Audax Renovables pulverizes its results: In the first nine months of 2019 it already earns more than in all of 2018
The accumulated EBITDA as of September 2019 reaches 58.2 million euros, 71.5% more than in the same period of 2018 and already exceeds the 53 million euros achieved in all of 2018.
Audax Renovables (ADX.MC), the energy group that integrates the marketing and generation of renewable 100% electricity businesses, has pulverized its results. The optimization derived from the vertical integration of both activities has allowed it to close the first nine months of fiscal year 2019 with a turnover of 783 million euros, which represents an increase of 10.1% compared to the same period of the previous year. The Group has achieved a profit of 18.5 million euros and has increased its EBITDA by 71.5%, reaching 58.2 million euros.
The energy company has improved the data in all its variables. The good performance of the marketing division, both in the national market and in the rest of the European countries in which it operates, has allowed it to increase the gross margin by 26%. For its part, the generation division has increased its EBITDA by 27%, mainly due to a greater wind resource and a higher price of Green Certificates in Poland, which has been 54% higher compared to the same period of the previous year.
As announced at the Capital Markets Day, Audax Renovables continues with its strategy of asset rotation and debt reduction and has managed to reduce its financial debt by 25%, which places the DFN/EBITDA ratio at 3.34 times .
Likewise, last October a TAP was carried out on its bond maturing in October 2023 for 35 million euros up to the current 70 million euros, with the aim of restructuring the term of its debt and, in this way, protecting its balance sheet. looking to the future.
During the first nine months of 2019, Audax Renovables has formalized various PPA agreements (Power Purchase Agreements) for the long-term purchase of the energy generated by different photovoltaic installations. At the beginning of this year, Audax Renovables signed a framework power purchase agreement (PPA) with WElink for 20 years at a fixed price by which Audax Renovables will acquire the energy produced by the Solara4 photovoltaic plants and by other new photovoltaic projects that They will be developed by WElink Group in both Spain and Portugal, with plans to reach a total of 708 MW of installed power. In addition, the Group signed a contract with Trina Solar, a global leader in photovoltaic energy, for the purchase of generated energy of up to 300 MW for 20 years. These contracts will contribute to improving Audax Renovables' energy purchase price and consolidating the Group's leadership position, which is currently the fourth largest supplier in the SME segment nationwide.
Financial solvency, good results and future forecasts allowed the rating agency AXESOR to renew the Investment Grade BBB- rating with a stable outlook for Audax Renovables SA last April.
At the end of the third quarter of 2019, Audax Renovables has more than 326,000 customers, 6.8% more than the same period in 2018. Of these, 79.7% correspond to electricity supplies and 20.3% to gas supplies . The company works with the intention of reaching more than 500,000 customers in 2022, supplying more than 15 TWh of energy, reaching 1.5 billion euros in revenue and exceeding 100 million euros in EBITDA. All this, doubling its profitability and relaxing financial leverage due to high cash generation.
The achievement of these objectives will allow Audax Renovables to reinforce its leadership as the first independent marketer in the SME segment in Spain and replicate the success obtained in the international markets in which it operates: Portugal, Italy, Germany, Holland, France, Poland and Panama .
Finally, it should be mentioned that the Audax Renovables share price in the first nine months of 2019 has appreciated by 12.79%, maintaining very high average daily trading volumes.
About Audax Renewables
Audax Renovables is the result of the merger between Audax Renovables itself and its parent company, Audax Energía, giving rise to an energy group whose activities focus on the supply of electricity and gas, as well as the production of renewable 100% energy.
We are the leading energy Group in the SME segment in Spain, guaranteeing an efficient supply of marketed energy through a process of vertical integration with the renewable generation segment, with a solid financial position, and prepared to lead the energy transition in the European market.
The Group operates in two differentiated business activities: marketing and generation. In its electricity and gas marketing division, it is present in Spain, Portugal, Italy, Germany, Poland and Holland. On the other hand, the generation division manages a total operating portfolio of 127 MW in Spain, France and Poland in wind farms. In addition, it has a 66 MW project under construction in Panama and has acquired 320 MW photovoltaic plants under development in Spain.
