Audax Renovables doubles its EBITDA and reaches 14.4 million euros

Audax Renovables, a Spanish company dedicated to the marketing of electricity and gas and the generation of renewable 100% electricity, closed the first quarter of 2019 with a strong growth in EBITDA and turnover.

As regards the net result, the figure of 1.6 million euros supports - among other items - the amortization costs of intangible assets associated with the acquisitions of the companies Unieléctrica and Main Energie carried out respectively in 2018 and 2017 in Spain and the Netherlands for a total amount of 3.3 million euros.

The acquisition of the energy sales company Unieléctrica concluded in April 2018 is reflected in the evolution of the income statement of both financial years, having not yet been consolidated in the first quarter of last year.

As regards the sales part, the positive trajectory of the company both in Spain - thanks to the acquisition of the aforementioned Unieléctrica - and in the rest of Europe - driven by growth in Poland and Germany - contributed to the increase of 54 ,6% of operating revenues.

At the close of the first quarter of 2019, Audax boasts 308,300 active energy distribution points, 42.5% more than in the same period of 2018. Percentage-wise, electricity distribution represents 79.3% of the total, while gas distribution represents the remaining 20, 7%.

As regards energy generation, the increased revenues are mainly attributable to a greater use of wind power, with +10% of global production, and to a higher average price on the markets compared to 2018, especially for Spain and Poland.

The good results obtained, the financial solidity and future growth prospects have led to obtaining the BBB- rating, with a tendency towards stability, granted by Axesor, the first Spanish rating agency.