Audax Renovables triples its profit in 2019, exceeding 25 million euros
The turnover exceeded 1,000 million euros and EBITDA has increased by 37.2%, reaching 73.2 million euros
Audax Renovables (ADX.MC), the energy group that integrates the marketing and generation of 100% renewable electricity businesses, has tripled its profit at the end of 2019, reaching a record figure of 25.4 million euros. The advantages of the vertical integration of marketing and generation activities have allowed it to close the 2019 financial year with a turnover of 1,043 million euros, which represents an increase of 5.8% compared to the previous year. Likewise, EBITDA has increased by 37.2% to reach 73.2 million euros.
In relation to the marketing division, the number of clients has grown by 11% compared to the previous year and places the Audax Group as the first electricity marketer in the SME segment in Spain with notable growth in the natural gas business.
During fiscal year 2019, Audax Renovables formalized various PPA agreements (Power Purchase Agreements) for the long-term purchase of the energy generated by different photovoltaic installations in Spain and Portugal that will provide approximately 1.9 TWh/year of green energy. To this we must add the progressive start-up of 320 MW of photovoltaic installations in the portfolio which, together, will contribute to improving the energy purchase price of Audax Renovables and consolidating the Group's leadership position in the SME segment.
As announced at the General Shareholders' Meeting and at the last Capital Markets Day held last May, Audax Renovables has consolidated its asset rotation and debt reduction strategy, which has meant a net cash inflow of 51.3 million euros and a positive impact on results of 4.9 million euros. Likewise, the financial debt has been reduced by 40% compared to the previous year. Last April, the AXESOR rating agency confirmed said financial solvency by renewing Audax Renovables, SA's Investment Grade BBB- rating with a stable outlook.
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.
The excellent results obtained in 2019, together with the company's solid financial position and good future prospects, have contributed to adding value to the share, which has appreciated by more than 67% this year.
