Audax earns 7.8 million euros in 2022

The Group increases revenue by 56% reaching 2,633 million euros, with an EBITDA of 54 million euros, 16% higher than last year.

Audax manages to reverse the situation of losses from the previous year with a profit of 7.8 million euros.

FEBRUARY 27, 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in 7 European countries, earns 7.8 million euros in fiscal year 2022. The Group has increased its income by 56%, reaching total sales of 2,633 million euros.  

Thanks to vertical integration, the company has been able to successfully manage the high volatility of the global energy markets, especially marked by the conflict in Eastern Europe and the increase in the price of raw materials. 

The business optimization measures implemented during the year, its market diversification policy and the increase of 9% of new installed capacity (reaching 245 MW) have resulted in an increase in its gross margin of 17%, up to 144 million, and 16% of its EBITDA (54 million euros). The result reaches 7.8 million euros compared to losses of 3.3 million noted a year earlier.  

Audax has increased the weight of generation in its contribution to EBITDA, going from 27% in 2021 to 42% in 2022, the fruits of its commitment to a vertically integrated business being committed to the generation of 100% renewable energy being notorious. The EBITDA in generation has increased substantially in relation to the end of 2021, due to the greater installed capacity and higher sales price. 

It should be noted that said generation EBITDA is given by an active portfolio valued at the end of 2022 by an independent expert at 129 million euros, leaving 130 million euros of assets in development portfolio that still do not generate EBITDA for not having reached to the operation phase, which shows the great potential of the Group's generation activity.

Regarding the gross financial debt, the company managed to reduce its level of indebtedness by 130 million euros, placing it at 642 million and thus consolidating a solid financial position that will allow it to advance in its project development roadmap and face short-term maturities. As a result of the liquidity management and capital discipline policies, the company managed to generate 152 million euros of operating cash flow, of which it allocated a total of 45 million to new investments and 146 million to reduce debt. 

Using a pro forma exercise, if the Market Access operation with Shell Energy Europe Limited in Spain had had an impact on the entire financial year 2022, Audax would have generated approximately an additional 50 million euros of cash flow.

Diversification of the client portfolio and increase in profitability
Audax continues advancing in its policy of organic and inorganic growth, which has allowed it to increase its supply points by 14% over the last four years to currently 387,000, having supplied a total of 13 TWh of energy. During the last year, due to the evolution of the markets and the risks resulting from volatility, the company has focused its efforts on strengthening profitability, implementing measures aimed at diversifying its portfolio and mitigating risk in all the countries where it operates. In this sense, the company has reduced its supply points by 25% and the volume of energy supplied by 15% compared to the previous year, which has directly translated into a positive evolution of both its gross margin and EBITDA. Currently, electricity supply points account for 80% of the total and gas supply points for the remaining 20%. 

Those countries where vertical integration is more established (mainly southern Europe) are the ones that have performed best this year. By country, Hungary is the country with the greatest weight in electricity, accounting for 45% of the total energy supplied by the group, and for the Gas business, the Netherlands leads with 52% of the total. Iberia, for its part, accounts for practically a third of the total, in both commodities.

The main focus of the company continues to be the industrial client, which represents 93% of its total portfolio. The domestic client during the financial year 2022 has reduced its weight from 11% to 7% due to the efforts in the historical target segment of the company, the SMEs. 

Favorable progress in the generation portfolio
Globally, Audax's production during 2022 stood at 258 GWh (without taking Panama into account), which translates into an increase of 29% compared to the previous year. Production in the Spanish market has increased significantly (70%) as a result of the contribution of the new photovoltaic plants, which have added 90 GWh to production. 

Regarding the evolution of the project portfolio, and as a result of meeting the milestones of RDL 23/2020 in Spain, the Audax Group portfolio stands at 1.4 GW as of the date of this report. Audax continues advancing in its planned development and construction operations, initiating works on 26 MW and putting 19 photovoltaic MW into operation. 

The Group has projects in a very advanced stage of processing for 141 MWp with a favorable Environmental Impact Declaration (DIA) and 323 MWp in a state very close to Ready to Build, totaling between both concepts 464 MWp, in addition to the 26 MWp under construction and 245 MW currently in operation.

ESG progress
During 2022, the company has strengthened its strategic direction and sustainability management with the aim of continuing to advance in ESG matters. The Board of Directors approved the new sustainability strategy this year and incorporated a new person responsible for its development and execution into the company.

The road map of this new strategy is articulated around the three pillars of Environment, Society and Corporate Governance for which actions and initiatives that improve performance have been defined and are being worked on. 

For José Elías, president of Audax Renovables, “we have once again been able to face a year in which the market has put us to the test with solvency and success. Our firm strategy for the generation of renewable energy and the optimization of the client portfolio, together with the achievement of important strategic agreements with first-rate partners, will allow us to further boost Audax's competitiveness”. 

About Audax Renewables

Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates 100 % energy from renewable sources and supplies electricity and gas to customers in 7 European countries.

Currently, it has a portfolio of wind and photovoltaic farms in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different stages of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro supplies renewable energy and gas to more than 380,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Iberia. Audax began trading on the Spanish secondary market in 2003, and in 2007 made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 600 million euros, and has a team of more than 800 professionals.

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