☒ Form 20-F
|
☐ Form 40-F
|
|
• |
Revenue for the first nine months of 2021 increased by 22.3% year-over-year up to $940.4 million, and an increase of 8.4% year-over-year on a comparable basis1.
|
• |
Adjusted EBITDA including unconsolidated affiliates was $634.1 million for the first nine months of 2021, a 2.1% year-over-year increase.
|
• |
Net loss for the first nine months of 2021 attributable to the Company was $18.2 million, compared with a net profit of $61.2 million for the first nine months of 2020.
|
• |
Operating cash flow for the first nine months of 2021 was $441.9 million, compared with an operating cash flow of $303.2 million for the first nine months of 2020.
|
• |
Cash available for distribution (“CAFD”) increased by 12.9% year-over-year up to $168.5 million for the first nine months of 2021.
|
• |
Quarterly dividend of $0.435 per share approved by the Board of Directors.
|
|
(in thousands of U.S. dollars)
|
Three-month period
ended September 30,
|
Nine-month period
ended September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue
|
$
|
329,243
|
$
|
302,987
|
$
|
940,418
|
$
|
768,734
|
||||||||
Profit/(loss) for the period attributable to the Company
|
(11,337
|
)
|
89,380
|
(18,166
|
)
|
61,209
|
||||||||||
Adjusted EBITDA incl. unconsolidated affiliates
|
229,846
|
240,958
|
634,081
|
621,027
|
||||||||||||
Net cash provided by operating activities
|
195,623
|
154,835
|
441,940
|
303,242
|
||||||||||||
CAFD
|
58,580
|
51,953
|
168,474
|
149,228
|
Nine-month period
ended September 30,
|
||||||||
2021
|
2020
|
|||||||
Renewable energy
|
||||||||
MW in operation3
|
2,022
|
1,551
|
||||||
GWh produced4
|
3,460
|
2,608
|
||||||
Efficient natural gas & heat
|
||||||||
MW in operation5
|
398
|
343
|
||||||
GWh produced6
|
1,665
|
1,932
|
||||||
Availability (%)7
|
99.8
|
%
|
102.4
|
%
|
||||
Transmission lines
|
||||||||
Miles in operation
|
1,166
|
1,166
|
||||||
Availability (%)5
|
100.0
|
%
|
99.9
|
%
|
||||
Water
|
||||||||
Mft3 in operation2
|
17.5
|
17.5
|
||||||
Availability (%)5
|
99.8
|
%
|
101.6
|
%
|
|
(in thousands of U.S. dollars)
|
Nine-month period ended Sept 30,
|
|||||||
2021
|
2020
|
|||||||
Revenue by geography
|
||||||||
North America
|
$
|
308,661
|
$
|
267,688
|
||||
South America
|
117,129
|
112,019
|
||||||
EMEA
|
514,628
|
389,027
|
||||||
Total Revenue
|
$
|
940,418
|
$
|
768,734
|
Adjusted EBITDA incl. unconsolidated affiliates by geography
|
||||||||
North America
|
$
|
243,361
|
$
|
238,494
|
||||
South America
|
90,626
|
89,749
|
||||||
EMEA
|
300,094
|
292,784
|
||||||
Total Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
634,081
|
$
|
621,027
|
(in thousands of U.S. dollars)
|
Nine-month period ended Sept 30,
|
|||||||
2021
|
2020
|
|||||||
Revenue by business sector
|
||||||||
Renewable energy
|
$
|
725,756
|
$
|
579,230
|
||||
Efficient natural gas & heat
|
93,524
|
80,118
|
||||||
Transmission lines
|
80,428
|
79,229
|
||||||
Water
|
40,710
|
30,157
|
||||||
Total Revenue
|
$
|
940,418
|
$
|
768,734
|
||||
Adjusted EBITDA incl. unconsolidated affiliates by business sector
|
||||||||
Renewable energy
|
$
|
464,861
|
$
|
456,873
|
||||
Efficient natural gas & heat
|
76,387
|
75,244
|
||||||
Transmission lines
|
64,243
|
66,047
|
||||||
Water
|
28,590
|
22,863
|
||||||
Total Adjusted EBITDA incl. unconsolidated affiliates
|
$
|
634,081
|
$
|
621,027
|
|
|
- |
With the acquisitions of Coso and Vento II, Atlantica invested close to $370 million in renewable assets in operation in North America.
|
- |
The Company also invested in a photovoltaic (PV) plant through its renewable energy platform in Chile earlier this year and expects to close the acquisition of La Sierpe, another PV asset in South America in the fourth quarter of
2021.
|
- |
Furthermore, in the third quarter of 2021, the Company closed the acquisition of two PV assets in Italy, the first investment in this country.
|
• |
At the COP 26, the United Nations Climate Change conference held in Glasgow this November, Atlantica announced an ambitious greenhouse gas (GHG) objective approved by the Science Based Targets initiative (SBTi). Atlantica targets
to reduce Scope 1 and 2 GHG emissions per kWh by 70% by 2035 from a 2020 base year11. Targets are considered ‘science-based’ if they are in line with the latest levels recommended by
climate science to meet the goals set out in the Paris Agreement to limit global warming to “well-below 2ºC”.
|
• |
In addition, Atlantica has been selected amongst the inaugural recipients of the Terra Carta Seal, launched by His Royal Highness the Prince of Wales through the Sustainable Markets Initiative (SMI). The Terra Carta Seal recognizes
companies which are demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets. It is awarded to companies whose ambitions are aligned with those of the Terra Carta, a recovery plan for
Nature, People and Planet, launched in January 2021.
|
|
|
|
• |
they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
|
• |
they do not reflect changes in, or cash requirements for, our working capital needs;
|
• |
they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;
|
• |
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA, CAFD and CAFD per share do not reflect any cash requirements
that would be required for such replacements;
|
• |
some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and
|
• |
the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures.
|
|
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue
|
$
|
329,243
|
$
|
302,987
|
$
|
940,418
|
$
|
768,734
|
||||||||
Other operating income
|
17,327
|
18,666
|
57,597
|
75,902
|
||||||||||||
Employee benefit expenses
|
(20,093
|
)
|
(13,097
|
)
|
(59,105
|
)
|
(37,430
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
(146,040
|
)
|
(108,093
|
)
|
(334,916
|
)
|
(302,166
|
)
|
||||||||
Other operating expenses
|
(105,081
|
)
|
(71,543
|
)
|
(320,873
|
)
|
(197,635
|
)
|
||||||||
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
Financial income
|
616
|
740
|
1,848
|
6,413
|
||||||||||||
Financial expense
|
(87,476
|
)
|
(79,326
|
)
|
(277,000
|
)
|
(289,439
|
)
|
||||||||
Net exchange differences
|
(138
|
)
|
(306
|
)
|
2,046
|
(1,482
|
)
|
|||||||||
Other financial income, net
|
8,383
|
59,778
|
21,684
|
62,597
|
||||||||||||
Financial expense, net
|
$
|
(78,615
|
)
|
$
|
(19,114
|
)
|
$
|
(251,422
|
)
|
$
|
(221,911
|
)
|
||||
Share of profit/(loss) of associates carried under the equity method
|
1,589
|
(3,839
|
)
|
4,245
|
(2,248
|
)
|
||||||||||
Profit/(loss) before income tax
|
$
|
(1,670
|
)
|
$
|
105,967
|
$
|
35,944
|
$
|
83,246
|
|||||||
Income tax
|
(9,262
|
)
|
(21,608
|
)
|
(42,390
|
)
|
(25,079
|
)
|
||||||||
Profit/(loss) for the period (continued operations)
|
$
|
(10,932
|
)
|
$
|
84,359
|
$
|
(6,446
|
)
|
$
|
58,167
|
||||||
Loss/(profit) attributable to non-controlling interests
|
(405
|
)
|
5,021
|
(11,720
|
)
|
3,042
|
||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
Weighted average number of ordinary shares outstanding (thousands)
|
101,602
|
110,749
|
101,602
|
|||||||||||||
Weighted average number of ordinary shares diluted (thousands)
|
114,577
|
104,273
|
114,156
|
102,499
|
||||||||||||
Basic earnings per share (U.S. dollar per share)
|
$
|
(0.10
|
)
|
$
|
0.88
|
$
|
(0.16
|
)
|
$
|
0.60
|
||||||
Diluted earnings per share (U.S. dollar per share)
|
$
|
(0.10
|
)
|
$
|
0.86
|
$
|
(0.16
|
)
|
$
|
0.60
|
|
As of September 30,
2021
|
As of December 31,
2020
|
|||||||
Non-current assets
|
||||||||
Contracted concessional assets
|
$
|
8,173,917
|
$
|
8,155,418
|
||||
Investments carried under the equity method
|
296,762
|
116,614
|
||||||
Financial investments
|
88,866
|
89,754
|
||||||
Deferred tax assets
|
164,304
|
152,290
|
||||||
Total non-current assets
|
$
|
8,723,849
|
$
|
8,514,076
|
||||
Current assets
|
||||||||
Inventories
|
$
|
33,156
|
$
|
23,958
|
||||
Trade and other receivables
|
324,267
|
331,735
|
||||||
Financial investments
|
207,801
|
200,084
|
||||||
Cash and cash equivalents
|
763,545
|
868,501
|
||||||
Total current assets
|
$
|
1,328,769
|
$
|
1,424,278
|
||||
Total assets
|
$
|
10,052,618
|
$
|
9,938,354
|
||||
Share capital
|
$
|
11,148
|
$
|
10,667
|
||||
Share premium
|
836,269
|
1,011,743
|
||||||
Capital reserves
|
1,069,344
|
881,745
|
||||||
Other reserves
|
147,915
|
96,641
|
||||||
Accumulated currency translation differences
|
(122,188
|
)
|
(99,925
|
)
|
||||
Accumulated deficit
|
(388,820
|
)
|
(373,489
|
)
|
||||
Non-controlling interest
|
207,922
|
213,499
|
||||||
Total equity
|
$
|
1,761,589
|
$
|
1,740,881
|
||||
Non-current liabilities
|
||||||||
Long-term corporate debt
|
$
|
1,009,128
|
$
|
970,077
|
||||
Long-term project debt
|
4,568,387
|
4,925,268
|
||||||
Grants and other liabilities
|
1,271,460
|
1,229,767
|
||||||
Derivative liabilities
|
249,639
|
328,184
|
||||||
Deferred tax liabilities
|
302,612
|
260,923
|
||||||
Total non-current liabilities
|
$
|
7,401,226
|
$
|
7,714,219
|
||||
Current liabilities
|
||||||||
Short-term corporate debt
|
$
|
20,951
|
$
|
23,648
|
||||
Short-term project debt
|
710,493
|
312,346
|
||||||
Trade payables and other current liabilities
|
118,600
|
92,557
|
||||||
Income and other tax payables
|
39,759
|
54,703
|
||||||
Total current liabilities
|
$
|
889,803
|
$
|
483,254
|
||||
Total equity and liabilities
|
$
|
10,052,618
|
$
|
9,938,354
|
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Profit/(loss) for the period
|
$
|
(10,932
|
)
|
$
|
84,359
|
$
|
(6,446
|
)
|
$
|
58,167
|
||||||
Financial expense and non-monetary adjustments
|
224,283
|
147,022
|
609,429
|
536,579
|
||||||||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
213,351
|
$
|
231,381
|
$
|
602,983
|
$
|
594,746
|
||||||||
Variations in working capital
|
27,573
|
(44,921
|
)
|
47,987
|
(128,926
|
)
|
||||||||||
Net interest and income tax paid
|
(45,301
|
)
|
(31,625
|
)
|
(209,030
|
)
|
(162,578
|
)
|
||||||||
Net cash provided by operating activities
|
$
|
195,622
|
$
|
154,835
|
$
|
441,940
|
$
|
303,242
|
||||||||
Investment in contracted concessional assets
|
6,245
|
(1,856
|
)
|
(10,348
|
)
|
3,819
|
||||||||||
Other non-current assets/liabilities
|
930
|
(6,138
|
)
|
375
|
(14,387
|
)
|
||||||||||
Acquisitions of subsidiaries and entities under the equity method
|
(14,436
|
)
|
-
|
(337,539
|
)
|
8,943
|
||||||||||
Dividends received from entities under the equity method
|
11,385
|
9,758
|
24,615
|
20,140
|
||||||||||||
Net cash provided by/(used in) investing activities
|
$
|
4,124
|
$
|
1,764
|
$
|
(322,897
|
)
|
$
|
18,515
|
|||||||
Net cash provided by/(used in) financing activities
|
$
|
(111,262
|
)
|
$
|
(167,736
|
)
|
$
|
(207,965
|
)
|
$
|
(95,799
|
)
|
||||
Net increase/(decrease) in cash and cash equivalents
|
$
|
88,485
|
$
|
(11,137
|
)
|
$
|
(88,922
|
)
|
$
|
225,958
|
||||||
Cash and cash equivalents at beginning of the period
|
686,289
|
788,770
|
868,501
|
562,795
|
||||||||||||
Translation differences in cash or cash equivalent
|
(11,229
|
)
|
11,262
|
(16,034
|
)
|
142
|
||||||||||
Cash and cash equivalents at end of the period
|
$
|
763,545
|
$
|
788,895
|
$
|
763,545
|
$
|
788,895
|
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
Profit/(loss) attributable to non-controlling interest
|
405
|
(5,021
|
)
|
11,720
|
(3,042
|
)
|
||||||||||
Income tax
|
9,262
|
21,608
|
42,390
|
25,079
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,589
|
)
|
3,839
|
(4,245
|
)
|
2,248
|
||||||||||
Financial expense, net
|
78,615
|
19,114
|
251,422
|
221,911
|
||||||||||||
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
Depreciation, amortization, and impairment charges
|
146,040
|
108,093
|
334,916
|
302,166
|
||||||||||||
Adjusted EBITDA
|
$
|
221,395
|
$
|
237,015
|
$
|
618,037
|
$
|
609,572
|
||||||||
Atlantica’s pro-rata share of EBITDA from Unconsolidated Affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net cash provided by operating activities
|
$
|
195,623
|
$
|
154,835
|
$
|
441,940
|
$
|
303,242
|
||||||||
Net interest and income tax paid
|
45,301
|
31,625
|
209,030
|
162,578
|
||||||||||||
Variations in working capital
|
(27,573
|
)
|
44,921
|
(47,987
|
)
|
128,926
|
||||||||||
Other non-cash adjustments and other
|
8,044
|
5,634
|
15,054
|
14,826
|
||||||||||||
Adjusted EBITDA
|
$
|
221,395
|
$
|
237,015
|
$
|
618,037
|
$
|
609,572
|
||||||||
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
|
For the three-month
period ended Sept 30,
|
For the nine-month period
ended Sept 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
(11,337
|
)
|
$
|
89,380
|
$
|
(18,166
|
)
|
$
|
61,209
|
||||||
Profit/(loss) attributable to non-controlling interest
|
405
|
(5,021
|
)
|
(11,720
|
)
|
3,042
|
||||||||||
Income tax
|
9,262
|
21,608
|
42,390
|
25,079
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,589
|
)
|
3,839
|
(4,245
|
)
|
2,248
|
||||||||||
Financial expense, net
|
78,615
|
19,114
|
251,422
|
221,911
|
||||||||||||
Operating profit
|
$
|
75,356
|
$
|
128,920
|
$
|
283,121
|
$
|
307,405
|
||||||||
Depreciation, amortization, and impairment charges
|
146,040
|
108,093
|
334,916
|
302,166
|
||||||||||||
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
|
8,451
|
3,943
|
16,044
|
11,455
|
||||||||||||
Adjusted EBITDA including unconsolidated affiliates
|
$
|
229,846
|
$
|
240,958
|
$
|
634,081
|
$
|
621,027
|
||||||||
(8,451
|
)
|
(3,943
|
)
|
(16,044
|
)
|
(11,455
|
)
|
|||||||||
Dividends from equity method investments
|
11,385
|
9,758
|
24,615
|
20,140
|
||||||||||||
Non-monetary items
|
(7,907
|
)
|
(5,327
|
)
|
(17,102
|
)
|
(13,344
|
)
|
||||||||
Interest and income tax paid
|
(45,301
|
)
|
(31,625
|
)
|
(209,030
|
)
|
(162,578
|
)
|
||||||||
Principal amortization of indebtedness
|
(40,336
|
)
|
(18,963
|
)
|
(160,307
|
)
|
(109,162
|
)
|
||||||||
Deposits into/ withdrawals from restricted accounts
|
(567
|
)
|
8,844
|
(761
|
)
|
59,370
|
||||||||||
Change in non-restricted cash at project level
|
(89,947
|
)
|
(94,192
|
)
|
(113,379
|
)
|
(113,402
|
)
|
||||||||
(11,717
|
)
|
(6,833
|
)
|
(23,327
|
)
|
(20,994
|
)
|
|||||||||
Changes in other assets and liabilities
|
21,574
|
(46,724
|
)
|
49,727
|
(120,374
|
)
|
||||||||||
Cash Available For Distribution
|
$
|
58,580
|
$
|
51,953
|
$
|
168,474
|
$
|
149,228
|
|
For the three-month
period ended Sept 30,
|
For the nine-month period
ended Sept 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
CAFD (in thousands of U.S. dollars)
|
$
|
58,580
|
$
|
51,953
|
$
|
168,474
|
$
|
149,228
|
||||||||
Weighted Number of Shares (basic) for the period (in thousands)
|
111,055
|
101,602
|
110,749
|
101,602
|
||||||||||||
CAFD per share (in U.S. dollars)
|
$
|
0.5275
|
$
|
0.5113
|
$
|
1.5212
|
$
|
1.4688
|
Chief Financial Officer
Francisco Martinez-Davis
E ir@atlantica.com
|
Investor Relations & Communication
Leire Perez
E ir@atlantica.com
T +44 20 3499 0465
|
|
Atlantica Sustainable Infrastructure plc
|
|||
Date: November 10, 2021
|
By:
|
/s/ Santiago Seage
|
|
Name:
|
Santiago Seage
|
||
Title:
|
Chief Executive Officer
|