AUDAX RENOVABLES: INVESTMENT GRADE RATING RECONFIRMED

Audax Renovables got the reconfirmation of the previous rating of Investment Grade (BBB-). The Axesor agency has favorably assessed the strategic orientation of the Group, considering the adequate commercial and financial bases to position itself as a leading player in the renewable energy sector. It is believed, however, that this potential improvement will materialize in the medium to long term, therefore theoutlook it was defined as “stable”.

Furthermore, this ratification of the judgment was based on an analysis of the main financial data and an evaluation of the company data of Audax Renovables, highlighting its position in the energy market, where it ranks as the 9th company in the free market and the first in the segment of SMEs in Spain. Added to this are the positive effects derived from the international expansion of energy marketing and/or generation activities; the consequent presence in other markets such as Spain, Portugal, France, Italy, Germany, Holland, Poland and Hungary limits the risk of corporate concentration.

Axesor positively assessed the maintenance of a ownership structure engaged in the business, as well as long experience in the market and adequate financial capacity. Despite the slight reduction in turnover recorded in 2020 - caused by the current pandemic situation - the variable cost structure and the optimized returns generated by the Group deriving from its tariff mix continue to guarantee upper margins to the industry average, leading to positive operating returns.

From the point of view of the financial structure, the agency highlighted that Audax Renovables has adequate capacity to meet their financial commitments. All this although in 2020 the company increased its debt following several bond issues carried out during the past year and aimed at financing its ambitious growth plan in the energy generation market. Add to this the ample liquidity at its disposal, an important competitive advantage capable of placing the Group in a position of greater tranquility in dealing with future debt needs to undertake an Industrial Plan which will require significant investments.

The Audax Group - a global 100% renewable energy generation company - continues to work on the preparation of a new strategic plan which it hopes to be able to announce to the market shortly, in order to become a reference value for investors.