Audax Renovables records its best first quarter in history, achieving a net result of 17 million euros

Audax Renovables records its best first quarter in history, achieving a net result of 17 million euros

● The gross margin and EBITDA stand at 61 million euros (+19%) and 31 million euros (+37%) respectively, confirming the positive impact of the strategic decisions carried out in previous years.

● The growth of the international business, the vertical integration strategy and the optimization of the portfolio have been the keys to growth in this period. The total energy supplied amounts to 4.6 TWh (+19%), and the installed power rises to 267 MW (+9%).

● Net financial debt is reduced by 32% compared to the same quarter of the previous year, standing at €249 M.

 

 

 

MAY 15, 2024.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in 7 European countries, has closed its best first quarter in history with spectacular results, which place the gross margin at 61 million (19% higher than the same period of the previous year), the EBITDA at 31 million euros (37% higher) and the net result at 17 million euros (7 times higher).


More customers, more energy supplied and greater installed power establish a historic quarter for Audax

Continuing with the company's growth strategy started at the beginning of 2023, the Group has increased the portfolio of supply points to 393 thousand, an increase of 8% compared to the end of the previous year.

The Group places its energy portfolio at 15.2 TWh, 15% more than the same period of the previous year as a result of the good performance of the Dutch subsidiary, the overall increase of 26% in the gas portfolio and an increase of 11% in the electricity portfolio.

In general terms, the Group's three main geographies (Iberia, the Netherlands and Hungary) have improved their performance compared to the same period of the previous year, being the drivers of the improvement in gross margin, EBITDA and net profit.

 

Contribution to renewable 100% generation

Currently, the Group has renewable generation projects located in Spain, France, Poland, Italy, Portugal and Panama.

Audax continues to operate its wind portfolio and manage the development of its photovoltaic portfolio located in Spain, Italy and Portugal, strategic markets of the Group in which the marketing activity is also located.

The portfolio has projects in a very advanced stage of processing, of which 456 MWp are in a state very close to Ready to Build, in addition to the 62 MWp that are in the construction phase and another 267 MW in operation.

In December 2023, Audax signed a financing contract led through the European Investment Bank (EIB), for an amount of 66 million euros without recourse to the parent company, which will allow the launch of a solar portfolio with a power total of 141MWp. At the end of the first quarter of 2024, 20 million euros have been drawn down, which allows the Group to recover the cash destined in 2022 and 2023 for the construction of the photovoltaic plants.

 

New milestone in debt reduction, placing it at 249 million euros

As a result of the liquidity management policies and the Group's cash generation capacity, the net financial debt is reduced to 249 million euros compared to 367 million in the first quarter of the previous year, which represents a reduction of 118 million euros. (32%), and compared to the 262 million euros at the end of 2023, 5% less.

In this sense, the credit agency EthiFinance has recently affirmed the rating of Audax Renovables, SA at “BBB-”, maintaining the Investment Grade category and improving the trend from Under Observation to Stable compared to the previous year.

 

Compliance with the sustainability plan

The Group maintains its firm commitment to sustainability, integrating ESG aspects into the corporate strategy as a fundamental basis for business growth and value generation. In this way, Audax contributes to social well-being and environmental protection.

As an example of this commitment, Audax is currently implementing a Strategic Sustainability Plan 2023-2025, which defines the roadmap to achieve the company's ESG objectives and comply with transparency and information obligations with our main stakeholders. interest.

As a result of this effort, Audax Renovables is currently in the TOP 10 of independent energy producers and marketers and has been classified as a low ESG risk company, according to Morningstar Sustainalytics, improving performance in this area.

 

About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that reaches 1.0 GW. In its marketing activity, the group chaired by José Elías Navarro provides electricity and gas to more than 393 thousand customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 850 million euros, and has a team of approximately 800 professionals.

ADX Energía will supply renewable 100% electricity to the Insular Institute of Social and Socio-Sanitary Care of Tenerife

ADX Energía will supply renewable 100% electricity to the Insular Institute of Social and Socio-Sanitary Care of Tenerife for two years

  • The planned annual consumption for the 21 IASS centers included in the contract amounts to 5.7 million kWh.

 

 

ADX ENERGÍA has won the public tender called by the Insular Institute of Social and Socio-Sanitary Care of Tenerife (IASS) for the supply of electricity for 2 years to all its low voltage powered points. The planned annual consumption for the 21 IASS centers included in the contract amounts to 5.7 million kWh.

ADX energy, a marketer of Grupo Audax Renovables, will supply electricity to the IASS headquarters and 20 other supply points belonging to the different service centers of this entity throughout the island. These are centers dedicated to daytime and residential care for the elderly, people with functional diversity, child and family care, or also centers for women victims of gender violence.

The contract has been awarded in the form of a price indexed to the OMIE market with the possibility of baseband coverage (baseload) on a quarterly or annual basis. This modality allows the administration to adjust the cost of electrical energy to the market price without extra costs, and in turn allows it to obtain personalized coverage strategies in the future to be able to optimize said contract to the maximum. The state contracting platform includes a base bidding budget of €1,756,453.10 per year plus taxes for this contract.

Marc Blasi, Country Manager of Audax Renovables in Spain, points out: “Through Audax Renovables, with the signing of this contract, the IASS of Tenerife continues to reinforce its commitment to the environment and renewable energies. This new award demonstrates, on the one hand, the great competitiveness that the Audax Renovables group offers in structured products and, on the other hand, that more and more private and public consumers have made the decision to take control over their energy costs, anticipating the delivery periods and defining risk dilution strategies.”

 

About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 550 million euros, and has a team of almost 800 professionals.

Audax Renovables is awarded the contract to supply 41.9 million kWh of electricity from 100% renewable sources to the Malaga City Council

Audax Renovables is awarded the contract for
supply 41.9 GWh of electricity 100% origin
renewable to the Malaga City Council

  • Audax has been awarded the electricity supply to the Malaga City Council and four of its entities.

 

 

April 24, 2024. The listed Audax Renovables, one of the main operators in the national energy sector, has been awarded the electricity supply for the Malaga City Council and four of its entities.

Audax Renovables has presented the most competitive proposal, surpassing operators such as Endesa, Gas Natural or Iberdrola that also participated in the competition, for the supply of more than 1,600 low voltage points for the Malaga City Council, the Municipal Housing Institute, the Municipal Institute of Training and Employment, the Municipal Water Company of Málaga and the Pablo Picasso Birthplace, raising the value of the contract to more than 7 million euros (VAT not included).

Through this agreement, Malaga City Council guarantees the supply of energy from renewable 100% sources, 41.9 GWh/year, thus reinforcing its commitment to the environment and to renewable and sustainable energies.

The contract has been awarded in the form of a price indexed to the OMIE market, which will allow the administration to adjust the cost of electricity to the wholesale market price, avoiding additional costs associated with market premiums.

Marc Blasi, Country Manager of Audax Renovables in Spain, points out: “This award reaffirms our commitment to bringing the best energy solutions to the public sector, in the same way that we are already doing with the private sector, where we are implementing energy solutions supported by the best management tools. Our objective is to consolidate ourselves as an energy-tech company with customer satisfaction as the main objective.”

 

About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Its market capitalization exceeds 550 million euros, and has a team of almost 800 professionals.

Audax Renovables will supply electricity to the Castellón Provincial Council and 111 affiliated entities

Audax Renovables will supply electricity to the Castellón Provincial Council and 111 affiliated entities

  • Audax has been awarded 87% of the annual consumption foreseen in the provincial framework contract.

 

 

 

APRIL 3, 2024. Audax Renovables has been awarded 87% of the electricity supply provided for in the framework agreement tendered by the Provincial Council of Castellón to supply electricity to this entity and to other 111 municipalities in the province and affiliated entities. The contract signed by Audax with this entity has determined an awarded volume of 56 GWh/year with a planned value of €12.5M plus the corresponding VAT.

The framework agreement is divided into 3 different lots according to the characteristics of each supply and Audax Renovables has been awarded practically the entire contract, so it will supply electricity of renewable 100% origin to 2,786 supply points of the Diputación de Castellón and 111 participating entities. The contract will have an initial duration until December 31, 2025 and contemplates up to three annual extensions.

The Provincial Council published this contract on the contracting portal in November of last year as part of the Resol Provincial Council Plan which, among other efficiency and energy saving actions, contemplates centralized energy contracting to facilitate access to the Castellón municipalities adhering to the framework agreement. to electricity rates indexed to the wholesale market.

This public award is the third announced by Audax Renovables this year since the company has recently reported two other important public contracts with the Granada City Council and the Alicante Port Authority.

Marc Blasi, Country Manager of Audax Renovables in Spain, points out: “We offer a high-quality energy service to public administrations. Our offer has been the best valued considering not only the price, but also other aspects such as the capacity of the service and the speed of response. This new award is further proof of our determination to offer public administrations energy products with the same competitive standards as the private sector.”

 

About Audax Renewables

Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 550 million euros, and has a team of almost 800 professionals.

ADX Energía has been awarded the supply of electrical energy for the Granada City Council

ADX Energía has been awarded the supply of electrical energy for the Granada City Council

  • Over the next 12 months, ADX Energía will supply 7.5 million kWh of electricity to 476 municipal supply points.

 

 

 

MARCH 18, 2023.– ADX ENERGÍA, a marketer of Grupo Audax Renovables, has been awarded the supply of electrical energy for 476 connection points to the Granada City Council network in the next 12 months. The total planned supply is 7.5 million kWh of electricity.

The 476 points indicated make up Lot 1 of the three tendered in the contract and correspond to municipal offices, public schools, public lighting, traffic lights, sports facilities, ecological islands, urban facilities and fountains of the city of Granada. ADX Energía presented the most competitive offer for this lot, beating the main operators ENDESA and TOTAL Energies who were the winners of the remaining lots.

The 40% of the electricity supply will be supplied in renewable 100% mode and at a rate indexed to the OMIE market. This contract, already operational since February 15, allows the Granada City Council to adjust the cost of electricity to the wholesale market price, without extra costs or unnecessary premiums.

Marc Blasi, Country Manager of Audax Renovables in Spain, stated; “The awarding of this contract, in which ADX Energía obtained the highest score, demonstrates that we are capable of offering truly efficient solutions for public administrations. “We make a great effort to offer all our clients, both in the public and private sectors, specialized professional advice and very competitive prices, so the award of this supply is further proof of our capacity in terms of energy savings.”

“We know that the Granada City Council is making a significant effort to reduce its energy consumption with the execution of projects to improve the energy envelope of its buildings, the installation of LEDs, photovoltaic panels, etc. and we are proud to be able to join their efforts to make Granada a more sustainable city,” continues Blasi.

 

About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 550 million euros, and has a team of almost 800 professionals.

Audax Renovables is awarded the contract to supply 4.5 GWh/year of electricity from renewable 100% sources to the Port Authority of Alicante

Audax Renovables is awarded the contract to supply 4.5 GWh/year of electricity from renewable 100% sources to the Port Authority of Alicante

  • The agreement could exceed one million euros for the supply of electricity to 21 points.

 

FEBRUARY 26, 2023.– Audax Renovables, an independent energy group that vertically integrates the 100% energy generation businesses of renewable origin and the marketing of electricity and gas to clients in 7 countries, has won the public tender called by the Port Authority of Alicante to supply electricity to 21 high and low voltage supply points.

Audax Renovables has presented the best supply proposal, offering the Port Authority a solution that allows it to adjust the cost of electrical energy to the market price, without extra costs or safety margins.

For its part, Audax Renovales is consolidating itself as a qualified supplier within the Public Administration sector, supplying, on this occasion, 4,500,000kWh/year, for an approximate amount of 1 million euros.

The Port Authority of Alicante, with this contract, reinforces, through Audax Renovables, its commitment to the environment and to renewable and sustainable energies.


About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020.

Currently, its market capitalization exceeds 550 million euros, and it has a team of almost 800 professionals.

Audax achieves its best historical result with an increase in its EBITDA of 78%, exceeding 96 million euros

Audax achieves its best historical result with an increase in its EBITDA of 78%, exceeding 96 million euros

  • The Group increased its gross margin by 64% during its last financial year, to 236 million euros and placed net profit at 31 million euros (+304%).

 

  • The vertical integration and portfolio optimization strategy has allowed Audax to increase the total energy supplied during 2023 by 5%, to 13.8TWh, and in turn increase its production by 8% (279 GWh) in its generation facilities.

 

  • Net financial debt stands at 262 million euros, compared to 368 million euros as of December 2022, which represents a reduction of 106 million euros (29% less).

 

 

28 February 2024.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in 7 European countries, has announced its best historical result with a 78% increase in its EBITDA, up to 96 million euros during the financial year 2023. 

The company has consolidated an EBITDA volume with a stable long-term forecast, thanks to the vertical integration between generation and marketing activities. The gross margin stands at 236 million, 64% higher than the previous year, while income is reduced by only 13% despite the general drop in the price of electricity and gas, from 53% and 65% respectively. Likewise, its net result exceeds 31 million euros, compared to 7.8 million in 2022 (+304%).

During the last quarter of the year and in an exercise of prudence, the group has increased the level of coverage of the provision of its client portfolio, strengthening the quality of the balance sheet. This action has meant a lower EBITDA of 12 million euros, which would have placed the annual figure at 108 million euros.

The Group's results are the result of persevering application of a strategy of margin optimization and risk reduction.

The portfolio optimization strategy and Audax's continued focus on the business segment has allowed the Group to increase the total energy supplied during 2023 by 5%, to 13.8TWh despite a 6% reduction in the number of supply points. supply, demonstrating an increase in the energy supplied per supply point. The unit EBITDA for energy supplied stands at €7.0/MWh, compared to €4.1/MWh in 2022, thus demonstrating an improvement in global profitability.

Regarding the diversification of the energy portfolio of Audax clients, electricity currently represents 69% of the total, while gas represents the remaining 31%. Under the risk mitigation policy, Audax advances in its geographic diversification strategy, with the most important markets by portfolio volume being Hungary, Iberia and the Netherlands in terms of electricity supply and the Netherlands, Iberia and Italy in terms of gas supply. .

Regarding generation activity, progress in the investment plan has led Audax to have a currently installed power of 263MW, 7% more than in 2022. Production in 2023 has stood at 279 GWh (without having taking into account Panama), 8% higher than the same period of the previous year, thanks mainly to the energy contribution from the new photovoltaic plants commissioned in Spain in fiscal year 2023.

 

The company has continued with its operations in the development, construction and commissioning of its generation portfolio, advancing with the investment plan planned for the different photovoltaic projects in the portfolio. The Group has invested a total of 210 million euros in generation assets since 2020, thus continuing its commitment to the development of its own plants. Some of the investments made for the Cuatro Caminos and El Rebollo projects, as well as those of La Miranda and Zaratán, have been made with own resources.

Audax currently has generation projects located in 5 countries, taking into account wind and photovoltaic technology. The portfolio has projects in a very advanced stage of processing, of which 626 MWp are in a phase very close to the Ready to Build. It also has 66 MWp of photovoltaics that are in the construction phase and another 263 MW in operation.

 

As a result of the liquidity management policies and the Group's cash generation capacity, the net financial debt is reduced to 262 million euros compared to 368 million euros as of December 2022, which represents a reduction of 106 million of euros (one 29% less). After the analysis of the ratio of net financial debt to the Group's EBITDA, decreasing from 6.8x to 2.7x, the Company's ability to assume the debt it has and the decrease in leverage is confirmed.

 

For José Elías, president of Audax Renovables, “The good numbers of this exercise confirm the success of a strategy based on vertical integration and risk diversification. During this year we have been able to implement more demanding commercial policies that are bearing fruit, as well as improve our internal processes and procedures to adapt to the needs of a market that requires greater competitiveness."

As a consequence of this growing capacity to generate cash flow, and after the close of fiscal year 2023, it has been reported that a repurchase and conversion contract for the convertible bonds maturing in 2025 has been signed. With the execution of said contract, Audax reduces the financial debt at 41 million euros and the net financial debt at 27 million euros, giving a pro forma net financial debt at the end of the 2023 financial year of 235 million euros, 2.4x the ratio of net financial debt over EBITDA.

 

In terms of sustainability, the Board of Directors has approved during this year the Strategic Sustainability Plan 2023-2025, which defines the roadmap to achieve the company's objectives in terms of ESG and comply with transparency and information obligations. with our main interest groups.

As a notable milestone of the year, Audax has been rated as an "ESG Low Risk Company" by Morningstar Sustainalytics ESG Rating, a rating that places the company in a privileged position among the best companies in its sub-industry, "Independent Power Production and Traders." (Independent Energy Production and Traders), and places it among the 100 best valued companies worldwide in the "Utilities" industry.

 

 

For more information:

Roman

Gines Canabate

g.canabate@romanrm.com | (+34) 649 214 470

Patricia Gonzalez

p.gonzalez@romanrm.com | (+34) 915 915 500

 

 About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that exceeds 1GW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 363,000 customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalization exceeds 550 million euros, and has a team of almost 800 professionals.

Audax Renovables closes, through the EIB, the financing for the construction of 141MWp photovoltaic plants in Spain

Audax Renovables closes, through the EIB, the financing for the construction of 141MWp photovoltaic plants in Spain

▪ With this operation, Audax strengthens its commitment to renewable energies through its vertical integration, from generation to commercialization

 

▪ The operation, led by the European Investment Bank (EIB), will allow the Group to advance in the construction of photovoltaic installations in Spain for 141MWp with financing of 66 million euros.

 


 

DECEMBER 7, 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and supply of electricity and gas to clients in 7 European countries, and which has an international presence in 9 countries, has managed to close institutional financing for the construction of a portfolio of 12 photovoltaic energy projects in Spain. This financing, which amounts to 66 million euros and has been led by the European Investment Bank (EIB), will promote the implementation of a solar portfolio with a total power of 141MWp.

Through this operation, the Group manages to strengthen its vertical integration strategy, strengthening its presence in the area of renewable energy generation, where it maintains a pipeline of assets distributed between Spain, Portugal, Italy, France, Poland and Panama that exceeds 1,000MW. The projects subject to this operation are in operation, under construction and in the Ready to Build (RtB) phase. Once this entire portfolio comes into operation, Audax will have more than 380 MW in operation, thus confirming its strong commitment to renewable energies, sustainability and, ultimately, the energy transition.

In the current context of the debt market, the operation is very positive, since the Group secures financing for the development of solar energy generation assets and thus can continue betting on vertical integration. Thanks to this strategy, the Group will continue to increase the resources destined to reduce corporate leverage, in line with its strategy of sustainable improvement of the financial position expected for the coming years.

At the beginning of 2023, the company closed a strategic agreement with the British company Shell for the supply of electricity and gas in Spain, which has generated a very positive impact on the Group's cash generation and operating profit. During fiscal year 2023, the company has used the excess cash generated to significantly reduce its debt.

In a year in which during the first nine months of the year the Group has reported a gross operating profit (EBITDA) of 77.3 million euros, this operation will reinforce the organic growth expected for the coming years, in which the Group hopes to be able to maintain annual EBITDA around 100 million euros in a stabilized manner.

In the reference transaction, Alantra has acted as financial advisor and coordinator of the operation, while Garrigues and Clifford Chance have acted as legal advisors to the company and the lender, respectively.

 

For more information:

Roman - Ginés Cañabate
g.canabate@romanrm.com | (+34) 649 214 470

Patricia González - p.gonzalez@romanrm.com | (+34) 915 915 500

About Audax Renewables

Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and photovoltaic projects in operation, under construction and in different phases of development in Spain, Portugal, Italy, France, Poland and Panama, which reaches 1.4 GW. In its marketing activity, the group chaired by José Elías Navarro provides electricity and gas to more than 373 thousand customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market. Currently, it is part of the IBEX Small Cap® and MSCI World Small Cap indices. Its market capitalization exceeds 500 million euros, and it has a team of approximately 800 professionals.

Audax Renovables launches a bond repurchase program of up to 50 million

Audax Renovables launches a bond repurchase program of up to 50 million

▪ The company seeks to optimize the level of available cash and the volume and cost of financial debt, while providing liquidity to bondholders who may be interested in divesting

 

NOVEMBER 16, 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with renewable 100% generation and supply of electricity and gas to customers in 7 European countries, has launched a bond buyback program for a maximum amount of up to 50 million on the issue. Issue Number 2 of Senior Unsecured Notes of Audax Renovables, SA 2020”, which represents a total of 500 bonds with a nominal value of €100,000 each. 

The objective of this debt buyback program is, among others, to optimize the level of available cash, the volume and cost of the company's debt through the proactive management of financial liabilities in the capital markets, as well as to provide liquidity to the bonds and consequently to the bondholders who may be interested in divesting. 

The company's Board of Directors has agreed for a maximum duration of 12 months for the buyback program, although it reserves the right to terminate it if the maximum number of authorized bonds have been acquired before the expiration of the period. After the publication of its results until September, in which it has doubled its EBITDA to 77 million, the company currently has a good liquidity position, thus advancing its debt reduction objective.  

The Buyback Program will be managed by PKF Attest Capital Markets, SV, SA, who will purchase the Bonds on behalf of the company.  

The termination or extension of the Buyback Program, as well as the bond purchase operations carried out under it, will be duly communicated to the market through the corresponding notifications. 

 

For more information: 

Roman 
Ginés Cañabate g.canabate@romanrm.com | (+34) 649 214 470 
Patricia González p.gonzalez@romanrm.com | (+34) 915 915 500 

 

 

 

 

Audax doubles its EBITDA as of September 2023, exceeding 77 million euros

Audax doubles its EBITDA as of September 2023, exceeding 77 million euros

▪ Audax Renewable closes the third quarter of the year with an increase in gross margin of 69% (EUR 174 m) and achieves a net result of 25 million euros compared to 2 million euros in the same period of the previous year.

▪ With 349 million euros of cash and equivalents, the company achieves a reduction in its net financial debt of 37% compared to the same period of the previous year.

November 13, 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and supply of electricity and gas to customers in 7 European countries, closes the third quarter of 2023 doubling its EBITDA compared to the same period of the previous year, exceeding 77 million euros and reaching a net result of 25 million euros.
The company has achieved an improvement in gross margin (+69%) to 174 million euros, in line with the results of the first half of the year, consolidating the actions carried out during recent years to increase the profitability of the business.
In commercialization, the volume of energy supplied has increased (+4%) to 10.1 TWh. The company maintains its focus on business customers, mainly SMEs, and as a result increases the volume of energy supplied per supply point (+10%) to 37.2 MWh/CUPS.
The installed power has increased (+9%) to 245 MW and the energy generated in the period has increased (+8%) to 214 GWh as a consequence of the greater photovoltaic power installed in Spain.
Audax Renovables has continued its operations in the development, construction and start-up of its generation portfolio, for which it has invested more than 200 million euros in the last three years, mostly with funds from its own resources. The company has generation projects located in Spain, France, Poland, Italy, Portugal and Panama with projects in a very advanced state of processing for 126 MWp with a favorable Environmental Impact Declaration (DIA) and 373 MWp in a state very close to Ready to Build, adding between both concepts 499 MWp, in addition to the current 26 MWp under construction and 245 MW in operation.

Higher net result with lower net financial debt
As a consequence of the general reduction in wholesale energy prices in Europe, with falls greater than 50% in electricity and gas, the company reflects a reduction in its operating income (-12%) to 1,788 million euros. The company's net result amounts (x10) to 25 million euros at the end of the third quarter.
The group remains focused on its strategic objective of debt reduction and closes the third quarter with 293 million of net financial debt, which represents a reduction of 171 million compared to the 464 million in September 2022.
This reduction of 37% is the result of the good results of the year and the actions taken by the company to improve its liquidity position.

Greater sustainability and more efficiency
The group maintains its firm commitment to sustainability and continues working to ensure that its activities are based on sustainable development by integrating ESG aspects into the corporate strategy. As an example of this commitment, the Board of Directors approved the Strategic Sustainability Plan 2023-2025, which defines the roadmap to achieve the company's objectives in terms of ESG and comply with transparency and information obligations with our main groups. of interest.
Likewise, the company has been rated by Morningstar Sustainalytics ESG Rating as an “ESG Low Risk Company.” The rating confirms the leadership position in ESG performance and recognizes that the risk of the group suffering negative impacts derived from ESG factors is low, placing it in the TOP10 of independent energy producers and marketers.

For more information:
Roman
Gines Canabate
g.canabate@romanrm.com | (+34) 649 214 470
Patricia Gonzalez
p.gonzalez@romanrm.com | (+34) 915 915 500

About Audax Renewables
Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas, with a presence in 9 countries.
Currently, it has a portfolio of wind and photovoltaic projects in operation, under construction and in different phases of development in Spain, Portugal, Italy, France, Poland and Panama, which reaches 1.4 GW. In its marketing activity, the group chaired by José Elías Navarro provides electricity and gas to more than 373 thousand customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market. Currently, it is part of the IBEX Small Cap® and MSCI World Small Cap indices. Its market capitalization exceeds 500 million euros, and it has a team of approximately 800 professionals.