Audax increases its results in the first half

Audax Renovables (ADX.MC), the renewable energy generation subsidiary of the Audax group, has closed the first half of 2018 with a profit of 4.1 million euros, which represents an increase of 104% compared to 2 million euros of profits from the same period of the previous year.

The company, whose main activity is electricity generation from renewable 100% energy sources, has achieved a net business amount of 17.7 million euros and an EBITDA of 11.9 million euros in the first half of 2018. . The commitment continues to optimize and improve the performance of the plants, despite the lower wind resource, has meant that income from operations has remained stable.

Of the energy produced by Audax Renovables in the first half of 2018, 75% of it has been generated in Spain, while France has contributed 7% and Poland 18% of the total. The production of the parks in this period has reached 203.5 GWh compared to 217.6 GWh in the same period of 2018.

The company maintains the trend in terms of reducing operating expenses, as a result of the policy of cost containment and cost optimization.

The net financial debt at the end of the period stood at 112 million euros, which represents a reduction of 1.5 million euros compared to the end of the 2017 financial year and corresponds, practically entirely, to the financing of the plants under the project finance.

In May of this year, Audax Renovables announced the start of construction works on the first phase of 66 MW of installed power of the Toabré wind farm, located in Panama, with a total investment of more than 150 million dollars.

Likewise, on June 29, the boards of directors of Audax Renovables, SA, and Audax Energía, SA formulated the common project for the merger by absorption of Audax Renovables, SA as the absorbing company and Audax Energía, SA, as the absorbed company. The exchange ratio will be 300,287,276 new shares of the Absorbing Company for the 1,800,000 shares of the Absorbed Company, as communicated to the CNMV. The merger of both companies will mean the birth of a large, much stronger energy group, which will boost its growth and profitability thanks to the synergies of the vertical integration of marketing and renewable energy generation activities.

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