Audax Renovables increases its EBITDA by 53%
Audax Renovables, formerly Fersa Energías Renovables, the renewable energy generation subsidiary of the Audax Group, closed 2017 with a profit of 7.4 million euros, compared to losses of 31.6 million euros the previous year. This result confirms that with the takeover of Audax Energía in August 2016, the company has begun an integration process that is being positively consolidated.
At the end of the 2017 financial year, the net amount of the turnover has increased by 22%, reaching 36.8 million euros. The EBITDA generated amounts to 25.1 million euros, which represents an increase of 53% compared to the previous year.
The main events that have contributed to the improvement of the results obtained in the 2017 financial year have been:
- The continuous commitment to optimization and improvement in the performance of the plants and the greater wind resource has meant, in relation to the previous year, greater production and billing of 17% and 22% respectively.
- The highest energy sale price in the Spanish market (pool) has been 37% higher, on average, than the same period of the previous year.
- Additionally, the notable decrease in operating expenses by 18%, as a result of the policy of cost reduction and cost optimization, as well as financial expenses, having been reduced by 14% compared to 2016.
Of the energy produced by Audax Renovables in 2017, 75% of it was generated in Spain, while France contributed 7% and Poland 18% of the total. The production of the parks in this period has reached 456.5 GWh compared to 389.4 GWh in 2016.
The net financial debt at the end of the period stood at 113 million euros, which represents a reduction of 18.3 million euros and corresponds almost entirely to the financing of the plants in project finance mode.
In January 2018, the corporate debt was restructured by signing a new financing contract for an amount of 3.4 million euros, maturing on July 31, 2020.
The improvement in competitiveness that Audax Energía had proposed after the takeover is bearing fruit, thus strengthening the future plans of the renewable generation subsidiary of the Audax energy group.
