Photon Energy N.V. (WSE: PEN, the 'Group') todayannounced financial results for the third fiscal quarter ended 30September 2019, posting record figures with consolidated revenuesof EUR 10.267 million, up by 66.3% YOY, and net income of EUR 2.966million, up by 143.6% YOY.
In 2019Q3, consolidated unaudited revenues increased by 66.3% toEUR 10.267 million compared with EUR 6.173 million in 2018Q3. Thisrecord growth is attributable to a significant increase ofelectricity generation, up by 49.1% YOY, driven primarily by theexpansion of the Group’s proprietary portfolio of power plants inHungary as well as the good performance of the remaining powerplants in the Czech Republic and Slovakia. Revenues from theengineering business (EPC services), technology wholesale, andoperations and maintenance services (O&M) equally contributedto that growth, proving that our vertically integrated businessmodel with diversified revenue streams allows us to generaterevenues from various phases of the photovoltaic projectlifespan.
EBITDA amounted to EUR 3.088 million in 2019Q3, representing amild compression compared to EUR 3.282 million in 2018Q3. In thebroader context of our business model and project lifecycle,growing overhead cost related to project development works inAustralia and investments in Hungary will be offset by futurecapital gains and other comprehensive income (OCI) and an increasein electricity production revenues. EBIT declined from EUR 1.371million in 2018Q3 to EUR 0.734 million as a result of the growingproprietary portfolio of power plants and related depreciationexpenses.
Consolidated net profit amounted to EUR 2.966 million comparedto EUR 1.217 million in 2018Q3 (+143.6% YOY). This strongprofitability expansion has been achieved due to a net capital gainof EUR 4.121 million on top of the book value of EUR 1.109 millionrelated to the exit from two utility-scale projects (approx. 339MWp of the planned capacity) developed jointly with, and sold to,Canadian Solar Inc. These successful project exits prove theGroup’s capabilities to design, develop and execute large-scaleprojects and generate sound returns, boosting profitability acrossall business lines. In 2019Q3, total comprehensive income amountedto EUR 3.189 million, with EUR 0.798 million reflecting positiveproprietary portfolio revaluation according to IAS 16.
In and after the reporting period, the Group grid-connectedadditional 18 PV power plants with a combined capacity of 12.6 MWpexpanding its proprietary portfolio to 49.7 MWp. The newly added PVplants are expected to generate additional annual revenues of EUR1.530 million. Equity amounted to EUR 34.744 million translatinginto an adjusted equity ratio of 31%.
“We are pleased to deliver another quarter of robust growth. Weachieved record revenues and net profit in the Group’s history aswe continued to expand across all business segments. With ourdevelopment and engineering capabilities paired with our solidcapital position, we are poised and looking forward to implementingfurther projects in Hungary, Poland and Australia in the shortterm,” said Georg Hotar, CEO of Photon Energy N.V.
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Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com