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Photon Energy reports 2018Q2 financial results

Revenue, EBITDA and EBIT Hit New All-Time Records / Positive Outlook for Australian and Hungarian Projects / O&M Services Portfolio Reaches 222 MWp Worldwide / Subsidiary Photon Water Technology Launches Solar-Powered Algae Control System / Bond Placement Boosts Company’s Credibility

Photon Energy NV (WSE: PEN) closed the second quarter of 2018 with a record increase in Group revenues and further improved EBITDA and EBIT. In Australia, the Company’s Leeton project reached the ready-to-build stage, and Photon Energy Operations expanded its operations and maintenance services portfolio to 222 MWp worldwide.

For 2018Q2 the Company’s revenues reached EUR 6.753 million (prior-year period: EUR 5.245 million / +28.8% YOY), EBITDA grew to EUR 3.386 million (+8.5% YOY), and EBIT increased to EUR 1.470 million (+20.2% YOY).

In 2018H1, Photon Energy was able to achieve record revenues of EUR 10.467 million (+30.3% YOY), an EBITDA of EUR 4.411 million (+5.2% YOY), and EBIT of EUR 1.651 million (11.0% YOY). Further, a positive profit before tax of EUR 2.209 million (prior-year period: EUR 0.456 million) was achieved.

“We take great pride in reporting on the good progress we made in the second quarter of 2018. It was the best quarter in Photon Energy NV’s history in terms of revenue, rounding off a solid first half of 2018,”said Georg Hotar, CEO of Photon Energy NV. “Our financial performance in the second quarter of 2018 demonstrates the progress we have made in all areas of our business across geographies, which validates the soundness of our business strategy.”

During the reporting period, the solar power plant project in Leeton, Australia, reached the ready-to-build stage, and the Company’s management now predicts the construction will start as scheduled in 2018Q3. In Hungary, Photon Energy’s first solar power plant built and connected to the grid in March 2018, exceeded expectations, and as CEO Georg Hotar adds, “We intend to reach the ready-to-build stage for the current project pipeline of 25.6 MWp before year-end 2018, while we continue working towards our year-end 2019 goal of adding 50 MWp in total.”

Photon Energy also signed new O&M as well as water treatment contracts. While new O&M contracts expanded Photon Energy Operations’ services portfolio to 222 MWp worldwide, Photon Water Technology, a parallel business line of the Company, successfully implemented its solution aimed at eliminating health-endangering algae in one of the largest water reservoirs in Prague. The second quarter of 2018 reaffirmed the Company’s strategic expansion to water management as one of its water treatment solutions was financially awarded by the Czech Development Agency to implement water treatment plants in small and medium-sized municipalities in Peru.

On the front of corporate bonds, on 8 May 2018 KFM Deutsche Mittelstand AG announced that it invested via its dedicated SME corporate bonds fund, the Deutscher Mittelstandsanleihen FONDS, in the Company’s Photon Energy EUR Bond 17/22, and evaluated the bond in its “Bond Barometer” as an “attractive investment” awarding it four out of five possible stars. As of the reporting date the placed volume has risen to EUR 22.346 million. “After repayment of our old bond in March, we will use the remaining proceeds for the expansion of our portfolio of power plants in Hungary and Australia as planned,“ concludes CEO Georg Hotar.

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MEDIA CONTACT

Martin Kysly
T +420 774 810 670
martin.kysly@photonenergy.com

Photon Energy reports record revenues and EUR 1.89 million net profit in 2018Q1

Photon Energy published its financial results for 2018Q1, posting 33.3% revenue growth and a EUR 1.89 million net profit on the back of the Canadian Solar transaction. The repayment of the company’s corporate bond, the expansion of the Hungarian project pipeline to 25.6 MWp and the grid connection of the first PV plant in Hungary set the stage for a profitable 2018.

Photon Energy NV (PEN) released its report for 2018Q1, announcing a 33,3% YOY revenue increase and a net profit of EUR 1.89 million in the seasonally weakest quarter of the year.

The opening quarter was marked by the signing of a co-development financing agreement with Canadian Solar relating to five utility-scale solar projects in Australia with a planned installed capacity of 1.14 GWp, the expansion of its Hungarian project pipeline to 25.6 MWp, the commissioning of the company’s first PV power plant in Hungary and the repayment of the company’s corporate EUR bond 2013/18. Based on Photon Energy’s successful project development effort in Australia with the largest utility-scale solar project pipeline in the country and the continued expansion in Hungary, the company’s management is confident in continuing revenue and profitability growth in the quarters and years ahead.

Global solar power solutions provider Photon Energy published its report for 2018Q1 on 7 May 2018. Electricity production came in 4.1% above quarterly expectations yet 21.1% below the production levels achieved during an exceptionally strong 2017Q1. This shortfall could be compensated by a strong performance of the other business lines, mainly the development activities in Australia and increasing technology trading volumes.

In 2018Q1 consolidated revenues grew by 33,3% from EUR 2.786 million to EUR 3.714 million compared to 2017Q1, while consolidated EBITDA came in EUR 0.048 million lower YOY at EUR 1.025 million. Consolidated EBIT contracted by EUR 0.084 million to EUR 0.180 million on a YOY-basis.

Due to the EUR 3.074 million capital gain realized in the Canadian Solar transaction, the Company managed to swing from a net loss of EUR 0.312 million in 2017Q1 to a net profit of EUR 1.886 million in 2018Q1. Photon Energy‘s total comprehensive income reached EUR 2.041 million in 2018Q1 as opposed to a loss of EUR 0.131 million in 2017Q1. The Group’s consolidated equity increased to EUR 29.232 million compared to EUR 25.982 million at year-end 2017.

“Photon Energy started the financial year 2018 with another record quarter, confirming our trajectory of continuing revenue growth and setting the stage for solid bottom line profitability for the full year,” confirms Photon Energy CEO Georg Hotar.

“Our strong start into 2018 justifies our optimism,” further comments CEO Georg Hotar. “Our Australian solar project development in cooperation with Canadian Solar is progressing well, our O&M business is steadily gaining strength while our activities in the dynamic Hungarian market are bearing fruit as evidenced by our first connected plant and the growth in our project pipeline to 25.6 MWp.”

“During 2018Q1 we also passed a crucial litmus test in the capital markets by successfully repaying our first corporate bond, thereby boosting our credibility as an issuer and increasing the appeal of our follow-up 5-year corporate bond due in 2022. Access to long-term capital is the lifeblood of our business and therefore the importance of this milestone for our company’s future growth cannot be overestimated,” concludes CEO Georg Hotar.

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Download the quarterly report here (pdf).

All our reports can be found on the Reports page in our Investor Relations section.

MEDIA CONTACT

Anastasia Hotar
T  +420 775 861 732
E  anastasia.hotar@photonenergy.com

Photon Energy and Canadian Solar enter co-development financing deal for 1.14 GWp Australian solar pipeline

Photon Energy NV announced that Canadian Solar will co-develop and become a shareholder in five of its Australian utility scale solar projects totalling 1.14 GWp.

Photon Energy NV has signed an agreement with Canadian Solar, one of the world’s largest solar power companies, for the joint development of five utility scale solar projects with a total capacity of 1.14 GWp in New South Wales, Australia.

Photon Energy’s utility-scale solar project pipeline is the largest in Australia, and Canadian Solar will now co-develop five projects including the to-date fully-owned 316 MWp project in Gunning (Photon Energy Generation Australia Pty Ltd.). The other four projects were co-developed with Polpo Investments Limited, namely the 178 MWp project in Mumbil (Photon Energy AUS SPV 5 Pty Ltd.), the 165 MWp project in Gunnedah (Photon Energy AUS SPV 7 Pty Ltd.), the 286 MWp project in Suntop (Photon Energy AUS SPV 8 Pty Ltd.) and the 196 MWp project in Maryvale (Photon Energy AUS SPV 10 Pty Ltd.).

Canadian Solar will acquire a 51% shareholding in all five project companies. The equity capital contributed by Canadian Solar is subject to certain development milestones, joint management processes and other terms customary for project co-development and covers the development budgets to bring all five projects to the ready-to-build stage.

Photon Energy will continue to manage the development phase of each of the five solar farms, with the support of Canadian Solar whose Australian experience includes the development of three solar farms in Queensland and another one in Narrabri.

Post-transaction, Photon Energy NV will retain a 49% shareholding in Photon Energy Generation Australia Pty Ltd. (Gunning) and 24.99% shareholdings in the four other project companies (Mumbil, Suntop, Maryvale and Gunnedah). Polpo Investment Limited will retain the balance of the shares in these projects.

“Canadian Solar is delighted to partner with Photon Energy and bring 1.14 GWp into the market,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “As a very active developer for solar power plants in Australia, we will continue to strengthen our leading position in the market by partnering with Photon Energy.”

Photon Energy Australia Managing Director, Michael Gartner, said that interest from investors was overwhelming. “Canadian Solar are the highest quality partner with experience developing solar farms in Australia. They also research and manufacture some of the best photovoltaic technology in the world.

Australia is entering an exciting period where solar power will make a major contribution to national electricity needs and Photon Energy will make a significant contribution to developing solar generation to boost supply quickly, and then to operate and manage solar farms to deliver affordable electricity to homes and businesses across the country.

Photon Energy has been a pioneer in large scale solar, bringing world best practice to harness utility-scale solar which can increase electricity supply and replace aging coal generation capacity in Australia,” Mr Gartner said.

Photon Energy NV’s financial advisor in this transaction was Pottinger, led by John Sheehy and Marcus Davidson, and its legal advisors were law firms Hogan Lovells and Clifford Chance, led by Reuben van Werkum.

ABOUT CANADIAN SOLAR INC

Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

ABOUT PHOTON ENERGY

Photon Energy N.V. is a global solar power solutions and services company covering the entire lifecycle of solar power systems. Since its foundation in 2008 Photon Energy has built and commissioned solar power plants across two continents and supplied the technology to many more major commercial projects. Photon Energy’s Operate and Maintain division service over 210 MWp worldwide. Photon Energy is headquartered in Amsterdam and has major offices in Europe and Australia. For more information please visit www.photonenergy.com.

 

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MEDIA CONTACT in Australia

Chris Hall
Primary Communication
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E: chall@primary-pr.com

Photon Energy reports a profitable third quarter

Global solar power solutions provider Photon Energy published its report for 2017Q3 on 6 November 2017. Building on the strong half-year results, the company confirmed continuing revenue growth at 6.8% compared to 2016Q3 and a 2,5-fold increase in net profit compared to last year’s result. This dynamic confirms Photon Energy’s effective strategy for returning to profitability based on strict cost management and continuing growth in recurring revenue streams from electricity production and the O&M business as well as its trading activities.

Photon Energy published its report for 2017Q3 on 6 November 2017. Coming off a strong first half, the company delivered an even more robust performance in the third quarter. According to the report, the company increased its consolidated revenues by 6.8% compared to 2016Q3 up to EUR 4.91 million, driving EBITDA to an all-time-high of EUR 3.14 million, representing a 14.5% growth from last year.

During the first three quarters of 2017 Photon Energy’s continuing improvement is crystallizing in the form of a bottom line YoY turnaround from a net loss after taxation of EUR 0.87 million to a profit after taxation of EUR 0.70 million. At the pre-tax level the company swung from a EUR 0.91 million loss to a profit of EUR 1.34 million. Consolidated revenues increased by 16.5% to EUR 12.94 million while EBITDA rose 17.8% to EUR 7.33 million and EBIT improved by 53.6% to EUR 2.72 million.

During 2017Q3, Photon Energy continued its extensive Australian development effort on a large-scale project pipeline exceeding 1,400 MWp and managed to obtain development approval for the 28.6 MWp project in Leeton, New South Wales. At the same time the project pipeline in Hungary grew to 11.3 MWp with the target of adding 50 MWp to the company’s proprietary portfolio in Hungary by year-end 2019 intact. The Group’s solid revenue growth is a testament to the good performance of its proprietary power plant portfolio, continued growth in the O&M segment and improving activity levels in other business lines. Strict cost management has ensured that higher revenues have fed through to the bottom line.

“Our 2017Q3 results confirm our trajectory of continuing revenue growth and towards a return to profitability. Progress in our project development efforts in Australia and Hungary and incremental growth in our O&M business set the stage for a strong 2018, in which we plan to expand our proprietary portfolio in both markets and to increase our recurring revenue streams from electricity production and O&M services. At the same time we see growing potential for our EPC and PV component trading business lines,” commented Georg Hotar, CEO of Photon Energy NV.

On 13 November 2017 starting at 11.00 CEWT Georg Hotar, CEO of Photon Energy, will answer questions from investors in a Q&A session to be webcast live in Polish and English on www.sii.org.pl.

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MEDIA CONTACT

Anastasia Hotar
T  +420 775 861 732
E  anastasia.hotar@photonenergy.com

Photon Energy supports Jane Goodall Institute Australia

Photon Energy proudly supports the success of the Jane Goodall Institute Australia who have had a hugely successful year with Jane’s talks and interviews across Australia inspiring people to create a better world which starts with animal protection and achieves a positive philosophy which flows through to all facets of life.

Photon Energy is very proud to support Jane Goodall in her inspiring actions and awareness of the world around us and enjoys first hand experience of its activities by hosting JGIA in its Sydney office premises.

Read the JGIA Annual Report here

Jane Goodall and Michael Gartner, Managing Director of Photon Energy Australia

Managing Director of Photon Energy Australia Michael Gartner appears on ABC.

Photon Energy Australia MD, Michael Gartner was interviewed about its plans to build large scale solar power plants in NSW in a report by Australia’s leading news source the ABC. The report focuses on Australia’s energy transformation confirming the need for renewable energy in New South Wales to replace ageing coal power generation and puts high hopes on wind, solar and power storage to fill the gap.

Michael Gartner, also the co-founder of Photon Energy is also quoted by the ABC in an article on the same topic. Read full article here.

August 2017: New projects in Australia and exceptional production

Photon Energy published its monthly investor report for August 2017. The power plants in the company’s proprietary portfolio produced an average of 10.5% more energy than expected. Photon Energy also announced detailed information about the extensive project pipeline in Australia.

Download the monthly report here (pdf).

All our reports can be found on the Reports page in our Investor Relations section.

MEDIA CONTACT

Jan Krcmar
T   +420 773 032 182
E  jan.krcmar@photonenergy.com

Photon Energy is developing a 253 MWp PV plant in Suntop, NSW

Photon Energy has announced details on a further large-scale solar power plant under development in Australia. The 253 MWp (220 MW AC) project in Suntop, New South Wales, is part of the previously announced 1 GWp development pipeline, for which Photon Energy has mandated advisory firm Pottinger to advise on the raising of development capital. The project is being codeveloped with a local joint venture partner.

Through its 51%-owned project company Photon Energy AUS SPV 8 Pty Ltd. the company has secured options on approximately 400 ha of land and is progressing with the New South Wales government State Significant Development process. Photon Energy has also signed a grid connection process agreement with Transgrid, the operator of the major high voltage transmission network in New South Wales and the Australian Capital Territory, for the design of a substation for approximately 220 MW AC (253 MWp) to be connected to Transgrid’s 330 KV network.

Photon Energy expects to complete the project development process to the ready-to-build stage and to commence construction in 2019. Once connected, the Suntop project is estimated to produce 453 GWh of clean energy each year, contributing significantly to Australia’s Renewable Energy Target.

MEDIA CONTACT

Jan Krcmar
T   +420 773 032 182
E  jan.krcmar@photonenergy.com

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Photon Energy posts positive half-year net results after record revenues

Photon Energy NV has published its report for 2017 Q2 with unaudited half-year figures. Photon Energy saw improvements across all business lines and recorded the highest half-year revenues in its history, which carried through to the strongest HY EBIT and highest HY profit before taxation, leading to a swing into profit after taxation.

The last quarter was another milestone in Photon Energy’s history, being the one of the best quarters in Photon Energy NV’s history and rounding off a solid first half of 2017. We have delivered significant improvements year-on-year, including a profit after taxation, and we are now harvesting the fruits of hard work and of the important steps we undertook in terms of financing, restructuring and business orientation over the past years”, commented Photon Energy CEO Georg Hotar.

Photon Energy’s half-year revenues increased 23.3% to EUR 8.031 million, while EBITDA rose 20.5% to EUR 4.193 million and EBIT was up 71.8% to EUR 1.487 million. Photon Energy also managed to turn around its loss before taxation from EUR 1.119 million in 2016H1 to a profit of EUR 0.456 million in 2017H1. This resulted in a EUR 0.082 million positive net result, compared to the EUR 1.044 million loss during the same period a year earlier.

On a quarterly basis consolidated revenues increased by 15.8% YOY to EUR 5.245 million. EBITDA increased by 11.9% to EUR 3.119 million and EBIT grew by 26.6% to EUR 1.223 million. Photon Energy recorded a profit after taxation of EUR 0.394 million in 2017Q2, compared to EUR 0.347 million for the same period last year (+13.5% YOY).

The positive figures for the first half year are mirrored by operational progress in the first six months of 2017. Photon Energy entered the Hungarian PV market, where it aims to build solar power plants for its proprietary portfolio and external clients. In Australia important progress has been made on the development of large-scale solar power projects. Photon Energy also initiated the refinancing of its corporate EUR bond 2013/2018 by mandating Munich-based Dero Bank AG to act as advisor and lead manager.

We have big plans for the upcoming quarters, in particular for adding power plants in Australia and Hungary to our proprietary portfolio. We are convinced that our continued improvements send a clear signal to current and potential investors, that we are in a sound and strong position to realise those ambitious plans”, CEO Georg Hotar concluded.

MEDIA CONTACT

Jan Krcmar
T   +420 773 032 182
E  jan.krcmar@photonenergy.com

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Download the quarterly report here (pdf).

All our reports can be found on the Reports page in our Investor Relations section.

Photon Energy is developing a 155 MWp solar plant in Gunnedah, NSW

Global solar power solutions provider Photon Energy NV has announced details on a further large-scale solar power plant under development in Australia. The 155 MWp project in Gunnedah, New South Wales, is part of the previously announced 1 GWp development pipeline. The project is being co-developed with a local joint venture partner.

Through its 51%-owned project company Photon Energy AUS SPV 7 Pty Ltd. the company has secured options on approximately 205 ha of land and is progressing with the New South Wales government State Significant Development process. Photon Energy has also signed a grid connection process agreement with Transgrid, the operator of the major high voltage transmission network in New South Wales and the Australian Capital Territory, for the design of a substation for approximately 150 MW AC to be connected to Transgrid’s 330 KV network.

Photon Energy expects to complete the project development process to the ready-to-build stage and to commence construction in 2019. Once connected, the Gunnedah project is estimated to produce 279 GWh of clean energy each year, contributing significantly to Australia’s Renewable Energy Target.

The Gunnedah project is being co-developed with a local joint venture partner owning the remaining 49% of the project company. The project is part of a previously announced 1 GWp project pipeline, for which Photon Energy has mandated advisory firm Pottinger to advise on the raising of development capital.

Today’s announcement of the Gunnedah project provides our investors with more clarity on our extensive proprietary project development efforts in Australia and increases the volume of location-specified projects to 512 MWp”, commented Michael Gartner, Managing Director of Photon Energy Australia.

MEDIA CONTACT

Jan Krcmar
T   +420 773 032 182
E  jan.krcmar@photonenergy.com

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