Audax ends 2021 with a recurring EBITDA of 69.5 million euros, an increase of 39%

The company achieved better results than expected, mainly thanks to a second half of the year in which EBITDA almost doubled compared to the first half, and closed a highly volatile and demanding year with a record gross margin (128 million euros) and a positive net result (2.8 million euros).

In 2021, the company increased its installed capacity by 150%, invested 77 million euros in new facilities and reached a generation portfolio of 2,536 MW, serving 518 thousand customers.

Audax Renovables (ADX.MC), the vertically integrated Spanish energy group that produces and supplies 100% renewable electricity and gas to customers in 7 European countries, has announced its results for the 2021 financial year.

The solid management measures adopted by Audax in the first half of the year, together with the Group's vertical integration, resulted in excellent performance, in a year in which there was a simultaneous increase in raw material prices, particularly marked in the last quarter of the year , and an increase in energy consumption in the context of a faster than expected post-pandemic recovery.

During 2021, the company recorded an increase of 74% in sales compared to the previous year, reaching 1.69 billion euros. This is a record number in the history of Audax, driven by the higher price of raw materials, but also by the increase in energy supplied by the company (+48%) and its number of customers. Spain and Portugal were responsible for 62% of these revenues, while the remaining 38% came from the rest of Europe - especially from its Hungarian branch, which now includes a full year in its perimeter.

Audax's gross margin in 2021 also reached an all-time high of €129 million, representing an annual increase of 12%, and EBITDA was €53 million. Furthermore, considering the recurring EBITDA for this year of 69.4 million euros, compared to the same magnitude in the previous year, this would represent an increase of 39%. Due to the exponential improvement of this EBITDA in the second half of the year compared to the first half, it practically doubled that of the first six months of the year (91%), reaching 34.7 million euros.

This good performance in the second half of 2021, and especially in its last quarter, also allowed the company to close a highly complex year for the energy sector with a positive net result of 2.8 million euros.

Audax also has a solid cash position of 329 million euros, which will allow it to comfortably meet all its current and future financial commitments, and a debt/EBITDA ratio of 2.7x.

For José Elías Navarro, President of Audax Renovables, "having recorded a record turnover and gross margins in such a demanding and volatile year for all connections in the energy sector is great news and an endorsement of our strategic plan, which we have just renewed with a horizon of 2026. The completion of our vertical integration process, the focus on the most profitable operations and the improvement of our management and control tools are some of the reasons for these solid results, which we hope the market will take note of and will lead to a stock market appreciation in line with our performance and our privileged position in the field of energy production and distribution in Europe".

Strong customer base and 150% increase in renewable installed capacity

In terms of number of customers, in 2021 Audax reached 518 thousand supply points: 1% more than in the previous year, of which 43% were outside Spain, namely in Hungary, Italy and the Netherlands. This volume of customers is 70% higher than the 305 thousand supply points it had in 2018, and supports the commercial and internationalization strategy of the Spanish multinational.

In total, Audax supplied 15.4 TWh of energy to its customers in 2021: 48% more than in 2020, 75% of which corresponds to the sale of electricity and the remaining 25% to the sale of gas.

Regarding its operations, last year Audax continued to develop, build and commission photovoltaic projects, increasing its installed renewable capacity by 150% compared to 2020, with an investment of 77 million euros in new generation plants.

In total, in 2021, the company added 1,968 MW to its portfolio of generation projects in Spain, Italy and Portugal, which will be developed and commissioned in the coming months, bringing the company's total portfolio to 2,536 MW.

To date, Audax has 226 MW of installed capacity, 150% more than in 2020, of which almost half (112 MW) is located outside Spain.

For Elías Navarro, "the 77 million euros that we allocated to the construction of new generation assets reflect our firm commitment to photovoltaic energy. Very few companies have a production portfolio of more than 2,500 MW, which positions us solidly to consolidate and expand our leadership in the field of green energy in Europe over the coming years."

These new projects in 2021 include the connection to the grid of 35 MWp of the Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV (Toledo) plants, and authorization for the entry into operation of the Alberizas I plants , II, II and IV (Guadalajara), with 20 MWp. The company also completed work on the facilities in Calañas (Huelva), Los Arenales and El Toconal (Toledo), for a total of 14.5 MWp, and in December completed the acquisition of the 12.36 MWp Zaratán 1 and 2 photovoltaics in the municipality of Ciguñuela (Valladolid). In Panama, the Toabré wind farm project, in which Audax holds a 30% stake, has completed construction work and has already begun testing the production of its wind turbines,

Strong commitment to environmental sustainability and diversity

True to its strong commitment to sustainability, Audax plans to boost its ESG strategy and fully implement its Sustainability Plan by 2022. Last year, its current activity already avoided the emission of 132 tons of CO2, and its activity generation was once again 100% renewable. In terms of governance, 59% of the company's staff are women, who represent a third of its Board of Directors, with independent directors also responsible for 33%.

About Audax Renovables

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that produces and supplies renewable electricity and 100% gas to customers in seven European countries. It currently has a portfolio of wind farms and photovoltaic plants in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in various stages of development, totaling 2,536 MW. In its commercialization activity, the group chaired by José Elías Navarro supplies renewable energy and gas to more than 518,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Spain. Audax was listed on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. In 2021, its turnover reached 1,690 million euros, and has a team of more than 800 professionals.

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