AUDAX RENOVABLES CLOSES THE THIRD QUARTER WITH A NET RESULT OF 10.3 MILLION EUROS
Income from operations exceeded 626 million euros and EBITDA in adjusted terms was 43.2 million euros
Audax Renovables (ADX.MC), the energy group whose activities involve supply and production of 100% renewable electricity and gas, presents its results for the third quarter of 2020 in the context of the exceptional circumstances caused by COVID-19, obtaining a Net Result of 10.3 million euros.
In adjusted terms, the Audax Group has been able to maintain, and even slightly increase, EBITDA compared to the same period of the previous year. These results have been obtained, in adjusted terms, under a global pandemic situation, which has caused a significant decrease in the price of energy and in the consumption of both electricity and gas. Under these exceptional circumstances, the Group has managed to exceed 626 million euros in revenue, placing EDITDA above 43 million euros, which represents an increase of 3% compared to the same period of the previous year.
Thanks to the advantages of the vertical integration of generation and supply activities, as well as the Group’s operations policy, Audax has managed to continue with its established roadmap. In the field of generation, the construction of different photovoltaic plants totalling 40MW, located in Guadalajara and Toledo, has begun. On the other hand, in the field of supplying, the internationalization strategy of recent years has been maintained, incorporating at the end of September the Hungarian company E.ON Energiakereskedelmi Kft., the main distributor in the Hungarian market, with an approximate market share of 25% in SMEs, large industrial and municipal clients. It should also be noted that the operator acquired by Audax Renovables has more than 82,000 supply points in Hungary. This has allowed the Audax Group to exceed 492,000 active supply points in Europe at the end of the third quarter of 2020, 51% more than in the same period of 2019. In any case, the new commercial policies implemented by the Group continue to bear fruit and without taking into account the entry of the Hungarian subsidiary, the client portfolio at the end of the third quarter of the year increased by 26%.
It should be noted that the Audax Group acted with anticipation and speed in the face of the new situation caused by COVID-19 and prudently registered at the end of the first half of the year a provision for an amount of 4.8 million euros to face possible consequences derived of the pandemic. At the end of the third quarter of the year, the Group has decided to adjust aforementioned provision to 3.2 million euros, in an exercise of adaptation to the real effects, and for that reason, it is not anticipated the need to make new provisions in the future for this concept.
Internally, the company developed and implemented a series of measures to protect its employees, customers and suppliers and thus ensure the safety, health and work-life of the team. Thus, Audax Renovables has carried out all the hygienic, sanitary and distancing measures to guarantee the safety of all and has promoted teleworking among its employees, facilitating family reconciliation and guaranteeing the highest quality of the service, maintaining the total operability of the Group at all times.
Regarding to customers, during the period the supply of gas and electricity at cost price to hotels and hospitalized residences was established, as well as the possibility of postponing the payment of the bills of the self-employed and SMEs. In addition, the suspensions of electricity and natural gas supplies were paralyzed, thus ensuring the supply of electricity and gas in all households.
With this firm positioning, Audax Renovables has already managed to achieve today most of the objectives presented in May 2019 at Capital Market Day, which were scheduled to be achieved by the end of 2022. Therefore, the Group is currently working on a redefinition of the objectives to align them to this new dimension and to the current situation of the market.
About Audax Renovables
The Group is the result of the merger by absorption between Audax Renovables, S.A. and its parent company, Audax Energía, S.A., giving rise to an energy group whose activities are focused on the production of 100 % renewable energy and the supply of 100 % renewable electricity and gas.
Founded in 2000, in 2003 Audax Renovables began to be listed on the secondary market of the Barcelona Stock Exchange and in 2007 it was included in the SIBE of the Madrid Stock Exchange. It is currently listed on the Spanish Continuous Market under the ticker ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.
We are the leading energy Group in the SME segment in Spain, guaranteeing an efficient supply of retailed energy through a process of vertical integration with the renewable generation activity, with a solid financial position, and ready to lead the energy transition in the European market.
The Group manages a portfolio of 91 MW generation projects in operation in Spain, France and Poland in wind farms. In addition, it has a portfolio of 320 MW photovoltaic projects in Spain, 15 MW of which will come into operation in the coming weeks, while another 40 MW are currently under construction. Likewise, the Group also has a 66 MW wind project under construction in Panama.
Audax Renovables, in its activity of supplying 100% renewable electricity and gas, is present in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, adding more than 490 thousand customers.
More information about Audax Renovables is available here: www.audaxrenovables.com