Audax Renovables increases its EBITDA by 14%, ending the first quarter of 2018 with a €1.6 million profit
Audax Renovables (ADX.MC), the renewable energy subsidiary of the Audax Group, ended the first quarter 2018 with a profit of EUR 1.6 million, compared to the profits of EUR 0.6 million in the same period of the previous year.
At the end of 1Q 2018 the net turnover grew by 7%, amounting to EUR 9.2 million. The generated EBITDA amounted to EUR 6.4 million, representing a 14% growth compared to the same quarter of the previous year.
The improvement of the results obtained in 1Q 2018 is owed primarily to the following factors:
- The steadfast commitment to the optimisation and enhancement of the performance of the plants, which, together with larger wind resources, has brought about an increase of 8% in production and of 7% in sales, respectively. However, the sale price of energy in the Spanish market (pool) was 14% lower compared to the same period of the previous year.
- Abroad, production has been in line with the same period of the previous year, highlighting the revaluation of the green certificates, in Poland, incentive received by the wind farm for the generation of renewable energy, causing its turnover to have increased 33% compared to the first quarter of 2017.
- Additionally, the trend in terms of reducing operating expenses is maintained, as a result of the cost containment policy and cost optimization. For this first quarter, the decrease of the aforementioned operating costs has been of 7%, while for financial expenses the decrease has been of 6% with respect to the same period of 2017, mainly due to the lower financial burden borne by project finance and the renegotiation of corporate debt. The latter was totally cancelled at the beginning of April 2018 as a result of the optimization of the project finance contract of Hinojal wind farm, which in turn allowed the additional release of funds for Audax Renovables.
75% of the energy produced by Audax Renovables in the first quarter 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 114.2 GWh, in comparison to the 105.3 GWh of the same period of 2017.
The net financial debt at the end of the period was of EUR 110.1million, which signifies a EUR 3.4 million decrease, compared to the end of 2017, and is almost entirely a result of financing the plants in the project finance mode.
Also, note that Audax Renovables, which participates together with local partners in Toabré wind farm project in Panama, announced on May 10 the start of construction for the first phase of 66 MW of installed power of the wind farm with a total investment of more than 150 million dollars.
The improvement of competitiveness undertaken by Audax Energía upon taking control bears fruit and strengthens the plans for the future of the Audax Group’s subsidiary generating energy from renewable sources.
About Audax Renovables, S.A.
Incorporated in the year 2000, Audax Renovables, S.A. is mainly involved in generating electricity from 100% renewable energy 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 with the ticker symbol 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