AUDAX RENOVABLES DOUBLES ITS NET PROFIT, EARNING OVER €7 MILLION IN THE FIRST HALF YEAR
The sales figures surpassed €400 million, and the EBITDA has seen an increase of over 13%, reaching €27.5 million
Audax Renovables (ADX.MC), the energy group whose activities involve generation and retail of natural gas and 100% renewable energy, has earned a profit of €7.3 million, 54% more than in the same period of the previous year. Owing to the advantageous effects of the vertical integration between the generation and retail activities, as well as to the Group’s operational policy, the EBITDA has reached €27.5 million, up 13% from last year.
The operating income has decreased in comparison to the previous year, due to the effect of COVID-19. The Group considers that the overall impact of the pandemic involves a decline in electricity and gas demand (which in Spain has been of 8% and 9% respectively in that period), as well as a lower price of both utilities in the market. We’ve observed a similar situation in other countries where the Group operates. However, despite the drop in income resulting from such abnormal a situation as a global pandemic, the Group managed to obtain a gross margin 5% higher, and to increase the EBITDA by 13%.
In terms of marketing and customer acquisition, the Group has made a success of its marketing strategy at national level, as the number of clients has increased by 21%. By virtue of these results, the Audax Group maintains its position as the leading electricity supplier in the SME segment in Spain, as well as a fast-growing natural gas retailer (an increase of 26% compared to the previous year).
On the other hand, the activities related to the power-generation projects development and construction have not been affected in that period, nor were the Group’s investment and financing strategies, which continued to develop in a usual and normal way.
In spite of the present situation of global pandemic and uncertainty in the markets, the Group’s activity does not stop. The strong commitment of Audax Renovables to the growth of its business line of renewable energy generation, as well as the alignment of its financial strategy with the Group’s environmental sustainability mission and values manifested itself in the first issue of green bonds for the amount of €20 million, featured within the fixed-income bond programme registered by the company last July in the Alternative Fixed-Income Market (the “Bond Programme of MARF”) for a nominal amount of up to €400 million. All those steps, along with entering the Hungarian market and strengthening the Group’s position in the Portuguese market, are part of an ongoing effort to ensure the Group’s continuous growth.
These results indicate an improvement in all the variables and place the company in an optimal position to implement its strategic plan. By the year 2022 Audax aims to have a portfolio of more than 500,000 customers, supply more than 15 TWh of energy, achieve €1.5 billion in sales figures and more than €100 million in EBITDA. All this is to be accomplished through the means of doubling the profitability, covering 2/3 of the supplied energy by PPAs and reducing financial leverage due to substantial cash generation. The accomplishment of these objectives will enable Audax Renovables to strengthen its leadership as the top independent retailer in the SME segment in Spain and to replicate the success attained on the international markets where it is already present: Portugal, Italy, Germany, the Netherlands, France, Poland and Panama.
About Audax Renovables
The Group is the result of a merger by absorption between Audax Renovables, S.A. and its parent company, Audax Energía, S.A., which gave rise to an energy group whose business involves generating 100% renewable energy as well as supplying 100% renewable electricity and gas.
Founded in the year 2000, in 2003 Audax Renovables became listed on the secondary market of the Barcelona Stock Exchange, and in 2007 its shares were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Currently, it is listed on the Spanish Continuous Market under the ticker ADX.MC, and has been incorporated to the IBEX SMALL CAP® index since 23 March 2020.
As a leading utility Group in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the renewable energy generation branch, has a robust financial position and is ready to be at the forefront of the energy transition in the European market.
The Group runs a portfolio of operating wind farms of 91 MW in Spain, France and Poland. Additionally, it has a portfolio of photovoltaic projects under development of 320 MW in Spain, as well as a wind project under construction of 66 MW in Panama.
Audax Renovables operating as a 100% renewable energy and gas supplier is present in Spain, Portugal, Italy, Germany, Poland and the Netherlands, with over 380 thousand customers.
More information about Audax Renovables is available here: www.audaxrenovables.com