Audax Renovables increases its EBITDA by 74%, ending the third quarter of 2017 with a €3.1 million profit
Audax Renovables, formerly Fersa Energías Renovables, has ended the third quarter of 2017 with a profit of EUR 3.1 million, in contrast to the loss of EUR 8.3 million in the same period of the previous year. This result confirms that with Audax Energía taking control in August 2016, the company began an integration process which is consolidating positively.
During the third quarter of 2017 the net turnover has increased by 28%, amounting to EUR 26.2 million. The generated EBITDA amounts to EUR 17.6 million, representing a 74% growth compared to the same period of the previous year.
The improvement of the results obtained until the third quarter of the year is owed primarily to the following factors:
- An increase of 10% in production compared to the previous year, as a consequence of larger wind resources and an improved use of these resources by enhancing the performance of the plants.
- An average increase of 48% in selling price of energy on the pool market in comparison to the same period of the previous year.
- Higher special remunerations established for the Spanish wind farms for the 2017 to 2019 regulatory term, EUR 1.3 million more than the amount of the previous term, due to the updating of the parameters published in the regulation ETU/130/2017.
- A substantial decrease by 19% in the operating costs as a consequence of the cost reduction and optimisation.
76% of the energy produced by Audax Renovables in the third quarter of 2017 was generated in Spain; France provided 7%, and Poland 17% of the total amount. The production of the wind farms in that period reached 322.8 GWh, in comparison to the 293.6 GWh of the previous year.
The net financial debt at the end of the period was EUR 121 million, which signifies a EUR 10.4 million decrease and is almost entirely a result of financing the plants in the project finance mode.
In regard to refinancing of the wind farms in Spain, the company has decided not to carry it out for the time being, considering that the terms and return offered by the market did not suit the market objectives.
The improvement of competitiveness undertaken by Audax Energía upon taking control is bearing fruit and strengthens the future plans of the Audax Energy Group’s renewable generation subsidiary.
About Audax Renovables, S.A.
Audax Renovables, S.A. (formerly Fersa Energías 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 as ADX.MC.
In May 2016 Audax Energía, S.A. made a bid to purchase 100% of shares of Audax Renovables. The offer was accepted by the shareholders representing 70.86% of the Audax Renovables’ share capital and consequently Audax Energía, S.A. became the majority shareholder on 12 August 2016.
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