AUDAX RENOVABLES: INVESTMENT GRADE RATING CONFIRMED

Audax Renovables has obtained the reaffirmation of previous rating Investment Grade (BBB-). The Axesor agency has favourably assessed the Group's strategic orientation, considering the commercial and financial bases adequate to position itself as a leading player in the renewable energy sector. However, it is believed that this potential improvement will materialise in the medium and long term, therefore theoutlook it has been defined as “stable”.

Furthermore, this ratification of the judgment was based on an analysis of the main financial data and an assessment of the corporate data of Audax Renovables, highlighting its position in the energy market, where it is ranked as the 9th company in the free market and the first in the SME segment in Spain. Added to this are the positive effects derived from the international expansion of the marketing and/or energy generation activities; the consequent presence in other markets such as Spain, Portugal, France, Italy, Germany, Holland, Poland and Hungary limits the risk of corporate concentration.

Axesor has positively assessed the maintenance of a Ownership structure engaged in the activity, in addition to a long experience in the market and adequate financial capacity. Despite the slight reduction in turnover recorded in 2020 – caused by the current pandemic situation – the variable cost structure and the optimized income generated by the Group resulting from its mix of tariffs, continue to guarantee upper margins to the industry average, leading to positive operating returns.

From the point of view of the financial structure, the agency highlighted that Audax Renovables has an adequate capacity to meet its financial commitments. All this despite the fact that in 2020 the company increased its debt following several bond issues carried out during the past year and aimed at financing its ambitious growth plan in the energy generation market. Added to this is the ample liquidity it has, an important competitive advantage capable of placing the Group in a position of greater tranquility in meeting future debt needs to undertake an Industrial Plan that will require significant investments.

Audax Group – a global renewable energy generation company at 100% – continues to work on preparing a new strategic plan which it hopes to be able to announce to the market shortly, in order to become a reference value for investors.