Atlantica Sustainable Infrastructure plc(US:AY)2021-03-01 16:42Financial Data and Key Metrics Changes - Revenue for 2020 reached $1,013 million, stable compared to the previous year, while adjusted EBITDA decreased by 3.1% to $796 million [6] - Cash Available for Distribution (CAFD) increased by close to 6% year-over-year to $201 million, with an additional $216 million generated from one-off cash through project refinancings [6][7] - Operating cash flow for 2020 was $438 million, showing a 21% increase compared to 2019 [9] Performance by Business Line - In North America, revenue remained stable at $331 million, with EBITDA decreasing due to higher operating expenses at solar assets [7] - South America saw revenue and EBITDA increase by 7% and 4% respectively, driven by higher production from wind assets and contributions from recently acquired assets [7] - The water sector experienced revenue and EBITDA growth due to the consolidation of a new desalination plant [8] Market Data and Key Metrics Changes - Electricity produced by renewable assets reached 3,244 gigawatt hours in 2020, a slight increase from 2019 [8] - High availability levels were maintained in transmission lines and water sectors, around 100% [8] Company Strategy and Development Direction - The company plans to initiate 2021 CAFD target guidance in the range of $220 million to $240 million, with mid-term CAFD per share growth targets set at 5% to 8% [5][16] - Significant investments are planned for 2021, including $280 million in new equity investments and acquisitions of renewable energy assets [5][13] - The company aims to invest approximately $300 million annually in the mid-term, focusing on organic growth, partnerships, and third-party acquisitions [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding growth prospects for 2021, with a strong visibility on organic growth opportunities [22][24] - The company has received top ESG ratings, indicating a commitment to sustainability and corporate governance [12] Other Important Information - The company closed 2020 with net corporate debt of $659 million, maintaining a net corporate debt to CAFD pre-corporate debt service ratio of 3x [10] - Total liquidity available for new investments exceeds $750 million, including cash on hand and revolving credit facilities [11] Q&A Session Summary Question: Visibility on targets for 2022 and 2023 - Management indicated high visibility on organic growth opportunities for 2021 and expressed optimism for 2022 and 2023, although third-party acquisitions remain less defined at this stage [22][24] Question: Clarity on organic growth and development with partners - Management confirmed that organic growth and partnerships represent a significant portion of their growth strategy, with expectations to provide more details in upcoming quarters [24][25]