Atlantica Sustainable Infrastructure plc

Welcome to Atlantica's first quarter 2022 financial results conference call. Atlantica is a sustainable infrastructure company. Just a reminder that this call is being webcast live on the internet and a replay of this call will be available on Atlantica's corporate website. Atlantica will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward looking statements if any of our key assumptions are incorrect, or because of other factors discussed in today's earnings presentation, or because of other factors discussed including the risk factors section of the accompanying presentation and in our latest reports and filings with the Securities and Exchange Commission, all of which can be found on our website. Atlantica does not undertake any duty to update any forward looking statements. Joining us for today's conference call are Atlantica CEO Santiago Siege and CFO Francisco Martinez-Davis. As usual, at the end of the conference call, we will open the lines for the Q&A session. I'll now pass you over to Mr. Siege. Please go ahead.

Thank you very much. Good morning. Thanks for joining us for our first quarter 2022 conference call. I will start with a few key messages. In the first quarter of 2022, revenue has increased by around a 7%, and adjusted EBITDA has increased by close to a 5% on a comparable basis, excluding foreign exchange rate effects and no recurrent impact last year. We have had year-over-year CAFI growth of a bit more than 6%, reaching $54 million. Our board of directors, following those results, has declared a quarterly dividend of $0.44 per share. Regarding growth, this year we have already closed or earmarked investments between $140 and $150 million, including acquisitions and construction of new assets, new renewable energy plants. I will now turn the call over to Francisco, who will take you through our quarterly financial results. Francisco, whenever you want.

Thank you, Santiago, and good morning to everyone. Please turn to slide number four, where I will present our key financial for the first quarter of 2022. Revenue in the first three months of 2022 reached $247.5 million, which represents a 7% growth on a comparable basis, excluding foreign exchange and the effects of the non-recurrent solo project that we discussed last year. Adjusted EBITDA amounted to $173.6 million, representing an increase of 4.8% on the same comparable basis previously mentioned. Regarding cash available for distribution, we generated 54.4 million in the first quarter of 2022, an increase of 6.3 year-over-year. On the following slide, number five, you can see our performance by geography and business sector. In North America, revenue increased by 23% to $74.4 million in the first three months of 2022, while EBITDA increased by 45% thanks to the recently acquired assets in the United States. In South America, revenue increased by 1% thanks to higher wind resource and good performance in our assets. Revenue in the Maya region decreased by 20% in the first quarter of 2022, mainly due to the foreign exchange impact and the effect of the non-recurring solar project. Looking below at the results by business sector, we can see similar results. Let's now please turn to slide number six, where we will review our operational performance. Electricity produced by our renewable assets reached 1,094 gigawatt hours in the first three months of 2022, an increase of 81% versus the same period of 2021. The increase was largely due to the contribution of assets recently acquired and higher wind resource in production in our wind assets. This was partially compensated by lower production in solar assets due mostly to lower solar radiation in some regions. Looking at our availability-based contracts, we see that once again, ACT continues to show solid performance. In transmission lines and waters, the other two sectors where our revenue is based on availability, we continue to achieve high availability levels. Let's now please turn to slide number seven to walk you through our cash flow for the first quarter of 2022. Our operating cash flow for the first three months of 2022 reached $137.3 million. Change in working capital was negative, which is typical in the first quarter, while in the first quarter of 2021, we had very good collection periods in several of our geographies. Investing cash flow in the first quarter of 2022 mainly includes acquisition of new assets, net of distribution to receive from entities under the equity method. Financing cash flow was 8.8 million, and it mainly includes the scheduled principal repayment over project finance for 43.9 million. Dividends paid to shareholders in non-controlling interest for 55.9 million. and the withdrawal of 35 million from our revolving credit facility. I will now turn the call back to Santiago.