THE GENERAL MEETING OF SHAREHOLDERS OF AUDAX RENOVABLES APPROVES UNANIMOUSLY THE FINANCIAL YEAR 2018
The General Meeting of Shareholders of the listed company Audax Renovables, held today, has approved the best results in the company’s history, due to record sales figures of almost one billion euros in 2018 and with the aim to achieve a 50% increase by 2022
Today, on Monday, 29 April 2019, the shareholders of Audax Renovables have unanimously approved the company’s financial statements for the year 2018. The Ordinary Shareholders’ Meeting reviewed the company’s excellent results and approved all the items on the agenda.
During the meeting, Mr José Elías, chairman of Audax Renovables, presented the main course of action for 2022 which includes maintaining the position of the top independent retailer in the SME segment of the Spanish market, covering 2/3 of the energy supplied to its clients with PPA contracts, based on the assets rotation policy, and replicating the business growth model on international scale. Audax Renovables is working towards concluding the financial year 2022 with more than 500,000 clients, over 15 TWh of energy supplied, around €1.5 billion of income, around €100 million EBITDA, and 1.5 times lower its net financial debt/EBITDA ratio.
The Group enters this growth stage with the goal of retailing and generating renewable energy in all the countries in which it is present and continuing its international expansion for the purpose of creating value in order for the shareholders to see rewarded their interest in a large corporate group with a strong financial and market standing and with significant prospects of future growth.
Coinciding with the meeting, the assignment of the ‘BBB- stable outlook’ rating was announced. The assignment of the investment grade by the rating agency Axesor reflects the financial soundness of the group and allows it to securely face the challenges of the future. This rating will facilitate a better access to finance for new projects, and establishes the Group as an optimal partner to sign new PPAs (Power Purchase Agreements), which will enable it to buy energy at more competitive prices.
Due to the excellent results of Audax Renovables, the share quotation over recent months has achieved its highest figure since October 2008, its value traded by the market being much above the average of the last years. Today, at the market session close, Audax has achieved the price of €2.35 per share, which means an increase of 20% compared to the last closing price.
More about Audax Renovables
Audax Renovables is the result of a merger between Audax Renovables itself and Audax Energía, which gave rise to an energy group whose business is centred on electricity and gas retailing as well as on the production of 100% renewable energy.
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