per share and enterprise value to EBITDA. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities 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. Please refer to the appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share, Adjusted EBITDA and enterprise value to EBITDA) in this presentation provides useful information to investors.  In our discussion of operating results, we have included foreign exchange impacts in our revenue and adjusted by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe that constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation. 

 

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 Key Messages  Revenue and Adjusted EBITDA growth of 4.9%1 and 4.3%1 in 9M 2022, on a comparable basis  ~$150 million in new investments in storage and PV committed  Q3 2022 dividend of $0.445 per share  Compared to the nine-month period ended September 30, 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in the nine-month period ended September 30, 2021.  +6.2% year-over-year CAFD growth in 9M 2022 up to $179.0 million  Net Corporate Debt ratio at 3.0x, providing significant financial flexibility 

 

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 ∆   Excluding FX impact & non-recurrent project   US$ in million (except CAFD per share)  2022  2021  ∆ Reported  Revenue  858.4  940.4  (8.7)%  Adjusted EBITDA1  630.6  634.1  (0.6)%  CAFD  179.0  168.5  6.2%  CAFD per share3  1.57  1.52  3.0%  HIGHLIGHTS  6.2% CAFD Growth in 9M 2022  Adjusted EBITDA previously excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) (which is equivalent to our pro-rata share of Adjusted EBITDA from unconsolidated affiliates) and now includes it (see reconciliation on page 28). Prior periods have been presented accordingly.  Compared to the first nine months of 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in the first nine months of 2021.  Calculated by dividing CAFD for the period by weighted average number of shares for the period (see reconciliation on page 29).  4.9%2  First 9 Months  4.3%2 

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 HIGHLIGHTS  Performance by Sector and Region  WATER  9M  2022  9M  2021  ∆  40.4  40.7  (1)%  27.8  28.6  (3)%  RENEWABLES  US$ in million  9M  2022  9M  20212  ∆  Revenue  652.8  725.8  (10)%  Adjusted EBITDA  469.8  464.9  +1%  EFFICIENT NAT. GAS & HEAT  9M  2022  9M  2021  ∆  81.9  93.5  (12)%  66.8  76.4  (13)%  TRANSMISSION LINES  9M  2022  9M  2021  ∆  83.3  80.4  +4%  66.2  64.2  +3%  By Sector  EMEA  NORTH AMERICA  US$ in million  9M  2022  9M  2021  ∆  Revenue  323.7  308.7  +5%  Adjusted EBITDA  258.1  243.4  +6%  SOUTH AMERICA  9M  2022  9M  20211  ∆  412.2  514.6  (20)%  277.4  300.1  (8)%  By Region  9M  2022  9M  2021  ∆  122.5  117.1  +5%  95.1  90.6  +5%  Includes Revenue and Adjusted EBITDA of a non-recurrent Rioglass solar project. Compared to the first nine months of 2021, on a constant currency basis and excluding the effect from the non-recurrent solar project, Revenue and Adjusted EBITDA for the first nine months of 2022 increased 4.9% and 2.6%, respectively.   Includes Revenue and Adjusted EBITDA of a non-recurrent Rioglass solar project. Compared to the first nine months of 2021, on a constant currency basis and excluding the effect from the non-recurrent solar project, Revenue and Adjusted EBITDA for the first nine months of 2022 increased 7.9% and 7.7%, respectively. 

 

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 Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation.   Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest.  GWh produced includes 30% share of the production from Monterrey.  Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating.  WATER  RENEWABLES  TRANSMISSION LINES  EFFICIENT NATURAL GAS & HEAT  9M 2022  9M 2021  Availability4  102.6%  99.8%  Mft3 in operation2  17.5  17.5  9M 2022  9M 2021  GWh produced1  4,155  3,460  MW in operation2  2,121  2,022  9M 2022  9M 2021  GWh produced3  1,898  1,665  Availability4  100.4%  99.8%  MW in operation5  398  398  9M 2022  9M 2021  Availability4  99.9%  100.0%  Miles in operation  1,229  1,166  KEY OPERATIONAL METRICS  Steady Operational Performance 

 

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 Consolidated cash as of September 30, 2022 increased by $204.5 million vs December 31, 2021, including FX translation differences of $(45.7) million.  CASH FLOW  Operating Cash Flow  US$ in million   2022  2021  Adjusted EBITDA  630.6  XX  634.1  Share in Adjusted EBITDA of unconsolidated affiliates  (37.6)  (16.0)  Net interest and income tax paid  (162.1)  (209.0)  Changes in working capital   47.8  (4.6)  Non-monetary adjustments and other  37.0  37.4  OPERATING CASH FLOW  515.7  441.9   Acquisitions of subsidiaries and entities under the equity method and investments in assets under development and construction  (76.0)  (340.2)   Distributions from entities under the equity method & other   27.9  17.3  INVESTING CASH FLOW  (48.1)  (322.9)  FINANCING CASH FLOW   (263.1)  (207.9)  Net change in consolidated cash1  204.5  (88.9)  First 9 Months  +16.7% 

 

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 Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.  Net corporate leverage is calculated as net corporate debt divided by midpoint 2022 CAFD guidance before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.  Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.  NET DEBT  Net Corporate Debt to CAFD pre corporate debt service at 3.0x  US$ in million   3.0x  3.5x  Net Corporate Debt / CAFD pre corporate debt service2  Net Project Debt3  Net Corporate Debt1 

 

 Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.  Net corporate leverage is calculated as net corporate debt divided by midpoint 2022 CAFD guidance before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.  Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.  NET DEBT  Net Corporate Debt to CAFD pre corporate interest at 3.0x  US$ in million   3.0x  3.5x  Net Corporate Debt / CAFD pre corporate interest2  Net Project Debt3  Net Corporate Debt1 

 

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 GROWTH UPDATE  ~$150 Million in New Investments   35% ownership through our renewable energy platform. 73 MW represents total installed capacity in the asset.  Substation and a 2.4-mile transmission line in Peru connected to our ATN transmission line as previously announced.  100 MWh battery system with expected COD in 2024   Storage  Acquired 73 MW in operation1 and intend to add 100 MWh of batteries in 2023  Exclusivity agreement to co-invest in an 80 MW PV portfolio starting construction  Solar PV  Expansion of existing transmission line, under construction2  Repayment of a higher cost non-recourse debt tranche  Others 

 

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 GROWTH UPDATE  Inflation Reduction Act as a Growth Opportunity  Enterprise value means the expected investment of Atlantica in this battery storage system.  Expected 2025 EBITDA of the Coso Battery Storage Project. See reconciliation on page 30.  Developing and preparing to start construction of a battery storage system located inside our Coso geothermal plant in California  Capacity: 100 MWh (4 hours)  COD expected in 2024  First project of a pipeline in the Southwest that includes 6 projects with a total 300 MW of PV and over 2,000 MWh of storage  First Project: Battery Storage Asset at our Coso Plant  Investment Highlights  Attractive market for storage  Synergies with existing assets  ITC (IRA)  Option to include leverage in the future  10x EV1 / EBITDA2 

 

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 GROWTH UPDATE  First Investment in PV + Batteries  Acquired through our renewable energy platform in Chile  Plant in operation  Batteries are expected to capture additional capacity revenues, as well as one of the highest daily price spreads  Investment Highlights  Attractive market for storage  Synergies with other existing assets in Chile  Strong operational track-record  6x EV1 / EBITDA2  Additional investment in Batteries   (100 MWh)   ~73 MW PV plant in Chile   Enterprise value means the investment of Atlantica in this Chile PV 3 plant.  Average EBITDA for the years 2021 and 2020 of the Chile PV 3 plant. See reconciliation on page 30. 

 

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 Calculated as the average net euro exposure expected for the years 2024-2027 multiplied by the difference between our average euro/dollar hedged rate for 2022 and the euro/dollar rate as of October 31, 2022, and dividing the result by the midpoint CAFD 2022 Guidance.  Based on CAFD estimates for the 2022-2026 period as of February 28, 2022, including the acquisitions announced as of November 9, 2022. See “Disclaimer – Forward Looking Statements”.  Expected annual impact calculated on existing debt as of September 30, 2022, with interest rates as of October 31, 2022, divided by the midpoint CAFD 2022 Guidance.  RISK MITIGATION STRATEGY  Limited Exposure to Current Market Risks  Limited Impact from Euro FX on CAFD  Natural hedge: distributions of assets in Europe are partially offset with corporate interest and corporate G&A paid in euros  The resulting net euro exposure is hedged through currency options on a rolling basis: 100% for the next 12 months and 75% for the following 12 months  After month 24: 2-3% potential impact on CAFD calculated as the difference of net euro exposure converted at current rate and at average hedged rate for 20221  ~50% of the Portfolio with Indexed Revenue  40% Indexed to inflation or formula based on inflation  12% Indexed to a fixed number  48% Not indexed  Interest Rate Risk   Highly Covered  An increase of 100bp in reference interest rates would have an impact on CAFD of ~1.5%3  Regulated Assets in Europe  No expected impact from potential caps on market prices on the net value of our assets  Taxes on energy companies announced in Spain not expected to be applicable  ü 

 

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 Appendix 

 

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 CURRENCY2  SECTOR  GEOGRAPHY  Based on CAFD estimates for the 2022-2026 period as of February 28, 2022, including the acquisitions closed as of November 9, 2022. See “Disclaimer – Forward Looking Statements”.  Including the effect of currency hedges.  As of September 30, 2022.  of interest rates in project debt are fixed or hedged2,3  ~ 93%  90  Denominated  in USD  %  >  70% Renewable  15% Eff. Natural Gas & Heat  12% Transmission Lines   3% Water  46% North America  31% Europe  15% South America   8% RoW  SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO  Portfolio Breakdown Based on Estimated CAFD1  INTEREST RATES AND INFLATION  Indexed to inflation or formula based on inflation  Indexed to a fixed number  Not indexed  Escalation factors included in contracts 

 CURRENCY2  SECTOR  GEOGRAPHY  Based on CAFD estimates for the 2022-2026 period as of February 28, 2022, including the acquisitions closed as of November 9, 2022. See “Disclaimer – Forward Looking Statements”.  Including the effect of currency hedges.  As of September 30, 2022.  of interest rates in project debt are fixed or hedged2,3  ~ 93%  90  Denominated  in USD  %  >  70% Renewable  15% Eff. Natural Gas & Heat  12% Transmission Lines   3% Water  46% North America  31% Europe  15% South America   8% RoW  SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO  Portfolio Breakdown Based on Estimated CAFD1  INTEREST RATES AND INFLATION  Indexed to inflation or formula based on inflation  Indexed to a fixed number  Not indexed  Escalation factors included in contracts1