Photon Energy published its financialresults for 2018Q1, posting 33.3% revenue growth and a EUR 1.89million net profit on the back of the Canadian Solar transaction.The repayment of the company’s corporate bond, the expansion of theHungarian project pipeline to 25.6 MWp and the grid connection ofthe first PV plant in Hungary set the stage for a profitable2018.
Photon Energy NV (PEN) released its reportfor 2018Q1, announcing a 33,3% YOY revenue increase and a netprofit of EUR 1.89 million in the seasonally weakest quarter of theyear.
The opening quarter was marked by thesigning of a co-development financing agreement with Canadian Solarrelating to five utility-scale solar projects in Australia with aplanned installed capacity of 1.14 GWp, the expansion of itsHungarian project pipeline to 25.6 MWp, the commissioning of thecompany’s first PV power plant in Hungary and the repayment of thecompany’s corporate EUR bond 2013/18. Based on Photon Energy’ssuccessful project development effort in Australia with the largestutility-scale solar project pipeline in the country and thecontinued expansion in Hungary, the company’s management isconfident in continuing revenue and profitability growth in thequarters and years ahead.
Global solar power solutions providerPhoton Energy published its report for 2018Q1 on 7 May 2018.Electricity production came in 4.1% above quarterly expectationsyet 21.1% below the production levels achieved during anexceptionally strong 2017Q1. This shortfall could be compensated bya strong performance of the other business lines, mainly thedevelopment activities in Australia and increasing technologytrading volumes.
In 2018Q1 consolidated revenues grew by33,3% from EUR 2.786 million to EUR 3.714 million compared to2017Q1, while consolidated EBITDA came in EUR 0.048 million lowerYOY at EUR 1.025 million. Consolidated EBIT contracted by EUR 0.084million to EUR 0.180 million on a YOY-basis.
Due to the EUR 3.074 million capital gainrealized in the Canadian Solar transaction, the Company managed toswing from a net loss of EUR 0.312 million in 2017Q1 to a netprofit of EUR 1.886 million in 2018Q1. Photon Energy‘s totalcomprehensive income reached EUR 2.041 million in 2018Q1 as opposedto a loss of EUR 0.131 million in 2017Q1. The Group’s consolidatedequity increased to EUR 29.232 million compared to EUR 25.982million at year-end 2017.
“Photon Energy started thefinancial year 2018 with another record quarter, confirming ourtrajectory of continuing revenue growth and setting the stage forsolid bottom line profitability for the full year,” confirmsPhoton Energy CEO Georg Hotar.
“Our strong start into 2018justifies our optimism,” further comments CEO Georg Hotar.“Our Australian solar project development incooperation with Canadian Solar is progressing well, our O&Mbusiness is steadily gaining strength while our activities in thedynamic Hungarian market are bearing fruit as evidenced by ourfirst connected plant and the growth in our project pipeline to25.6 MWp.”
“During 2018Q1 we alsopassed a crucial litmus test in the capital markets by successfullyrepaying our first corporate bond, thereby boosting our credibilityas an issuer and increasing the appeal of our follow-up 5-yearcorporate bond due in 2022. Access to long-term capital is thelifeblood of our business and therefore the importance of thismilestone for our company’s future growth cannot beoverestimated,” concludes CEO Georg Hotar.
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Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com