The generator Audax Renovables increases its profit to 26.4 million euros in the middle of the pandemic

The turnover reached 970 million euros and the EBITDA stood at 66.4 million euros

Audax Renovables (ADX.MC), the energy group that integrates the generation and marketing of renewable electricity and gas 100% businesses, has increased its profit in fiscal year 2020, reaching a record figure of 26.4 million euros, a 4% increase compared to the previous year despite the pandemic situation in which we find ourselves. 

The advantages of vertical integration, together with the strategic shift taken by the company in 2020, have allowed it to close the 2020 financial year with a turnover of 969 million euros, placing its EBITDA at 66.4 million euros.

Regarding the recent announcement issued by the Company, in relation to the incorporation to its portfolio of a portfolio of 1,942 MWp in generation projects that are in different stages of processing, the Group has full confidence that they represent a change of dimension very relevant in its future income structure, as well as in terms of commitment to sustainability and the environment, placing the Group's total portfolio at 2,498 MW. It should be noted that despite the difficult situation, the Group has been able to begin construction work in the middle of the pandemic of 60 MW peak in the provinces of Guadalajara, Toledo and Huelva.

In relation to marketing activity, the number of clients has grown by 52% compared to the previous year, reaching 515 thousand, which allows the Audax Group to remain the first independent electricity marketer in the SME segment in Spain. This increase in the number of clients has allowed the Group to increase the energy supplied by 6% higher than the previous year, reaching 10.5 TWh. All of this despite facing an extremely complicated year derived from the impacts of COVID-19, which has caused a drop in income as a result of the decrease in raw materials and lower customer consumption. Even so, the Company still had the ability to enter the Hungarian market with the acquisition of 100% from the electricity trading company E.ON EnergiakereskedelmiKft.

In the difficult and complex situation generated by the COVID-19 pandemic, Audax has achieved the milestone of issuing the sum of 325 million euros in green bonds and convertible bonds. In the words of José Elías, president and majority shareholder, “we are proud to highlight that this situation has not had any impact on the Group's investment and financing strategies, to the point that green bonds and convertible bonds have been issued. What's more, the available cash position reaches levels never seen before, which allows us to have more financial muscle and face with greater peace of mind the investments committed in the coming years in generation projects. 

In addition to what was mentioned above, and the increase in debt issues, the Company maintains its level of debt since the DFN/Ebitda ratio is below 3x, even taking into account the issuances of green bonds and convertible bonds announced by the Group in the second half of fiscal year 2020.

Derived from this financial solidity, in the current financial year 2021 Audax once again has the intention of distributing a dividend of 10 million euros charged to the 2020 results, whenever circumstances allow, taking into account that last year to cancel the dividend distribution as a result of the unexpected situation caused by COVID-19. 

These results, taking into account the very unusual circumstances that society in general has had to face, and that are still being faced, represent an improvement in all variables and place the energy company in an optimal position to continue with its Strategic plan.


About Audax Renewables 
The Group is the result of the merger by absorption between Audax Renovables, SA and its parent company, Audax Energía, SA, giving rise to an energy group whose activities focus on the production of renewable energy 100%, as well as the supply of electricity 100% renewable and gas.
Founded in the year 2000, in 2003 Audax Renovables began to be listed on the secondary market of the Barcelona Stock Exchange and in 2007 it was listed on the SIBE of the Madrid Stock Exchange. Currently, it is listed on the Spanish Continuous Market under the name (ticker) ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.

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 renewable generation activity, with a solid financial position, and prepared to lead the energy transition in the European market.
The Group manages a portfolio of generation projects in operation of 91 MW in wind farms in Spain, France and Poland. Additionally, it has 66 MW of wind power under construction in Panama. Likewise, it has a portfolio of photovoltaic projects under construction of 59 MWp and has a photovoltaic portfolio of 2,282 MWp in different phases of development located in Spain, Portugal and Italy. 

Audax Renovables, in its activity of marketing renewable 100% electricity and gas, is present in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, adding more than 515 thousand customers and 10.5 TWh supplied in 2020.

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