UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2016
Commission File Number 001-36487
Atlantica Yield plc
(Exact name of Registrant as Specified in its Charter)
Not Applicable
(Translation of Registrant’s name into English)
Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel.: +44 20 7098 4384
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Atlantica Yield Reports Second Quarter 2016 Financial Results
| · | Revenue for the first six months of 2016 reached $467.7 million, a 52% increase compared to the same period of the previous year |
| · | Further Adjusted EBITDA including unconsolidated affiliates increased by 37% to $362.5 million for the first six months of 2016 compared to the same period in the previous year |
| · | Operating Cash Flow increased by 49% to $117.8 million for the first six months of 2016 |
| · | In the second quarter, Cash Available For Distribution (“CAFD”) amounted to $39.6 million, on track to meet guidance for the year |
| · | Progress made in gaining autonomy from our sponsor and managing sponsor related risks |
| · | Dividend reinstated with a dividend of $0.29 per share declared |
| · | Acquisition of a 1 MW solar PV plant in Spain, for a total consideration of $3.2 million and an expected CAFD acquisition yield and acquisition IRR of 12% |
First Half 2016 Results
August 5th, 2016 – Atlantica Yield (“ABY”), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported another period of excellent operating results. Revenues for the first six months of 2016 amounted to $467.7 million, representing a 52% increase from the comparable period of 2015 and Further Adjusted EBITDA, including unconsolidated affiliates, amounted to $362.5 million, a 37% increase compared with the same period of the previous year.
Operating Cash Flow increased by 49% compared to the same period of the previous year and reached $117.8 million. CAFD for the second quarter of 2016 amounted to $39.6 million, more than double the CAFD for the first quarter. With this, CAFD for the first half of the year, including the impact of a partial refinancing of ATN2, reached $58.3 million. According to our estimates, CAFD in the first half of the year should represent between 20% and 40% of the total for an average year, therefore we believe that we are on track to meet guidance for the year.
Highlights
| | | Six-month period ended June 30, | |
| (in thousands of U.S. dollars) | | 2016 | | | 2015 | |
| Revenue | | | 467,678 | | | | 308,569 | |
Further Adjusted EBITDA incl. unconsolidated affiliates1 | | | 362,524 | | | | 264,786 | |
CAFD2 | | | 58,343 | | | | 83,095 | |
1 | Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil for the six-month period ended June 30, 2015 (see reconciliation on page 12). |
2 | CAFD includes a one-time impact of a partial refinancing of ATN2 that took place in the first quarter of 2016. |
Key Performance Indicators
| | | Six-month period ended June 30, | |
| | | 2016 | | | 2015 | |
| Renewable energy | | | | | | |
MW in operation3 | | | 1,441 | | | | 1,241 | |
| GWh produced | | | 1,488 | | | | 1,083 | |
| Conventional power | | | | | | | | |
MW in operation3 | | | 300 | | | | 300 | |
GWh produced4 | | | 1,150 | | | | 1,223 | |
Electrical availability4,5 (%) | | | 95.0 | % | | | 101.8 | % |
| Electric transmission lines | | | | | | | | |
| Miles in operation | | | 1,099 | | | | 1,099 | |
Availability5(%) | | | 99.9 | % | | | 99.9 | % |
| Water | | | | | | | | |
Capacity (Mft/day)3 | | | 10.5 | | | | 10.5 | |
Availability5 (%) | | | 102.1 | % | | | 100.7 | % |
Segment Results
| (in thousands of U.S. dollars) | | Six-month period ended June 30, | |
| | | 2016 | | | 2015 | |
| Revenue by Geography | | | | | | |
| North America | | $ | 165,848 | | | $ | 150,157 | |
| South America | | | 57,981 | | | | 50,632 | |
| EMEA | | | 243,849 | | | | 107,780 | |
| Total revenue | | $ | 467,678 | | | $ | 308,569 | |
| | | | | | | | | |
| Further Adjusted EBITDA incl. unconsolidated affiliates by Geography | | | | | | | | |
| North America | | $ | 141,171 | | | $ | 137,297 | |
| South America | | | 48,057 | | | | 51,623 | |
| EMEA | | | 173,296 | | | | 75,866 | |
| Total Further Adjusted EBITDA incl. unconsolidated affiliates | | $ | 362,524 | | | $ | 264,786 | |
3 | Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets. |
4 | Conventional production and availability were impacted by a periodic scheduled major maintenance in February 2016. |
5 | Availability refers to actual availability divided by contracted availability. |
| (in thousands of U.S. dollars) | | Six-month period ended June 30, | |
| | | 2016 | | | 2015 | |
| Revenue by business sector | | | | | | |
| Renewable energy | | $ | 342,413 | | | $ | 193,427 | |
| Conventional power | | | 65,468 | | | | 65,339 | |
| Electric transmission lines | | | 46,912 | | | | 39,238 | |
| Water | | | 12,885 | | | | 10,565 | |
| Total revenue | | $ | 467,678 | | | $ | 308,569 | |
| | | | | | | | | |
| Further Adjusted EBITDA incl. unconsolidated affiliates by business sector | | | | | | | | |
| Renewable energy | | $ | 257,422 | | | $ | 159,164 | |
| Conventional power | | | 53,734 | | | | 53,319 | |
| Electric transmission lines | | | 39,359 | | | | 41,855 | |
| Water | | | 12,009 | | | | 10,448 | |
| Total Further Adjusted EBITDA incl. unconsolidated affiliates | | $ | 362,524 | | | $ | 264,786 | |
During the second quarter of 2016 our portfolio performed steadily in line with expectations. In Solana, we continued to implement the scheduled improvements needed at the plant. Mojave exceeded expectations in the second quarter. Kaxu, our youngest asset, also outperformed our forecast for the quarter. In Spain, our portfolio of solar assets continued to show solid operational performance; although revenues were slightly affected by lower radiation and lower than expected electricity prices in the wholesale market. In Spain, approximately 15% of our revenues have exposure to the price of electricity. Finally, our wind assets in Uruguay showed stable operating results, although wind continued to be lower than expected this year.
Our Conventional power generating facility in Mexico continues to show excellent performance and exceeded its contractual targets again. Finally, in our Transmission Line and Water segments, our assets comfortably achieved forecasted availability levels.
Liquidity and Debt
As of June 30, 2016, consolidated cash and cash equivalents amounted to $554.6 million, of which $84.9 million was cash available at the Atlantica Yield corporate level. In addition, short-term financial investments at the project level amounted to $80.0 million. As a result, total liquidity including short-term financial investments amounted to $634.6 million as of June 30, 2016.
As of June 30, 2016, net project debt and net corporate debt amounted to $5,042.4 million and $581.4 million, respectively. Net corporate debt / CAFD pre-corporate debt service ratio6 is at 2.7x, below our communicated internal target of 3x.
Continued progress on Key Initiatives
During the quarter, we progressed in back-office separation from our sponsor. We completed the transfer of support function employees and we terminated the support services agreement which was in place. In addition, the split in IT systems continues to progress at good pace and is expected to be completed by the end of the year.
With respect to risks arising from our sponsor’s situation, we have obtained waivers or forbearances for Cadonal in relation to cross-default provisions and 3 additional assets in relation to the minimum ownership provisions. We continue negotiations with the lenders of our project financing agreements to obtain further waivers and forbearances.
Dividend reinstated
On August 3 our Board of Directors approved a dividend of $0.29 per share expected to be paid on or about September 15, 2016 to shareholders of record as of August 31, 2016. The amount declared is the sum of $0.145 per share corresponding to the first quarter of 2016 and $0.145 per share corresponding to the second quarter of 2016. Considering the current status of waivers and forbearances on cross-default and minimum ownership provisions, the Board continues to be prudent and has decided to use the lower range of guidance and to approve a dividend for the proportional part of assets that do not require any waiver or forbearances. We expect to review upcoming quarterly dividends as we secure additional waivers and forbearances.
6 | Based on mid-point of guidance range for CAFD for 2016. |
Acquisition of a 1 MW solar PV plant in Spain
On August 2, we closed the acquisition of a 1MW solar PV plant in Spain for a total consideration of $3.2 million. We expect the acquisition to have an equity and project IRR of 12% and an average acquisition CAFD yield of 12% as well, considering the average yearly CAFD that we expect the asset to generate. The acquisition was closed under our ROFO agreement with Abengoa S.A. The asset is adjacent to two of our existing facilities.
Details of the Results Presentation Conference
Atlantica Yield’s CEO, Santiago Seage, and its CFO, Francisco Martinez-Davis, will hold a conference call today, August 5th, at 8:30 am EST.
In order to access the conference call participants should dial: +1 855 402 7764 (US) / +44 (0) 207 107 0685 (UK). A live webcast of the conference call will be available on Atlantica Yield's website. Please visit the website at least 15 minutes earlier in order to register for the live webcast and download any necessary audio software.
Forward-Looking Statements
This news 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 prospectus, 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. 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.
Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, changes in government expenditure budgets, challenges in making acquisitions, changes in public support of renewable energy, weather conditions, legal challenges to regulations, changes to subsidies and incentives that support renewable energy sources, government regulations, the volatility of energy and fuel prices, counterparty credit risk, failure of customers to perform under contracts, our ability to enter into new contracts as existing contracts expire, reliance on third-party contractors and suppliers, failure of newly constructed assets to perform as expected, failure to receive dividends from assets, changes in our tax position, unanticipated outages at our generation facilities, the condition of capital markets generally and for yieldcos in particular our ability to access capital markets, adverse results in current and future litigation, developments at Abengoa, S.A. and our ability to maintain and grow our quarterly dividends. 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 Atlantica Yield’s future results included in Atlantica Yield’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.
Atlantica Yield undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.
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.
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
| | | For the three-month period ended June 30, | | | For the six-month period ended June 30, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Revenue | | $ | 261,302 | | | $ | 190,265 | | | $ | 467,678 | | | $ | 308,569 | |
| Other operating income | | | 15,615 | | | | 18,304 | | | | 30,440 | | | | 36,376 | |
| Raw materials and consumables used | | | (10,226 | ) | | | (5,796 | ) | | | (17,601 | ) | | | (10,345 | ) |
| Employee benefit expenses | | | (3,595 | ) | | | (1,223 | ) | | | (5,849 | ) | | | (1,794 | ) |
| Depreciation, amortization, and impairment charges | | | (78,343 | ) | | | (58,095 | ) | | | (155,503 | ) | | | (110,350 | ) |
| Other operating expenses | | | (57,645 | ) | | | (48,170 | ) | | | (116,669 | ) | | | (84,318 | ) |
| Operating profit/(loss) | | $ | 127,109 | | | $ | 95,283 | | | $ | 202,496 | | | $ | 138,137 | |
| Financial income | | | 797 | | | | 2,878 | | | | 864 | | | | 3,517 | |
| Financial expense | | | (103,681 | ) | | | (73,093 | ) | | | (202,530 | ) | | | (136,285 | ) |
| Net exchange differences | | | (704 | ) | | | (319 | ) | | | (3,273 | ) | | | (1,473 | ) |
| Other financial income/(expense), net | | | (993 | ) | | | 1,337 | | | | (3,183 | ) | | | 4,331 | |
| Financial expense, net | | $ | (104,581 | ) | | $ | (69,197 | ) | | $ | (208,122 | ) | | $ | (129,910 | ) |
| Share of profit/(loss) of associates carried under the equity method | | | 1,429 | | | | 2,058 | | | | 3,343 | | | | 3,342 | |
| Profit/(loss) before income tax | | $ | 23,956 | | | $ | 28,143 | | | $ | (2,283 | ) | | $ | 11,569 | |
| Income tax | | | (19,762 | ) | | | (10,304 | ) | | | (16,163 | ) | | | (6,428 | ) |
| Profit/(loss) for the period | | $ | 4,194 | | | $ | 17,839 | | | $ | (18,446 | ) | | $ | 5,141 | |
| Loss/(profit) attributable to non-controlling interests | | | (1,544 | ) | | | (3,958 | ) | | | (4,911 | ) | | | (5,814 | ) |
| Profit/(loss) for the period attributable to the Company | | $ | 2,649 | | | $ | 12,881 | | | $ | (23,357 | ) | | $ | (673 | ) |
| Weighted average number of ordinary shares outstanding (thousands) | | | 100,217 | | | | 90,442 | | | | 100,217 | | | | 85,279 | |
| Basic earnings per share attributable to Abengoa Yield plc (U.S. dollar per share) | | $ | 0.03 | | | $ | 0.14 | | | $ | (0.23 | ) | | $ | (0.01 | ) |
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
| Assets | | As of June 30, 2016 | | | As of Dec. 31, 2015 | |
| Non-current assets | | | | | | |
| Contracted concessional assets | | $ | 9,249,765 | | | $ | 9,300,897 | |
| Investments carried under the equity method | | | 52,255 | | | | 56,181 | |
| Financial investments | | | 90,103 | | | | 93,791 | |
| Deferred tax assets | | | 206,294 | | | | 191,314 | |
| Total non-current assets | | $ | 9,598,417 | | | $ | 9,642,183 | |
| Current assets | | | | | | | | |
| Inventories | | | 14,690 | | | | 14,913 | |
| Clients and other receivables | | | 253,533 | | | | 197,308 | |
| Financial investments | | | 222,191 | | | | 221,358 | |
| Cash and cash equivalents | | | 554,561 | | | | 514,712 | |
| Total current assets | | $ | 1,044,975 | | | $ | 948,291 | |
| Total assets | | $ | 10,643,392 | | | $ | 10,590,474 | |
| Equity and liabilities | | | | | | |
| Share capital | | $ | 10,022 | | | $ | 10,022 | |
| Parent company reserves | | | 2,313,855 | | | | 2,313,855 | |
| Other reserves | | | (11,492 | ) | | | 24,831 | |
| Accumulated currency translation differences | | | (82,409 | ) | | | (109,582 | ) |
| Retained Earnings | | | (383,912 | ) | | | (356,524 | ) |
| Non-controlling interest | | | 122,884 | | | | 140,899 | |
| Total equity | | $ | 1,968,948 | | | $ | 2,023,501 | |
| Non-current liabilities | | | | | | | | |
| Long-term corporate debt | | | 662,990 | | | | 661,341 | |
| Long-term project debt | | | 3,582,172 | | | | 3,574,464 | |
| Grants and other liabilities | | | 1,629,720 | | | | 1,646,748 | |
| Related parties | | | 115,421 | | | | 126,860 | |
| Derivative liabilities | | | 444,321 | | | | 385,095 | |
| Deferred tax liabilities | | | 96,669 | | | | 79,654 | |
| Total non-current liabilities | | $ | 6,531,293 | | | $ | 6,474,162 | |
| Current liabilities | | | | | | | | |
| Short-term corporate debt | | | 3,268 | | | | 3,153 | |
| Short-term project debt | | | 1,929,906 | | | | 1,896,205 | |
| Trade payables and other current liabilities | | | 190,237 | | | | 178,217 | |
| Income and other tax payables | | | 19,740 | | | | 15,236 | |
| Total current liabilities | | $ | 2,143,151 | | | $ | 2,092,811 | |
| Total equity and liabilities | | $ | 10,643,392 | | | $ | 10,590,474 | |
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
| | | For the three-month period ended June 30, | | | For the six-month period ended June 30, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Profit/(loss) for the period | | | 4,194 | | | | 17,839 | | | | (18,446 | ) | | | 5,141 | |
| Financial expense and non-monetary adjustments | | | 187,991 | | | | 116,079 | | | | 342,253 | | | | 206,103 | |
| Profit for the period adjusted by financial expense and non-monetary adjustments | | $ | 192,185 | | | $ | 133,918 | | | $ | 323,807 | | | $ | 211,244 | |
| | | | | | | | | | | | | | | | | |
| Variations in working capital | | | (21,450 | ) | | | 21,037 | | | | (40,960 | ) | | | 379 | |
| Net interest and income tax paid | | | (137,372 | ) | | | (113,023 | ) | | | (164,985 | ) | | | (132,314 | ) |
| Net cash provided by/(used in) operating activities | | $ | 33,363 | | | $ | 41,932 | | | $ | 117,862 | | | $ | 79,309 | |
| | | | | | | | | | | | | | | | | |
| Investment in contracted concessional assets | | | (813 | ) | | | (83,976 | ) | | | (5,851 | ) | | | (93,170 | ) |
| Other non-current assets/liabilities | | | 13,057 | | | | 3,143 | | | | (2,557 | ) | | | 3,143 | |
| Investments in entities under the equity method | | | 4,984 | | | | - | | | | 4,984 | | | | - | |
| Acquisitions of subsidiaries | | | - | | | | (399,817 | ) | | | (19,071 | ) | | | (481,845 | ) |
| Net cash used in investing activities | | $ | 17,228 | | | $ | (480,650 | ) | | $ | (22,495 | ) | | $ | (571,872 | ) |
| | | | | | | | | | | | | | | | | |
| Net cash provided by/(used in) financing activities | | $ | (63,110 | ) | | $ | 693,561 | | | $ | (62,471 | ) | | $ | 674,960 | |
| | | | | | | | | | | | | | | | | |
| Net increase/(decrease) in cash and cash equivalents | | $ | (12,519 | ) | | $ | 254,843 | | | $ | 32,896 | | | $ | 182,397 | |
| Cash and cash equivalents at beginning of the period | | | 574,788 | | | | 267,442 | | | | 514,712 | | | | 354,154 | |
| Translation differences in cash or cash equivalent | | | (7,708 | ) | | | 5,879 | | | | 6,953 | | | | (8,387 | ) |
| Cash and cash equivalents at end of the period | | $ | 554,561 | | | $ | 528,164 | | | $ | 554,561 | | | $ | 528,164 | |
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to Profit/(loss) for the period attributable to the Company
| (in thousands of U.S. dollars) | | For the three-month period ended June 30, | | | For the six-month period ended June 30, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Profit/(loss) for the period attributable to the Company | | $ | 2,649 | | | $ | 13,881 | | | $ | (23,357 | ) | | $ | (673 | ) |
| Profit attributable to non-controlling interest | | | 1,545 | | | | 3,958 | | | | 4,911 | | | | 5,814 | |
| Income tax | | | 19,762 | | | | 10,304 | | | | 16,163 | | | | 6,428 | |
| Share of loss/(profit) of associates carried under the equity method | | | (1,428 | ) | | | (2,058 | ) | | | (3,343 | ) | | | (3,342 | ) |
| Financial expense, net | | | 104,581 | | | | 69,197 | | | | 208,122 | | | | 129,910 | |
| Operating profit | | $ | 127,109 | | | $ | 95,282 | | | $ | 202,496 | | | $ | 138,137 | |
| Depreciation, amortization, and impairment charges | | | 78,343 | | | | 58,096 | | | | 155,503 | | | | 110,350 | |
| Dividend from exchangeable preferred equity investment in ACBH | | | - | | | | 4,600 | | | | - | | | | 9,200 | |
| Further Adjusted EBITDA | | $ | 205,452 | | | $ | 157,978 | | | $ | 357,999 | | | $ | 257,687 | |
| Atlantica Yield’s pro-rata share of EBITDA from Unconsolidated Affiliates | | | 2,193 | | | | 1,622 | | | | 4,525 | | | | 7,099 | |
| Further Adjusted EBITDA including unconsolidated affiliates | | $ | 207,645 | | | $ | 159,600 | | | $ | 362,524 | | | $ | 264,786 | |
Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities
| (in thousands of U.S. dollars) | | For the three-month period ended June 30, | | | For the six-month period ended June 30, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Further Adjusted EBITDA including unconsolidated affiliates | | $ | 207,645 | | | $ | 159,600 | | | $ | 362,524 | | | $ | 264,786 | |
| Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates | | | (2,193 | ) | | | (1,622 | ) | | | (4,525 | ) | | | (7,099 | ) |
| Further Adjusted EBITDA | | $ | 205,452 | | | $ | 157,978 | | | $ | 357,999 | | | $ | 257,687 | |
| Net interest and income tax paid | | | (137,372 | ) | | | (113,023 | ) | | | (164,985 | ) | | | (132,314 | ) |
| Variations in working capital | | | (21,450 | ) | | | 21,037 | | | | (40,960 | ) | | | 379 | |
| Other non-cash adjustments and other | | | (13,268 | ) | | | (24,060 | ) | | | (34,192 | ) | | | (46,443 | ) |
| Net cash provided by operating activities | | $ | 33,363 | | | $ | 41,932 | | | $ | 117,862 | | | $ | 79,309 | |
Cash Available For Distribution Reconciliation
| (in thousands of U.S. dollars) | | For the three-month period ended June 30, | | | For the six-month period ended June 30, | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | |
| Further Adjusted EBITDA including unconsolidated affiliates | | $ | 207,645 | | | $ | 159,600 | | | $ | 362,524 | | | $ | 264,786 | |
| Atlantica Yield’s pro-rata share of EBITDA from unconsolidated affiliates | | | (2,193 | ) | | | (1,622 | ) | | | (4,525 | ) | | | (7,099 | ) |
| Dividends from equity method investments | | | 4,984 | | | | - | | | | 4,984 | | | | - | |
| Non-monetary items | | | (12,563 | ) | | | (23,741 | ) | | | (30,919 | ) | | | (44,970 | ) |
| Interest and income tax paid | | | (137,372 | ) | | | (113,023 | ) | | | (164,985 | ) | | | (132,314 | ) |
| Principal amortization of indebtedness | | | (53,851 | ) | | | (41,873 | ) | | | (68,105 | ) | | | (50,663 | ) |
| Deposits into/ withdrawals from restricted accounts | | | 12,291 | | | | (3,121 | ) | | | (21,864 | ) | | | (3,331 | ) |
| Change in non-restricted cash at project level | | | 59,969 | | | | 43,859 | | | | 18,879 | | | | 60,114 | |
| Dividends paid to non-controlling interests | | | (5,479 | ) | | | - | | | | (5,479 | ) | | | - | |
| Changes in other assets and liabilities | | | (33,824 | ) | | | 24,516 | | | | (47,060 | ) | | | (3,428 | ) |
| ATN2 refinancing | | | - | | | | - | | | | 14,893 | | | | - | |
Cash Available For Distribution7 | | $ | 39,607 | | | $ | 44,595 | | | $ | 58,343 | | | $ | 83,095 | |
7 | Cash Available For Distribution includes a one-time impact of the refinancing of ATN2 for the three-month period ended March 31, 2016 and in the six-month period ended June 30, 2016. |
About Atlantica Yield
Atlantica Yield plc is a total return company that owns a diversified portfolio of contracted renewable energy, power generation, 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 |
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.
| | ATLANTICA YIELD PLC |
| | | |
| Date: August 5, 2014 | By: | /s/ Santiago Seage |
| | | Name: Santiago Seage |
| | | Title: Chief Executive Officer |
