Energy producer audax renovables increases profit to €26.4 million amid the pandemic

The group achieved a turnover of EUR 970 million and an EBITDA of EUR 66.4 million
Audax Renovables (ADX.MC), an energy group that both produces and sells 100% renewable energy and gas, increased its profit to a record €26.4 million in fiscal year 2020. Thus, it increased by 4% compared to the previous year - and this despite the ongoing coronavirus pandemic.

The benefits of vertical integration of the two activities, as well as the strategic turnaround made by the company in 2020, allowed the company to achieve a turnover of EUR 969 million. EBITDA amounted to EUR 66.4 million.
As mentioned in the recent communiqué issued by the company in connection with the inclusion in the portfolio of renewable power plants with a capacity of 1,942 MWp, which are currently in various stages of construction, Audax strongly believes that these investments will significantly contribute to the development of the Group, which in turn will affect the future on its income structure. This expansion of the investment portfolio also confirms the company's commitment to sustainable development and environmental protection. The total portfolio of the group already amounts to 2,498 MW. It should be emphasized that despite the difficult economic situation, in the midst of the pandemic, the Group managed to start construction of 60 MW installations in the Spanish provinces of Guadalajara, Toledo and Huelva.

As far as sales activities are concerned, the number of the Group's customers increased by 52% compared to the previous year and already amounts to 515 thousand. As a result, the Group ranks first among independent electricity sellers in the SME sector in Spain. This increase in the number of customers meant that the volume of energy supplied increased by 6% compared to the previous year - to 10.5 TWh. This was despite the fact that the last financial year was full of difficulties caused by the outbreak of the COVID-19 pandemic. It led to a decrease in revenues due to a decrease in raw material and lower energy demand from customers. Nevertheless, the company managed to enter the Hungarian market thanks to the acquisition of 100% shares in the energy sales company E.ON EnergiakereskedelmiKft.

In a difficult and complex situation caused by the COVID-19 pandemic, Audax managed to issue green bonds and convertible bonds in the amount of EUR 325 million. As José Elías, president and majority shareholder of the company, said: “We are proud that the current situation not only did not affect the Group's investment and financial strategies at all, but did not even prevent the issuance of green bonds and convertible bonds. What's more, the amount of cash at our disposal has reached a record level. This strengthens our financial condition and allows us to proceed with the implementation of investments in RES installations, which we have planned for the coming years, with greater peace of mind.”

In addition, despite the increase in the issue of debt instruments, the company maintains debt at such a level that the ratio of DFN to EBITDA is below 3x, even taking into account the issue of green bonds and convertible bonds, which the Group announced in the second half of 2020.
Due to its solid financial condition, in the current financial year Audax intends to pay dividends again in the amount of EUR 10 million from the profit generated in 2020. It will happen provided that circumstances allow it. It should be borne in mind that last year the dividend payment had to be suspended as a result of the situation caused by COVID-19.
These results, taking into account the extraordinary circumstances that the company has had to and still has to face, represent an improvement in every field and place the company in a dream position when it comes to further implementation of the strategic plan.