The fall in prices in the wholesale electricity market in Spain is being a very hard blow for the sector; especially for renewables and self-consumption. However, there are exceptions. Audax Renovables closed the first quarter with a profit of 17 million, which represents multiplying by seven the result of the same period last year, according to the information sent to the CNMV.
The energy company saw revenues decline due to falling prices. Specifically, turnover fell by 31%, to 482 million euros. Audax affirms that this drop did not affect the gross margin, since the variation in the cost of energy is transferred directly to the end customer.
Despite the downward trend in prices, there was an increase in the amount of energy supplied (19%), an increase in customers (8%) and strategies were implemented to set competitive prices. The gross operating result (ebitda) amounted to 31 million (37%).
Net financial debt decreased by 32% compared to the previous year and 5% since the end of the year, to 482 million euros. Audax indicates that this trend reflects the Group’s focus on generating operating cash in order to reduce debt
The installed power of the energy group amounts to 267 MW, 9% more. In Spain, the group has 155MW already underway and has 62MW of photovoltaic parks under construction and 216 MW in development.
