Spain's Audax lifts adjusted net profit by 54% y/y in H1 2020

Wind park in Spain. Author: Santi Villamarín. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

Spanish renewable energy and gas supplier Audax Renovables SA (BME:ADX) posted an adjusted net profit of EUR 7.3 million (USD 8.6m) for the first half of 2020, up by 54% on the year.

The result includes the calculated effects of the COVID-19 pandemic and excludes earnings from asset sales carried out in 2019, Audax said in the financial report for the period.

The reported net profit was down by 40% year-on-year to EUR 4.1 million.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed by 13% to EUR 27.5 million.

More financial details are given in the table below:

In EUR million	H1 adjusted results	Y/Y change:
Revenues	403.8	-22%
Gross income	53	5%
EBITDA	27.5	12%
EBIT	17.6	26%
Net profit	7.28	54%

In January through June, Audax supplied 4.4 TWh of energy, down by 14.5% year-on-year, due to the overall lower demand caused by the COVID-19 prevention measures, warmer winter in the Netherlands and low demand for gas and power in the Spanish mainland. Of the total supply, electricity accounted for 62.6% with the rest being gas.

The coronavirus disease and measures to curb the spread only negatively impacted the company's power and gas supply business as demand and market prices declined during this period. Other business activities, such as project development and investment and financing strategies, were not affected, Audax said.

The renewable energy company closed the period with 91 MW of installed capacity, all of which is in wind farms in Spain, France and Poland. Audax also has 320 MW of photovoltaic (PV) projects in the development pipeline in Spain and one 66-MW wind project under construction in Panama.

(EUR 1.0 = USD 1.171)

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