AUDAX RENOVABLES OBTAINS REAFFIRMATION OF ITS BBB- RATING

Audax Renovables, a Spanish company whose business is divided between the marketing of electricity and gas and the generation of renewable electricity 100%, has obtained the confirmation of its previous BBB- rating.

The rating agency Axesor especially appreciated the Contingency Plan that Audax Renovables presented in light of the exceptional situation created by the Covid-19 health emergency. The Contingency Plan It was designed to mitigate the possible negative impact on the business, to maintain the company's solid financial position, both in terms of liquidity and credit profile. The adopted Plan aims to guarantee the company's financial solvency even in the event of the most severe scenarios related to the health emergency.

The rating is based on the analysis of the main financial variables and the evaluation of the data of the activity of Audax Renovables, highlighting the position occupied in the Spanish energy market, namely: tenth place among the companies operating on the free market and first among the independent companies present in the PMI segment. To this must be added the positive effects deriving from the geographical diversification of risk, with the sale and generation of energy active – in addition to Spain – also in other countries such as Portugal, France, Germany, Holland, Poland and Italy.

The current positioning is expected to be further strengthened by the recent signing of PPA (Power Purchase Agreement) agreements which place the Audax Group as off taker of reference in the sector. These contracts will help to lower the purchase price of energy by Audax Renovables and, therefore, strengthen its leadership position in the SME segment. An element that places the Audax Group in an excellent position within the commodity sector that tends to concentration and in which, therefore, the Spanish company can play an important role.

Axesor also valued the fact that Audax Renovables has an ownership structure involved in the activities, as well as deep experience in the market and adequate financial capacity. The consistent growth, accompanied by a positive operating income, led to a significant progress in the financial structure during 2019, achieving the objectives of deleveraging.    

The confirmation of the rating is, for Audax Renovables, a further recognition compared to the one already obtained on March 23, when it was included in the IBEX SMALL CAP© index in light of its growth potential and its profitability both nationally and internationally; factors that make it a reference value for investors.