UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 6-K



REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of  November, 2020

Commission File Number 001-36487



Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as specified in its charter)



Not applicable
(Translation of Registrant’s name into English)



Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel: +44 203 499 0465



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F
 
☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This Report on Form 6-K is incorporated by reference into  the Registration Statement on Form F-3 of the Registrant filed with the Securities and Exchange Commission on August 6, 2018 (File 333-226611).



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Atlantica Sustainable Infrastructure plc
       
Date: November 6, 2020
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer




Exhibit 99.1






Atlantica Reports Third Quarter 2020 Financial Results

Net profit attributable to the Company for the nine-month period of 2020 was $61.2 million, compared with $60.8 million in the same period of 2019.
 
Adjusted EBITDA including unconsolidated affiliates1 was $621.0 million for the nine-month period of 2020, representing a 5.6% decrease compared with the same period in 2019.
 
Cash available for distribution (“CAFD”) increased by 13.6% to $52.0 million in the third quarter of 2020 compared with the third quarter of 2019 and by 6.4% to $149.2 million in the first nine months of 2020 compared with the first nine months of 2019.
 
Additionally, the Company generated approximately $216 million in one-off cash through non-recourse refinancings in the first 9 months of 2020, which is being used to finance growth.
 
Quarterly dividend of $0.42 per share declared by the Board of Directors.
 
Closing of the previously announced Solana tax equity investor buy-out.

Continued delivery on accretive growth strategy with a new asset acquisition2, a district heating asset in Calgary, Canada.
 

1
Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 15).
2
Purchase Agreement signed, closing subject to customary conditions precedent and regulatory approvals.

1






November 6, 2020 – Atlantica Sustainable Infrastructure 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 nine-month period ended September 30, 2020.
 
Revenue for the first nine months of 2020 reached $768.7 million, compared with $798.2 million during the same period of 2019. Adjusted EBITDA including unconsolidated affiliates was $621.0 million for the nine-month period of 2020, compared with $658.1 million during the same period of 2019. The decrease in revenue and Adjusted EBITDA including unconsolidated affiliates was mostly due to lower solar resource in Spain and lower production in Kaxu as a result of an unscheduled outage in the first quarter of 2020. Revenue increased in solar assets in North America due to better performance of the Mojave asset, partly offsetting lower solar radiation in the third quarter of 2020 caused by smoke from the California wildfires.
 
CAFD in the third quarter of 2020 increased by 13.6% compared with the same period in 2019, driving CAFD generation in the first nine months of 2020 to $149.2 million. This represents a 6.4% increase compared with $140.2 million in the same period of 2019.
 
Additionally, in the first nine months of 2020 the Company generated approximately $216 million in one-off cash, net of transaction costs, reserves and cancelation of interest rate swaps through three non-recourse project debt refinancings, proving its ability to continue unlocking value in the existing portfolio. These funds are being used by Atlantica to finance its growth plan.
 
Highlights
 
(in thousands of U.S. dollars)
 
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Revenue
 
$
302,987
   
$
293,373
   
$
768,734
   
$
798,163
 
Profit for the period attributable to the Company
   
89,380
     
43,876
     
61,209
     
60,832
 
Adjusted EBITDA incl. unconsolidated affiliates
   
240,958
     
247,668
     
621,027
     
658,126
 
Net cash provided by operating activities
   
154,835
     
172,329
     
303,242
     
321,436
 
CAFD
   
51,953
     
45,729
     
149,228
     
140,230
 
 
2






Key Performance Indicators

   
Nine-month period ended
September 30,
 
   
2020
   
2019
 
Renewable energy
           
MW in operation3
   
1,551
     
1,496
 
GWh produced4
   
2,608
     
2,700
 
Efficient natural gas
               
MW in operation5
   
343
     
343
 
GWh produced6
   
1,932
     
1,481
 
Electric Availability (%)5,7
   
102.4
%
   
92.8
%
Transmission and Transportation
               
Miles in operation
   
1,166
     
1,152
 
Availability (%)8
   
99.9
%
   
100.0
%
Water
               
Mft3 in operation3
   
17.5
     
10.5
 
Availability (%)8
   
101.6
%
   
101.6
%

Segment Results
 
 
(in thousands of U.S. dollars)
 
Nine-month period
ended September 30,
 
   
2020
   
2019
 
Revenue by geography
           
North America
 
$
267,688
   
$
273,913
 
South America
   
112,019
     
105,760
 
EMEA
   
389,027
     
418,490
 
Total revenue
 
$
768,734
   
$
798,163
 
                 
Adjusted EBITDA incl. unconsolidated affiliates by geography
               
North America
 
$
238,494
   
$
255,360
 
South America
   
89,749
     
87,757
 
EMEA
   
292,784
     
315,009
 
Total Adjusted EBITDA incl. unconsolidated affiliates
 
$
621,027
   
$
658,126
 


3
Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
4
Includes curtailment in wind assets for which we receive compensation.
5
Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.
6
GWh produced include 30% production from Monterrey since August 2019. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced production and electric availability as per contract.
7
Electric availability refers to operational MW over contracted MW
8
Availability refers to actual availability divided by contracted availability.

3






 
(in thousands of U.S. dollars)
 
Nine-month period ended
September 30,
 
   
2020
   
2019
 
Revenue by business sector
           
Renewable energy
 
$
579,230
   
$
609,828
 
Efficient natural gas
   
80,118
     
92,891
 
Transmission and Transportation
   
79,229
     
77,024
 
Water
   
30,157
     
18,420
 
Total revenue
 
$
768,734
   
$
798,163
 
                 
Adjusted EBITDA incl. unconsolidated affiliates by business sector
               
Renewable energy
 
$
456,873
   
$
493,562
 
Efficient natural gas
   
75,244
     
82,285
 
Transmission and Transportation
   
66,047
     
65,134
 
Water
   
22,863
     
17,145
 
Total Adjusted EBITDA incl. unconsolidated affiliates
 
$
621,027
   
$
658,126
 

During the first nine months of 2020, renewable assets operating performance was as follows:
 
Production in the U.S. solar portfolio increased by 1.1% compared to the same period of the previous year due to better performance of the Mojave asset, partly offsetting lower solar radiation in the third quarter of 2020 caused by smoke from the California wildfires.
 
Production in Spain decreased compared to the same period in 2019 due to lower solar radiation in the first half of 2020.
 
In South Africa, production decreased mainly due to an unscheduled outage in the first quarter of 2020, which affected electrical equipment. Damage and business interruption costs were covered by insurance, after customary deductibles and the plant is currently producing at full capacity.
 
Finally, production from wind assets increased by 5.5% compared with the same period in 2019, as a result of good wind resources along with stable performance of the assets.
 
Atlantica’s assets with revenue based on availability continue to deliver solid performance with high availability levels in ACT, transmission lines and water assets.

4






Liquidity and Debt
 
As of September 30, 2020, cash at Atlantica’s corporate level was $186.7 million, compared with $66.0 million as of December 31, 2019. Additionally, as of September 30, 2020, the Company had $425.0 million available under its Revolving Credit Facility and therefore a total corporate liquidity of $611.7 million, compared with $407.0 million as of December 31, 2019.
 
As of September 30, 2020, net project debt9 was $4.68 billion, compared with $4.36 billion as of December 31, 2019, while net corporate debt10 was $773.0 million, compared with $657.8 million as of December 31, 2019. The net corporate debt / CAFD pre-corporate debt service ratio11 was 3.3x as of September 30, 2020.
 
Dividend
 
On November 4, 2020, the Board of Directors of Atlantica approved a dividend of $0.42 per share. This dividend is expected to be paid on December 15, 2020 to shareholders of record as of November 30, 2020.
 
Accretive Growth Strategy


1.
Solana Tax Equity Investment Acquisition Closed
 
On August 17, the Company closed the acquisition of Liberty’s equity interest in Solana, as expected. Liberty was the tax equity investor in the Solana asset. Total equity investment is expected to be approximately $290 million, $272 million of which has already been paid.
 

9
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.
10
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.
11
Net corporate leverage is calculated as corporate net debt divided by midpoint 2020 CAFD guidance before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.
5







2.
New Asset Acquisition: Calgary District Heating
 
Atlantica announced that it has signed an agreement to acquire “Calgary District Heating” (Calgary District Energy Centre), a 55 MWt12 district heating asset in Canada. The investment totals approximately $20 million in equity value.
 
Calgary District Heating, which has been in operation since 2010, has demonstrated solid operating performance and represents the first investment in this sector for the Company. It provides heating services to a diverse range of government, institutional and commercial customers in Calgary, with high credit quality (41% of contracted load have an A+ rating or higher and the rest is unrated).

The asset has availability-based revenues with inflation indexation and 20 years of average weighted contract life. Contracted capacity and volume payments represent approximately 80% of the total revenue. The asset is an essential infrastructure with high barriers to entry, has no commodity risk and benefits from growth opportunities. Atlantica has signed a purchase agreement and closing is subject to customary conditions precedent and regulatory approvals.

“We are thrilled to announce our first investment in district heating, a sector which is a key solution for cities and countries to reduce emissions, and with very attractive growth prospects.”, said Santiago Seage, CEO of Atlantica. “Calgary District Heating fits perfectly in our portfolio, increases our presence in North America and reaffirms our goal to transition towards a more sustainable world”.
 

3.
Strong pipeline of investment opportunities
 
In 2020, Atlantica has invested or reached agreements to invest approximately $322 million. The Company’s accretive growth strategy is supported by significant potential equity investment opportunities identified in the short and mid-term in the regions and sectors where it has presence. Given the pipeline of identified opportunities, Atlantica continues to target potential equity growth investments of $200 million to $300 million per annum.
 

12
District Energy Centre capacity of 55 Megawatts of thermal energy. Additionally, its associated Combined Heat and Power Unit has a capacity of 3.0 Megawatts of thermal energy and 3.3 Megawatts of electric energy.
6






2020 Guidance
 
Atlantica expects to close the year 2020 with a CAFD in the range of the guidance provided in February 2020, which is between $200 million and $225 million.
 
The Company expects to achieve an Adjusted EBITDA including unconsolidated affiliates slightly below the low end of its guidance, which was $820 million, mainly due to the delay in the closing of the acquisition of PTS.

Details of the Results Presentation Conference
 
Atlantica’s CEO, Santiago Seage and CFO, Francisco Martinez-Davis, will hold a conference call and a webcast on Friday November 6, 2020, at 8:30 am (New York time).
 
In order to access the conference call participants should dial: + 1 631-510-7495 (US), +44 (0) 844 571 8892 (UK) or +1-866-992-6802 (Canada), followed by the confirmation code 2979154 for all phone numbers. Atlantica advises participants to access the conference call at least 20 minutes in advance.
 
Additionally, the senior management team will hold virtual meetings with investors on November 9, 10 and 11, 2020, at the 2020 EEI Virtual Financial Conference and on November 18 and 19, 2020, at the Midstream and Energy Infrastructure Conference organized by RBC Capital Markets. In order to schedule a meeting with Atlantica at the EEI Financial Conference, please send an email to ir@atlantica.com. Please be advised that slots are limited and will be filled on a first come first served basis.
 
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 "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "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 the occurrence of anticipated or unanticipated events or circumstances.
 
7






Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2019 filed on Form 20-F, 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: expected amounts, payments and closing timelines for investments; business synergies from investments; equity investment and project growth strategy; accretive investment opportunities; strategic business alternatives to ensure optimal company value; estimated returns and cash available for distribution (“CAFD”) estimates, including from project debt financing and refinancing; net corporate leverage based on CAFD estimates; debt refinancing; ESG initiative improvement; the quality of our long-term contracts; self-amortizing project debt structure and related debt reduction; the use of non-GAAP measures as a useful predicting tool for investors; the possibility to extend asset life; cost improvements from corporate debt and project debt refinancing; the impact of COVID-19 and the ongoing economic crisis; dividends; and various other factors, including those factors discussed under “Item 1.A—“Risk Factors” in our Quarterly Report for the nine-month period ended September 30, 2020 furnished on Form 6-K on the date hereof and “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2019 filed on Form 20-F.
 
The CAFD, Adjusted EBITDA including unconsolidated affiliates and other guidance in this press release are estimates as of November 6, 2020. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published this press release. Atlantica disclaims any current intention to update such guidance, except as required by law.
 
8






Non-GAAP Financial Measures
 
This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA including unconsolidated affiliates, Adjusted EBITDA including unconsolidated affiliates as a percentage of revenues (margin) and CAFD. 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 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 and Adjusted EBITDA including unconsolidated affiliates) 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 they 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 and CAFD 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 and CAFD differently than we do, which limits their usefulness as comparative measures.
 
9






We define Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges. CAFD is calculated as cash distributions received by the Company from its subsidiaries minus all cash expenses of the Company, including debt service and general and administrative expenses.
 
Our management believes Adjusted EBITDA including unconsolidated affiliates and CAFD 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 is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is 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 is used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA and CAFD are widely used by other companies in the same industry.
 
Our management uses Adjusted EBITDA and CAFD as measures of operating performance to assist in comparing performance from period to period on a consistent basis. 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 including unconsolidated affiliates 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.
 
10






Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
 
   
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Revenue
 
$
302,987
   
$
293,373
   
$
768,734
   
$
798,163
 
Other operating income
   
18,666
     
28,792
     
75,902
     
73,700
 
Employee benefit expenses
   
(13,097
)
   
(9,500
)
   
(37,430
)
   
(20,277
)
Depreciation, amortization, and impairment charges
   
(108,093
)
   
(84,826
)
   
(302,166
)
   
(234,889
)
Other operating expenses
   
(71,543
)
   
(68,059
)
   
(197,635
)
   
(200,582
)
Operating profit
 
$
128,920
   
$
159,780
   
$
307,405
   
$
416,115
 
Financial income
   
740
     
2,336
     
6,413
     
2,853
 
Financial expense
   
(79,326
)
   
(99,701
)
   
(289,439
)
   
(310,233
)
Net exchange differences
   
(306
)
   
2,475
     
(1,482
)
   
2,801
 
Other financial income/(expense), net
   
59,778
     
153
     
62,597
     
(58
)
Financial expense, net
 
$
(19,114
)
 
$
(94,737
)
 
$
(221,911
)
 
$
(304,637
)
Share of profit/(loss) of associates carried under the equity method
   
(3,839
)
   
529
     
(2,248
)
   
3,881
 
Profit before income tax
 
$
105,967
   
$
65,572
   
$
83,246
   
$
115,359
 
Income tax
   
(21,608
)
   
(19,939
)
   
(25,079
)
   
(46,979
)
Profit for the period
 
$
84,359
   
$
45,633
   
$
58,167
   
$
68,380
 
(Profit)/Loss attributable to non-controlling interests
   
5,021
     
(1,757
)
   
3,042
     
(7,548
)
Profit for the period attributable to the Company
 
$
89,380
   
$
43,876
   
$
61,209
   
$
60,832
 
Weighted average number of ordinary shares outstanding (thousands) – basic
   
101,602
     
101,602
     
101,602
     
100,882
 
Weighted average number of ordinary shares outstanding (thousands) - diluted
   
104,273
     
101,602
     
102,499
     
100,882
 
Basic earnings per share attributable to Atlantica Sustainable Infrastructure plc (U.S. dollar per share)
 
$
0.88
   
$
0.43
   
$
0.60
   
$
0.60
 
Diluted earnings per share attributable to Atlantica Sustainable Infrastructure plc (U.S. dollar per share)
 
$
0.86
   
$
0.43
   
$
0.60
   
$
0.60
 

11






Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)

Assets
 
As of September 30,
2020
   
As of December 31,
2019
 
Non-current assets
           
Contracted concessional assets
 
$
8,080,645
   
$
8,161,129
 
Investments carried under the equity method
   
116,746
     
139,925
 
Financial investments
   
66,875
     
91,587
 
Deferred tax assets
   
147,968
     
147,966
 
Total non-current assets
 
$
8,412,234
   
$
8,540,607
 
Current assets
               
Inventories
 
$
23,170
   
$
20,268
 
Trade and other receivables
   
411,265
     
317,568
 
Financial investments
   
195,549
     
218,577
 
Cash and cash equivalents
   
788,895
     
562,795
 
Total current assets
 
$
1,418,879
   
$
1,119,208
 
Total assets
 
$
9,831,113
   
$
9,659,815
 
 
               
Equity and liabilities
               
Share capital
 
$
10,160
   
$
10,160
 
Parent company reserves
   
1,774,813
     
1,900,800
 
Other reserves
   
81,503
     
73,797
 
Accumulated currency translation differences
   
(103,590
)
   
(90,824
)
Accumulated deficit
   
(324,248
)
   
(385,457
)
Non-controlling interest
   
203,409
     
206,380
 
Total equity
 
$
1,642,047
   
$
1,714,856
 
Non-current liabilities
               
Long-term corporate debt
 
$
935,665
   
$
695,085
 
Long-term project debt
   
4,638,584
     
4,069,909
 
Grants and other liabilities
   
1,229,230
     
1,641,752
 
Related parties
   
6,499
     
17,115
 
Derivative liabilities
   
322,130
     
298,744
 
Deferred tax liabilities
   
272,484
     
248,996
 
Total non-current liabilities
 
$
7,404,592
   
$
6,971,601
 
Current liabilities
               
Short-term corporate debt
   
24,016
     
28,706
 
Short-term project debt
   
642,590
     
782,439
 
Trade payables and other current liabilities
   
76,107
     
128,062
 
Income and other tax payables
   
41,761
     
34,151
 
Total current liabilities
 
$
784,474
   
$
973,358
 
Total equity and liabilities
 
$
9,831,113
   
$
9,659,815
 

12






Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)

   
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
     
2019
 
Profit for the period
 
$
84,359
   
$
45,633
   
$
58,167
   
$
68,380
 
Financial expense and non-monetary adjustments
   
147,022
     
191,159
     
536,579
     
552,775
 
Profit for the period adjusted by financial expense and non-monetary adjustments
 
$
231,381
   
$
236,792
   
$
594,746
   
$
621,155
 
Variations in working capital
   
(44,921
)
   
(40,124
)
   
(128,926
)
   
(132,051
)
Net interest and income tax paid
   
(31,625
)
   
(24,339
)
   
(162,578
)
   
(167,668
)
Net cash provided by/(used in) operating activities
 
$
154,835
   
$
172,329
   
$
303,242
   
$
321,436
 
Investment in contracted concessional    assets
   
(1,856
)
   
-
     
3,819
     
14,704
 
Other non-current assets/liabilities
   
(6,138
)
   
(5,535
)
   
(14,387
)
   
(35,974
)
Acquisitions and other financial instruments
   
-
     
(49,562
)
   
8,943
     
(153,176
)
Dividends received from entities under the  equity method
   
9,758
     
26,945
     
20,140
     
26,945
 
Net cash provided by/(used in) investing activities
 
$
1,764
   
$
(28,152
)
 
$
18,515
   
$
(147,501
)
                                 
Net cash provided by/(used in) financing activities
 
$
(167,736
)
 
$
(64,122
)
 
$
(95,799
)
 
$
(148,554
)
                                 
Net increase/(decrease) in cash and cash equivalents
 
$
(11,137
)
 
$
80,055
   
$
225,958
   
$
25,381
 
Cash and cash equivalents at beginning of the period
   
788,770
     
576,066
     
562,795
     
631,542
 
Translation differences in cash or cash equivalent
   
11,262
     
(14,392
)
   
142
     
(15,195
)
Cash and cash equivalents at end of the period
 
$
788,895
   
$
641,728
   
$
788,895
   
$
641,728
 

13






Reconciliation of Adjusted EBITDA including unconsolidated affiliates to
Profit for the period attributable to the company

(in thousands of U.S. dollars)
 
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Profit for the period attributable to the Company
 
$
89,380
   
$
43,876
   
$
61,209
   
$
60,832
 
Profit/(loss) attributable to non-controlling interest
   
(5,021
)
   
1,757
     
(3,042
)
   
7,548
 
Income tax
   
21,608
     
19,939
     
25,079
     
46,979
 
Share of (profit)/loss of associates carried under the equity method
   
3,839
     
(529
)
   
2,248
     
(3,881
)
Financial expense, net
   
19,114
     
94,737
     
221,911
     
304,637
 
Operating profit
 
$
128,920
   
$
159,780
   
$
307,405
   
$
416,115
 
Depreciation, amortization, and impairment charges
   
108,093
     
84,826
     
302,166
     
234,889
 
Adjusted EBITDA
 
$
237,015
   
$
244,606
   
$
609,572
   
$
651,004
 
Atlantica’s pro-rata share of EBITDA from Unconsolidated Affiliates
   
3,943
     
3,062
     
11,455
     
7,122
 
Adjusted EBITDA including unconsolidated affiliates
 
$
240,958
   
$
247,668
   
$
621,027
   
$
658,126
 

Reconciliation of Adjusted EBITDA including unconsolidated affiliates
to net cash provided by operating activities

(in thousands of U.S. dollars)
 
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Net cash provided by operating activities
 
$
154,835
   
$
172,329
   
$
303,242
   
$
321,436
 
Net interest and income tax paid
   
31,625
     
24,339
     
162,578
     
167,668
 
Variations in working capital
   
44,921
     
40,124
     
128,926
     
132,051
 
Other non-cash adjustments and other
   
5,634
     
7,814
     
14,826
     
29,849
 
Adjusted EBITDA
 
$
237,015
   
$
244,606
   
$
609,572
   
$
651,004
 
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
   
3,943
     
3,062
     
11,455
     
7,122
 
Adjusted EBITDA including unconsolidated affiliates
 
$
240,958
   
$
247,668
   
$
621,027
   
$
658,126
 

14






Reconciliation of Cash Available For Distribution to Profit for the period attributable to the Company

(in thousands of U.S. dollars)
 
Three-month period
ended September 30,
   
Nine-month period
ended September 30,
 
   
2020
   
2019
   
2020
    2019  
Profit for the period attributable to the Company
 
$
89,380
   
$
43,876
   
$
61,209
   
$
60,832
 
Profit/(loss) attributable to non-controlling interest
   
(5,021
)
   
1,757
     
(3,042
)
   
7,548
 
Income tax
   
21,608
     
19,939
     
25,079
     
46,979
 
Share of (profit)/loss of associates carried under the equity method
   
3,839
     
(529
)
   
2,248
     
(3,881
)
Financial expense, net
   
19,114
     
94,737
     
221,911
     
304,637
 
Operating profit
 
$
128,920
   
$
159,780
   
$
307,405
   
$
416,115
 
Depreciation, amortization, and impairment charges
   
108,093
     
84,826
     
302,166
     
234,889
 
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
   
3,943
     
3,062
     
11,455
     
7,122
 
Adjusted EBITDA including unconsolidated affiliates
 
$
240,958
   
$
247,668
   
$
621,027
   
$
658,126
 
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates
   
(3,943
)
   
(3,062
)
   
(11,455
)
   
(7,122
)
Dividends from equity method investments
   
9,758
     
26,945
     
20,140
     
26,945
 
Non-monetary items
   
(5,327
)
   
(10,288
)
   
(13,344
)
   
(32,649
)
Interest and income tax paid
   
(31,625
)
   
(24,339
)
   
(162,578
)
   
(167,668
)
Principal amortization of indebtedness
   
(18,963
)
   
(22,115
)
   
(109,162
)
   
(131,226
)
Deposits into/ withdrawals from restricted accounts
   
8,844
     
(44,216
)
   
59,370
     
3,411
 
Change in non-restricted cash at project level
   
(94,192
)
   
(53,753
)
   
(113,402
)
   
(45,099
)
Dividends paid to non-controlling interests
   
(6,833
)
   
(18,978
)
   
(20,994
)
   
(24,083
)
Changes in other assets and liabilities
   
(46,724
)
   
(52,133
)
   
(120,374
)
   
(140,405
)
Cash Available For Distribution
 
$
51,953
   
$
45,729
   
$
149,228
   
$
140,230
 

15






About Atlantica

Atlantica Sustainable Infrastructure 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 (www.atlantica.com).
 

 
Chief Financial Officer
Investor Relations & Communication
 
Francisco Martinez-Davis
Leire Perez
 
E ir@atlantica.com
E ir@atlantica.com
   
T +44 20 3499 0465

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