3RD QUARTER RESULTS

Audax Renovables (ADX.MC), the renewable energy generation subsidiary of the Audax group,
has closed the third half of 2018 with a profit of 5.5 million euros, which
represents an increase of the 78% compared to the 3.1 million euros of benefits of the same
period of the previous year.
Thanks to the continuous optimization of the plants and the improvement in their performance,
Audax Renovables has managed, despite having a somewhat lower wind resource than
in the same period of the previous year, that the accumulated billing has reached the
26.4 million euros, a 1% higher than expected. It has also contributed positively
to the increase in this turnover that the average market price (pool) has been higher
and the increase in the price of Green Certificates in Poland. Likewise, the EBITDA
accumulated has amounted to 18.4 million euros, 5% higher than expected.
Of the energy produced by Audax Renovables until the third quarter of 2018, the 75%
of the same has been generated in Spain, while France has contributed 7% and Poland
the 18% over the total. The production of the total parks in this period has reached
the 290.1 GWh.
The company's operating expenses have decreased by 5% as a result of the
containment and optimization of expenses and the regulatory change approved in Poland that
refers to the tax that is levied on the value of the assets of the Postolin park. The
Net financial debt at the end of the period stands at 111 million euros, which represents
a reduction of 2 million euros compared to the end of the 2017 financial year and corresponds,
almost entirely, to the financing of the plants in “Project Finance” mode.
In the month of May of this year, Audax Renovables announced the beginning of the works of
construction of the first phase of 66 MW of installed power of the Toabré wind farm,
located in Panama, with a total investment of more than 150 million dollars.
Likewise, on June 29, the boards of directors of Audax Renovables, SA,
and Audax Energía, SA formulated the common merger by absorption project of Audax
Renovables, SA as absorbing company and Audax Energía, SA, as company
absorbed. The merger of both companies will mean the birth of a large group
much stronger energy, which will boost its growth and profitability thanks to the
synergies of the vertical integration of marketing and generation activities
of renewable energies. The Audax Group has a presence in 7 countries, with a position
prominent in all of them, and more than 300,000 clients, mainly in the SME segment.
The good results of the company have helped the share price of
Audax Renovables (ADX.MC) has reached its value until the third quarter of this year
highest since October 2008. The value traded by the market has also been very
higher than the average of recent years.