Audax increases its revenue by 78% during the third quarter, up to 2,033 million euros
The company increases its gross margin by 20% (103 million euros) and its EBITDA by 16% (36 million euros).
The net financial debt has been reduced by 63 million euros since the end of the first quarter of this year, assuming a reduction of 12%, showing the firm commitment of the Group to gradually reduce the debt.
NOVEMBER 2022.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in 7 European countries, has announced an increase in its revenues of 78% corresponding to the third quarter of the year, until reaching 2,033 million euros.
The vertical integration strategy between the generation and commercialization activities, which mitigates the risk of volatility, together with the increase of 40% in the volume of energy generated compared to the same period of the previous year and the increase in the prices of raw materials, has enabled the company to ensure recurring and stable income, as well as a supply of energy to market with less impact on market behavior.
The various portfolio optimization measures implemented by the company, the positive effect of investments in renewable generation and the 55% increase in installed capacity (226 MW) have in turn translated into a 20% increase in its gross margin (103 million euros) and 16% in its EBITDA (36 million euros). Likewise, excluding the effects, which will not be repeated in the future, of the decision announced at the beginning of the year to stop operating in the gas market in Poland due to the change in regulations that obliges customers to establish maximum sales prices below of the previously established target price, the group's total EBITDA reaches 40.3 million euros. For its part, the net result for the year returns to a positive path, reaching 2.3 million euros, compared to losses of 4.2 million in the same period of the previous year.
The group's financial debt stands at 708 million euros, which represents a reduction of 64 million euros from December 2021, placing the Group's leverage at 75.4%. It should be noted that the company's financial debt is mainly at a fixed interest rate, so the Company is not significantly affected by changes in market interest rates.
The business sector already represents 93% of customers
Thanks to the organic and inorganic growth policy maintained since its inception, Audax has increased its supply points by 21% in the last four years, until it counted at the end of the third quarter of 2022 with 396,000 among the main countries in which it operates. (Spain, Italy, the Netherlands, Hungary, Portugal, Poland and Germany). In the third quarter of 2022, the company has continued to develop the measures aimed at maximizing profitability and minimizing risk in all countries that began at the beginning of last year, which has led to a reduction of 27% in the number of points of supply compared to the same quarter of 2021. A decision that has had a direct impact on the positive evolution of the gross margin and EBITDA.
As a whole, the energy supplied by Audax to its customers in the third quarter of the year was 9.8 TWh. The production of renewable energy generation in this same period has stood at 197 GWh (without taking Panama into account), which is 40% more in relation to the same period of the previous year. Production in Spain stands out, with an increase of a higher 84% thanks to the contribution of 73 GWh from the new photovoltaic plants commissioned in recent months.
By type of customer, Audax continues to focus on the business sector, which represents, at the end of this quarter, 93% of the total energy distribution of its portfolio. In this sense, the industrial sector represents a 60% and the SMEs a 33%. The domestic client, non-target segment of the group, has reduced its weight from 11% to 7% at the end of this quarter, in line with the defined strategy.
In relation to its portfolio of projects, which add up to a total portfolio of 2,536 MW, the Group has continued with its operations in the development and construction phases. Since 2020, the Group has invested a total of 176 million euros in generation assets, thus continuing its commitment to generation with its own plants. The construction of the Zaratán (1&2) plants in Cigüñuela (Valladolid) and La Miranda (Guadalajara) continue according to schedule and their start-up is expected during the first quarter of 2023.
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About Audax Renewables
Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in seven 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, amounting to 2,536 MW. In its marketing activity, the group chaired by José Elías Navarro supplies renewable energy and gas to more than 396,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Spain. Audax began to be listed 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. In the first 9 months of 2022, its turnover reached 2,033 million euros, and has a team of more than 800 professionals.
For more information, visit www.audaxrenovables.com.