Audax Renovables had more than 365,000 active supply points at the end of the first quarter, 19% more than in the same period of 2019. «The increase in the number of customers has partially cushioned both the drop in the price of energy in the national market, mentioned above, as the drop in demand caused by Covid-19 “, as reported by the company chaired by Francisco José Elías.
Ebitda in this period stood at 12 million euros, closing with a net profit of 1.4 million euros. For comparative purposes, without taking into account the Covid-19 effect and the disinvestments of generation plants in the previous year, Ebitda would have stood at 20.6 million euros, 43% higher than the first quarter of the previous year , and the net result at 6.8 million euros.
In order to face the possible effects derived from the Covid-19 Audax Renovables has registered an extraordinary allowance for insolvencies of 3.3 million euros, due to the contingency plan drawn up for this purpose under conservative criteria, which should allow Audax Renewable armored for the entirety of this year
Audax closed the first quarter of this year with operating income of 234 million euros, lower than the previous year, mainly due to the following factors: lower energy prices in Spain, being 37% lower than same period of the previous year in the case of electrical energy and 53% less in the case of the gas market; a drop in demand at the European level due to warmer weather; and, for the purpose of leaving the perimeter of the three generation plants sold in 2019.
However, the company highlights that due to an improvement in the management of its supplies, it has increased its gross margin by 3.2% compared to the same period of the previous year, standing at 13% over turnover, compared to 10% in the same period of the previous year.
The generation division manages a total operating portfolio of 91 MW in Spain, France and Poland in wind farms. In addition, it has a developing portfolio of 320 MW photovoltaic in Spain, as well as a 66 MW wind project under construction in Panama.