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PR Audax R Rating confirmation 2021

AUDAX RENOVABLES RATIFIES ITS INVESTMENT GRADE RATING (BBB-) AWARDED BY AXESOR

The company maintains its credit rating of BBB- with a stable trend, despite the difficult situation we continue experiencing as a result of COVID-19.

Audax Renovables (ADX.MC), the energy group that integrates the businesses of generation and supplying of 100% renewable electricity and gas, maintains its Investment Grade rating (BBB-). Axesor has favourably assessed the Group’s strategic turnaround, as it believes that it has the appropriate business and financial fundamentals to position itself as a leading player in the renewable energy sector. However, it is considered that this potential improvement will materialise in the medium and long term, so the rating trend is considered stable.

Additionally, this ratification of the rating was based on an analysis of the main financial figures and an evaluation of Audax Renovables’ business data, highlighting its position in the energy market, where it is the 9th company in the free market and the first independent company in the SME segment in Spain. To this we must add the positive effects derived from the geographical diversification, with a wide degree of internationalisation, that limits the risk of business concentration, being present in the supply and/or generation businesses in Spain, Portugal, France, Italy, Germany, the Netherlands, Poland and Hungary.

Axesor has also valued that Audax Renovables maintains a committed ownership structure and high involvement in the business, as well as long experience in the market and adequate financial capacity. Despite the slight reduction in revenues in 2020, caused by the current
pandemic situation, the flexible cost structure and the optimised returns generated by the group derived from its tariff mix, continue to support margins that are above the sector average, resulting in positive operating returns.

From the point of view of the Group’s financing structure, the advisor has highlighted that, although in 2020 the company has increased its debt through the different debt issues undertaken during the year, aimed at financing its ambitious growth plan in the generation
market, Audax Renovables has an adequate capacity to meet its financial commitments. This, together with the Group’s comfortable liquidity position, is one of its main competitive strengths and puts it in a comfortable position to meet its future debt requirements and to undertake a Business Plan that will require significant investments.

The Audax Group, which defines itself as an integrated energy company with 100% renewable generation, continues working and preparing a new strategic plan that will be announced shortly to the market, in order to become, even more if possible, a reference value stock for investors.

About Audax Renovables

The Group is the result of a merger by absorption between Audax Renovables, S.A. and its parent company, Audax Energía, S.A., which gave rise to an energy group whose business involves generating 100% renewable energy as well as supplying 100% renewable electricity and gas.

Founded in the year 2000, in 2003 Audax Renovables became listed on the secondary market of the Barcelona Stock Exchange, and in 2007 its shares were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Currently, it is listed on the Spanish Continuous Market under the ticker ADX.MC, and has been incorporated to the IBEX SMALL CAP® index since 23 March 2020.

As a leading utility Group in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the renewable energy generation branch, has a robust financial position and is ready to be at the forefront of the energy transition in the European market.

The Group runs a portfolio of operating wind farms of 91 MW in Spain, France and Poland, and also operating photovoltaic plants of 15 MWp in Spain. Additionally, the Group has a wind project under construction in Panama, of 66 MW. Moreover, it also has a portfolio of 44 MWp photovoltaic projects under construction and a 2,282 MWp photovoltaic portfolio in different phases of development located in Spain, Portugal and Italy.

Audax Renovables, operating as a 100% renewable energy and gas supplier, is present in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, with over 515 thousand customers and 10.5 TWh supplied in 2020.

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