AUDAX RENOVABLES, STILL RECORD RESULTS

Audax Renovables, the Spanish group dedicated to the marketing of electricity and gas and the generation of renewable 100% electricity, has shattered its previous records.

The optimization resulting from the vertical union between the two activities (marketing and generation) made it possible to close the former nine months of 2019 (January-September) with a turnover of 783 million euros, +10.1% compared to what was obtained in the same period of 2018.

Audax Renovables made a profit of 18.5 million euros and increased EBITDA of the 71,5% until reaching the figure of 58.2 million euros.

And the improvement concerned the data of all sectors. The good performance of energy sales, both in Spain and in the markets in which it is present - including Italy - it has allowed us to increase the gross margin of 26%. On the other side, the generation part recorded a increase in 27%, mainly thanks to a greater use of wind energy and a higher price of Polish Green Certificates, higher by 54% compared to the same period of the previous year.

As was announced during Capital Markets Day, Audax Renovables continues its asset turnover and debt reduction policy. And the financial one was reduced by 25%, a result that places the DFN/EBITDA ratio at 3.34.

Likewise, last October, the Group expanded the bond issue launched on the market a year earlier. With this operation (35 million euros), carried out according to the "tap issue" mechanism, Audax Renovables has achieved financial stability for the next three years (the deadline is scheduled for 2023). In this way, the total amount of the issue is 70 million euros.

Furthermore, during the first nine months of 2019, Audax Renovables signed several contracts PPA (Power Purchase Agreements) for the long-term purchase of energy generated by photovoltaics. At the beginning of the year it signed with WElink for the purchase and sale of energy for a duration of 20 years at a fixed price coming from the Solara4 photovoltaic park and from other installations that the WElink group is developing in Spain and Portugal, for a total of installed power of 708 MW.

Furthermore, Audax Renovables has entered into a framework agreement with Trina Solar, a world leader in the photovoltaic sector, for the purchase of energy generated up to 300 MW for 20 years.

These two operations will contribute to improving the purchase price of Audax Renovables' energy and consolidating the position that the Group has in the Spanish market, as fourth supplier of energy in the SME segment.

Financial solidity, good results and growth prospects are the elements that - last April - led to the confirmation of the Investment Grade rating BBB- with stable outlook given by the Axesor rating agency.

At the end of the third quarter of 2019, Audax Renovables saw the presence of over 326,000 customers, +6.8% compared to the same period of 2018. Of these, 79.7% respectively concerned the supply of electricity while 20.3% concerned gas. .

Audax Renovables' objectives are: to reach over 500,000 customers in the 2020 financial year, provide more than 15 TWh of energy, reach 1,500 million euros in revenue and exceed 100 million euros in EBITDA.

All this, doubling profitability and releasing financial levers in consideration of the high cash generation.

The achievement of these results will allow Audax Renovables to strengthen its position as the leading independent energy sales company in the SME segment in Spain and to replicate the success achieved also on the international markets in which it operates: Portugal, Germany, Holland, France, Poland, Panama e Italy.

Finally, we remind you that the trend of actions of Audax Renovables on the Madrid Stock Exchange has recorded a +12.79% since the beginning of 2019, with very high average trading values.