· Revenues up by 48.9% to EUR 30.154 million in 2019 due to outstanding power production, increased O&M, EPC business and technology sales
· Propietary portfolio of PV power plants expanded to 51.7 MWp, up by 63.6% YOY, and electricity generation up by 54.4% to 43.8 GWh
· Awarded Two Public Tenders for the design and build of a hybrid solar and battery storage solution in Australia and the Company’s first 950 kWp project in Poland
Amsterdam – 13 February 2020 – Photon Energy N.V. (WSE: PEN, the ‘Group’ or the ‘Company’) today announced financial results for the financial year 2019, posting record figures with consolidated revenues of EUR 30.154 million, up by 48.9% YOY.
Revenues increased primarily due to a record power production of 43.8 GWh, an increase of 54.4% YOY, linked to new PV power plants starting commercial operation as well as sound power output from the Company’s PV power plants in the Czech Republic and Slovakia. This strong growth in revenues is driven primarily by the addition of 20.1 MWp of new PV capacities, out of which 12.6 MWp were commissioned in the strategic Hungarian market in Q4 2019 alone, expanding the Company’s proprietary portfolio of PV power plants to 51.7 MWp. Revenues from the engineering business (EPC), technology wholesale and operations & maintenance segments contributed significantly to this growth.
EBITDA decreased slightly by 6.2% from EUR 8.239 million in 2018 to EUR 7.640 million in 2019. This development is the direct result of our investment into a growing team and projects, which will lead to a rise in our income-generating asset base in the medium- and long-term, driving future growth in electricity generation revenues, capital gains and other comprehensive income (OCI).
The Group’s financial performance and value creation is the sum of our operating businesses generating EBITDA, project development for resale (generating capital gains) and our investment activity (generating OCI according to IAS 16 upon plant commissioning). Hence, total comprehensive income (TCI) as our bottom line is the best performance metric, which Photon Energy managed to increase by 148% YOY to EUR 6.506 million in 2019. As a result, our consolidated equity grew to EUR 36.242 million at year-end 2019.
