Atlantica Yield Hosted Its 2018 Investor Day in New York
Atlantica Yield - NASDAQ Closing BellDecember 7, 2018 –
Atlantica Yield plc (NASDAQ: AY) (“Atlantica”), the sustainable
total return company that owns a diversified portfolio of
contracted assets in the energy and environment sectors, hosted its
Investor Day yesterday in New York during which Atlantica’s
management met with investors and equity analysts.
Santiago Seage, CEO of Atlantica, explained the
strategy of the company and announced that Atlantica expects to
invest between $200 and $300 million per annum in equity value in
additional revenue-generating assets over the next four years.
In its third quarter results presentation
Atlantica announced several accretive investments totaling
approximately $245 million in equity value with an estimated CAFD
Yield1 of 13%. The assets have long-term US$ denominated contracts
with creditworthy off-takers and are located in countries where
Atlantica is already present. During its Investor Day, Atlantica
also announced that it intends to co-invest with Algonquin in a 200
MW wind plant in the United States for approximately $50
million.
Ian Robertson, CEO of Algonquin, joined
Atlantica’s management team at its Investor Day and explained the
strategic partnership created with Atlantica with the intention of
delivering accretive growth. Algonquin is Atlantica’s largest
shareholder with a 41.5% stake in the Company since November
2018.
After the event, part of Atlantica’s management
team participated in the closing bell at Nasdaq. In the ceremony,
Santiago Seage said “We believe that we are positioned in the right
sectors to benefit from the transition towards a more sustainable
power mix that is happening worldwide. We believe we have excellent
opportunities to create value for our shareholders.”
Forward-Looking Statements
This press release 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 press release, including, without
limitation, those regarding our future financial position and
results of operations, our strategy, plans, objectives, goals and
targets, future developments in the markets in which we operate or
are seeking to operate or anticipated regulatory changes in the
markets in which we operate or intend to operate. In some cases,
you can identify forward-looking statements by terminology such as
"aim," "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "guidance," "intend," "is likely to," "may,"
"plan," "potential," "predict," "projected," "should" or "will" or
the negative of such terms or other similar expressions or
terminology.
By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements speak only as of the date of this press
release and are not guarantees of future performance and are based
on numerous assumptions. Our actual results of operations,
financial condition and the development of events may differ
materially from (and be more negative than) those made in, or
suggested by, the forward-looking statements. Our actual results of
operations, financial condition and the development of events may
differ materially from (and be more negative than) those made in,
or suggested by, the forward-looking statements and include, but
are not limited to: the ability to complete construction of any
construction projects and transition them into financially
successful operating projects; our ability to consummate and
complete acquisitions; the potential to engage in and consummate
future investments; fluctuations in supply, demand, prices and
other conditions for our services; our power and water generation,
projections thereof and factors affecting production including
wind, sun and other conditions, other weather conditions,
availability and curtailment; changes in law; CAFD Yield from
acquisitions; and our ability to keep pace with and take advantage
of new technologies. We do not undertake any obligation to update
any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of anticipated
or unanticipated events or circumstances.
Investors should read the section entitled "Item
3D. Key Information—Risk Factors" and the description of our
segments and business sectors in the section entitled "Item 4B.
Information on the Company—Business Overview", each in our annual
report for the fiscal year ended December 31, 2017 filed on Form
20-F, for a more complete discussion of the factors that could
affect us.
Important risks, uncertainties and other factors
that could cause these differences include, but are not limited to:
difficult conditions in the global economy and in the global market
and uncertainties in emerging markets where we have international
operations; changes in government regulations providing incentives
and subsidies for renewable energy, decreases in government
expenditure budgets, reductions in government subsidies or other
adverse changes in laws and regulations affecting our businesses
and growth plan, including reduction of our revenues in Spain,
which are mainly defined by regulation through parameters that
could be reviewed at the end of each regulatory period; our ability
to acquire solar projects due to the potential increase of the cost
of solar panels; political, social and macroeconomic risks relating
to the United Kingdom’s exit from the European Union; changes in
general economic, political, governmental and business conditions
globally and in the countries in which we do business; challenges
in achieving growth and making acquisitions due to our dividend
policy; inability to identify and/or consummate future
acquisitions, under the AAGES ROFO Agreement, the Abengoa ROFO
Agreement or otherwise, from third parties or from potential new
partners, including as a result of not being able to find
acquisition opportunities on favorable terms or at all. Our ability
to close acquisitions under our ROFO agreements with AAGES,
Algonquin, Abengoa and others due to, among other things, not being
offered assets that fit our portfolio, not reaching agreements on
prices or, in the case of the Abengoa ROFO Agreement, the risk of
Abengoa selling assets before they reach COD; our ability to
identify and reach an agreement with new sponsors or partners
similar to the ROFO agreements with AAGES, Algonquin or Abengoa;
failure to close acquisitions recently announced; failure to meet
our estimated returns and cash available for distribution
estimations in acquisitions recently announced; failure of recently
built assets to perform as expected, including acquisitions
recently announced of assets which are currently under
construction; legal challenges to regulations, subsidies and
incentives that support renewable energy sources; extensive
governmental regulation in a number of different jurisdictions,
including stringent environmental regulation; increases in the cost
of energy and gas, which could increase our operating costs;
counterparty credit risk and failure of counterparties to our
offtake agreements to fulfill their obligations; inability to enter
into new offtaker agreements or replace expiring or terminated
offtake agreements with similar agreements; new technology or
changes in industry standards; inability to manage exposure to
credit, interest rates, foreign currency exchange rates, supply and
commodity price risks; reliance on third-party contractors and
suppliers; risks associated with acquisitions and investments;
deviations from our investment criteria for future acquisitions and
investments; failure to maintain safe work environments; effects of
catastrophes, natural disasters, adverse weather conditions,
climate change, unexpected geological or other physical conditions,
criminal or terrorist acts or cyber-attacks at one or more of our
plants; insufficient insurance coverage and increases in insurance
cost; litigation and other legal proceedings, including claims due
to Abengoa’s restructuring process; reputational risk, including
potential damage caused to us by Abengoa’s reputation; the loss of
one or more of our executive officers; failure of information
technology on which we rely to run our business; revocation or
termination of our concession agreements or power purchase
agreements; lowering of revenues in Spain that are mainly defined
by regulation; risk that the 16.5% Share Sale will not be
completed; inability to adjust regulated tariffs or fixed-rate
arrangements as a result of fluctuations in prices of raw
materials, exchange rates, labor and subcontractor costs; exposure
to electricity market conditions which can impact revenue from our
renewable energy; changes to national and international law and
policies that support renewable energy resources; lack of electric
transmission capacity and potential upgrade costs to the electric
transmission grid; disruptions in our operations as a result of our
not owning the land on which our assets are located; risks
associated with maintenance, expansion and refurbishment of
electric generation facilities; failure of our assets to perform as
expected, including Solana and Kaxu; failure to receive dividends
from all project and investments, including Solana and Kaxu;
failure or delay to reach the “flip-date” by Liberty Interactive
Corporation in its tax equity investment in Solana; variations in
meteorological conditions; disruption of the fuel supplies
necessary to generate power at our efficient natural gas power
generation facilities; deterioration in Abengoa’s financial
condition or negative impact potentially caused by Abengoa’s
financial plan announced on September 30, 2018; Abengoa’s ability
to meet its obligations under our agreements with Abengoa, to
comply with past representations, commitments and potential
liabilities linked to the time when Abengoa owned the assets,
potential clawback of transactions with Abengoa, and other risks
related to Abengoa; failure to meet certain covenants or payment
obligations under our financing arrangements; failure to obtain
pending waivers in relation to the minimum ownership by Abengoa and
the cross-default provisions contained in some of our project
financing agreements; failure of Abengoa to maintain existing
guarantees and letters of credit under the Financial Support
Agreement or failure by us to maintain guarantees; failure of
Abengoa to maintain its obligations and production guarantees,
pursuant to EPC contracts; changes in our tax position and greater
than expected tax liability, including in Spain; conflicts of
interest which may be resolved in a manner that is not in our best
interests or the best interests of our minority shareholders,
potentially caused by our ownership structure and certain service
agreements in place with our current largest shareholder; the
divergence of interest between us and Abengoa, due to Abengoa’s
sale of our shares; potential negative tax implications from being
deemed to undergo an “ownership change” under section 382 of the
Internal Revenue Code, including limitations on our ability to use
U.S. NOLs to offset future income tax liability; negative
implications from a potential change of control; negative
implications of U.S. federal income tax reform; technical failure,
design errors or faulty operation of our assets not covered by
guarantees or insurance; failure to collect insurance proceeds in
the expected amounts; and various other factors, including those
factors discussed under “Item 3.D—Risk Factors” and “Item
5.A—Operating Results” in our Annual Report for the fiscal year
ended December 31, 2017 filed on Form 20-F.
Furthermore, any dividends are subject to
available capital, market conditions, and compliance with
associated laws and regulations. These factors should be considered
in connection with information regarding risks and uncertainties
that may affect our future results included in our filings with the
U.S. Securities and Exchange Commission at www.sec.gov. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or developments or otherwise. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated, expected or
targeted.
The CAFD yield and other guidance included in
this press release are estimates as of March 7, 2018. These
estimates are based on assumptions believed to be reasonable as of
that date, when Atlantica Yield published its FY 2017 Financial
Results. Atlantica Yield plc. disclaims any current intention to
update such guidance, except as required by law.
Non-GAAP
Financial Measures
We present non-GAAP financial measures because
we believe that they and other similar measures are widely used by
certain investors, securities analysts and other interested parties
as supplemental measures of performance and liquidity. The non-GAAP
financial measures may not be comparable to other similarly titled
measures of other companies and have limitations as analytical
tools and should not be considered in isolation or as a substitute
for analysis of our operating results as reported under IFRS as
issued by the IASB. Non-GAAP financial measures and ratios are not
measurements of our performance or liquidity under IFRS as issued
by the IASB and should not be considered as alternatives to
operating profit or profit for the year or any other performance
measures derived in accordance with IFRS as issued by the IASB or
any other generally accepted accounting principles or as
alternatives to cash flow from operating, investing or financing
activities.
We define Cash Available For Distribution as
cash distributions received by the Company from its subsidiaries
minus all cash expenses of the Company, including debt service and
general and administrative expenses. Management believes cash
available for distribution is a relevant supplemental measure of
the Company’s ability to earn and distribute cash returns to
investors.
We believe Cash Available For Distribution is
useful to investors in evaluating our operating performance because
securities analysts and other interested parties use such
calculations as a measure of our ability to make quarterly
distributions. In addition, cash available for distribution is used
by our management team for determining future acquisitions and
managing our growth.
About Atlantica Yield
Atlantica Yield plc is a total return company
that owns a diversified portfolio of contracted renewable energy,
efficient natural gas, electric transmission and water assets in
North & South America, and certain markets in EMEA
(www.atlanticayield.com).
Chief Financial Officer Francisco Martinez-Davis
E ir@atlanticayield.com |
Investor Relations & Communication Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465 |
1 For the purposes of the announced
transactions, CAFD yield is the annual weighted average Cash
Available For Distribution expected to be generated by the
investments over their first 10-year period from 2019, or from COD
for those assets which are not yet in operation, divided by the
expected acquisition price.
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