Audax Renewables Financial year 2020 had been set as the year in which to distribute dividend among its shareholders. However, this objective has been diluted over time and, although it remains, the company does not mark date on calendar. It is a consequence of the change in plans to which the coronavirus epidemic has forced many companies.
The remuneration to his shareholders was promised, for example, at the end of 2018, when he said that his will was to pay it in "as soon as possible". A few months later, he indicated that he aspired to do so in 2020, charged to the 2019 results.
Specific, its intention was to distribute 10 million euros among its investors (from 16.8 in the 2019 result); and the rest of its result would be used to compensate for losses from previous years, according to its latest annual report.
In June, with the Covid, Audax change of plans and canceled the planned dividend. He argued that it was "a gesture of financial prudence and of social responsibility that is necessary from the ethical point of view ", due" to the exceptionality of the health alert situation generated by the pandemic.
Therefore, it decided to allocate the aforementioned 16.8 million to offset negative results of previous years.
MAXIMIZE REMUNERATION … WITHOUT EXERCISE IN SIGHT
Now in the semi-annual results report that you have referred to the National Securities Market Commission (CNMV), Audax points out that its "board of directors aims to maximize the remuneration of its shareholders."
Furthermore, it indicates that "It intends for there to be a distribution of dividends, as long as the factors of cash generation and availability of distributable reserves that allow it are met.. Due to these conditions, the amount of the same or the year in which they are to be distributed cannot be guaranteed ".
Audax Renovables closed the first half of the year with a profit of 4.07 million, 40% less than in the same period of 2019, when it earned 6.76 million. Six months in which it assumed a provision of 4.8 million euros to face the effects of the Covid pandemic.
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