AUDAX RENOVABLES CONSOLIDATES ITS ASSET TURNOVER

Badalona 24, November - Audax Renovables, the Spanish group dedicated to the marketing of electricity and gas and the generation of renewable 100% electricity, has closed a purchase and sale agreement through which it sells the shares and assets of the company Parque Eólico Hinojal SLU. The sale concerns an energy generation project wind farm to be built in the Cadiz area and with an installed capacity of 36 MW.

This operation falls within the framework of the Group's debt reduction policy and is in line with the asset turnover strategy initiated by the company and with what was presented during the Investor Day, last May. Following this strategic direction, in the current financial year, the Group managed to reduce its financial debt by 25%; a result that goes in the direction of bringing the DFN/EBITDA ratio to 1.5 at the end of 2022.

At the same time, the Audax Group continues in the development of individual projects of recently acquired solar photovoltaics for a total of 320 MW; of these 60 MW are already at an advanced stage, ready for the construction phase. Once operational, they will be able to supply 600 GWh of renewable electricity per year to over 175 thousand families.

The growing trend of activities, both in Spain and internationally, the high cash flow and the increase in margins as well as the aforementioned asset turnover become levers that the Audax Group uses to achieve its good results. The increase in the margin is being achieved, for the most part, thanks to the long-term PPA energy purchase agreements and at more competitive prices - compared to those of the market - that the Company is signing with other parties. But also thanks to the generation of renewable energy coming from its plants. This allows Audax to consolidate its position as the fourth energy supplier of Spanish SMEs.

Audax Renovables also has increased EBITDA of the 71,5% compared to the same period of 2018, a trend that is expected to remain so until the end of this financial year. EBITDA reached the figure of 58.2 million euros, thus exceeding the 53 million euros achieved throughout last year.

Meanwhile, the Audax Group continues on its growth path. The strategic objectives al 2022 are: going from 305,000 to over 500,000 customers, providing more than 15 TWh of energy, reaching 1,500 million euros in revenue and exceeding 100 million euros in EBITDA and, at the same time, reducing the debt ratio. The aim is to optimize the Group's resources in order to create value for shareholders.