2019. AUDAX RENOVABLES TRIPLES PROFITS: +25 MILLION EUROS
Audax Renovables, a Spanish company whose business is divided between the marketing of electricity and gas and the generation of renewable 100% electricity, tripled its profits in 2019, reaching the record figure of 25.4 million euros.
The operation which - at the beginning of 2019 - led to the vertical integration between energy sales and production activities allowed the sales to touch i 1,043 million euros; that means a increase in 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 the number of customers (compared to 2018), given that it leads 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 2019 management, Audax Renovables made several PPA agreements (Power Purchase Agreement) aimed at the long-term purchase of energy generated by photovoltaic installations in Spain and Portugal; from them you will have approximately 1.9 TWh/year of green energy. To this must be added - with a progressive implementation - 320MW coming from installations of 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 asset turnover and debt reduction, which meant a net cash inflow of 51.3 million euros and a positive impact on the result of 4.9 million euros. Likewise, the financial debt was reduced by 40% compared to the previous year. During last April, the agency of rating Axesor confirmed the BBB-con rating outlook stable.
These results signify 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 expects to: exceed 500 thousand customers, supply over 15 TWh of energy, reach 1,500 million euros in turnover and exceed 100 million in EBITDA.
All this by doubling profitability, covering 2/3 of the energy supplied thanks to PPA contracts and lowering its debt ratio (leverage) thanks to the consistent cash generation.
The achievement of 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 successes also obtained at home in other markets in which it is present, such as Portugal, Germany, Holland, Poland, France, Panama and Italy.
The latter saw the consolidation of the activities of Italian branch, with a turnover of almost 60 million euros and the supply of over 400 GWh of energy. Furthermore, in January 2019, a 20 MW PPA in Basilicata, with BAS FV. A first step that is being worked on so that others will follow soon.
The excellent results of 2019, the solid financial position and the good prospects for future growth have contributed to increasing the value of Audax Renovables shares (+67%).
