Atlantica reports full year 2019 financial results

February 27, 2020

• Net profit attributable to the Company for the full year 2019 was $62.1 million, compared with $41.6 million in 2018.
• Further Adjusted EBITDA including unconsolidated affiliates1 reached $821.6 million in 2019, representing an increase of 3.2% on a comparable basis2 compared to 2018.
• Cash available for distribution (“CAFD”) was $190.3 million in 2019, meeting annual guidance.
• Quarterly dividend of $0.41 per share declared by the Board of Directors, representing an 11% increase compared with the same quarter of 2018.
• 2020 CAFD guidance established at >10% growth3 vs 2019 CAFD.
• Strong pipeline of potential equity investment opportunities.

Atlantica Yield plc (NASDAQ: AY) (“Atlantica”), 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 full year ended December 31, 2019. Atlantica met its guidance again with respect to both Further Adjusted EBITDA including unconsolidated affiliates and CAFD.

Revenue for the full year of 2019 was $1,011.5 million, representing a 3.1% decrease compared with 2018. On a constant currency basis4, revenue for 2019 would have been $1,043.6 million, remaining stable year-over-year. Further Adjusted EBITDA including unconsolidated affiliates was $821.6 million for the full year of 2019, representing a 4.3% decrease year-over-year. In 2018, Further Adjusted EBITDA including unconsolidated affiliates was positively impacted by a one-time non-cash gain of $39.0 million. On a constant currency basis and excluding this one-time non-cash gain in 2018, Further Adjusted EBITDA including unconsolidated affiliates for 2019 would have increased 3.2% year-over-year.

CAFD in the fourth quarter of 2019 increased by 28% year-over-year, driving CAFD generation in 2019 to $190.3 million. This represents an 11% increase compared with $171.5 million in the same period of 2018.

¹ Further Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 16).
² Comparable to 2018 on a constant currency basis and adjusted for the one-time non-cash gain of $39 million. See footnote 4 below for further details.
³ Calculated on the basis of 2020 mid-point CAFD guidance and 2019 CAFD.
⁴ We calculate constant currency amounts by converting our current period local currency revenue and Further Adj. EBITDA including unconsolidated affiliates using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. Additionally, in the first nine months of 2018, Further Adjusted EBITDA incl. unconsolidated affiliates was positively impacted by a one-time non-cash gain of $39 million from our purchase of the long-term O&M payable accrued up to December 31, 2017. See 2019 Financial Statements on Form 20-F filed on February 27, 2020 for further information.

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About Atlantica

Atlantica Sustainable Infrastructure Ltd. is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission, and water assets in North America, Europe, and South America (atlantica.com).

Chief Financial Officer
Francisco Martinez-Davis
E

Investor Relations & Communication
Leire Perez
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