Audax Group’s Results 2019

The sales figures surpassed €1 billion, and the EBITDA has seen a 37.2% increase, reaching €73.2 million.

Audax Renovables (ADX.MC), the energy group whose activities involve retail and production of 100% renewable electricity, has tripled its profit at year end 2019, reaching the record amount of €25.4 million. Owing to the advantageous effects of the vertical integration between the retail and production activities, the Group ended the year 2019 with sales figures amounting to €1.043 billion, which means a 5.8% rise compared to the same period of the previous year. Likewise, the EBITDA has seen a 37.2% increase, reaching €73.2 million.

As regards the retail division, the client portfolio has risen by 11% compared to the previous year, placing the Audax Group as the first electricity retailer in the SME segment in Spain, with a noticeable increase in the natural gas business.

Throughout the year 2019, Audax Renovables concluded several PPAs (Power Purchase Agreements) for long-term purchase of energy generated by various photovoltaic plants in Spain and Portugal, which will bring approximately 1.9 TWh/year of green energy. To all this we should add the incremental launch of 320 MW in photovoltaic plants in portfolio, which, as a whole, will contribute to the improvement of the Audax Renovables’ energy purchase price and to the consolidation of the leading position of the Group in the SME segment.

As it was announced at the Shareholders’ General Meeting and on the last Capital Markets Day celebrated in May, Audax Renovables has consolidated its strategy of assets turnover and debt reduction, which led to net cash inflow of €51.3 million and a positive impact on the results of €4.9 million. Moreover, there was a decrease of 40% in financial debt, in comparison to the previous year. Last April, the rating agency AXESOR confirmed this financial solvency by renewing its rating of Audax Renovables, S.A. at Investment Grade BBB- stable outlook.

These results indicate an improvement in all the variables and place the energy company in an optimal position to implement its strategic plan. By the year 2022, the company expects to have a portfolio of more than 500,000 clients, supply more than 15 TW of energy, attain €1.5 billion in sales figures and more than €100 million in EBITDA, through the means of doubling its profitability, covering 2/3 of the supplied energy by PPAs and relaxing financial leverage due to substantial cash generation. The accomplishment of these objectives will enable Audax Renovables to strengthen its leadership as the top independent retailer in the SME segment in Spain and to replicate the success achieved on the international markets where it is already present: Portugal, Italy, Germany, the Netherlands, France, Poland and Panama.

The excellent results obtained in 2019, together with the robust financial position of the company and its good future prospects, have contributed to the increase of the share value, which has risen by more than 67% throughout the year.

More about Audax Renovables

Audax Renovables is the result of a merger between Audax Renovables itself and its parent company, 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.

As an energy Group with leading position in the SME segment in Spain, Audax Renovables guarantees efficient supply of energy retailed through a process of vertical integration with the
renewable energy production branch, with a robust financial position and ready to lead the energy transition on the European market.

The Group operates through two different business activities: retail and production. Its division of electricity and gas retail is present in Spain, Portugal, Italy, Germany, Poland and the Netherlands. On the other hand, the generation division manages a total portfolio of operating wind farms of 127 MW in Spain, France and Poland. Additionally, it has one project of 66 MW under construction in Panama and has purchased several projects of photovoltaic facilities of 320 MW to be developed in Spain.