AUDAX RENOVABLES DOUBLES ITS PROFIT IN THE FIRST SIX MONTHS 2018
Audax Renovables (ADX.MC), the renewable energy subsidiary of the Audax Group, ended the first half 2018 with a profit of EUR 4.1 million, compared to the profits of EUR 2.0 million in the same period of the previous year (an increase of 104%).
At the end of 1H 2018 the Company, whose main activity is the generation of electricity from 100% renewable energy sources, reached a net turnover of EUR 17.7 million and amounted EUR 11.9 million EBITDA. The steadfast commitment to the optimisation and enhancement of the performance of the plants, despite lower wind resource, has brought that revenues from operations have remained flat.
75% of the energy produced by Audax Renovables in the first half of 2018 was generated in Spain; France provided 7%, and Poland 18% of the total amount. The production of the wind farms in that period reached 203.5 GWh, in comparison to the 217.6 GWh of the same period of 2017.
The company maintains the trend in terms of reducing operating expenses, as a result of the cost containment policy and the costs optimization.
The net financial debt at the end of the period was of EUR 112 million, which means a EUR 1.5 million decrease compared to the end of 2017, and is almost entirely a result of financing the plants in the project finance mode.
In May of this year Audax Renovables communicated the start of the construction works of the first stage of the wind farm of 66 MW of installed capacity of the Toabré wind farm in Panama, with a total investment amounting to over USD 150 million.
Likewise, the Board of Directors of Audax Renovables, S.A. and Audax Energía, S.A. held on June 29 have drawn up the common project for the merger by take-over of Audax Energía, as the Target Company, by Audax Renovables, as the Acquiring Company. The swap ratio will be 300,287,276 new shares of the Acquiring Company for 1,800,000 shares of the Target Company. The merger of both companies will mean the birth of a much stronger energy group, which will boost its growth and profitability thanks to the synergies of the vertical integration of commercialization and generation of renewable energies activities.
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