Audax Renewables

Audax Renovables, formerly Fersa Energías Renovables, has closed the first half of 2017 with a profit of 2.02 million euros, compared to losses of 6.80 million euros in the same period of the previous year. This result confirms that with the takeover of Audax Energía in 2016, the company has begun an integration process that is being positively consolidated.

The main events that have contributed to the improvement of the results obtained in the first semester have been:

• The increase in production compared to the previous year, a consequence of a greater wind resource and better use of it through the optimization of the operation of the Audax Renovables plants
• The increase in pool prices nationwide
• The highest specific remunerations established for Spanish parks for the regulatory semi-period 2017 to 2019
• The substantial reduction in operating expenses as a result of cost reduction and optimization

During the first half of 2017, the net amount of the turnover has increased by 32%, reaching 17.57 million euros. The EBITDA generated amounts to 11.80 million euros, representing an increase of 82% compared to the same period of the previous year.

Additionally, the net financial debt at the end of the period stood at 126.14 million euros, which represents a reduction of 5.59 million euros.

Of the energy produced by Audax Renovables in the first half of 2017, 74% of it has been generated in Spain, while France has contributed 8% and Poland 18% of the total. The production of the parks in this period has reached 217.6 GWh of 100% renewable energy, 10% more than in the same period of the previous year.

The improvement in competitiveness that Audax Energía had proposed after the takeover is bearing fruit and strengthens the future plans of the renewable generation subsidiary of the Audax Group.