Audax: closed 2021 with a recurring EBITDA of 69.5 million euros

The company achieved better-than-expected results, especially thanks to the second half of the year in which it practically doubled its EBITDA. It closed a year characterized by strong volatility and demand with a record gross margin (128 million euros) and a positive net result (2.8 million euros).

In 2021, the company increased its installed capacity by 150%, investing 77 million euros in new plants and with a generation portfolio of 2,536 MW capable of serving 518 thousand customers.

Audax Renovables has presented its results for the 2021 financial year. The solid management measures implemented by the Group in the first half of the year, combined with the vertical integration of the Group, have resulted in an excellent performance. Especially in a year marked by an increase in the price of raw materials – particularly pronounced in the last quarter – and by the increase in energy consumption in a context of a faster-than-expected post-pandemic recovery.

During 2021, the company recorded an increase in sales of the 74% compared to the previous year, reaching 1,690 million euros. A record figure in the company's history, certainly driven by the higher price of raw materials, but also by factors such as the increase in energy supplied (+48%) and the number of customers. Spain and Portugal accounted for 62% of these revenues, while the remaining 38% came from Europe, in particular from the Hungarian subsidiary (which completed its first financial year).

Audax's gross margin also reached its all-time high: €129 million, up €12% year-on-year, while EBITDA stood at €53 million. Similarly, considering recurring EBITDA at €69.4 million and comparing it to the previous year, it would mean an increase of €39%. The strong improvement in EBITDA in the second half of the year led to a nearly doubling compared to the beginning of the year (+€91%), reaching €34.7 million.

The good performance of the second half of 2021, and especially of the last quarter, also allowed the company to close a decidedly complex year for the energy sector with a positive net result of 2.8 million euros.

Audax maintains a solid cash position of €329 million, which will allow it to comfortably meet all its current and future financial commitments and with a debt/EBITDA ratio of 2.7x.

For José Elías Navarro, president of Audax Renovables, "record revenue and gross margin in a year of strong demand and volatility for all players in the energy sector is excellent news and confirmation of the support for the strategic plan that we have renewed with a time horizon to 2026. The completion of the vertical integration process, the focus on the most profitable operations and the improvement of management and control tools are some of the reasons that explain these solid results, which we hope the market will take note of, resulting in a stock market valuation consistent with our performance and our privileged position in the field of energy generation and distribution in Europe".

Solid customer portfolio and 150% increase in installed renewable energy

In terms of number of customers, Audax reached 518 thousand supply points: 1% more than the previous year; of these, 43% are located outside Spain and, specifically, in Hungary, Italy and the Netherlands. This volume of customers exceeds by 70% the 305,000 supply points it had in 2018, supporting the commercial and internationalization strategy of the Spanish multinational.

In total, Audax supplied its customers with 15.4 TWh of energy: 48% more than in 2020, of which 75% corresponds to the sale of electricity and the remaining 25% to that of gas.

In terms of its activities, Audax continued to develop, build and launch photovoltaic projects, increasing its installed renewable capacity by 150% compared to 2020, along with an investment of 77 million euros in new generation.

In total, in 2021, the company added projects totaling 1,968 MW in Spain, Italy and Portugal to its generation portfolio that will be developed and commissioned in the coming months, bringing the company's total portfolio to 2,536 MW.

To date, Audax has 226 MW of installed capacity, 150% more than in 2020 and of which almost half (112 MW) is located outside Spain.

For Elías Navarro, “the 77 million euros that we have allocated to the construction of new generation assets reflect our firm commitment to photovoltaic energy. Very few companies have a generation portfolio of more than 2,500 MW, which allows us to consolidate and extend our leadership in green energy in Europe in the coming years”.

Among the new projects launched or completed in 2021 were: the connection to the grid of 35 MWp of the Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV (Toledo) plants, and the authorization to start operating the Alberizas I, II, II and IV (Guadalajara) plants, with 20 MWp. The company also completed work on the Calañas (Huelva), Los Arenales and El Toconal (Toledo) plants, for a total of 14.5 MWp, and in December it completed the acquisition of the Zaratán 1 and 2 photovoltaic project, of 12.36 MWp, in the municipality of Ciguñuela (Valladolid). In Panama, the Toabré wind farm project, owned by Audax at 30%, has completed construction and has already started test production of its wind turbines.

Firm commitment to environmental sustainability and diversity

True to its strong commitment to sustainability, Audax plans to advance its ESG strategy and fully implement its Sustainability Plan during the 2022 financial year. In 2021, the company's activities have already avoided the emission of 132 tonnes of CO2, while its generation activities were 100% renewable. In terms of governance, 59% of the company's staff are women, representing one third of the Board, while independent directors represent 33% of the Board.