Turnover reached 970 million euros and EBITDA was 66.4 million euros.
 
 
Audax Renovables (ADX.MC), the energy group that integrates the production and commercialization activities of 100% renewable electricity and gas, increased its profit in 2020, reaching a record value of 26.4 million euros, 4% higher than that of the year previous despite the pandemic situation we find ourselves in.
 
The advantages of vertical integration, together with the strategic change made by the company in 2020, allowed it to close the 2019 financial year with a turnover of 969 million euros, placing its EBITDA at 66.4 million euros.
 
The advantages of vertical integration together with the strategic change made by the company in 2020, allowed it to close the 2019 financial year with a turnover of 969 million euros, placing its EBITDA at 66.4 million euros.
 
In relation to the recent announcement made by the Company, regarding the incorporation into its portfolio of a portfolio of 1,942 MWp in generation projects that are in different stages of processing, the Group is fully confident that they represent a very relevant change of dimension in the its future revenue structure, as well as in terms of commitment to sustainability and the environment, bringing the Group's total portfolio to 2,498 MW. It is worth noting that despite the difficult economic situation, the Group managed to start construction work at the height of the pandemic of 60 MW in the provinces of Guadalajara, Toledo and Huelva.
 
Regarding commercialization activity, the number of customers grew by 52% compared to the previous year, reaching 515 thousand, which allows the Audax Group to maintain its position as independent leader in the electricity market in the SME segment in Spain. This increase in the number of customers allowed the Group to increase the energy supplied by 6% compared to the previous year, reaching 10.5 TWh. All this despite facing an extremely difficult year as a result of the impacts of COVID-19, which led to a drop in revenues as a result of the decline in raw materials and lower customer consumption. Even so, the Company still managed to enter the Hungarian market with the acquisition of 100% from E. ON EnergiakereskedelmiKft, an electricity trader.
 
In the difficult and complex situation generated by the COVID-19 pandemic, Audax reached the milestone of issuing the sum of 325 million euros in green bonds and convertible bonds. In the words of José Elías, President and majority shareholder, "we are proud to highlight that this situation did not have any impact on the Group's investment and financing strategies, as green bonds and convertible bonds were issued. Furthermore, the position of available cash has reached unprecedented levels, which allows us to have more financial muscle and face the investments committed in the coming years in generation projects with greater peace of mind".
 
In addition to the above, and the increase in debt issuances, the Company maintains its debt level, as the DFN/Ebitda ratio is less than 3x, even taking into account the issuances of green bonds and convertible bonds announced by the Group in the second half of the 2020 financial year.
 
As a result of this financial strength, in the current 2021 financial year Audax intends to distribute a dividend of 10 million euros against the 2020 results, as long as circumstances allow, taking into account that last year the distribution of dividends had to be canceled as a result of the situation caused by COVID-19.
 
These results, taking into account the unusual circumstances that had to be faced by society in general, and which are still being faced, represent an improvement in all variables and place the energy company in an optimal position to continue with its strategic plan .
 
About Audax Renovables
 
The Group is the result of the absorption merger between Audax Renovables, SA and its parent company, Audax Energia, SA, giving rise to an energy group whose activities are centered on the production of 100% renewable energy, as well as the supply of electricity and 100% renewable gas.
 
Founded in 2000, in 2003 Audax Renovables was listed on the secondary market of the Barcelona Stock Exchange and in 2007 it was included in the SIBE of the Madrid Stock Exchange. It is currently listed on the Spanish Continuous Market under the ticker ADX.MC, having joined the IBEX SMALL CAP® index on March 23, 2020.
 
We are the leading group in the SME segment in Spain, guaranteeing an efficient supply of energy sold through a process of vertical integration with renewable generation activity, with a solid financial position, and prepared to lead the energy transition in the European market.
 
The Group manages a portfolio of generation projects in operation of 91 MW in wind farms in Spain, France and Poland. Additionally, it has 66 MW of wind energy under construction in Panama. It also has a portfolio of photovoltaic projects under construction of 59 MWp and has a photovoltaic portfolio of 2,282 MWp in different phases of development located in Spain, Portugal and Italy.
 
Audax Renovables, in its activity of commercializing electricity and renewable 100% gas, is present in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, with more than 515 thousand customers and 10.5 TWh supplied in 2020.
 
For more information visit www.audaxrenovables.com / www.audaxrenovables.