Photon Energy N.V. (WSE: PEN, the 'Group' or'Company') today announced financial results for the first fiscal quarter, ending 31 March 2020, posting all-time high consolidated revenues of EUR 5.316 million, up by 26.6% YoY, andEBITDA of EUR 1.391 million, up by 28.9% YoY.
‘We are proud to have successfully navigated an unusual quarterin the history of Photon Energy. With regard to the COVID-19 pandemic, we believe that our strong core of diversified andrecurring revenues will reduce the potential negative impact on ourbusiness, serving as a solid foundation to weather the difficult times ahead,’ commented Georg Hotar, CEO of Photon Energy N.V.
Despite the global coronavirus outbreak in Q1 2020 and itsimpact on business performance across industries, Photon Energy managed to provide uninterrupted service to its customers in thischallenging first quarter, while making progress towards goals inkey business segments.
The Company commissioned eight PV power plants with a combinedcapacity of 5.4 MWp in Tata, Hungary, grew its O&M customerbase with new contracts topping 33.1 MWp, and – as an independentpower producer – saw exceptional figures in electricity generation from its growing portfolio of power plants, increasing to 11.7 GWh,up by 70.9% YoY.
Consolidated revenues rose by 26.6% YoY to EUR 5.316 million.This was driven mainly by a significant increase in electricity production, due to the start of commercial operations at new powerplants in Hungary, as well as steady power output from theCompany's power plants in the Czech Republic and Slovakia. Growth in revenues from EPC activities in Australia and O&M services in Europe also contributed to this increase. As a result,this led to a consolidated EBITDA growth of 28.9% YoY to EUR 1.391million.
EBIT increased to EUR 0.113 million, up by 21.3% YoY, compared to EUR 0.093 million in the same quarter last year. Due toincreased interest rates resulting from the refinancing costs ofour Hungarian portfolio, combined with an additional placement ofthe Company's EUR Bond and a unrealized negative revaluation ofderivative instruments, there was a net loss of about EUR -1.710million in Q1 2020 compared to EUR -1.278 million a yearearlier.
Thanks to the grid-connection of new power plants in Tata, theCompany recorded a positive revaluation difference of EUR 2.086million in Other Comprehensive Income (OCI), using the IAS 16model. The other way round, volatility of the Czech Koruna and ofthe Hungarian Forint caused by COVID-19 pandemic at the end of thereporting period generated a negative unrealized, non-cash foreign currency difference on our balance sheet of EUR -4.709 millionshown in OCI, which as a result reflected on total comprehensiveincome (TCI) of EUR -4.325 million compared to EUR 1.174 million ayear earlier. Without this unrealized currency translation effect,TCI would have amounted to EUR 0.348 million. The adjusted equityratio remained at a sound level of 30.1%.
After the reporting period, Photon Energy entered into astrategic partnership with Australian technology company RayGen Resources to roll out RayGen Resources’ unique technology, and atthe same time unlock new opportunities for Photon Energy as aproject developer, EPC contractor and equity investor. In early May 2020, the Company commissioned another five power plants with acombined capacity of 3.5 MWp in Hungary, bringing its global proprietary portfolio of power plants to 60.6 MWp.
The company will present the results, followed by a Q&A session via a live webcast, on 14 May at 11:00 am CEST. You are invited to ask questions through the webcast chat box, or you canemail them in advance to ir@photonenergy.com.
Webcast: https://tailorsgroup.clickmeeting.com/photon-energy-q1-2020-results-presentation
Download the quarterly report here (pdf).
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MEDIA CONTACT
Martin Kysly
Photon Energy
T +420 774 810 670
E martin.kysly@photonenergy.com
