Mexico City, April 27th, 2022. – COX ENERGY AMÉRICA, S.A.B. DE C.V. (“Cox”, “Cox Energy”, “Cox Energy América” o “the Company”) (BIVA/BMV: COXA*), a company dedicated to the development and management of solar photovoltaic renewable energy projects reports its results for the quarter closed on March 31st, 2022. All figures included in this report are in nominal Mexican pesos and are in line with the International Financial Reporting Standards (IFRS).
HIGHLIGHTS
- At the end of the first quarter of 2022, Cox Energy had an active portfolio of 1,219 MWp and 1,098 MWp in identified opportunities. 62.1% of the active portfolio and identified opportunities are developed in Chile, Colombia, and Central America.
- Based on the Company’s Strategic Plan, the objectives set for 2022 include, among other things, capital investments that will allow it to have projects under construction and operation totaling more than 250 MWp.
- Consolidated revenues for the quarter represented mainly by the energy sales and commercialization business in Mexico reached $79.4 million pesos, an increase of more than 230.0% compared to the revenues recorded for the full year 2021.
- As a result of the Electricity Reform dismissal by the Mexican Congress, Cox Energy continues to consider new business opportunities in the country, seeking to generate the highest return on active projects and identified opportunities.
- At the beginning of 2022, Cox Energy began generating cash flow from its energy production business due to the preferent royalty established through the Joint Venture (JV) with Sonnedix. This JV is based, among other things, on the exploitation of the project La Meseta in Chile, which is currently under construction. Cash flow generation will continue throughout the construction process and will increase once it is in operation.
- During the quarter, the financing structuring phase for the first package of PMGD projects in Chile began, with the goal of completing the construction and operation of said projects during 2022.
- At the Company’s last Board of Directors meeting, an extension for the share subscription period was authorized, which will remain in effect until the end of 2022. This will give new investors the opportunity to buy the Company’s shares.
- On April 29th, Cox Energy America S.A.B de C.V will hold its Ordinary General Shareholders’ Meeting according to the call published on April 12th, which can be found in the issuer’s website.
- During the quarter, the dual listing process on the BME Growth Stock Exchange in Spain continued. The Spanish market represents a great opportunity for listing given their great interest in the renewable energy sector and its high growth potential. The Company expects to complete this process before the end of the first semester of 2022.
MESSAGE FROM THE CEO
José Antonio Hurtado de Mendoza, Chief Executive Officer of Cox Energy América, said: “2021 put the resilience of our business model to the test and demonstrated that our team has the ability to easily adapt to a challenging and adverse macroeconomic environment. I am convinced that, with a well-defined strategic plan and our team’s outstanding skills, we will be able to take advantage of the identified opportunities and thus, secure value-generating projects with high returns.”
He added: “During 2022 we will strengthen our leadership position, reaffirming our commitment to sustainable growth and best corporate practices, generating value for our investors and stakeholders.”
Miranda Newswire – Full Press Release: Download PDF
Contact Details
Enrique González
Investor Relations
inversores@coxenergyamerica.com