Audax increases its sales by 83% in the third quarter, up to 1,143 million euros


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, has announced its results for the third quarter of 2021.

Between the months of July and September, the company increased its sales by 83% compared to the same period in 2020, reaching 1,143 million euros: a growth supported by the increase in its number of customers by 10% and by the rise in price of electricity in the wholesale markets of the countries in which it operates.

Audax also increased its gross margin by 5% compared to the same period of the previous year, reaching 86 million euros, and recorded an EBITDA of 31.2 million euros, 71% above that recorded between the months of January and June of this year. Despite being the toughest quarter in terms of price volatility, thanks to the management measures implemented, the company has been able to reverse the negative trend during the last three months, confident of recovering forecasts for the end of the year.

The company also faces this context with a solid cash position of 403 million euros.

For José Elías Navarro, President of Audax Renovables, “the increase in our sales by 83%, to comfortably exceed 1,140 million euros, points to the consolidation of the company in an environment of enormous volatility, in which a more Faster and more intense than expected, it has caused a rise in energy prices that has had a clear effect on our marketing activity. Although our vertical integration allows us to cushion part of this impact, we have recorded a temporary negative net result that does not distract us from the deployment of our Strategic Plan for the period 2021-2026, aimed at improving the profitability of our portfolio of clients, and the development, construction and commissioning of new facilities.”

Audax reaches 544,000 customers in Europe and doubles its installed power in Spain

From an operational point of view, the group's metrics have registered a uniformly positive performance in the third quarter of the year. In addition to the increase of 10% in its number of customers, reaching 544,000, Audax has practically doubled its installed power in Spain (+97%) and has supplied its customers with 82% more energy compared to the same period in 2020.

Specifically, between the months of January and September of this year, the company has provided 11.4 TWh to its clients, distributed mainly in Iberia, Hungary, Holland and Italy, and, to a lesser extent, in Poland and Germany.

The company continues to promote its generation portfolio
In terms of generation, the facilities operated by Audax have generated 140 GWh so far this year: a figure slightly lower than the same period of the previous year, but which highlights the increase in production in Spain by 15% per the largest wind resource and for the contribution of 14% on the peninsular production of the new photovoltaic plants commissioned.
So far this year, the group has added 1,968 MW to its portfolio in Spain, Italy and Portugal, which it plans to commission in the next 5 years.

Highlights in this year include the 15 MWp grid connection of the Cañamares and Carolinas I and II plants; the imminent entry into operation of 40 MWp of the Zarzuela I, II, II and IV projects in the province of Toledo and Alberizas I, II, III and IV, in the province of Guadalajara; and the final construction phase of 14.5 MWp of the Los Arenales, El Toconal and Calañas projects in the coming weeks.

New momentum in ESG matters 

Audax's activity also continues to be oriented in a sustainable direction, and has avoided the emission of 92.7 million tons of CO2 during the first nine months of the year.

The company's corporate responsibility also extends to its social and corporate governance dimensions, and its workforce includes, for example, 59% of women. This diversity is also reflected in its board of directors, with a third of its members being female.

Furthermore, at its last meeting, the group's Board of Directors agreed to create a specific committee on sustainability (ESG). Audax has accumulated almost a decade of commitment to its ESG dimensions, since in 2013 it joined the Spanish Network of the United Nations Global Compact for Sustainable Development, and to date it has already presented three Non-Financial Information Statements (NFIS). audited since 2019. 

Regarding its stock market size, the group closed the third quarter of the year with a capitalization of 662 million euros, and last May it was incorporated into the MSCI Global Small Cap index, which integrates listed companies with small market capitalization. from developed countries around the world.

Finally, and regarding the public debate around Royal Decree-Laws 17/2021, 21/2021 and 23/2021, which affect energy regulation in Spain, these have not had a significant impact on the financial statements of Audax . 

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in seven European countries. Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that amounts to 2,524 MW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 544,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia. Audax began trading on the Spanish secondary market in 2003, and in 2007 it 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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