Atlantica Reports Third Quarter 2024 Financial Results
- Revenue for the first nine months of 2024 reached $918.7 million, a 7.0% increase year-over-year compared with $858.6 million in the first nine months of 2023.
- Adjusted EBITDA was $657.5 million, a 4.8% increase compared with $627.3 million in the first nine months of 2023.
- Net profit for the first nine months of 2024 attributable to the Company was $32.7 million, compared with a net profit of $46.1 million in the first nine months of 2023.
- Acquisition by Energy Capital Partners and co-investors remains on track to close December 12, 2024.
- Quarterly dividend of $0.2225 per share approved by the Board of Directors.
November 14, 2024 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first nine months of 2024. Revenue for the first nine months of 2024 was $918.7 million, representing a 7.0% increase compared with the first nine months of 2023. Adjusted EBITDA was $657.5 million, a 4.8% increase compared with $627.3 million in the first nine months of 2023. In the nine-month period ended on September 30, 2024, operating expenses include $5.7 million costs related to the Transaction. Without these costs, our Adjusted EBITDA for the nine-month period ended on September 30, 2024 would have been $663.2 million, a 5.7% increase compared with the same period of the previous year.
Operating Cash Flow was $311.8 million, a 6.6% decrease compared with $333.8 million in the first nine months of 2023. CAFD was $176.9 million, a 4.0% decrease compared with $184.2 million in the first nine months of 2023. CAFD per share1 was $1.52, a 3.9% decrease compared with $1.59 in the same period of the previous year.
As announced by the Company on November 4, 2024, the pending acquisition of the Company by Energy Capital Partners and a group of co-investors (the “Transaction”) is expected to close on December 12, 2024.
Highlights
| (in thousands of U.S. dollars) | For the nine-month period ended September 30, | |||
| 2024 | 2023 | |||
| Revenue | $ 918,744 | $ 858,583 | ||
| Profit for the period attributable to the Company | 32,676 | 46,050 | ||
| Adjusted EBITDA | 657,541 | 627,281 | ||
| Net cash provided by operating activities | 311,808 | 333,822 | ||
| CAFD | 176,910 | 184,163 | ||
Key Performance Indicators
| For the nine-month period ended September 30 | |||
| 2024 | 2023 | ||
| Renewable energy | |||
| MW in operation2 | 2,208 | 2,161 | |
| GWh produced3 | 4,281 | 4,383 | |
| Efficient natural gas & heat | |||
| MW in operation4 | 355 | 398 | |
| GWh produced5 | 1,795 | 1,892 | |
| Availability (%) | 99.6% | 98.8% | |
| Transmission lines | |||
| Miles in operation | 1,231 | 1,229 | |
| Availability (%) | 99.5% | 99.9% | |
| Water | |||
| M ft3 in operation4 | 17.5 | 17.5 | |
| Availability (%) | 101.9% | 101.2% | |
Segment Results
(in thousands of U.S. dollars) | For the nine-month period ended September 30, | ||
| 2024 | 2023 | ||
| Revenue by geography | |||
| North America | $ 372,143 | $ 338,745 | |
| South America | 140,779 | 140,269 | |
| EMEA | 405,822 | 379,569 | |
| Total Revenue | $ 918,744 | $ 858,583 | |
| Adjusted EBITDA by geography | |||
| North America | $ 279,708 | $ 260,683 | |
| South America | 108,406 | 112,050 | |
| EMEA | 269,427 | 254,548 | |
| Total Adjusted EBITDA | $ 657,541 | $ 627,281 |
| (in thousands of U.S. dollars) | For the nine-month period ended September 30, | ||
| 2024 | 2023 | ||
| Revenue by business sector | |||
| Renewable energy | $ 675,657 | $ 640,117 | |
| Efficient natural gas & heat | 107,344 | 84,974 | |
| Transmission lines | 92,732 | 91,825 | |
| Water | 43,011 | 41,667 | |
| Total Revenue | $ 918,744 | $ 858,583 | |
| Adjusted EBITDA by business sector | |||
| Renewable energy | $ 476,872 | $ 460,442 | |
| Efficient natural gas & heat | 79,515 | 66,526 | |
| Transmission lines | 74,652 | 73,256 | |
| Water | 26,502 | 27,057 | |
| Total Adjusted EBITDA | $ 657,541 | $ 627,281 | |
Operational KPIs
Production in the renewable business portfolio decreased by 2.2% for the first nine months of 2024 compared with the first nine months of 2023.
Production increased at our U.S. solar assets mainly due to higher solar resource and greater availability of the Solana storage system. At our wind assets in the U.S. production increased due to higher wind resource in the first nine months of 2024 compared to the same period of 2023. In South America production increased due to higher production in our wind assets and to the contribution of solar assets that have recently entered into operation.
On the other hand, production decreased at Kaxu mostly due to the impact in the first quarter of 2024 of the unscheduled outage that started at the end of September 2023. The plant, where we have 51% equity interest, restarted operations in mid-February 2024. Part of the damage and business interruption has been covered by our insurance policy, after a 60-day deductible. Production also decreased at our solar assets in Spain mainly due to significantly lower solar radiation and at our geothermal asset mainly due to maintenance activities at some of the wells.
Our efficient natural gas and heat assets, our water assets, and our transmission lines, for which revenue is based on availability, continued at very high levels during the first nine months of 2024.
Liquidity and Debt
As of September 30, 2024, cash at Atlantica’s corporate level was $19.0 million, compared with $33.0 million as of December 31, 2023. Additionally, as of September 30, 2024, the Company had $301.3 million available under its Revolving Credit Facility ($378.1 million as of December 31, 2023) and therefore a total corporate liquidity of $320.3 million, compared with $411.1 million as of December 31, 2023.
As of September 30, 2024, net project debt6 was $3.83 billion, compared with $3.90 billion as of December 31, 2023, while net corporate debt7 was $1.19 billion as of September 30, 2024, compared with $1.05 billion as of December 31, 2023.
Dividend
On November 14, 2024, the Board of Directors of Atlantica approved a dividend of $0.2225 per share. Based upon the scheduled completion of the Transaction on December 12, 2024, the dividend is expected to be paid on December 12, 2024, to shareholders of record as of November 29, 2024.
Growth Update
Regarding growth, some of the developments that have taken place during the third quarter of 2024 include:
- In July 2024, Honda 2, our 10 MW plant in Colombia where we have a 50% ownership interest, entered in operation. The plant has a 7-year PPA with Enel Colombia.
- In August 2024, ATN Expansion 3, a substation and a 2.4-mile transmission line connected to our ATN transmission line reached commercial operation. The asset has a 17-year transmission service agreement denominated in U.S. dollars and serves a new mine in Peru.
- On October 10, 2024, we entered into a 15-year tolling agreement (PPA) with an investment grade utility for a second phase of the project Overnight that includes 600 MWh of storage (4 hours). Total investment is expected to be within the range of $240 million to $250 million. Under the tolling agreement, Overnight will receive fixed monthly payments adjusted by the financial settlement of CAISO’s Day-Ahead market. In addition, we expect to obtain revenue from ancillary services. The phase 1 of the Overnight project consists of a 150 MW PV project that has a 15-year PPA with an investment grade utility.
- We continue growing our pipeline of assets under development, which includes as of today approximately 2.18 GW of renewable energy and 10.98 GWh of storage. Approximately 30% of the projects are PV, 58% storage, 11% wind and 1% others, while 16% of the projects are expected to reach ready to build in 2024 or 2025, 16% are in an advanced development stage and 68% are in early stage.
- Finally, in September 2024, we entered into a euro-denominated project financing for Caparacena, our PV asset under construction in Spain with COD expected in 2026, and PS 10 & 20, with a local bank for a total amount of €45.0 million. The loan for Caparacena matures in 2041 and will be gradually disbursed as the construction of the asset advances. The loans for PS 10 and PS 20 mature in 2030 and 2033, respectively.
Capital Recycling
In April 2024, an entity where we held a 30% equity interest closed the sale of Monterrey as planned. We have received $41.2 million for this sale. In addition, there is an earn-out mechanism that could result in additional proceeds for Atlantica of up to $7 million between 2026 and 2028.
Proposed Acquisition
On May 27, 2024, Atlantica entered into the Transaction Agreement with Bidco pursuant to which Bidco agreed to acquire 100% of the shares of Atlantica for $22 per share in cash, subject to the terms of the Transaction Agreement. Bidco is controlled by Energy Capital Partners and includes a large group of institutional co-investors. The Transaction is to be completed pursuant to a scheme of arrangement under the Companies Act 2006 of the United Kingdom.
All regulatory approvals required in connection with Transaction (including clearance by the Committee on Foreign Investment in the United States and by the Federal Energy Regulatory Commission in the United States) have been received. The Transaction is still subject to sanction of the transaction by the High Court of Justice of England and Wales, which is scheduled for December 10, 2024. Closing is expected to take place two business days later, on December 12, 2024. Upon completion of the Transaction, Atlantica will become a privately held company and its shares will no longer be listed on any public market.
Appendix
Information usually included as appendix to the Earnings Presentation has been included as appendix to this Press Release.
Forward-Looking Statements
This press release 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 press release, 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 or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "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 press release 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 year ended December 31, 2023, 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: failure to realize the Proposed Acquisition or its expected benefits; uncertainties related to securing the necessary regulatory approvals, our Company’s shareholders’ approval, the sanction of the High Court of Justice of England and Wales and satisfaction of other closing conditions to consummate the Proposed Acquisition or the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement entered into with Bidco; risks related to diverting the attention of our management from ongoing business operations; significant transaction costs and/or unknown or inestimable liabilities, including the risk of shareholder litigation related to the Proposed Acquisition; Bidco’s ability to fund the Proposed Acquisition; effects relating to the announcement of the Proposed Acquisition or any further announcements or the consummation of the Proposed Acquisition on the market price of our Company’s shares; disruption from the Proposed Acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; cash available for distribution (“CAFD”) estimates, including per currency, geography and sector; debt refinancing; self-amortizing project debt structure and debt reduction; the performance of our long-term contracts; net corporate leverage based on CAFD estimates; the use of non-GAAP measures as a useful predicting tool for investors; proceeds from sale of assets; dividends; sale of electricity under PPAs; expected investments; investments in assets under construction and their respective commercial operation dates; proceeds expected from the sale of our equity interest in Monterrey 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 year ended December 31, 2023 filed with the SEC and the forward looking statements sections under the Reports of Foreign Private Issuer on Form 6-K dated May 28, 2024, and July 16, 2024.
Non-GAAP Financial Measures
This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD and CAFD per share. 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 press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS. Also, please refer to the following paragraphs in this section for an explanation of the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA) in this press release provides useful information to investors.
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:
- 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.
We define Adjusted EBITDA as profit/(loss) for the period attributable to the Company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax, financial expense (net), depreciation, amortization and impairment charges of entities included in the consolidated financial statements and including depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership).
CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses. CAFD per share is calculated as CAFD divided by the weighted average number of outstanding ordinary shares of the Company during the period (116,161,185 for the nine-months ended on September 30, 2024, and 116,149,149 for the nine-months ended on September 30, 2023).
Our management believes Adjusted EBITDA, CAFD and CAFD per share are useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Our management believes CAFD and CAFD per share are relevant supplemental measurements of the Company’s ability to earn and distribute cash returns to investors and are useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD and CAFD per share are used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry.
Our management uses Adjusted EBITDA, CAFD and CAFD per share as measures of operating performance to assist in comparing performance from period to period on a consistent basis moving forward. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.
In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA 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 providing 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 substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.
Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the nine-month period ended September 30, 2024 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a non-controlling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of associates carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles.
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
| For the three-month period ended September 30, | For the nine-month period ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 347,549 | $ | 303,964 | $ | 918,744 | $ | 858,583 | |||||||
| Other operating income | 34,786 | 16,923 | 91,616 | 57,402 | |||||||||||
| Employee benefit expenses | (28,454) | (26,516) | (85,174) | (76,051) | |||||||||||
| Depreciation, amortization, and impairment charges | (115,361) | (103,384) | (325,578) | (310,502) | |||||||||||
| Other operating expenses | (108,540) | (76,643) | (291,943) | (237,930) | |||||||||||
| Operating profit | $ | 129,980 | $ | 114,344 | $ | 307,665 | $ | 291,502 | |||||||
| Financial income | 5,004 | 6,824 | 16,320 | 17,414 | |||||||||||
| Financial expense | (81,377) | (80,138) | (245,011) | (243,083) | |||||||||||
| Net exchange differences | (2,708) | (155) | (5,700) | (244) | |||||||||||
| Other financial expense, net | (9,299) | (5,068) | (20,319) | (12,011) | |||||||||||
| Financial expense, net | $ | (88,380) | $ | (78,537) | $ | (254,710) | $ | (237,924) | |||||||
| Share of profit of entities carried under the equity method | 262 | (3,947) | 15,122 | 6,905 | |||||||||||
| Profit before income tax | $ | 41,862 | $ | 31,860 | $ | 68,077 | $ | 60,483 | |||||||
| Income tax | (24,977) | (13,755) | (28,919) | (11,587) | |||||||||||
| Profit for the period | $ | 16,885 | $ | 18,105 | $ | 39,158 | $ | 48,896 | |||||||
| (Profit)/Loss attributable to non-controlling interests | (242) | 3,284 | (6,482) | (2,846) | |||||||||||
| Profit for the period attributable to the Company | $ | 16,643 | $ | 21,389 | $ | 32,676 | $ | 46,050 | |||||||
| Weighted average number of ordinary shares outstanding (thousands) | 116,165 | 116,154 | 116,161 | 116,149 | |||||||||||
| Weighted average number of ordinary shares diluted (thousands) | 120,073 | 119,719 | 119,971 | 119,717 | |||||||||||
| Basic earnings per share (U.S. dollar per share) | $ | 0.14 | $ | 0.18 | $ | 0.28 | $ | 0.40 | |||||||
| Diluted earnings per share (U.S. dollar per share) | $ | 0.14 | $ | 0.18 | $ | 0.28 | $ | 0.40 | |||||||
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
| Assets | As of September 30, 2024 | As of December 31, 2023 | |||||
| Non-current assets | |||||||
| Contracted concessional assets, PP&E and other intangible assets | $ 7,051,069 | $ 7,204,267 | |||||
| Investments carried under the equity method | 212,052 | 230,307 | |||||
| Derivative assets | 40,052 | 56,708 | |||||
| Other financial assets | 75,006 | 79,874 | |||||
| Deferred tax assets | 175,597 | 160,995 | |||||
| Total non-current assets | $ 7,553,776 | $ 7,732,151 | |||||
| Current assets | |||||||
| Inventories | $ 38,059 | $ 29,870 | |||||
| Trade and other receivables | 320,805 | 286,483 | |||||
| Derivative assets | 2,800 | 4,989 | |||||
| Other financial assets | 199,193 | 183,897 | |||||
| Cash and cash equivalents | 434,559 | 448,301 | |||||
| Assets held for sale | 41,242 | 28,642 | |||||
| Total current assets | $ 1,036,658 | $ 982,182 | |||||
| Total assets | $ 8,590,434 | $ 8,714,333 | |||||
| Equity and liabilities | |||||||
| Share capital | $ 11,617 | $ 11,616 | |||||
| Share premium | 536,594 | 736,594 | |||||
| Capital reserves | 903,143 | 858,220 | |||||
| Other reserves | 299,831 | 308,002 | |||||
| Accumulated currency translation differences | (142,834) | (139,434) | |||||
| Accumulated deficit | (315,953) | (351,521) | |||||
| Non-controlling interest | 152,393 | 165,332 | |||||
| Total equity | $ 1,444,791 | $ 1,588,809 | |||||
| Non-current liabilities | |||||||
| Long-term corporate debt | $ 1,002,727 | $ 1,050,816 | |||||
| Long-term project debt | 3,852,892 | 3,931,873 | |||||
| Grants and other liabilities | 1,129,241 | 1,233,808 | |||||
| Derivative liabilities | 32,697 | 29,957 | |||||
| Deferred tax liabilities | 299,075 | 271,288 | |||||
| Total non-current liabilities | $ 6,316,632 | $ 6,517,742 | |||||
| Current liabilities | |||||||
| Short-term corporate debt | $ 201,889 | $ 34,022 | |||||
| Short-term project debt | 395,451 | 387,387 | |||||
| Trade payables and other current liabilities | 140,702 | 141,713 | |||||
| Income and other tax payables | 37,246 | 44,660 | |||||
| Liabilities directly associated with the assets held for sale | 53,723 | - | |||||
| Total current liabilities | $ 829,011 | $ 607,782 | |||||
| Total equity and liabilities | $ 8,590,434 | $ 8,714,333 | |||||
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
| For the three-month period ended September 30, | For the nine-month period ended September 30, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| Profit for the period | $ 16,885 | $ 18,105 | $ 39,158 | $ 48,896 | |||
| Financial expense and non-monetary adjustments | 196,350 | 207,918 | 488,080 | 560,976 | |||
| Profit for the period adjusted by financial expense and non-monetary adjustments | $ 213,235 | $ 226,023 | $ 527,238 | $ 609,872 | |||
| Changes in working capital | (7,027) | (9,812) | (35,030) | (116,146) | |||
| Net interest and income tax paid | (36,262) | (21,059) | (180,400) | (159,904) | |||
| Net cash provided by operating activities | $ 169,946 | $ 195,152 | $ 311,808 | $ 333,822 | |||
| Business combinations and investments in entities under the equity method | (442) | (2,486) | (66,342) | (17,680) | |||
| Investments in operating concessional assets | (7,602) | (5,067) | (13,272) | (24,738) | |||
| Investments in assets under development or construction | (37,172) | (19,800) | (131,196) | (33,561) | |||
| Distributions from entities under the equity method | 7,504 | 13,416 | 32,565 | 28,880 | |||
| Net divestment in other non-current financial assets | 2,838 | 5,698 | 42,664 | 22,533 | |||
| Net cash used in investing activities | $ (34,874) | $ (8,239) | $ (135,581) | $ (24,566) | |||
| Net cash used in financing activities | $ (61,005) | $ (74,460) | $ (192,193) | $ (309,948) | |||
| Net increase/(decrease) in cash and cash equivalents | $ 74,067 | $ 112,453 | $ (15,966) | $ (692) | |||
| Cash and cash equivalents at beginning of the period | 355,529 | 486,844 | 448,301 | 600,990 | |||
| Translation differences in cash or cash equivalent | 4,963 | (4,681) | 2,224 | (5,682) | |||
| Cash and cash equivalents at end of the period | $ 434,559 | $ 594,616 | $ 434,559 | $ 594,616 | |||
Reconciliation of Adjusted EBITDA to Net cash provided by operating activities
| (in thousands of U.S. dollars) | For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| Net cash provided by operating activities | $ 169,946 | $ 195,152 | $ 311,808 | $ 333,822 | |||||
| Net interest and income tax paid | 36,262 | 21,059 | 180,400 | 159,904 | |||||
| Changes in working capital | 7,027 | 9,812 | 35,030 | 116,146 | |||||
| Non-monetary items and other | 32,106 | (8,295) | 106,005 | (7,868) | |||||
| Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | 4,866 | 5,726 | 24,298 | 25,277 | |||||
| Adjusted EBITDA | $ 250,207 | $ 223,454 | $ 657,541 | $ 627,281 | |||||
Reconciliation of CAFD to CAFD per share
| (in thousands of U.S. dollars) | For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| CAFD (in thousands of U.S. dollars) | $ 57,908 | $ 59,589 | $ 176,910 | $ 184,163 | |||||
| Weighted average number of shares (basic) for the period (in thousands) | 116,165 | 116,154 | 116,161 | 116,149 | |||||
| CAFD per share (in U.S. dollars) | $ 0.4985 | $ 0.5130 | $ 1.5230 | $ 1.5856 | |||||
Reconciliation of Cash Available For Distribution and Adjusted EBITDA
to Profit for the period attributable to the Company
| (in thousands of U.S. dollars) | For the three-month period ended Sept. 30, | For the nine-month period ended Sept. 30, | ||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||
| Profit for the period attributable to the Company | $ 16,643 | $ 21,389 | $ 32,676 | $ 46,050 | ||||||
| Profit attributable to non-controlling interest | 242 | (3,284) | 6,482 | 2,846 | ||||||
| Income tax | 24,977 | 13,755 | 28,919 | 11,587 | ||||||
| Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership) | 4,604 | 9,673 | 9,176 | 18,372 | ||||||
| Financial expense, net | 88,380 | 78,537 | 254,710 | 237,924 | ||||||
| Depreciation, amortization, and impairment charges | 115,361 | 103,384 | 325,578 | 310,502 | ||||||
| Adjusted EBITDA | $ 250,207 | $ 223,454 | $ 657,541 | $ 627,281 | ||||||
| Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | (4,866) | (5,726) | (24,298) | (25,277) | ||||||
| Non-monetary items | (27,518) | 9,973 | (88,766) | 8,238 | ||||||
| Accounting provision for electricity market prices in Spain | (22,981) | 9,503 | (72,946) | 3,890 | ||||||
| Difference between billings and revenue in assets accounted for as concessional financial assets | 9,261 | 15,099 | 27,073 | 48,235 | ||||||
| Income from cash grants in the US | (14,548) | (14,629) | (43,644) | (43,887) | ||||||
| Other non-monetary items | 751 | - | 751 | - | ||||||
| Maintenance Capex | (7,602) | (5,067) | (13,272) | (24,738) | ||||||
| Dividends from equity method investments | 7,504 | 13,416 | 32,565 | 28,880 | ||||||
| Net interest and income tax paid | (36,262) | (21,059) | (180,400) | (159,904) | ||||||
| Changes in other assets and liabilities | 1,031 | (11,516) | (25,701) | (112,791) | ||||||
| Deposits into/ withdrawals from restricted accounts9 | (13,091) | (8,813) | (4,527) | 12,425 | ||||||
| Change in non-restricted cash at project level9 | (73,188) | (98,297) | (19,728) | 18,477 | ||||||
| Dividends paid to non-controlling interests | (9,470) | (8,568) | (22,319) | (25,759) | ||||||
| Debt principal repayments | (28,837) | (28,208) | (163,433) | (162,669) | ||||||
| Monterrey divestment excluding gain | - | - | 29,248 | - | ||||||
| Cash Available For Distribution | $ 57,908 | $ 59,589 | $ 176,910 | $ 184,163 | ||||||
About Atlantica
Atlantica Sustainable Infrastructure plc 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 & South America, and certain markets in EMEA (www.atlantica.com).
| Chief Financial Officer Francisco Martinez-Davis E ir@atlantica.com | Investor Relations & Communication Leire Perez E ir@atlantica.com T +44 20 3499 0465 |
1 CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period.
2 Represents total installed capacity in assets owned or consolidated for the nine-month period ended September 30, 2024 and 2023, respectively, regardless of our percentage of ownership in each of the assets except for our unconsolidated affiliates, for which we have included their installed capacity weighted by our corresponding interest (49% for Vento and Chile PMGD and 50% for Honda 1 and Honda 2).
3 Includes production of our unconsolidated affiliates weighted by Atlantica’s interest. Includes curtailment in wind assets for which we receive compensation.
4 Includes 55 MWt corresponding to thermal capacity from Calgary District Heating. Capacity for the nine-month period ended September 2023 includes 43 MW corresponding to our 30% share in Monterrey until its sale in April 2024.
5 GWh produced includes 30% of the production from Monterrey until its sale in April 2024.
6 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.
7 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.
8 Only includes projects estimated to be ready to build before or in 2030 of approximately 5.0 GW, 2.1 GW of renewable energy and 2.9 GW of storage (equivalent to 10.9 GWh). Capacity measured by multiplying the size of each project by Atlantica’s ownership. Potential expansions of transmission lines not included.
9“ Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period.
