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 March, 2023

Commission File Number 001-36487


Atlantica Sustainable Infrastructure 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: +44 203 499 0465


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):  ☐

 FY 2022 Earnings Presentation  March 1, 2023 
 
 DISCLAIMER  Forward Looking Statements  This presentation 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 presentation, 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. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "could," "estimate," "expect,“, "guidance," "intend," "may," "plan," "potential," "predict," "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 presentation 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. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.  Investors should read the section entitled "Item 3.D.—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us.  Forward-looking statements include, but are not limited to, statements relating to: expected value; new investments and projects, including the ones committed or earmarked for investment in 2023, projects currently under construction or expected to start construction, as well as statements with respect to our pipeline and expected combined output capacity; our focus on North America supported by the Inflation Reduction Act in the U.S. ; our anticipated exposure to current market risks, including the potential impact from foreign exchange rates and interest rates on cash available for distribution (“CAFD”); the impact from potential caps on market prices on the net value of our assets; taxes on electricity companies in Spain; equity investments; CAFD estimates, including per currency, geography, sector and escalation factors; net corporate leverage based on CAFD estimates; debt refinancing; the quality of our off-takers and the performance of our long-term contracts; self-amortizing project debt structure and debt reduction; the use of non-GAAP measures as a useful tool for investors; the possibility to extend asset life; dividends; achievement of environmental, social and governance goals; and various other factors, including those factors discussed under “Item 3.D.—Risk Factors” and “Item 5.A.—Operating Results” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC.  The CAFD, Adjusted EBITDA and other guidance referred to in this presentation are estimates as of March 1, 2023. These estimates are based on assumptions believed to be reasonable as of the date Atlantica Sustainable Infrastructure plc (“Atlantica”, the “Company”, “we” or “us”) published its 2022 Financial Results. We disclaim any current intention to update such guidance, except as required by law.   Non-GAAP Financial Measures  This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD and CAFD per share. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities 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. Please refer to the appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA) in this presentation provides useful information to investors.  In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe that constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation. 
 
 Key Messages  Revenue and Adjusted EBITDA year-over-year growth of 2.9%1 and 1.5%1 on a comparable basis  Compared to the year 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in the year 2021.  +5.5% year-over-year CAFD growth in 2022 up to $237.9 million  2023 CAFD guidance established at $235M-$260M  +16.0% Operating Cash Flow year-over-year growth up to $586.3 million  Attractive growth opportunities including ~$165-185 million in investments already committed or earmarked for 2023 
 
 1. Financial Results  FY 2022 Results Presentation 
 
 ∆   Excluding FX impact & non-recurrent project   US$ in million (except CAFD per share)  2022  2021  ∆ Reported  Revenue  1,102.0  1,211.7  (9.1)%  Adjusted EBITDA  797.1  824.4  (3.3)%  CAFD  237.9  225.6  5.5%  CAFD per share2  2.07  2.03  2.1%  HIGHLIGHTS  5.5% CAFD Growth in 2022  Compared to 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in 2021.  CAFD per share is calculated by dividing CAFD for the year by the weighted average number of shares for the year (see reconciliation on page 32).  2.9%1  1.5%1 
 
 HIGHLIGHTS  Performance by Region and Sector  WATER  2022  2021  ∆  53.8  53.9  0%  36.5  38.2  (4)%  RENEWABLES  US$ in million  2022  2021  ∆  ∆   Excl. FX impact & non- recurrent project1  Revenue  821.4  928.5  (12)%  +4%  Adjusted EBITDA  588.0  602.6  (2)%  +4%  EFFICIENT NAT. GAS & HEAT  2022  2021  ∆  113.6  123.7  (8)%  84.6  100.0  (15)%  TRANSMISSION LINES  2022  2021  ∆  113.2  105.6  +7%  88.0  83.6  +5%  By Sector  EMEA  NORTH AMERICA  US$ in million  2022  2021  ∆  Revenue  405.1  395.8  +2%  Adjusted EBITDA  310.0  311.8  (1%)  SOUTH AMERICA  2022  2021  ∆  ∆ Excl. FX impact & non- recurrent project1  530.5  660.9  (20)%  +2%  360.6  393.0  (8)%  +2%  By Region  2022  2021  ∆  166.4  155.0  +7%  126.5  119.6  +6%  Compared to 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in 2021. 
 
 Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation.   Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest.  GWh produced includes 30% share of the production from Monterrey.  Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating.  WATER  RENEWABLES  TRANSMISSION LINES  EFFICIENT NATURAL GAS & HEAT  2022  2021  Availability4  102.3%  97.9%  Mft3 in operation2  17.5  17.5  2022  2021  GWh produced1  5,319  4,655  MW in operation2  2,121  2,044  2022  2021  GWh produced3  2,501  2,292  Availability4  98.9%  100.6%  MW in operation5  398  398  2022  2021  Availability4  100.0%  100.0%  Miles in operation  1,229  1,166  KEY OPERATIONAL METRICS  Steady Operational Performance 
 
 Consolidated cash as of December 31, 2022, decreased by $21.7 million vs December 31, 2021, including FX translation differences of $(15.6) million.  CASH FLOW  Operating Cash Flow  US$ in million   2022  2021  Adjusted EBITDA  797.1  XX  824.4  Share in Adjusted EBITDA of unconsolidated affiliates  (45.8)  (31.1)  Net interest and income tax paid  (277.3)  (342.3)  Changes in working capital   78.8  )  (3.1)  Non-monetary adjustments and other  33.5  57.7  OPERATING CASH FLOW  586.3  505.6   Acquisitions of subsidiaries and entities under the equity method and investments in assets under development and construction  (87.3)  (369.5)   Distributions from entities under the equity method & other   29.9  18.3  INVESTING CASH FLOW  (57.4)  (351.2)  FINANCING CASH FLOW   (535.0)  (380.1)  Net change in consolidated cash1  (6.1)  (225.7)  +16.0% 
 
 Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.  Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.  Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.  Net corporate leverage is calculated as net corporate debt divided by 2022 CAFD before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.  US$ in million  As of Dec. 31,  2022  As of Dec. 31,  2021  Net Corporate Debt2  956.4  934.8  Net Project Debt3  4,012.9  4,501.8  Net Corporate debt / CAFD pre corporate debt service4  3.4x  NET DEBT  Net Corporate Debt to CAFD pre corporate interest at 3.4x  Net Debt Position1 
 
 Climate Change “A List”  Leadership  S&P Global   Sustainability Yearbook  2023  GHG Emissions Reduction  Approved Science-Based GHG Emissions Reduction Target  Recipient of the Terra Carta Seal  c  3rd consecutive year  2nd consecutive year  2nd consecutive year  Utility Industry Top Rated  ESG Risk Rating  ESG  Our Efforts on ESG Continue to be Recognized  Climate Change “A List”  Leadership  Climate Change “A List”  Leadership  New  3rd consecutive year  3rd consecutive year  Ranked among World's 100 Most Sustainable  Corporations  Bloomberg   Gender-Equality Index  Equal and inclusive workplaces  GRESB Infrastructure Public Disclosure A Rating   Ranked 1st. Best performer 
 
 2. 2023 Outlook and Growth  FY 2022 Results Presentation 
 
 GROWTH UPDATE  $165-185 Million Already Committed or Earmarked for 2023  Already Committed or Earmarked for 2023  $165-185M1  Coso Batteries 1  Batteries US  $40-50M  PV  $80-85M  Expansion of our existing lines  Transmission  $18-20M  Storage, our first hydrogen project2 & others  Others  $25-30M  North America, South America & Europe  Estimation of equity already invested, committed or earmarked for investment in 2023 in projects currently under construction or expected to start construction in 2023, including expansions and repowerings.  10 MW PV and hydrogen electrolyzer and equipment. Recently won a $6.5 million grant. Most of the investment is expected in 2024-2025.