AUDAX ENERGÍA REVALIDATES THE BBB- RATING

The credit rating agency Axesor has confirmed the BBB- rating with a stable tendency for Audax, a rating it granted in 2016 and which it has just ratified after considering the evolution of the company, its commercial strength in the SME segment and the position achieved after the recent integration with the Córdoba trading company Unieléctrica that has allowed it to position itself as the seventh trading company nationwide. Likewise, it has been recognized that the 2016 acquisition of Fersa, now called Audax Renovables, has reinforced the company's competitive positioning through the synergies and advantages derived from the vertical integration of marketing and electricity generation.

At a financial level, the company presents high levels of profitability favored by improved margins and a correct solvency situation, thanks to its moderate level of debt and its positive ability to meet financial obligations. These moderate levels of debt are reflected in the value of the net financial debt EBITDA ratio, which was 2.24x in 2017. This is especially relevant considering that the company has made significant investments and acquisitions in the last year. Likewise, Audax maintains a comfortable liquidity situation supported mainly by a large treasury position and positive financial flexibility.

The internationalization strategy has been another of the key points in confirming the rating. The internationalization process began in 2013 with the opening of the Portuguese subsidiary and in just 5 years Audax Energía has managed to be present in 6 European countries, Spain, Portugal, Italy, Germany, Poland and Holland, occupying a prominent position in all of them. and presenting high growth ratios.

The company has an organized management structure, proven operational procedures and a reporting system that allows it to differentiate itself from its competition and operate in the energy market with high levels of quality.

Audax Energía values Axesor's maintenance of the rating very positively, confirming the company's solvency and credit quality in order to face its next projects.