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.

1

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)

3

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

4

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Disclaimer

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.