Audax Energia validates the BBB rating

The Spanish rating agency Axesor confirmed the creditworthiness of Audax as BBB- with a tendency towards stability; a score given in 2016 and now also validated following the general evolution of the company, its commercial strength in the SME segment and the positioning obtained thanks to the recent alliance with Unieléctrica, a company in the energy sector from Cordoba. The latter operation allowed Audax to reach seventh position among energy selling companies on the Spanish market. Equally, it was recognized that the acquisition of the Fersa company – now called Audax Renovables – strengthened the positioning of the Catalan company through synergistic actions and advantages deriving from the vertical integration of electricity marketing and generation operations. 

Regarding the financial aspect, Audax presents high levels of profitability, favored by wider margins, its ability to meet the financial commitments undertaken and its moderate level of debt. The latter, in particular, is reflected in the value of the ratio between net debt and EBITDA which was 2.24x in 2017. A fact of particular relevance if we consider that Audax has nevertheless made important investments and acquisitions in this last period of exercise. At the same time, Audax can count on substantial cash liquidity and positive financial flexibility. 

The internationalization policy was another key point for confirming the rating. The expansion process outside the Spanish borders, which began in 2013 with the opening of a branch in Portugal, has led Audax to also be present in Italy, Germany, Poland and Holland. In each of these markets the Iberian company occupies leading positions and has high growth rates. 

Furthermore, the company boasts a well-organised management structure, with standard operating procedures and a reporting system that allows it to differentiate itself from competitors and operate in the energy market with a high level of quality. 

In this sense, Audax judges very positively the fact that Axesor's rating has remained unchanged, confirming the company's solvency and creditworthiness with which it can tackle future projects.