Audax Renovables closes the Third Quarter with a Net Income of 10.3 million euros

Revenue from operations has exceeded 626 million euros and EBITDA in adjusted terms has stood at 43.2 million euros

Audax Renovables (ADX.MC), the energy group that integrates the generation and marketing of renewable electricity and gas 100% businesses, has closed the results for the third quarter of 2020, framed in the exceptional circumstances derived from COVID-19, obtaining a Net result of 10.3 million euros. 

In adjusted terms, the Audax Group has been able to maintain, and even slightly increase, EBITDA compared to the same period of the previous year. These results have been obtained, in adjusted terms, under a global pandemic situation, which has caused a significant decrease in the price of energy and consumption of both electricity and gas. Under these exceptional circumstances, the Group has managed to exceed 626 million euros in revenue, placing the EDITDA above 43 million euros, which represents an increase of 3% compared to the same period of the previous year.

Thanks to the advantages of the vertical integration of generation and marketing activities, as well as the Group's operations policy, Audax has managed to continue with its established roadmap. In the field of generation, the construction of different photovoltaic plants totaling 40MW has begun, located in Guadalajara and Toledo. On the other hand, in the field of marketing, the internationalization strategy of recent years has been maintained, incorporating at the end of September the Hungarian company E.ON Energiakereskedelmi Kft., the main marketing company in the Hungarian market, with an approximate market share of 25% in SMEs, large industrial and municipal clients. It should also be noted that the operator acquired by Audax Renovables has more than 82,000 supply points in Hungary. This has allowed, at the end of the third quarter of 2020, the Audax Group to exceed 492,000 active supply points in Europe, 51% more than in the same period of 2019. In any case, the new commercial policies implemented by the Group continue bearing fruit and without taking into account the entry of the Hungarian subsidiary, the customer portfolio at the end of the third quarter of the year has increased by 26%.

It should be noted that the Audax Group acted early and quickly in the face of the new situation caused by COVID-19 and prudently recorded a provision at the end of the first half of the year for an amount of 4.8 million euros to face possible consequences derived from of the pandemic. At the end of the third quarter of the year, the Group has decided to adjust said provision up to 3.2 million euros, in an exercise of adjustment to the real effects, and for this reason, the need to make new provisions in the future is not foreseen. cause to this concept. 

Internally, the company developed and implemented a series of measures to protect its employees, customers and suppliers and thus ensure the safety, health and conciliation of the team. Thus, Audax Renovables has carried out all hygienic, sanitary and distancing measures to guarantee the safety of everyone and has promoted teleworking among its employees, facilitating family conciliation and guaranteeing the highest quality of service, maintaining at all times total Group operation.

Regarding customers, during the period the supply of gas and electricity at cost price to hotels and hospitalized residences was established, as well as the possibility of deferring payment of bills for self-employed workers and SMEs. In addition, the suspensions of electricity and natural gas supplies were paralyzed, thus ensuring the supply of electricity and gas to all homes.

With this firm positioning, Audax Renovables has already managed to achieve today most of the objectives presented in May 2019 at the Capital Market Day, and which were scheduled to be achieved at the end of 2022. Therefore, the Group is currently working on a redefinition of the objectives to align them with the new dimension and the current market situation.

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