Audax Renovables closes the best first semester in its history, doubling EBITDA to reach 33.1 million euros
The turnover stands at 526.7 million euros, 23.1% more than the same period in 2018.
Audax Renovables (ADX.MC), the energy group that integrates the marketing and generation of renewable 100% electricity, has achieved the best first half of its history. The optimization derived from the vertical integration of both activities has allowed it to close the first half of 2019 with a turnover of 526.7 million euros, which represents an increase of 23.1% compared to the same period of the previous year. Audax Renovables has achieved a profit of 6.76 million euros and has increased its EBITDA by 110.3% to reach 33.1 million euros.
The energy company has improved the data of all its variables. The good performance of the marketing division, both in the national market and in the European countries in which it operates, has allowed it to increase the gross margin by 26%. And the generation division has increased its income by 18%, mainly due to a greater wind resource and a higher average price for the semester, both in Spain, where it has been 3% higher, and in Poland, where the price of Green Certificates has increased. been 80% higher compared to the same semester of the previous year. In this way, generation has contributed 18% more to the turnover compared to the first half of 2018.
Likewise, as announced at Capital Markets Day, Audax Renovables continues with its asset rotation and debt reduction strategy. In this way, its financial debt has been reduced by more than 26.8%.
During this first semester Audax Renovables has formalized various PPA agreements (Power Purchase Agreements) for the long-term purchase of energy generated by photovoltaic installations. In February, Audax Renovables signed a framework agreement for the purchase and sale of electricity (PPA) with WElink for 20 years at a fixed price by which Audax Renovables will acquire the energy produced by the Solara4 photovoltaic plants, by Ourika and by other new ones. photovoltaic projects that will be developed by WElink Group both in Spain and Portugal, with plans to reach a total of 708 MW of installed power. Likewise, in March it signed a contract with Trina Solar, the world's global leader in photovoltaic energy, for the purchase of generated energy of up to 300 MW for 20 years. These contracts will contribute to improving the energy purchase price of Audax Renovables and consolidating the leadership position of the Audax Group, which is currently the fourth largest supplier in the SME segment nationwide.
The financial solvency, the good results and the future forecasts have allowed the rating agency AXESOR to renew the Investment Grade BBB- rating with a stable outlook for Audax Renovables SA in April.
At the end of the first half of 2019, Audax Renovables has more than 317,000 customers, 5.7% more than the same period in 2018. Of these, 79.6% correspond to electricity supplies and 20.4% to gas supplies. The company works with the intention of reaching more than 500,000 customers in 2022, supplying more than 15 TWh of energy, reaching 1.5 billion euros in revenue and exceeding 100 million euros in EBITDA. All this, doubling its profitability and relaxing 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 Spain in the international markets in which it operates: Portugal, Italy, Germany, Holland, France, Poland and Panama.
Finally, it is worth mentioning that the Audax Renovables share price in the first half of 2019 has appreciated by 48.43%, maintaining high average daily trading volumes.
