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1H 2019 Results


Turnoved stood at €526.7 million, an increase of 23.1% in comparison to the same period of 2018

Audax Renovables (ADX.MC), the energy group that manages the business of energy supplying as well as energy generation 100% renewable, has achieved the best first semester in his history. The optimization derived of the vertical integration of both activities has allowed it to close the first half of 2019 with a turnover of €526.7 million, which represents an increase of 23.1% over the same period of the previous year. Audax Renovables has achieved a profit of €6.76 million and has increased its EBITDA by 110.3% to reach €33.1 million.

The energy company has improved the data of all its variables. The good performance of the supply division, both in the national market and in the countries of Europe in which it operates, has allowed it to increase the gross margin by 26%. And the generation division has increased its income by 18%, mainly due to a greater wind resource and a higher average price for the semester, both in Spain, where it has been 3% higher, and in Poland, where the price of the Green Certificates has been 80% higher compared to the same semester of the previous year. In this way, the generation has contributed 18% more to the turnover compared to the first half of 2018.

Likewise, as announced in the Capital Markets Day, Audax Renovables continues with its asset rotation and debt reduction strategy. As a consequence, it has been possible to reduce its financial debt by more than 26.8%.

During this first semester Audax Renovables has formalized several PPA (Power Purchase Agreements) agreements for the long-term purchase of the energy generated by photovoltaic installations. In February, Audax Renovables signed a framework agreement for the sale of electricity (PPA) with WElink for 20 years at a fixed price for which Audax Renovables will acquire the energy produced by Solara4 photovoltaic plants, by Ourika and by new ones photovoltaic projects that will be developed by the WElink Group in both Spain and Portugal, with a forecast of reaching a total of 708 MW of installed power. In March, it also signed a contract with Trina Solar, the world’s leading global photovoltaic energy leader, for the purchase of generated energy of up to 300 MW for 20 years. These contracts will contribute to improve the energy purchase price of Audax Renovables and consolidate the leadership position of the Audax Group, which currently stands as the fourth largest supplier of the SME segment nationwide.

Financial solvency, good results and future forecasts have allowed AXESOR rating agency to renew in April its Investment Grade BBB rating, with a stable outlook on Audax Renovables S.A.

At the end of first half 2019, Audax Renovables has more than 317,000 customers, 5.7% more than the same period of 2018. Of these, 79.6% correspond to electricity supplies and 20.4% to supplies of gas. The company works with the intention of being in the year 2022 with more than 500,000 customers, supply more than 15 TWh of energy, reach 1,500 million euros of revenue and exceed 100 million euros of EBITDA. All this, doubling its profitability and relaxing financial leverage due to the high cash generation.

The achievement of these objectives will allow Audax Renovables to strengthen its leadership as the first independent marketer in the SME segment in Spain and replicate the success obtained in Spain in the international markets in which it operates: Portugal, Italy, Germany, Holland, France, Poland and Panama.

Finally, mention that the price of Audax Renovables’ shares in the first half of 2019 has increased its value by 48.43%, maintaining high daily trading volume averages.

About Audax Renovables:
Audax Renovables is the result of the merger between Audax Renovables 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. Audax is present in Spain, Portugal, Italy, Germany, Poland, Holland, France and Panama with more than 500 employees.