Audax Renovables ratifies its Investment Grade (BBB-) rating granted by Axesor

The company maintains the credit rating of BBB- with a stable trend, despite the difficult situation that we continue to experience derived from COVID-19

Audax Renovables (ADX.MC), the energy group that integrates the generation and marketing of renewable 100% electricity and gas, maintains its Investment Grade rating (BBB-). Axesor has favorably assessed the Group's strategic turn, understanding that it has appropriate business bases and financial foundations to position itself as a leading player in the renewable energy sector. However, it is considered that this potential improvement will materialize in the medium and long term, which is why the rating trend is understood to be stable.

Additionally, this ratification of the rating has been based on an analysis of the main financial magnitudes and an evaluation of the business data of Audax Renovables, highlighting its positioning in the energy market, where it is ranked 9th company in the free market and first independent in the SME segment in Spain. To this we must add the positive effects derived from geographical diversification, with a wide degree of internationalization, which limits the risk of business concentration, being present in the marketing and/or generation businesses in Spain, Portugal, France, Italy, Germany, Holland, Poland and Hungary.

Axesor has also assessed that Audax Renovables maintains an ownership structure committed to the business, as well as extensive experience in the market and adequate financial capacity. Despite the slight reduction in turnover in fiscal year 2020, caused by the current pandemic situation, the flexible cost structure and the optimized profitability generated by the group derived from its rate mix, continue to support margins that are are above the sector average, resulting in positive operating returns.

From a point of view of the Group's financing structure, the advisor has highlighted that, although in 2020 the company has increased its debt through the different debt issues undertaken during said year, aimed at financing its ambitious plan of growth in the generation market, Audax Renovables has adequate capacity to meet its financial commitments. All of this, accompanied by a comfortable liquidity position that the Group has, is based on one of the main competitive strengths and places it in a comfortable position to meet its future debt requirements and to undertake a Business Plan that will require significant investments.

The Audax Group, which defines itself as a comprehensive energy company with 100% renewable generation, continues working and preparing a new strategic plan that it hopes to be able to announce shortly to the market, in order to become, even more so, a reference value for investors. 

About Audax Renewables 
The Group is the result of the merger by absorption between Audax Renovables, SA and its parent company, Audax Energía, SA, giving rise to an energy group whose activities focus on the production of renewable energy 100%, as well as the supply of electricity 100% renewable and gas.
Founded in the year 2000, in 2003 Audax Renovables began to be listed on the secondary market of the Barcelona Stock Exchange and in 2007 it was listed on the SIBE of the Madrid Stock Exchange. Currently, it is listed on the Spanish Continuous Market under the name (ticker) ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.

We are the leading energy group in the SME segment in Spain, guaranteeing an efficient supply of marketed energy through a process of vertical integration with renewable generation activity, with a solid financial position, and prepared to lead the energy transition in the European market.
The Group manages a portfolio of generation projects in operation of 91 MW in wind farms in Spain, France and Poland, and 15 MWp photovoltaic in Spain. Additionally, it has 66 MW of wind power under construction in Panama. Likewise, it has a portfolio of photovoltaic projects under construction of 44 MWp and has a photovoltaic portfolio of 2,282 MWp in different phases of development located in Spain, Portugal and Italy. 

Audax Renovables, in its activity of marketing renewable 100% electricity and gas, is present in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, adding more than 515 thousand customers and 10.5 TWh supplied in 2020.

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