Photon Energy (PEN) released its report for 2017Q4, announcingmore than a doubling in revenues and a 81% consolidated EBITDAincrease. Photon Energy’s successful project development effort inAustralia with the largest utility-scale solar project pipeline inthe country, continued expansion in Hungary and the successfulstart of the Groups new business line water purification, thecompany’s management is confident in continuing revenue andprofitability growth in the quarters and years ahead.
Global solar power solutions provider Photon Energy publishedits report for 2017Q4 on 5 February 2018. Substantial electricityproduction outperformance by 19% above quarterly expectations,continued growth in O&M contracts by nearly 10% compared toyear-end 2016 as well as increasing technology trading volumes haveenabled the strongest final quarter in the company’s history.
In 2017Q4 consolidated revenues grew by 118% from EUR 1.981million to EUR 4.319 million compared to 2016Q4, helping to boostconsolidated EBITDA by 81% YoY to EUR 0.594 million. ConsolidatedEBIT loss contracted by EUR 0.132 million to EUR 0.350 million on aYOY-basis.
For the full year 2017 consolidated revenues increased by 31.9%to EUR 17.258 million, EBITDA improved by 21% to EUR 7.927 millionwhile EBIT jumped by 84% to EUR 2.367 million.
Following the steady improvements in business volumes, theCompany managed to swing from a loss before taxation of EUR 1.996million in 2016 to a profit before taxation of EUR 0.422 millionfor the full year of 2017. Photon Energy‘s total comprehensiveincome reached EUR 1.925 million in 2017 as opposed to a loss of2.007 million in 2016.
“Photon Energy ended the financial year 2017 with anotherrecord quarter, exceeding last year’s performance, on both the topand bottom lines as we did in Q1, Q2 and Q3 of 2017, confirming ourtrajectory of continuing revenue growth and consequently our returnto pre-tax profitability in 2017,” confirms PhotonEnergy CEO Georg Hotar.
“The financial year of 2017 proved us right in ouroptimism,” comments CEO Georg Hotar. “Our Australian solarproject pipeline grew dynamically, resulting in a successfullyclosed co-development deal with Canadian Solar, one of the biggestplayers it the global PV industry. Our O&M business is steadilygaining strength worldwide, which also translates into increasingtrust in Photon Energy as a reliable global provider of solarsolutions. Our improving financial strength allows us to expand ourbusiness, such as by our effort in Hungary, where we are aiming toadd 50 MWp of operating PV plants to our portfolio by year-end2019, and our addition of water purification under our Photon Waterbrand as a new and fast-growing business line.”
“Last but not least, our strong 2017 results, the capitalgains realized in the transaction with Canadian Solar and theprogressing placement of our 5-year corporate bond due in 2022 putus in the position to pass our big capital markets test, which isthe successful repayment of our first corporate bond due on 12March 2018,” adds CEO Georg Hotar.
Download this press release as a pdf.
Download the quarterly report here (pdf).
All our reports can be found onthe Reports page in our InvestorRelations section.
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com