Clean energy yieldco Atlantica Yield Plc (NASDAQ:AY) on Thursday reported a deeper net loss of USD 40.5 million (EUR 37.4m) in the first quarter of 2020, compared to close to USD 9 million in the red in the same period a year ago.
Revenues and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were slightly lower during the quarter mostly as a result of foreign exchange differences and lower solar radiation in the EMEA market. The COVID-19 pandemic did not have material impact on the results, Atlantica said.
Adjusted EBITDA including unconsolidated affiliates dropped by 8.4% year-on-year to USD 166 million. On a constant currency basis, adjusted EBITDA declined by 6.4%.
Similarly, revenues decreased to USD 210.4 million, down 5%. Excluding currency effects, revenues were lower by 3%.
Cash available for distribution (CAFD) was up by 5.4% year-on-year to USD 47.6 million. The Atlantica board of directors has approved a dividend of USD 0.41 per share.
More details on the first-quarter results are presented in the table:
| in USD million |
Q1 2020 |
Q1 2019 |
| Revenue |
210.4 |
211.5 |
| -- from renewable energy |
150.8 |
156.8 |
| Depreciation, amortisation, and impairment charges |
(109.6) |
(75.7) |
| Adjusted EBITDA incl. unconsolidated affiliates |
166 |
181.1 |
| -- from renewable energy |
113.7 |
123.5 |
| Profit / (loss) for the period attributable to the Company |
(40.5) |
(8.9) |
| Net cash provided by operating activities |
85.7 |
96.9 |
| CAFD |
47.6 |
45.1 |
The yieldco had 1,496 MW of renewable energy assets in operation at the end of the reported period, unchanged from the first quarter of 2019. These plants generated 526 GWh of electricity, compared to 581 GWh a year back. It also owns natural gas power capacity, water infrastructure and transmission capacity.
Atlantica’s plants in the US solar portfolio performed better mainly due to higher solar radiation. The opposite occurred in Spain, but the impact on revenues and adjusted EBITDA was limited since most of the revenue there is based on capacity.
Production at the KaXu Solar One concentrated solar power (CSP) park in South Africa decreased as a result of lower solar radiation and a fire that affected electrical equipment.
Wind power production increased in January-March 2020 compared to levels recorded in the same period a year ago.
(USD 1.0 = EUR 0.92)
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