Audax Renovables doubles its in the 1st Quarter

Audax Renovables (ADX.MC) jointly manages the marketing and generation of 100% renewable electricity businesses, optimizing the vertical integration carried out. The group has closed the first quarter of 2019 with notable increases in both the EBITDA figure and the billing compared to the same period of the previous year.

In relation to the net result, the 1.6 million euros support, among others, the amortization of intangible assets associated with the acquisitions in 2018 of Unieléctrica in Spain and of Main Energie in 2017 in the Netherlands for a total amount of 3.3 million of euros.

The incorporation of the Córdoba trading company Unieléctrica to the consolidated group in April 2018 is reflected in the evolution of the income statement between both years, as it was not consolidated in the first quarter of 2018.

In relation to the marketing division, the positive evolution of the company both in Spain, especially supported by the incorporation of Unieléctrica, and in the rest of Europe, mainly driven by the growth of Poland and Germany, have contributed to the income of exploitation have increased by 54.6%.

At the end of the first quarter of 2019, Audax has 308,300 active supply points, 42.5% more than in the same period of 2018. Electricity supplies account for 79.3% of the total, while gas supplies represent the 20.7% of the group's total.

Regarding the generation division, revenues have increased mainly attributable to a higher wind resource realized, with a 10% increase in global production, and a higher average market price compared to the same period of the previous year, especially Spain and Poland .

The good results, financial solvency and future prospects have allowed the Axesor rating agency to grant Audax Renovables the Investment Grade rating (BBB- with stable outlook).

At market close yesterday, the Audax Renovables share was quoted at €2.10/share and has appreciated 50% during the period.