Atlantica Sustainable Infrastructure plc(US:AY)2022-11-08 16:00Financial Performance - The company reported a total revenue of €290 million ($284 million) for the 2020 Green Private Placement, maturing on June 20, 2026[4]. - Adjusted EBITDA for the latest quarter was reported at €137 million ($137 million), reflecting a significant increase compared to the previous year[4]. - Total revenue for the nine-month period ended September 30, 2022, was $858,405, a decrease of 8.7% compared to $940,418 for the same period in 2021[25]. - Operating profit for the nine-month period was $219,005, down from $283,121 in the previous year, reflecting a decline of 22.7%[25]. - Profit attributable to the Company for the period was a loss of $9,473, compared to a loss of $18,166 in the same period last year, indicating an improvement[25]. - Total comprehensive income for the period was $105,105, compared to $9,765 in the previous year, indicating a substantial increase[27]. - The company recorded a loss attributable to the parent company of $9.5 million for the nine-month period, an improvement from a loss of $18.2 million in the same period of 2021[76]. - Basic earnings per share for the nine-month period ended September 30, 2022, were $(0.08), consistent with the diluted earnings per share[177]. Cash Flow and Liquidity - The company reported cash available for distribution of €100 million ($98 million), which is a 20% increase year-over-year[5]. - Cash and cash equivalents increased to $781,575 as of September 30, 2022, compared to $622,689 as of December 31, 2021, an increase of 25.5%[18]. - The Company paid dividends of $151,462 to shareholders during the nine-month period, compared to $141,968 in the same period of 2021, reflecting a commitment to returning value to shareholders[41]. - The company declared a dividend of $0.44 per share for the fourth quarter of 2021, totaling $49.7 million, and a similar dividend for the first quarter of 2022, totaling $50.3 million[140]. - The company declared a dividend of $0.445 per share for Q2 2022, totaling $51.5 million, paid on September 15, 2022[141]. Assets and Liabilities - Total non-current assets decreased to $7,912,107 as of September 30, 2022, from $8,585,025 as of December 31, 2021, a decline of 7.8%[18]. - Total equity as of September 30, 2022, was $1,805,368, up from $1,748,605 as of December 31, 2021, reflecting a growth of 3.3%[22]. - Total liabilities as of September 30, 2022, were $7,340,964 thousand, compared to $8,003,325 thousand as of December 31, 2021[81][88]. - Total assets as of September 30, 2022, amounted to $9,146,332 thousand, a decrease from $9,751,930 thousand as of December 31, 2021[80][88]. - The accumulated deficit as of September 30, 2022, was $(402,519), compared to $(388,820) as of September 30, 2021, indicating a slight increase in accumulated losses[33]. Investments and Acquisitions - The company is actively pursuing new acquisitions, with a right of first offer on several renewable energy assets valued at approximately $150 million[9]. - The Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million, with an expected additional investment of approximately $8 million for expansion in 2023-2024[45]. - The Company completed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million, which has regulated revenues under a feed-in tariff until 2031[45]. - The Company invested $7.7 million to acquire a 35% equity interest in Chile PV 3, a 73 MW solar PV plant, and plans to install approximately 100MWh of batteries in 2023 to increase capacity payments[46]. - The Company completed the acquisition of Coso, a 135 MW geothermal plant in the United States, for $130 million, with an 18-year average contract life for PPAs[47]. - The Company acquired Calgary District Heating in Canada for a total equity investment of $22.9 million, which has availability-based revenue with a 20-year weighted average contract life[47]. Market and Regulatory Environment - The company plans to expand its operations in the EMEA region, targeting a 15% increase in market share by 2025[11]. - The company is facing regulatory challenges in Spain, which may impact its solar asset remuneration structure[11]. - The market price for electricity in Spain for 2022 was revised to €121.9 per MWh, up from €48.82 per MWh, impacting revenue components for solar assets[57]. - Regulatory changes in Spain are expected to reduce revenue from Rinv by €5.6 million and from Ro by €42.7 million for 2022, but higher market electricity prices are anticipated to offset these reductions[196]. - A proposed extraordinary tax on energy sector profits in Italy is not expected to impact the company's assets due to the threshold criteria[200]. Operational Efficiency - The company anticipates a 10% growth in revenue for the next fiscal year, driven by increased demand for renewable energy solutions[11]. - Net cash provided by operating activities for the nine-month period was $515,726, an increase from $441,940 in the previous year, reflecting better operational efficiency[41]. - The share of profit from associates carried under the equity method increased to $20,668 for the nine-month period, compared to $4,245 in the same period last year, a significant increase of 387.5%[25]. Debt and Financing - The company has secured a $400 million green senior note due in 2028 to enhance its liquidity and fund future projects[7]. - The company issued Green Exchangeable Notes totaling $115 million, with a maturity date of July 15, 2025, and an interest rate of 4.00%[149]. - Total corporate debt as of September 30, 2022, was $955.54 million, down from $1,023.07 million as of December 31, 2021, representing a decrease of approximately 6.6%[143]. - Project debt totaled $4.62 billion as of September 30, 2022, down from $5.04 billion as of December 31, 2021, reflecting a decrease of approximately 8.2%[155]. - The company has a Revolving Credit Facility of $450 million, with $440 million available as of September 30, 2022[144].