ALTERNATIVE PERFORMANCE MEASURES
SECOND HALF 2021
Alternative Performance Measures
Second half 2021
APM Reconciliation
AUDAX RENOVABLES reports on Alternative Performance Measures (APM) in order to supplement the financial statements presented in accordance with the International Financial Reporting Standards adopted by the European Union (IFRS-EU). These measures, in addition to the financial measures and in compliance with (IFRS-EU), are used for the purpose of establishing budgets and goals and of managing business, assessing its financial and operating performance and comparing it with previous periods and with the performance of the competitors. The presentation of such measures is assumed to be helpful because they can be used for analysis and comparison of profitability between companies and industries, as the impact of the financial structure and of the accounting effects other than cash flows are excluded.
Non-financial measures are also presented, because these and other similar measures are generally used by investors, securitiesanalysts and other brokers as complementary performance measures.
In general, these APM are used by the Management so there is direct traceability to the consolidated income statement and no reconciliation is needed.
The APM that the Group considers most important are set out in this document.
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Alternative Performance Measures
Second half 2021
APM Reconciliation
Consolidated Income Statement | 2021 | 2020 | Var. (%) |
Operating income | 1,689,982 | 969,300 | 74 |
Gross Margin | 128,753 | 114,884 | 12 |
EBITDA | 52,937 | 66,441 | -20 |
EBIT | 30,969 | 46,787 | -34 |
EUR thousands
The Gross Margin amount is calculated from the Operating income deducting the procurement amount. It is considered by Audax as an activity performance indicator given that it provides information related to the net sales amount less the incurred cost to obtain such sales.
The EBITDA (gross operating profit and loss amount) results of adding to the gross margin the wages and salaries, other operating expenses, the impairment and profit and loss from sale and the differences in business combination. Audax uses this indicator to determine its operating profitability and the investors use it for company valuation purposes.
The EBIT (operating profit or loss) relates to the EBITDA plus the amortisation and depreciation amounts. This indicator enables Audax to determine its operating profitability taking into account the depreciation and amortisation and investors use it for company valuation purposes.
The conciliation between EBITDA and the net consolidated profit is the following:
2021 | 2020 | |
EBITDA | 52,937 | 66,441 |
Assets amortisation | -21,968 | -19,654 |
EBIT | 30,969 | 46,787 |
Financial income | 803 | 4,380 |
Financial expenses | -28,815 | -17,724 |
Exchange differences | -147 | 431 |
Profit/loss from disposal of financial instruments | 1,704 | 227 |
Financial profit/loss | -26,455 | -12,686 |
Share in the profit/loss of associated companies | -57 | -52 |
Profit/loss before tax | 4,457 | 34,049 |
Corporate income tax | -3,212 | -3,879 |
Consolidated profit/loss for the year | 1,245 | 30,170 |
Profit/loss attributed to minority interests | 1,593 | -3,785 |
Net Profit / Loss | 2,838 | 26,385 |
EUR thousands | 2 |
Alternative Performance Measures
Second half 2021
APM Reconciliation
The Net Financial Debt is the following:
dic-20 | ||||
Net Financial Debt | dic-21 | *reexpressed | Var. | % |
Non-current financial liabilities | 545,138 | 469,302 | 75,836 | 16.2 |
Debt of bonds and other marketable securities | 447,821 | 379,158 | 68,663 | 29.0 |
Bank loans | 81,783 | 82,339 | -556 | -0.7 |
Financial leases liabilities (IFRS 16) | 15,326 | 7,801 | 7,525 | 96.5 |
Other financial liabilities | 208 | 4 | 204 | n.a. |
Current financial liabilities | 244,393 | 192,089 | 52,304 | 27.2 |
Debt of bonds and other marketable securities | 202,993 | 136,754 | 66,239 | 48.4 |
Bank loans | 39,599 | 53,649 | -14,050 | -26.2 |
Financial leases liabilities (IFRS 16) | 1,178 | 1,132 | 46 | 4.1 |
Other financial liabilities | 623 | 554 | 69 | 12.5 |
Derivatives | -17,278 | 2,451 | -19,729 | n.a. |
Cash and financial assets equivalents | -328,708 | -451,963 | 123,255 | -27.3 |
Current financial assets | -84,559 | -83,730 | -829 | 1.0 |
Cash and cash equivalents | -244,149 | -368,233 | 124,084 | -33.7 |
Net Financial Debt * | 443,545 | 211,879 | 231,666 | 109.3 |
Of the Parent Company | 136,962 | 135,189 | 1,773 | 1.3 |
Of the Minority interest | 11,962 | 7,818 | 4,144 | 53.0 |
Net Equity | 148,924 | 143,007 | 5,917 | 4.1 |
Leverage *** | 74.9% | 57.4% | 15.2 | 25.4 |
EUR thousands |
*The Net Financial Debt (NFD) is a financial indicator widely used to measure the debt position of the company. The calculation used to obtain it is detailed below:
Financial Debt
- Current and non-current financial liabilities
- Derivatives
- Cash and other cash equivalents
**The Net Equity is composed by the Net Equity of the Parent company plus the minority interests.
***The Leverage amount is a financial indicator widely used to measure the usage of debt and it is calculated as follows:
Net Financial Debt / (Net Financial Debt + Net Equity)
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Alternative Performance Measures
Second half 2021
APM Reconciliation
dic-20 | ||||
Net Financial Debt (without IFRS 16) | dic-21 | *reexpressed | Var. | % |
Net Financial Debt | 427,041 | 202,946 | 224,095 | 110.4 |
Net Equity | 148,924 | 143,007 | 5,917 | 4.1 |
Leverage | 74.1% | 58.7% | 15.5 | 26.4 |
EUR thousands |
In 2021, the Net Financial Debt stands for an amount of EUR 16,504 thousands and in 2020 an amount of EUR 8,933 thousands due to the application of the IFRS 16 rule regarding leases liabilities' accounting treatment.
The Net Financial Debt without the IFRS 16 rule is a financial indicator that measures the debt position of the company deducting the effect of the liabilities related to a financial lease.
El apalancamiento sin efecto NIIF 16 es un indicador financiero para medir el ratio entre la deuda neta sin efecto NIIF 16 y los fondos propios del grupo.
The key operating figures are the following:
Production (GWh) | 2021 | % | 2020 | % | Var. (%) |
Spain | 94.2 | 47% | 82.6 | 41% | 14 |
France | 27.7 | 14% | 29.5 | 14% | -6 |
Poland | 78.1 | 39% | 92.6 | 45% | -16 |
Total | 200.0 | 100% | 204.7 | 100% | -2 |
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Audax Renovable SA published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 12:24:21 UTC.