Audax Renovables S A : Consolidated Financial Statements at 31 December 2021.

RESPONSIBILITY STATEMENT FOR THE ANNUAL FINANCIAL REPORT

AUDAX RENOVABLES, S.A. AND INVESTEE COMPANIES

Annual Accounts and Directors' Report as at 31 December 2021

The members of the Board of Directors of Audax Renovables, S.A., in compliance with article 8 of the Royal Decree 1362/2007, confirm that to the best of their knowledge the individual annual accounts and the consolidated group's annual accounts for the year ended on 31 December 2021 and drawn up on the meeting on 24 February 2022 have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit and loss of Audax Renovables, S.A. and of the entities included in the consolidation taken as a whole, and that the directors' report includes a fair review of the development and performance of the business and the position of Audax Renovables, S.A. and of the entities included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face, duly signed by all directors.

BOARD OF DIRECTORS
Mr Francisco José Elías Navarro	Mr Eduard Romeu Barceló
Chairman	Member
Mr Josep Maria Echarri i Torres	Mr Ramiro Martínez-Pardo del Valle
Member	Member
Ms Anabel López Porta	Ms Rosa González Sans
Member	Member
Badalona, 24 February 2022

AUDAX RENOVABLES, S.A and SUBSIDIARIES

Consolidated Annual Accounts as at 31 December 2021

Auditor's Report on Audax Renovables, S.A. and subsidiaries

(Together with the consolidated annual accounts and consolidated directors' report of Audax Renovables, S.A. and subsidiaries for the year ended 31 December 2021)

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L. Torre Realia

Plaça d'Europa, 41-43

08908 L'Hospitalet de Llobregat (Barcelona)

Independent Auditor's Report on the Consolidated Annual

Accounts

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the shareholders of Audax Renovables, S.A.

REPORT ON THE CONSOLIDATED ANNUAL ACCOUNTS

Opinion___________________________________________________________________

We have audited the consolidated annual accounts of Audax Renovables, S.A. (the "Parent") and subsidiaries (together the "Group"), which comprise the consolidated balance sheet at 31 December 2021, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and consolidated notes.

In our opinion, the accompanying consolidated annual accounts give a true and fair view, in all material respects, of the consolidated equity and consolidated financial position of the Group at 31 December 2021 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other provisions of the financial reporting framework applicable in Spain.

Basis for Opinion__________________________________________________________

We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts section of our report.

We are independent of the Group in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the consolidated annual accounts pursuant to the legislation regulating the audit of accounts in Spain. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations, have affected the required independence such that this has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG Auditores S.L., a limited liability Spanish company and a member firm of the	On the Spanish Official Register of Auditors ("ROAC") with No. S0702, and the
KPMG global organization of independent member firms affiliated with KPMG	Spanish Institute of Registered Auditors' list of companies with No. 10.
International Limited, a private English company limited by guarantee. All rights	Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9
reserved.	N.I.F. B-78510153
Paseo de la Castellana, 259C 28046 Madrid

2

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Key Audit Matters_________________________________________________________

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the consolidated annual accounts of the current period. These matters were addressed in the context of our audit of the consolidated annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recoverability of goodwill

See note 5 to the consolidated annual accounts

Key audit matter

How the matter was addressed in our audit

At 31 December 2021 the Group has capitalised goodwill totalling Euros 137,942 thousand.

At each reporting date the Group estimates the recoverable amount of goodwill, regardless of whether or not there are indications of impairment.

As the estimated recoverable amount of goodwill exceeds its carrying amount, the Group did not recognise any impairment in 2021.

This recoverable amount is calculated by applying valuation techniques which require the exercising of judgement by the Directors in the use of estimates.

The valuation process for goodwill from business combinations has been considered as a key audit matter insofar as the valuation techniques used often require the exercising of judgement by the Directors and the use of assumptions and estimates.

Our audit procedures included the following:

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evaluating the design and implementation of key controls related to process of estimating the recoverable amount of goodwill,

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assessing the reasonableness of the methodology and assumptions used to estimate the recoverable amount, through value in use or fair value less costs to sell based on discounted cash flows at cash-generating unit level, with the involvement of our valuation specialists,

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comparing the cash flow forecasts estimated in prior years with the actual cash flows obtained,

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evaluating the sensitivity of the estimated recoverable amount to reasonably possible changes in the relevant assumptions and judgements, such as the discount rate, the expected future growth rate and future cash flows.

We also assessed whether the disclosures in the consolidated annual accounts meet the requirements of the financial reporting framework applicable to the Group.