Audax Renovables doubles its net result, exceeding 7 million euros in the first half

The turnover figure has exceeded 400 million euros and the EBITDA has increased by more than 13% reaching 27.5 million euros

Audax Renovables (ADX.MC), the energy group that integrates the generation and marketing of gas and renewable electricity businesses, places its profit at 7.3 million euros, 54% higher than the same period of the previous year. The advantages of the vertical integration of the generation and marketing activities, as well as the Group's operations policy, continue to bear fruit, allowing the EBITDA to reach 27.5 million euros, 13% higher than the previous year.

Income from operations has decreased compared to the same period of the previous year, due to the effect caused by COVID-19. The Group considers that the impact generated by the pandemic encompasses the decrease in demand for electricity and gas (being 8% and 9% in Spain, respectively, in this period), as well as the lower price of both in the markets. We observe a similar situation in the rest of the countries where the Group operates. However, despite the drop in income derived from the very abnormal situation of the global pandemic, the Group has been able to obtain a 5% higher Gross Margin and increase EBITDA by 13%. 
In the commercial and customer acquisition field, the Group sees its commercial strategy at national level rewarded, which means that the number of customers has increased by 21%. These results continue to position the Audax Group as the leading electricity supplier in the SME segment in Spain, combined with notable growth in the natural gas business (26% higher than the previous year).
On the other hand, the development and promotion activities of generation projects nor the investment and financing strategies of the Group have not been affected in this period, following their usual course and evolution within normality.

Despite the current situation of global pandemic and uncertainty in the markets, the Group's activity does not stop. Audax Renovables' strong commitment to the growth of its renewable energy generation activity, as well as the alignment of its financial strategy with the Group's mission and environmental sustainability values, has been reflected with the first issuance of green bonds by an amount of 20 million euros, which is part of the fixed income bond program registered in the Alternative Fixed Income Market (“MARF Bond Program”) last July, for a maximum nominal amount of 400 million of euros. All of this, together with the entry into the Hungarian market and consolidation in the Portuguese market, places the Group on the right path to continue growing.

These results represent an improvement in all variables and place the energy company in an optimal position to achieve its strategic plan. By 2022, it is expected to exceed 500,000 customers, supply more than 15 TWh of energy, reach 1.5 billion euros in turnover and more than 100 million EBITDA. All this, doubling profitability, covering 2/3 of the energy supplied through PPA contracts and relaxing its financial leverage due to high cash generation. The achievement of these objectives will allow Audax Renovables to reinforce its leadership as the first independent marketer in the SME segment in Spain and replicate the success obtained in the international markets in which it is already present: Portugal, Italy, Germany, Holland, France, Poland and Panama.


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