Atlantica Sustainable Infrastructure PLC
Atlantica Sustainable Infrastructure — FY2023 Earnings Presentation
34 slides from Atlantica Sustainable Infrastructure's earnings presentation, Mar 1, 2024
Slide 1: FY 2023 Earnings Presentation
March 1, 2024 FY 2023 Earnings Presentation
Slide 2: Disclaimer: Forward Looking Statements
2 DISCLAIMER Forward Looking Statements This presentation 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 presentation, including, without limitation, those regarding our
Slide 3: The Year in Review
3 FY 2023 Earnings Presentation The Year in Review 12% Growth in Renewable Generation Pipeline $ > 340 Million Project Refinancing3 during the year Including Tierra Linda, La Tolua, Albisu, and Honda 1. Our partner in Monterrey initiated a process to sell its 70% stake in the asset. Such process is
Slide 4: Highlights: Operating Results
4 FY 2023 Earnings Presentation HIGHLIGHTS Operating Results CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period (see reconciliation on page 29). Excluding the impact of FX and of the unscheduled outage at Kaxu in 2023, net of insuranc
Slide 5: Performance by Region and Sector
5 FY 2023 Earnings Presentation HIGHLIGHTS Performance by Region and Sector North America South America EMEA Renewables Efficient Nat. Gas & Heat Transmission Lines Water Revenue Adjusted EBITDA US$ in million Revenue Adjusted EBITDA By Region By Sector 2023 2022 ∆ 424.9 405.1 4.9% 319.3 310.0 3.0%
Slide 6: Key Operational Metrics
6 FY 2023 Earnings Presentation Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation. Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in
Slide 7: Growth Update
7 FY 2023 Earnings Presentation GROWTH UPDATE $175 - 220 Million1 Invested, Committed or Earmarked for 2024 in our Development and Construction Projects Total $175 – 220M1 (1) Estimation of equity already invested, committed or earmarked for investment in 2024 in projects currently under constructio
Slide 8: Some of Our Projects Under Construction and Advanced Development
8 FY 2023 Earnings Presentation SOME OF OUR PROJECTS Some of our Projects Under Construction and Advanced Development Stage Overnight Solar 150 MW PV California 15-year busbar PPA with Southern California Edison Phase 2 storage planned for a future expansion ATS and ATN Expansions Transmission Fixed
Slide 9: Growth Update: Development Pipeline
9 FY 2023 Earnings Presentation GROWTH UPDATE 12% Growth in Renewables Pipeline in 2023 vs 2022 47% 11% 41% 1% PV Wind Storage Others Project Type (GW)1 22% 28% 50% Ready to build 24-25 Advanced development stage Early stage 20% 80% Repowering, expansion of existing assets Greenfield developments On
Slide 10: 2024 Guidance
See “Disclaimer – Forward Looking Statements”. See reconciliation of 2024E Guidance on page 31. Adjusted EBITDA guidance includes a positive non-cash adjustment for approximately $45.0 million corresponding to the difference between billings and revenue in assets accounted for as concessional financ
Slide 11: Appendix FY 2023 Results Presentation
Appendix FY 2023 Results Presentation
Slide 12: Sizeable and Diversified Asset Portfolio
12 FY 2023 Earnings Presentation SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO Portfolio Breakdown Based on Estimated CAFD 69% Renewable 14% Eff. Natural Gas & Heat 13% Transmission Lines 4% Water of interest rates in project debt are fixed or hedged3 ~92% % Denominated in USD or hedged1,2 > 13 90 years
Slide 13: Cash Flow
13 FY 2023 Earnings Presentation (1) Consolidated cash as of December 31, 2023, decreased by $152.6 million vs December 31, 2022, including FX translation differences of $2.3 million. CASH FLOW Operating Cash Flow US$ in million 2023 2022 Adjusted EBITDA 794.9 XX 797.1 Share in Adjusted EBITDA of un
Slide 14: Net Debt
14 FY 2023 Earnings Presentation 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. Net corporate debt / CAFD before corporate debt service is calculated as net corporate debt divided by 2023 CAF
Slide 15: Our Efforts on ESG Continue to be Recognized
15 FY 2023 Earnings Presentation Emissions Reduction Targets Approved Science-Based GHG Emissions Reduction Target ESG Our Efforts on ESG Continue to be Recognized S&P Global Sustainability Yearbook 2024 3rd consecutive year GRESB Infrastructure Public Disclosure A Rating Ranked 1st. Best performer
Slide 16: Historical Financial Review: Key Financials by Quarter
16 FY 2023 Earnings Presentation HISTORICAL FINANCIAL REVIEW Key Financials by Quarter (1/2) “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
Slide 17: Debt Details
17 FY 2023 Earnings Presentation US$ in million Debt Details 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 Project Debt 5,036.2 5,037.0 4,735.5 4,621.9 4,553.1 4,553.1 4,596.6 4,438.2 4,412.1 4,319.3 4,319.3 Project Cash (534.4) (625.9) (545.1) (675.8) (540.2) (540.2) (493.5) (414.0) (546.6
Slide 18: Historical Financial Review: Segment Financials by Quarter
18 FY 2023 Earnings Presentation HISTORICAL FINANCIAL REVIEW Segment Financials by Quarter 1Q22 2Q22 3Q22 4Q22 2022 74,304 124,968 124,423 81,352 405,047 38,528 39,804 44,217 43,892 166,441 134,620 143,060 134,481 118,380 530,541 182,101 238,234 232,423 168,619 821,377 25,327 28,091 28,526 31,647 11
Slide 19: Production / Availability
Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest. Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corre
Slide 20: Historical Capacity Factors
20 FY 2023 Earnings Presentation Historical Capacity Factors1 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 SOLAR US 26.1% 17.2% 39.1% 32.4% 16.6% 26.3% 15.2% 42.4% 36.9% 18.5% 28.3% Chile2 23.9% 25.3% 20.4% 24.6% 28.8% 24.8% 27.6% 21.4% 19.0%5 18.5%5 21.6% Spain 18.6% 7.3% 23.6% 27.9% 5.8%
Slide 21: Liquidity Position
21 FY 2023 Earnings Presentation Exchange rates as of December 31, 2023 (EUR/USD = 1.1039) and December 31, 2022 (EUR/USD = 1.0705). Restricted cash is cash which is restricted generally due to requirements of certain project finance agreements. US $ in million1 As of Dec. 31 2023 As of Dec. 31 2022
Slide 22: Strong Liquidity and No Significant Corporate Debt Maturities
22 FY 2023 Earnings Presentation Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term 411.1 33.0 34.0 179.1 321.0 154.0 396.8 0 100 200 300 400 500 2024 2025 2026 2027 2028 ~$411.1 million Corporate Liquidity ~3.6 years average maturity2 of current corporate debt Revolving
Slide 23: Years Remaining in Contracts by Asset
23 FY 2023 Earnings Presentation Year 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Chile TL 4 45 46 47 48 49 72 Chile TL 3 Monterrey ATS Solana Coso Tenes Mojave Solaben 1&6 Albisu Solaben 2&3 Solacor 1&2 Helios 1&2 Palmucho Honaine Helioenergy 1&2 Seville PV Calgary La Sierpe Melo
Slide 24: Corporate Debt Details
24 FY 2023 Earnings Presentation CORPORATE DEBT DETAILS Corporate Debt as of December 31, 2023 Exchange rates as of December 31, 2023 (EUR/USD = 1.1039). Amounts include principal amounts outstanding, unless stated otherwise. As of December 31, 2023, letters of credit with face value in an amount eq
Slide 25: Debt Instruments by Interest Type
25 FY 2023 Earnings Presentation fixed or hedged1 Calculated as the weighted average of the % of fixed or hedged corporate debt and the % of fixed or hedged project debt based on outstanding balance as of December 31, 2023. See our Annual Report on Form 20-F for the fiscal year ended December 31, 20
Slide 26: Project Debt Amortization Schedule
26 FY 2023 Earnings Presentation Project Debt Amortization Schedule Full Year Asset ($ Millions) 2024 2025 2026 2027 2028 Thereafter Total Solana 25.4 26.8 29.5 32.4 35.4 418.6 568.1 Mojave 37.6 38.1 39.4 40.7 36.2 279.2 471.2 Kaxu 26.3 26.0 29.3 31.9 34.7 85.8 234 Helios 1/2 22.2 22.4 21.8 22.2 22.
Slide 27: Non-GAAP Measures Definitions
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 such measures provide investors with additional tools to compare business performance across companies and across peri
Slide 28: Pro-rata Share of Unconsolidated Affiliates
28 FY 2023 Earnings Presentation 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 statem
Slide 29: Reconciliation of Profit to Adjusted EBITDA
29 FY 2023 Earnings Presentation (1) “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 du
Slide 30: Reconciliation of Adjusted EBITDA and CAFD
30 FY 2023 Earnings Presentation RECONCILIATION Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities (in thousands of U.S. dollars) For the three-month period ended December 31 For the year ended December 31 2023 2022 2023 2022 Net cash provided by operating activities 54,2
Slide 31: Reconciliation of 2024 Target Guidance
31 FY 2023 Earnings Presentation RECONCILIATION Reconciliation of 2024 Target Guidance for Adjusted EBITDA to CAFD (in millions of U.S. dollars) Guidance1 2024E Adjusted EBITDA 800 - 850 Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates (40) - (50) Dividends from equity method inve
Slide 32: Asset Table: Renewable Energy and Other Assets
32 FY 2023 Earnings Presentation ASSET TYPE STAKE LOCATION GROSS CAPACITY OFFTAKER RATING1 YEARS IN CONTRACT LEFT6 CURRENCY As of December 31, 2023 RENEWABLE ENERGY Solana 100% USA (Arizona) 280 MW APS BBB+/A3/BBB+ 20 USD Mojave 100% USA (California) 280 MW PG&E BB/Ba1/BB+ 16 USD Coso 100% USA (Cali
Slide 33: Asset Table: Spain, Italy and Other Assets
33 FY 2023 Earnings Presentation As of December 31, 2023 ASSET TYPE STAKE LOCATION OFFTAKER RATING1 YEARS IN CONTRACT LEFT6 CURRENCY RENEWABLE ENERGY Solaben 2/3 70% Spain GROSS CAPACITY 2x50 MW Kingdom of Spain A/Baa1/A- 14/14 EUR4 Solacor 1/2 87% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 13/13 EUR4
Slide 34: Signatures
Great West House, GW1, 17th floor, Great West Road Brentford TW8 9DF London (United Kingdom) February 29, 2024 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 auth
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