Audax Energia validates BBB rating

The Spanish rating agency Axesor has confirmed Audax's credit rating as BBB- with a tendency towards stability; a rating given in 2016 and now also validated following the general evolution of the company, its commercial strength in the SME segment and the positioning achieved thanks to the recent alliance with Unieléctrica, a company in the energy sector from Cordoba. An operation, the latter, which has allowed Audax to reach the seventh position among energy sales companies in the Spanish market. Likewise, it has been recognized that the acquisition of the company Fersa - now called Audax Renovables - has strengthened the positioning of the Catalan company through synergistic actions and advantages resulting from the vertical integration of the operations of marketing and generation of electricity. 

From a financial perspective, Audax has high levels of profitability, supported by higher margins, its ability to meet its financial commitments and its moderate level of debt. The latter, in particular, is reflected in the value of the ratio between net debt and EBITDA, which was 2.24x in 2017. This is particularly relevant if we consider that Audax has nevertheless made important investments and acquisitions in this last period of the financial year. At the same time, Audax can count on significant cash liquidity and positive financial flexibility. 

The internationalization policy was another key point for the confirmation of the rating. The expansion process outside the Spanish borders, which began in 2013 with the opening of a branch in Portugal, has led Audax to be present also in Italy, Germany, Poland, Holland. In each of these markets the Iberian company occupies leading positions and presents high growth rates. 

Furthermore, the company boasts a well-organized management structure, with standard operating procedures and a reporting system that allows it to differentiate itself from competitors and operate in the energy market with a high level of quality. 

In this sense, Audax considers very positive the fact that Axesor's rating has remained unchanged, confirming the solvency and creditworthiness of the company with which it can face the next projects.