Atlantica Sustainable Infrastructure PLC
Atlantica Sustainable Infrastructure — Q1 2024 Earnings Presentation
29 slides from Atlantica Sustainable Infrastructure's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Earnings Presentation
May 8, 2024 Q1 2024 Earnings Presentation
Slide 2: Disclaimer: Forward Looking Statements
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 f
Slide 3: Key Messages
Key Messages Stable revenue at $242.9 million in Q1 2024 compared with $242.5 million in Q1 2023 Excluding the estimated impact of $8.5 million in the first quarter of 2024 of the unscheduled outage at Kaxu that started in 2023, and net of insurance income related to this event. The plant restarted
Slide 4: Highlights: Operating Results
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 25). Excluding the estimated impact of $8.5 million in the first quarter of 2024 of the unscheduled outage at Kaxu that starte
Slide 5: Highlights: Performance by Region and Sector
HIGHLIGHTS Performance by Region and Sector North America South America EMEA Renewables Efficient Nat. Gas & Heat Transmission Lines Water Revenue Adjusted EBITDA US$ in million Revenue Adjusted EBITDA By Region By Sector Q1 2024 Q1 2023 ∆ 86.2 72.8 18% 55.0 52.0 6% Q1 2024 Q1 2023 ∆ 44.7 43.7 2% 34
Slide 6: Key Operational Metrics: Steady Operational Performance
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 each of the assets, except for
Slide 7: Cash Flow
Consolidated cash as of March 31, 2024, increased by $3.8 million vs December 31, 2023, including FX translation differences of $(3.8) million. CASH FLOW Operating Cash Flow US$ in million 2024 2023 Adjusted EBITDA 164.2 XX 174.2 Share in Adjusted EBITDA of unconsolidated affiliates (12.5) (11.8) Ne
Slide 8: Growth Update: Progress in Development & Construction Complemented by M&A
GROWTH UPDATE Progress in Development & Construction Complemented by M&A 100 MW storage for four hours. The assets are regulated until 2033 and 2027, under the UKs green attribute regulations (“ROCs”). The assets also receive Renewable Energy Guarantees of Origin (“REGOs”) until the end of their use
Slide 9: Appendix
Appendix Atlantica Sustainable Infrastructure
Slide 10: Long-Term Stable Cash Flow and Risk Profile
Based on CAFD estimates for the 2024-2027 period as of May 8, 2024, for the assets as of December 31, 2023, including assets that have reached COD before May 8, 2024. See “Disclaimer – Forward Looking Statements”. Euro denominated cash flows from assets in Europe, net of euro-denominated corporate i
Slide 11: Net Debt
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 leverage is calculated as net corporate debt divided by midpoint 2024 CAFD guidance before corporate debt service. CAFD before cor
Slide 12: Historical Financial Review: Key Financials by Quarter
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 of variations generated by fore
Slide 13: Debt Details
Debt Details 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 Project Debt 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 4,301.1 Project Cash (625.9) (545.1) (675.8) (540.2) (540.2) (493.5) (414.0) (546.6) (415.3) (415.3) (405.2) Net Project Debt 4,411.1 4,190
Slide 14: Historical Financial Review: Segment Financials by Quarter
HISTORICAL FINANCIAL REVIEW Segment Financials by Quarter 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 by Geography NORTH AMERICA 74,304 124,968 124,423 81,352 405,047 72,840 129,331 136,574 86,143 424,888 86,232 SOUTH AMERICA 38,528 39,804 44,217 43,892 166,441 43,720 47,793 48,756 47,858
Slide 15: Historical Operating Metrics by Quarter
1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 RENEWABLES3 (GWh) 1,094 1,554 1,507 1,164 5,319 1,192 1,611 1,580 1,075 5,458 1,063 (GWh)4 625 626 647 603 2,501 600 630 662 657 2,549 636 (availability %)5 100.3% 99.9% 101.1% 95.1% 98.9% 94.9% 99.2% 102.3% 102.1% 99.6% 102.3% TRANSMISSION LINE
Slide 16: Historical Financial Review: Capacity Factors
Capacity factor ratio represents actual electrical energy output over a given period of time divided by the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into oper
Slide 17: Liquidity Position
Exchange rates as of March 31, 2024 (EUR/USD = 1.0790) and December 31, 2023 (EUR/USD = 1.1039). Restricted cash is cash which is restricted generally due to requirements of certain project finance agreements. US $ in million1 As of Mar. 31 2024 As of Dec. 31 2023 Corporate cash at Atlantica 46.9 33
Slide 18: Long Term Stable Cash Flow
Does not include assets without PPAs or partially contracted. Calculated as weighted average years remaining as of March 31, 2024 based on CAFD estimates for the 2024-2027 period, including assets that have reached COD before May 8, 2024. See “Disclaimer – Forward Looking Statements”. (3) Regulation
Slide 19: Corporate Debt Maturities
Exchange rates as of March 31, 2024 (EUR/USD =1.0790). Amounts include principal amounts outstanding, unless stated otherwise. As of March 31, 2024, $305.0 million was available under the Revolving Credit Facility. The latter has a total limit of $450 million. US $ in million1 Maturity Amounts2 Cred
Slide 20: Interest Rate Risk Coverage
fixed or hedged1 Project Debt 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 March 31, 2024. (2) See our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 for additional i
Slide 21: Project Debt Amortization Schedule
Asset ($ Millions) Full Year Forescasted ammortization Schedule on non-recourse Project debt as of September 30, 2023 ($ 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
Slide 22: Non-GAAP Measures Definitions
Our management believes Adjusted EBITDA, CAFD, CAFD per share and enterprise value to EBITDA 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 acros
Slide 23: Enterprise Value to EBITDA and Unconsolidated Affiliates
We define enterprise value to EBITDA as an investment’s enterprise value divide by its earnings before interest, taxes, depreciation and amortization. Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portf
Slide 24: Reconciliation of Adjusted EBITDA
“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. Excludes decreases i
Slide 25: Reconciliation: Adjusted EBITDA, Operating Cash Flow and CAFD
RECONCILIATION Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities (in thousands of U.S. dollars) For the three-month period ended March 31 For the three-month period ended June 30 2024 2023 Net cash provided by operating activities 65,583 41,706 Net interest and income ta
Slide 26: Reconciliation of EBITDA to Net Income for UK Wind Acquisition
RECONCILIATION Reconciliation of EBITDA to Net Income for Acquisition of Wind Assets in United Kingdom (in thousands of U.S. dollars)2 Financial Year1 Average 2023 2022 2023 – 2022 Net Income 5,539 6,142 5,841 Income tax 1,748 1,483 1,615 Interest payable and other financial expenses 714 682 698 Dep
Slide 27: Asset Portfolio as of May 8, 2024
As of May 8, 2024 ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING1 YEARS INCONTRACT LEFT7 CURRENCY RENEWABLE ENERGY Solana 100% USA (Arizona) 280 MW APS BBB+/Baa1/BBB+ 20 USD Mojave 100% USA (California) 280 MW PG&E BB/Ba1/BB+ 16 USD Coso 100% USA (California) 135 MW SCPPA & two CCAs4 Invest
Slide 28: Asset Portfolio as of May 8, 2024 (continued)
As of May 8, 2024 ASSET TYPE STAKE LOCATION GROSSCAPACITY OFFTAKER RATING1 YEARS INCONTRACT LEFT6 CURRENCY RENEWABLE ENERGY PS 10/20 100% Spain 31 MW Kingdom of Spain A/Baa1/A- 8/10 EUR4 Helioenergy 1/2 100% Spain 2x50 MW Kingdom of Spain A/Baa1/A- 13/13 EUR4 Helios 1/2 100% Spain 2x50 MW Kingdom of
Slide 29: Signatures
Great West House, GW1, 17th floor, Great West Road Brentford TW8 9DF London (United Kingdom) May 8, 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 authorized
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