Audax Renovables Increases its EBITDA by 47%

Source: www.gulfoilandgas.com 5/11/2023, Location: Europe

The company increased its gross margin by 41% during the first three months of the year to 50.9 million euros, while its net profit rose by 18% to 2.4 million euros.
The Board of Directors has approved the Strategic Sustainability Plan 2023-2025, which defines more than 40 initiatives and projects with specific objectives that will contribute to achieving the ambition of leading the energy transition.

Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas with a presence in 9 countries, reported EBITDA of €23.1 million during the first quarter of 2023, an increase of 47% compared to the same period last year, mainly due to improved results in the European markets where it is present and the policy of securing gross margin in Iberia.

The commitment to the strategy of vertical integration and optimization of the customer portfolio, together with an increase in installed capacity (+9%) and a higher volume of energy generated, brought its gross margin to 50.9 million euros, representing an increase of 41% over the same period last year, thus confirming the sound strategic decisions taken in the previous year. Despite a 5% drop in revenues, to 697 million euros, as a result of the general decline in prices in the markets, the company recorded an 18% increase in net income, to 2.4 million euros.

Net financial debt stood at 367 million euros, compared to 527 million euros in the same period of the previous year, resulting in a decrease of 160 million euros. Audax’s leverage decreased to 71.3%, compared with 73% at the end of the previous year and 78% in March 2022.

Increased production thanks to the contribution from Spain:
In relation to its generation projects, thanks to the contribution of the new photovoltaic plants commissioned in Spain in recent months, which have produced 8 GWh more than the previous year (+23%), Audax Renovables has increased its energy production by 13% during the first quarter of 2023 at a global level, reaching 76 GWh (including the production of the Panama plant, this figure increases to 72%).

Grupo Audax has a portfolio of 1.4 GW, considering wind and photovoltaic technology. During the first quarter of the year, the company has continued with the development, construction, and commissioning of its generation portfolio, despite delays in the completion of administrative procedures by some agencies.

Grupo Audax has a portfolio of 1.4 GW, considering wind and photovoltaic technology. During the first quarter of the year, the company has continued with the development, construction, and commissioning of its generation portfolio, despite delays in the completion of administrative procedures by some agencies.

The company has invested a cumulative total of 191 million euros in generation assets since 2020, thus continuing its commitment to generation with its own plants.

The total energy supplied by Audax in this first quarter of 2023 was 3.9 TWh, in line with the previous year, where electricity delivered to its customers accounted for 62% of the total while gas deliveries represented 38%. In this quarter, Audax’s focus on the business segment has enabled it to maintain the volume of energy supplied, despite the 3% reduction in supply points compared to the end of 2022, due to measures aimed at maximizing profitability and minimizing risk. As a result of this reorientation towards the business segment, the average volume of energy per supply point has increased by 29% compared to the same period of the previous year, from an average of 28.6 MWh/CUPS to the current 36.9 MWh/CUPS, demonstrating the clear focus on a segment with a higher unit volume of energy per supply point. Currently, the industrial sector accounts for 54% of the energy portfolio and SMEs represent 39% of the total. As for the domestic customer segment, its weight continues to decrease, representing only 7% of the total, reflecting the fact that it is not a target segment for the Group. In aggregate terms, the company has 376,000 supply points in the countries in which it operates (Spain, Italy, the Netherlands, Hungary, Portugal, Poland, and Germany).

New Strategic Sustainability Plan 2023-2025
The Board of Directors of Audax Renovables has recently approved the Strategic Sustainability Plan 2023-2025. The Plan is articulated around 4 strategic lines: environmental leadership, environmental protection, together we-add-up, and compliance culture. The Plan defines more than 40 initiatives and projects with specific objectives that will contribute to improve its sustainability performance and achieve the ambition of leading the energy transition in the renewable energy sector, contributing value to society and the planet.

The Strategic Sustainability Plan establishes the main environmental objectives of doubling the installed capacity of Audax’s generation portfolio by 2025 and achieving climate neutrality by 2050. On a social level, it defines a series of objectives to promote diversity, equality, integration, and conciliation, while maintaining a firm commitment to the development and well-being of its team, as well as the local communities. Within the scope of the compliance model, priority is given to the integration of ESG aspects into internal policies and procedures to ensure the proper functioning and foster an ethical culture within the organization and with key stakeholders.


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