· |
Revenues for the nine-month period of $775.2 million (2% increase from the comparable period of 2016) and Further Adjusted EBITDA including unconsolidated affiliates1 of $629.1 million, in line with the previous year
|
· |
Net profit attributable to the Company of $42.6 million for the nine-month period ended September 30, 2017, compared to $9.7 million in the same period of 2016
|
· |
Net cash provided by operating activities of $327.3 million, a 8% increase from the comparable period of 2016
|
· |
Cash Available for Distribution (“CAFD”)2 of $132.1 million for the nine-month period of 2017, an 18% increase from the same period of 2016
|
· |
Announced a planned strategic partnership3 with Algonquin to drive accretive growth
|
· |
Secured the ACT minimum ownership waiver and agreed a consent with the US Department of Energy to lower Abengoa’s minimum ownership requirement of Atlantica to 16%, with effectiveness subject to Abengoa fulfilling a number of conditions precedent
|
· |
Increased quarterly dividend to $0.29 per share by 12% from the prior quarter and by 78% from the third quarter of 2016
|
For the three-month
period ended
September 30,
|
For the nine-month
period ended
September 30,
|
|||||||||||||||
(in thousands of U.S. dollars)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Revenue
|
$
|
291,964
|
$
|
295,272
|
$
|
775,179
|
$
|
762,950
|
||||||||
Profit for the period attributable to the Company
|
29,969
|
33,014
|
42,582
|
9,658
|
||||||||||||
Further Adjusted EBITDA incl. unconsolidated affiliates4
|
236,252
|
264,262
|
629,142
|
626,786
|
||||||||||||
Net cash provided by operating activities
|
223,010
|
184,329
|
327,290
|
302,192
|
||||||||||||
CAFD5
|
36,690
|
53,780
|
132,144
|
112,123
|
For the nine-month period
ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Renewable energy
|
||||||||
MW in operation6
|
1,442
|
1,442
|
||||||
GWh produced7
|
2,577
|
2,587
|
||||||
Conventional power
|
||||||||
MW in operation
|
300
|
300
|
||||||
GWh produced8
|
1,787
|
1,799
|
||||||
Availability(%)8
|
100.4
|
%
|
97.7
|
%
|
||||
Electric transmission lines
|
||||||||
Miles in operation
|
1,099
|
1,099
|
||||||
Availability(%)9
|
97.5
|
%
|
99.9
|
%
|
||||
Water
|
||||||||
Mft3 in operation 6
|
10.5
|
10.5
|
||||||
Availability (%)10
|
102.3
|
%
|
102.3
|
%
|
(in thousands of U.S. dollars)
|
Nine-month period ended
September 30,
|
|||||||
2017
|
2016
|
|||||||
Revenue by Geography
|
||||||||
North America
|
$
|
270,037
|
$
|
275,340
|
||||
South America
|
90,005
|
88,164
|
||||||
EMEA
|
415,137
|
399,446
|
||||||
Total revenue
|
$
|
775,179
|
$
|
762,950
|
||||
Further Adjusted EBITDA incl. unconsolidated affiliates by Geography
|
||||||||
North America
|
$
|
243,289
|
$
|
244,220
|
||||
South America
|
84,174
|
93,553
|
||||||
EMEA
|
301,679
|
289,213
|
||||||
Total Further Adjusted EBITDA incl. unconsolidated affiliates11
|
$
|
629,142
|
$
|
626,786
|
(in thousands of U.S. dollars)
|
Nine-month period ended
September 30,
|
|||||||
2017
|
2016
|
|||||||
Revenue by business sector
|
||||||||
Renewable energy
|
$
|
594,476
|
$
|
578,256
|
||||
Conventional power
|
89,653
|
94,921
|
||||||
Electric transmission lines
|
71,064
|
70,735
|
||||||
Water
|
19,986
|
19,039
|
||||||
Total revenue
|
$
|
775,179
|
$
|
762,950
|
Renewable energy
|
$
|
462,607
|
$
|
448,992
|
||||
Conventional power
|
79,969
|
80,124
|
||||||
Electric transmission lines
|
68,649
|
79,909
|
||||||
Water
|
17,917
|
17,760
|
||||||
Total Further Adjusted EBITDA incl. unconsolidated affiliates12
|
$
|
629,142
|
$
|
$ 626,786
|
· |
Proposed Right of First Offer (“ROFO”) Agreement between AAGES and Atlantica
|
· |
Proposed agreement to periodically discuss the sale of North American assets to Atlantica
|
· |
Proposed opportunity for Algonquin to provide, through the subscription of ordinary shares of Atlantica, incremental equity of $100 million for the acquisition of new assets by Atlantica. Algonquin has been granted certain preferred rights when participating in further equity issuances with the possibility of increasing Algonquin’s ownership in Atlantica up to 41.5%
|
· |
Proposed right of Algonquin to appoint a number of directors corresponding to Algonquin’s percentage ownership, with a maximum of less than one half of the total
|
· |
Maintain 80% target dividend payout ratio for Atlantica
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue
|
$
|
291,964
|
$
|
295,272
|
$
|
775,179
|
$
|
762,950
|
||||||||
Other operating income
|
16,186
|
17,218
|
56,499
|
47,657
|
||||||||||||
Raw materials and consumables used
|
(4,069
|
)
|
(6,880
|
)
|
(11,209
|
)
|
(24,481
|
)
|
||||||||
Employee benefit expenses
|
(4,993
|
)
|
(4,747
|
)
|
(13,252
|
)
|
(10,596
|
)
|
||||||||
Depreciation, amortization, and impairment charges
|
(80,720
|
)
|
(78,900
|
)
|
(236,431
|
)
|
(234,403
|
)
|
||||||||
Other operating expenses
|
(64,888
|
)
|
(59,936
|
)
|
(193,673
|
)
|
(176,605
|
)
|
||||||||
Operating profit/(loss)
|
$
|
153,480
|
$
|
162,027
|
$
|
377,113
|
$
|
364,522
|
||||||||
Financial income
|
643
|
132
|
1,131
|
996
|
||||||||||||
Financial expense
|
(105,874
|
)
|
(101,553
|
)
|
(308,570
|
)
|
(304,083
|
)
|
||||||||
Net exchange differences
|
(1,331
|
)
|
(1,638
|
)
|
(4,294
|
)
|
(4,911
|
)
|
||||||||
Other financial income/(expense), net
|
(5,185
|
)
|
4,358
|
1,302
|
1,175
|
|||||||||||
Financial expense, net
|
$
|
(111,747
|
)
|
$
|
(98,701
|
)
|
$
|
(310,431
|
)
|
$
|
(306,823
|
)
|
||||
Share of profit/(loss) of associates carried under the equity method
|
1,624
|
1,760
|
3,700
|
5,104
|
||||||||||||
Profit/(loss) before income tax
|
$
|
43,357
|
$
|
65,086
|
$
|
70,382
|
$
|
62,803
|
||||||||
Income tax
|
(12,482
|
)
|
(29,801
|
)
|
(25,330
|
)
|
(45,964
|
)
|
||||||||
Profit/(loss) for the period
|
$
|
30,875
|
$
|
35,285
|
$
|
45,052
|
$
|
16,839
|
||||||||
Loss/(profit) attributable to non-controlling interests
|
(906
|
)
|
(2,271
|
)
|
(2,470
|
)
|
(7,181
|
)
|
||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
29,969
|
$
|
33,014
|
$
|
42,582
|
$
|
9,658
|
||||||||
Weighted average number of ordinary shares outstanding (thousands)
|
100,217
|
100,217
|
100,217
|
100,217
|
||||||||||||
Basic earnings per share attributable to Abengoa Yield plc (U.S. dollar per share)
|
$
|
0.30
|
$
|
0.33
|
$
|
0.42
|
$
|
0.10
|
Assets
|
As of September 30,
2017
|
As of December 31,
2016
|
||||||
Non-current assets
|
||||||||
Contracted concessional assets
|
$
|
9,104,780
|
$
|
8,924,272
|
||||
Investments carried under the equity method
|
54,583
|
55,009
|
||||||
Financial investments
|
42,202
|
69,773
|
||||||
Deferred tax assets
|
199,519
|
202,891
|
||||||
Total non-current assets
|
$
|
9,401,084
|
$
|
9,251,945
|
||||
Current assets
|
||||||||
Inventories
|
$
|
16,326
|
15,384
|
|||||
Clients and other receivables
|
278,460
|
207,621
|
||||||
Financial investments
|
222,618
|
228,038
|
||||||
Cash and cash equivalents
|
794,094
|
594,811
|
||||||
Total current assets
|
$
|
1,311,498
|
$
|
1,045,854
|
||||
Total assets
|
$
|
10,712,582
|
$
|
10,297,799
|
||||
Equity and liabilities
|
||||||||
Share capital
|
$
|
10,022
|
$
|
10,022
|
||||
Parent company reserves
|
2,192,292
|
2,268,457
|
||||||
Other reserves
|
65,548
|
52,797
|
||||||
Accumulated currency translation differences
|
(36,008
|
)
|
(133,150
|
)
|
||||
Retained Earnings
|
(322,808
|
)
|
(365,410
|
)
|
||||
Non-controlling interest
|
130,354
|
126,395
|
||||||
Total equity
|
$
|
2,039,380
|
$
|
1,959,111
|
||||
Non-current liabilities
|
||||||||
Long-term corporate debt
|
$
|
685,014
|
$
|
376,340
|
||||
Long-term project debt
|
5,221,512
|
4,629,184
|
||||||
Grants and other liabilities
|
1,586,197
|
1,612,045
|
||||||
Related parties
|
103,749
|
101,750
|
||||||
Derivative liabilities
|
365,534
|
349,266
|
||||||
Deferred tax liabilities
|
122,343
|
95,037
|
||||||
Total non-current liabilities
|
$
|
8,084,349
|
$
|
7,163,622
|
||||
Current liabilities
|
||||||||
Short-term corporate debt
|
15,872
|
291,861
|
||||||
Short-term project debt
|
358,028
|
701,283
|
||||||
Trade payables and other current liabilities
|
177,129
|
160,505
|
||||||
Income and other tax payables
|
37,824
|
21,417
|
||||||
Total current liabilities
|
$
|
588,853
|
$
|
1,175,066
|
||||
Total equity and liabilities
|
$
|
10,712,582
|
$
|
10,297,799
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Profit/(loss) for the period
|
30,875
|
35,285
|
45,052
|
16,839
|
||||||||||||
Financial expense and non-monetary adjustments
|
188,647
|
192,496
|
528,408
|
534,749
|
||||||||||||
Profit for the period adjusted by financial expense and non-monetary adjustments
|
$
|
219,522
|
$
|
227,781
|
$
|
573,460
|
$
|
551,588
|
||||||||
Variations in working capital
|
32,464
|
(16,269
|
)
|
(47,503
|
)
|
(57,229
|
)
|
|||||||||
Net interest and income tax paid
|
(28,976
|
)
|
(27,183
|
)
|
(198,667
|
)
|
(192,167
|
)
|
||||||||
Net cash provided by operating activities
|
$
|
223,010
|
$
|
184,329
|
$
|
327,290
|
$
|
302,192
|
||||||||
Investment in contracted concessional assets
|
(4,812
|
)
|
(101
|
)
|
(7,506
|
)
|
(5,952
|
)
|
||||||||
Other non-current assets/liabilities
|
(4,041
|
)
|
(17,250
|
)
|
(6,609
|
)
|
(19,807
|
)
|
||||||||
Acquisitions of subsidiaries
|
-
|
(14,833
|
)
|
-
|
(33,905
|
)
|
||||||||||
Dividends received from entities under the equity method
|
2,454
|
-
|
2,454
|
4,984
|
||||||||||||
Other investments
|
2,686
|
-
|
27,361
|
-
|
||||||||||||
Net cash provided by/(used in) investing activities
|
$
|
(3,713
|
)
|
$
|
(32,184
|
)
|
$
|
15,700
|
$
|
(54,680
|
)
|
|||||
Net cash provided by/(used in) financing activities
|
$
|
(48,805
|
)
|
$
|
( 39,283
|
)
|
$
|
(172,507
|
)
|
$
|
(101,755
|
)
|
||||
Net increase/(decrease) in cash and cash equivalents
|
$
|
170,492
|
$
|
112,862
|
$
|
170,483
|
$
|
145,757
|
||||||||
Cash and cash equivalents at beginning of the period
|
614,312
|
554,561
|
594,811
|
514,712
|
||||||||||||
Translation differences in cash or cash equivalent
|
9,290
|
6,024
|
28,800
|
12,978
|
||||||||||||
Cash and cash equivalents at end of the period
|
$
|
794,094
|
$
|
673,447
|
$
|
794,094
|
$
|
673,447
|
(in thousands of U.S. dollars)
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
29,969
|
$
|
33,014
|
$
|
42,582
|
$
|
9,658
|
||||||||
Profit attributable to non-controlling interest
|
906
|
2,271
|
2,470
|
7,181
|
||||||||||||
Income tax
|
12,482
|
29,801
|
25,330
|
45,964
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,624
|
)
|
(1,760
|
)
|
(3,700
|
)
|
(5,104
|
)
|
||||||||
Financial expense, net
|
111,747
|
98,701
|
310,431
|
306,823
|
||||||||||||
Operating profit
|
$
|
153,480
|
$
|
162,027
|
$
|
377,113
|
$
|
364,522
|
||||||||
Depreciation, amortization, and impairment charges
|
80,720
|
78,900
|
236,431
|
234,403
|
||||||||||||
Dividend from exchangeable preferred equity investment in ACBH
|
-
|
21,179
|
10,383
|
21,179
|
||||||||||||
Further Adjusted EBITDA
|
$
|
234,200
|
$
|
262,105
|
$
|
623,927
|
$
|
620,104
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from Unconsolidated Affiliates
|
2,052
|
2,157
|
5,215
|
6,682
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
236,252
|
$
|
264,262
|
$
|
629,142
|
$
|
626,786
|
(in thousands of U.S. dollars)
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net cash provided by operating activities
|
$
|
223,010
|
$
|
184,329
|
$
|
327,290
|
$
|
302,192
|
||||||||
Net interest and income tax paid
|
28,976
|
27,183
|
198,667
|
192,167
|
||||||||||||
Variations in working capital
|
(32,464
|
)
|
16,269
|
47,503
|
57,229
|
|||||||||||
Other non-cash adjustments and other
|
14,678
|
34,324
|
50,467
|
68,516
|
||||||||||||
Further Adjusted EBITDA
|
$
|
234,200
|
$
|
262,105
|
$
|
623,927
|
$
|
620,104
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates
|
2,052
|
2,157
|
5,215
|
6,682
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
236,252
|
$
|
264,262
|
$
|
629,142
|
$
|
626,786
|
(in thousands of U.S. dollars)
|
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Profit/(loss) for the period attributable to the Company
|
$
|
29,969
|
$
|
33,014
|
$
|
42,582
|
$
|
9,658
|
||||||||
Profit attributable to non-controlling interest
|
906
|
2,271
|
2,470
|
7,181
|
||||||||||||
Income tax
|
12,482
|
29,801
|
25,330
|
45,964
|
||||||||||||
Share of loss/(profit) of associates carried under the equity method
|
(1,624
|
)
|
(1,760
|
)
|
(3,700
|
)
|
(5,104
|
)
|
||||||||
Financial expense, net
|
111,747
|
98,701
|
310,431
|
306,823
|
||||||||||||
Operating profit
|
$
|
153,480
|
$
|
162,027
|
$
|
377,113
|
$
|
364,522
|
||||||||
Depreciation, amortization, and impairment charges
|
80,720
|
78,900
|
236,431
|
234,403
|
||||||||||||
Dividends from exchangeable preferred equity investment in ACBH
|
-
|
21,179
|
10,383
|
21,179
|
||||||||||||
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates
|
2,052
|
2,157
|
5,215
|
6,682
|
||||||||||||
Further Adjusted EBITDA including unconsolidated affiliates
|
$
|
236,252
|
$
|
264,262
|
$
|
629,142
|
$
|
626,786
|
||||||||
Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates
|
(2,052
|
)
|
(2,157
|
)
|
(5,215
|
)
|
(6,682
|
)
|
||||||||
Dividends from equity method investments
|
2,454
|
-
|
2,454
|
4,984
|
||||||||||||
Non-monetary items
|
(13,005
|
)
|
(11,508
|
)
|
(35,788
|
)
|
(42,427
|
)
|
||||||||
Interest and income tax paid
|
(28,976
|
)
|
(27,183
|
)
|
(198,667
|
)
|
(192,167
|
)
|
||||||||
Principal amortization of indebtedness
|
(20,330
|
)
|
(18,792
|
)
|
(96,380
|
)
|
(86,897
|
)
|
||||||||
Deposits into/ withdrawals from restricted accounts
|
(26,581
|
)
|
(43,027
|
)
|
(27,181
|
)
|
(64,891
|
)
|
||||||||
Change in non-restricted cash at project level
|
(143,982
|
)
|
(90,385
|
)
|
(104,389
|
)
|
(71,506
|
)
|
||||||||
Dividends paid to non-controlling interests
|
(2,837
|
)
|
(3,473
|
)
|
(4,638
|
)
|
(8,952
|
)
|
||||||||
Changes in other assets and liabilities
|
35,747
|
(13,957
|
)
|
(27,194
|
)
|
(61,018
|
)
|
|||||||||
ATN2 refinancing
|
-
|
-
|
-
|
14,893
|
||||||||||||
Cash Available For Distribution16
|
$
|
36,690
|
$
|
53,780
|
$
|
132,144
|
$
|
112,123
|
Chief Financial Officer
|
Investor Relations & Communication
|
Francisco Martinez-Davis
|
Leire Perez
|
E ir@atlanticayield.com
|
E ir@atlanticayield.com
|
T +44 20 3499 0465
|
ATLANTICA YIELD PLC
|
|||
/s/ Santiago Seage
|
|||
Name:
|
Santiago Seage
|
||
Title:
|
Chief Executive Officer
|
||
Date: November 13, 2017
|
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