Photon Energy NV published its annualreport with audited figures for 2016. In 2016 the company undertookimportant steps to secure its long-term position both in theEuropean and global solar energy markets. In Central EuropePhoton Energy became a leading provider of O&M services, whilein Australia new power plants were built and plans for large-scalesolar parks presented. Photon Energy also reached out to investorsby dual-listing its shares in Prague and issuing a 6% corporatebond in the Czech Republic.
„Despite stable revenues last year, welifted our operating margins, marking a continuation of thepositive trend that has been in place since 2013. Additional costsavings enabled substantial progress to be made. This balance anddiversity are important factors that have made our performance morereliable this year, illustrated by both EBITDA and EBIT showingfurther progress YoY and setting the stage for material growth in2017 and beyond.”, said Photon Energy CEO GeorgHotar. The sharp decline in bottom line results is mainlyconnected to a positive adjustment in the revaluation ofderivatives in 2015, as well as to the release of an allowance.
In 2016 Photon Energy experienced its bestbusiness year in terms of growing its customer base for operationsand maintenance of solar power plants. In total the company added45 MWp, including the largest single contract in Photon Energy’shistory for 28.5 MWp for one of the leading Czech independent powerproducers, Energy 21. In December 2016, new contracts pushed PhotonEnergy over the 100 MWp mark in the Czech Republic and in early2017 the company surpassed 200 MWp worldwide. Photon Energy’s powerplants produced more than 26 GWh of clean energy in 2016.
In Australia, four power plants were underconstruction or commissioned in 2016. In December, the company alsoannounced two Australian PV projects under development with aplanned combined installed capacity of 34 MWp, that are expected tobe fully permitted and ready-to-build by mid-2017.
“We expect our 2017 results to benefitfrom the hard work our teams put into signing Operations &Maintenance contracts and into securing the construction of newprojects. 2017 will be another busy year for us, as we focus onprofitability delivery based on the revenue mix from electricityproduction, recurring revenues from the operations and maintenancebusiness, revenues from EPC business and trading activities”,CEO Georg Hotar commented.
The company’s FY 2016 revenues of EUR13.089 million remained stable compared to 2015 (EUR 13.321million), and both EBITDA and EBIT show encouraging progressyear-on-year, amounting respectively to EUR 6.551 million (+6.6%YoY) and to EUR 1.286 million (+15.6%). Lower bottom line resultsin 2016 (total comprehensive loss of EUR 2.007 million compared toEUR 0.755 in 2015) are attributable in part to a largely positiveadjustment in the revaluation of derivatives last year, as well asto the release of an allowance also recorded in 2015Q2.
Photon Energy was also active on thecapital markets in 2016. In October Photon Energy completed adual-listing of its shares on the Prague Stock Exchange, inaddition to the Warsaw Stock Exchange. Building on momentum fromthe dual listing of its shares in Prague, Photon Energy placed a 6%p.a. corporate bond in the Czech Republic in late November 2016.The 7-year bond is aimed at investors of all sizes and offers anattractive coupon as well as the additional advantages of monthlycoupon payments and the possibility to sell and buy bonds on thePrague Stock Exchange. The nominal value of the bond is 30.000 CZK.The proceeds of the bond placement will primarily be used tofinance large-scale PV projects in Australia.
Jan Krcmar
T +420 773 032 182
E jan.krcmar@photonenergy.com
Download the annual report here (pdf).
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