Atlantica reports first quarter 2020 financial results

May 07, 2020

• Net loss for the quarter attributable to the Company was $40.5 million, compared with a net loss of $9.0 million in the first quarter of 2019.
• Adjusted EBITDA including unconsolidated affiliates1 was $166.0 million, representing an 8.4% year-over-year decrease mostly due to foreign exchange differences and lower solar radiation in EMEA.
• Cash available for distribution (“CAFD”) increased by 5.4% year-over-year up to $47.6 million in the first quarter of 2020.
• Quarterly dividend of $0.41 per share declared by the Board of Directors.
• No material impact from Covid-19 situation as of today.
• Refinanced part of the solar assets in Spain with a Green Project Finance, unlocking approximately a $143 million “recap” expected to be used for new investments in renewable assets.
• Creation of a Renewable Energy Growth Platform with financial partners in Chile.

Atlantica Yield plc (NASDAQ: AY) (“Atlantica” or the “Company”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported today its financial results for the first quarter of 2020. Health and safety remains Atlantica’s top priority. Atlantica has adapted its safety measures and protocols and implemented a long list of new safety measures in all of its assets and offices. Atlantica continues to provide reliable service to its clients, with no significant disruptions in availability or production due to COVID-19 until now.

Revenue for the first quarter of 2020 was $210.4 million, representing a 5.0% decrease compared with the first quarter of 2019. On a constant currency basis2, revenue for the first quarter of 2020 decreased 3.0% compared to the first quarter of 2019. Adjusted EBITDA including unconsolidated affiliates was $166.0 million for the first quarter of 2020, representing an 8.4% decrease year-over-year. On a constant currency basis2, Adjusted EBITDA including unconsolidated affiliates for the first quarter of 2020 decreased 6.4% compared to the first quarter of 2019. Apart from the foreign exchange translation impact, the decrease in revenue and Adjusted EBITDA including unconsolidated affiliates was mostly due to lower solar radiation in EMEA, which impacted the production.

CAFD generation in the first quarter of 2020 was $47.6 million, a 5.4% increase compared with $45.1 million achieved in the first quarter of 2019.

¹ Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 16).

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About Atlantica

Atlantica Yield plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA (atlantica.com).

Chief Financial Officer
Francisco Martinez-Davis
E

Investor Relations & Communication
Leire Perez
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