Photon Energy N.V. (WSE: PEN, the 'Company' or'Group') today published its Annual Report for 2019,posting record audited financial results with consolidated revenuesup by 48.9% to EUR 30.15 million, total comprehensive income up by218.6% YoY to EUR 8.06 million and record consolidated equity ofEUR 37.84 million.
ʺ2019 was another very dynamic year for Photon Energy across allits business lines, covering the entire life cycle of photovoltaicpower plants. Building on our progress in our core growth marketsAustralia and Hungary in 2019, we have taken our first steps toenter the dynamic Polish market, where we are very excited toimplement our proven business model in 2020 and beyond,ʺ commentedGeorg Hotar, CEO of Photon Energy.
ʺWith regards to the COVID-19 pandemic, Photon Energy’sdiversified revenue streams reduce the potential negative impact onour business. For all projects to be implemented over the next sixmonths we have already secured all necessary components, includingsolar modules,ʺ added Hotar.
In 2019 Photon Energy commissioned 20.1 MWp of PV power plantsacross six locations in Hungary. With the grid connection ofanother 5.4 MWp in March 2020, the Company now has 46 PV powerplants in operation, bringing the Group’s total proprietaryportfolio in the country to 31.5 MWp and the global total to 51.7MWp. The Company secured long-term financing for these projectsfrom K&H Bank for a period of 15 years.
The Company increased its O&M services portfolio by 21.2% or48.1 MWp to 275 MWp by year-end 2019. Further 33 MWp of PV capacityhave been added in Q1 2020, bringing the total to 308 MWp.
In Australia, the Company successfully completed a project forALDI Stores Australia to build 31 rooftop installations with acombined capacity of 4.6 MWp on 31 stores and a distribution centreacross New South Wales and Queensland. Photon Energy won a tenderto design and build an integrated solar (1.2 MWp) and batterystorage (with over 3.2 MWh capacity) system on the UNESCO-listedLord Howe Island. In addition, the Company successfully exited fromtwo out of five utility-scale projects, jointly developed withCanadian Solar, leading to a capital gain of EUR 4.32 million.Photon Energy remains involved in the development of fourlarge-scale PV projects with a planned capacity of 738 MWp inAustralia.
In association with a local partner in Poland, the Companysigned a PLN 3.4 million (EUR 0.75 million) EPC contract with awater utility company for the construction of a 950 kWp PV powerplant at the wastewater treatment plant in Jamno, representing theCompany’s first significant step into this growing PV market.
EBITDA decreased slightly, by 2.5%, from EUR 8.15 million in2018 to EUR 7.94 million in 2019. This development is the directresult of the Company’sinvestment in both a growing team and newprojects, which will lead to a rise in our income-generating assetbase in the medium- and long-term, driving future growth inelectricity-generation revenues, capital gains and OtherComprehensive Income (OCI).
Electricity production in 2019 reached 43.78 GWh, representing54.4% YoY growth. This growth continued during Q1 2020, fueled bythe Company’s growing installed base in its proprietary portfoliowith a 70.9% YoY increase to 11.74 GWh of produced electricity. InQ2 2020, five additional power plants currently under constructionwith an installed capacity of 3.5 MWp are set to be commissioned.Before year-end 2020, ten power plants with a total installedcapacity of 14.2 MWp will also enter into operations.
In early April 2020, Photon Energy entered into a strategicpartnership with the Melbourne-based technology company RayGenResources to develop global renewable energy projects suitable forthe roll-out of RayGen’s unique solar power and electricity storagetechnology. Photon Energy will act as a project developer, EPCcontractor and – where suitable – as a project equity investor. Aspart of the partnership Photon Energy has also become a minorityshareholder of RayGen Resources.
At the same time, Photon Energy won a tender for the design andconstruction of a 3 MWp solar power plant in the city of Wodonga inVictoria, Australia. The off-grid-capable PV power plant willsupply a wastewater treatment facility operated by the regionalwater utility, North East Water. The EUR 4.1 million projectrepresents another milestone for Photon Energy as an EPC forcomplex off-grid-enabled solar-based energy systems in theAustralian market.
Download the Annual report for 2019
MEDIA CONTACT
Martin Kysly
Photon Energy
T +420 774 810 670
E martin.kysly@photonenergy.com
