Photon Energy NV announces the publication of its Annual Reportfor the year 2017 including the auditor’s opinion. Financialresults in accordance with IFRS show consolidated revenues reachingEUR 17.22 million as well as an all-time-high EBITDA of EUR 7.85million. Profit before taxation improved by EUR 2.35 million to apositive EUR 0.35 million while total comprehensive income swungfrom a loss of EUR 2.01 million to a profit of EUR 1.80million.
The Management Board of Photon Energy NV published the AnnualReport for the period from 1 January until 31 December 2017,including the audited consolidated financial statements prepared inaccordance with International Financial and Reporting Standards,standalone financial statements and the auditor's opinion.
The Company recorded a 31.6% YOY increase in consolidatedrevenues to a record level of EUR 17.219 million and a 19.9% YOYgrowth in consolidated EBITDA to an all-time-high of EUR 7.851million for the financial year 2017. EBIT amounts to EUR 2.291million, which represents a 78.1% growth YOY. Following the steadyimprovements in business volumes, the Company managed to swing froma loss before taxation of EUR 1.996 million in 2016 to a profitbefore taxation of EUR 0.346 million for the full year of 2017.Photon Energy‘s total comprehensive income reached EUR 1.802million in 2017 as opposed to a loss of 2.007 million in 2016. TheCompany also managed to reduce its net loss by 69.5% YOY to EUR0.807 million.
The substantial revenue growth was mainly driven by theincreased electricity production of the Group’s portfolio ofproprietary power plants to 27.3 GWh, representing a 4.6% YOYimprovement compared to 2016, a 9.5% YOY growth in globalOperations & Maintenance contracts to 216 MWp at year-end 2017as well as increased sales of technology through the Company’stechnology division.
Progress in the Company’s project development efforts inAustralia and Hungary, incremental growth in the O&M business,the addition of Photon Water to the Group’s business lines and thegrowing PV component trading business line set the stage for astrong 2018.
“The year 2017 has turned out as a pivotal period in ourcompany’s development with solid improvements across all ourbusiness lines. With material progress in our core marketsAustralia and Hungary as well as our water business we are lookingforward to a very busy and promising year ahead during which we areconvinced of further material revenue growth, which will flowthrough to the bottom line,” commented Georg Hotar,CEO of Photon Energy NV.
Photon Energy finished a successful year2017 and started a very promising one, with a co-developmentfinancing deal signed in January 2018 with Canadian Solar, one ofthe world's largest solar power companies, to co-develop fiveutility-scale solar power projects from the Company’s portfolioDown Under with a total estimated installed capacity of 1.14 GWp inNew South Wales, Australia, and the connection of its first solarpower plant in Hungary in March 2018.
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MEDIA CONTACT
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com
