Atlantica Yield (ABY) saw its loss narrow to $14.51 million, or $0.15 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $234.20 million, or $2.34 a share. Revenue during the quarter went down marginally by 1.01 percent to $226.73 million from $229.05 million in the previous year period. Gross margin for the quarter expanded 280 basis points over the previous year period to 98.92 percent. Total expenses were 83.28 percent of quarterly revenues, up from 70.27 percent for the same period last year. That has resulted in a contraction of 1301 basis points in operating margin to 16.72 percent.
Operating income for the quarter was $37.92 million, compared with $68.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $143.21 million compared with $150 million in the prior year period. At the same time, adjusted EBITDA margin contracted 233 basis points in the quarter to 63.16 percent from 65.49 percent in the last year period.
Santiago Seage, Chief executive officer of Atlantica Yield, said “2016 has been a very important year for Atlantica Yield. We have delivered our guidance in terms of EBITDA and CAFD, we have managed to successfully achieve autonomy, mitigate the risks derived from our sponsor situation and we have reinforced our corporate financial structure. With this, we believe we have a much stronger company than a year ago and we have laid the foundation to restart accretive growth”.
Operating cash flow improves
Atlantica Yield has generated cash of $334.42 million from operating activities during the year, up 11.66 percent or $34.93 million, when compared with the last year. The company has spent $26.36 million cash to meet investing activities during the year as against cash outgo of $929.85 million in the last year.
The company has spent $226.10 million cash to carry out financing activities during the year as against cash inflow of $810.93 million in the last year period.
Cash and cash equivalents stood at $594.81 million as on Dec. 31, 2016, up 15.56 percent or $80.10 million from $514.71 million on Dec. 31, 2015.
Debt comes down marginally
Atlantica Yield has recorded a decline in total debt over the last one year. It stood at $5,998.67 million as on Dec. 31, 2016, down 2.22 percent or $136.49 million from $6,135.16 million on Dec. 31, 2015.
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