Audax renovables doubles its profit

Audax Renovables closed the first half of 2018 with a profit of 4.1 million euros. This is an increase of 104%, if we consider that twelve months earlier the profit had been less than half (2 million euros). 
The renewable energy company of the Audax Group achieved a net turnover of 17.7 million euros and an EBITDA of 11.9 million euros. Continuing to focus on optimization and improving the efficiency of the plants allowed to keep the revenue stable despite a lower use of wind energy. 
Of all the energy produced by Audax Renovables in these first six months of 2018, 75% was generated in Spanish plants; the remaining share came from plants located in Poland (18%) and France (7%). In global terms, the production of the parks in this time window reached 203.5 GWh (against 217.6 GWh in the same period of 2017). 
The company maintains the trend thanks to the reduction of operating expenses, the result of a cost containment and optimization policy. The net financial debt – at the end of the semester – is 112 million euros, or 1 million and 500 thousand euros less than in 2017 (same period). A figure that corresponds to the complete financing of the plants in project finance mode. 
In May this year, construction work began on the Toabré wind farm, in PanamaThe project will lead to the construction of a first phase of 66 MW of installed power and over 150 million dollars invested. 
At the same time, last June 29, the Boards of Directors of Audax Renovables and Audax Energía approved the process that will lead to the union between the two companies, with the absorption of the former into the latter. The exchange rate will be 300,287,276 new shares of the Acquiring Company for 1,800,000 shares of the Acquired Company, according to the National Stock Market Commission. 
The operation will lead to the creation of an even stronger large energy group, capable of increasing growth and value thanks to the synergies resulting from the vertical integration of sales and generation activities of energy from renewable sources.