Photon Energy N.V. (WSE: PEN, the 'Company') todayannounced financial results for the fourth fiscal quarter ended 31December 2018, exceeding the EUR 20 million annual revenue mark forthe first time in the Company’s history and equally reporting itsfirst-ever net profit.
In 2018 Photon Energy reached important milestones toward itsgrowth strategy implementation. The company expanded itsproprietary portfolio of PV power plants in the Hungarian market by6.3 MWp and additional 5.5 MWp slated to get connected in 2019Q1.It also made further progress on project development activities inAustralia and continued to see growth in its O&M servicebusinesses.
Outstanding electricity production by our proprietary powerplant portfolio contributed strongly to our 17.4% annual revenuegrowth to a record EUR 20.256 million, while our EBITDA improved by4.9% to EUR 8.239 million and our EBIT grew by 15.1% to EUR 2.637million.
The most significant improvement occurred at the bottom linewith pre-tax profit jumping by 458.5% to EUR 1.934 million and ourcompany turning a previous net loss of EUR 0.807 million into a EUR0.603 million net profit in 2018. Total comprehensive incomeadvanced by 45.7% to EUR 2.625 million, pushing our consolidatedgroup equity to EUR 29.873 million.
Highlighting the headline numbers in the fourth quarter, EBITDAand EBIT rose by 5.6% and 9.7% respectively, despite lower revenuesof EUR 3.615 million in 2018Q4 (down 15.5% YOY) linked to smallervolumes in the wholesale of PV technology compared to the sameperiod last year, marking a continuation of the positive trendobserved since 2013.
“ We are looking ahead to 2019 as another year full ofopportunities across all our business lines and are looking forwardto some of our Australian utility-scale projects reaching theready-to-build stage, to a further increase in our proprietaryportfolio of power plants mainly in Hungary as well as stronggrowth in our O&M business and related services. We are alsoconvinced that our Photon Water business will become an everstronger contributor to our Group’s business volume,”comments Photon Energy CEO Georg Hotar.
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MEDIA CONTACT
Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com
