AUDAX RENOVABLES DOUBLES ITS EBITDA TO REACH €14.4 MILLION IN THE FIRST QUARTER 2019
Turnover stood at €289.1 million, an increase of 55% in comparison to the same quarter of 2018
Audax Renovables (ADX.MC) manages the business of energy supplying as well as energy generation, optimising the vertical integration carried out through the merger. The Group ends the first quarter of 2019 with significant increases both in both the EBITDA and Turnover figures compared to the same period of the previous year.
Regarding Net Profit, the €1.6 million support, among others, the amortization of the intangible assets regarding the acquisitions in 2018 of UniEléctrica in Spain and in 2017 of Main Energy in the Netherlands for a total amount of €3,3 million.
The incorporation of UniEléctrica into the consolidated Group in April 2018, is reflected in the evolution of the income statement. Between both years, as it was not consolidated in the first quarter of 2018.
Regarding supplying division, the good performance of the company, both in Spain, especially supported by the incorporation of Unieléctrica, and In the Rest of Europe, mainly due to the growth of Poland and Germany, contributes to the increase of operating income by 54.6%.
At the end of the first quarter 2019, Audax has 308.300 active energy supply points, 42.5% more than the same period of 2018. The electricity supply points accounts for 79.3% of the total, while gas supplies represent a 20.7% of that same total.
Regarding the energy generation division, it has increased its operating income, mainly due to a higher wind resource, with a 10% increase in global production, and a higher average market price of this first quarter, both in Spain and Poland.
The good results, financial solvency and future prospects have allowed the rating agency Axesor to award Audax Renovables the Investment Grade rating (BBB- with stable outlook).
At the close of yesterday’s market, Audax Renovables stock was quoted at € 2.10 per share, increasing its price by 50% during the period.
More about Audax Renovables
Audax Renovables is the result of a merger between Audax Renovables itself and its parent company, Audax Energía, which gave rise to an energy group, whose activities are focused on electricity and gas supplying as well as on the production of 100% renewable energy.
About Audax Renovables, S.A.
Audax Renovables, S.A. was incorporated in the year 2000 and is mainly involved in generating electricity from 100% renewable sources.
In 2003 the shares of Audax Renovables were admitted to trading on the secondary market of the Barcelona Stock Exchange and in 2007 they were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Now the shares are traded on the Spanish continuous market at ADX.MC.
In August 2016 Audax Energía, S.A., after acceptance of the take-over bid by 70.86% of the Audax Renovables, S.A.’s share capital, became the majority shareholder of the latter.
Today Audax Renovables handles a portfolio of operating plants of 185 MW in Spain, France and Poland, of which 1 MW corresponds to solar energy and the rest to wind farms. Audax Renovables owns a portfolio of operating assets of high technological quality and an average age of 9 years.
For more information, please visit www.audaxrenovables.com