2019. AUDAX RENOVABLES TRIPLES PROFITS: +25 MILLION EUROS
Audax Renovables, a Spanish company whose activity is divided between the marketing of electricity and gas and the generation of renewable electricity 100%, tripled its profits in 2019, reaching a record figure of 25.4 million euros.
The operation which – at the beginning of 2019 – led to the vertical integration between the energy sales and production activities allowed the sales to touch the 1.043 million euros; this means a increase of 5.8% compared to the previous year. Similarly, EBITDA increased by 37.2%, reaching 73.2 million euros.
As regards the marketing of electricity and gas, there has been a 11% increase in customer numbers (compared to 2018), a figure which brings the Audax Group to occupy the first place among electricity sales companies in the SME sector in the Spanish market and to gain several positions in the natural gas market.
During the 2019 management, Audax Renovables has made several PPA agreements (Power Purchase Agreement) aimed at the long-term purchase of energy generated by photovoltaic installations in Spain and Portugal; from these we will have approximately 1.9 TWh/year of green energy. To this must be added – with a progressive implementation – 320 MW from installations in the photovoltaic portfolio. Both factors mentioned will contribute to improving Audax Renovables' energy purchase price and consolidating the Group's leadership position in the SME segment.
As announced at the Shareholders' Meeting and in the last Capital Markets Day last May, Audax Renovables consolidated its strategy of asset turnover and debt reduction, which resulted in a net cash inflow of EUR 51.3 million and a positive impact on the result of EUR 4.9 million. Likewise, the financial debt was reduced by 40% compared to the previous year. During the past month of April, the agency rating Axesor confirmed the BBB- rating with outlook stable.
These results represent a general improvement and place the Spanish energy company in an excellent position to achieve the objectives set in the strategic plan.
For 2022, Audax Renovables plans to: exceed 500,000 customers, supply over 15 TWh of energy, reach 1,500 million euros in turnover and exceed 100 million in EBITDA.
All this while doubling its profitability, covering 2/3 of the energy supplied thanks to PPA contracts and lowering its debt ratio (leverage) thanks to the consistent cash generation.
Achieving these objectives will allow Audax Renovables to strengthen its leadership position as the first independent sales company in the SME segment in Spain and to replicate the successes obtained in the homeland also in other markets where it is present, such as Portugal, Germany, Holland, Poland, France, Panama and Italy.
The latter saw the consolidation of the activities of the Italian branch, with a turnover that reached almost 60 million euros and the supply of over 400 GWh of energy. Furthermore, in January 2019, a 20MW PPA in Basilicata, with BAS FV. A first step that is being worked on so that others will soon follow.
The excellent results of 2019, the solid financial position and the good prospects for future growth have contributed to the increase in the value of Audax Renovables shares (+67%).
