Photon Energy NV released its report for2016 Q1, during which the company recorded high energy productionand continued financial improvements. Following on from a strongyear 2015 the global solar power solutions provider is furthergrowing its business and laying the groundwork for continuousexpansion.
In Q1 Photon Energy signed new O&Mcontracts as well as a strategic partnership and commissioned twopower plants in Australia. Financially Photon Energy grew itsEBITDA by 32% and slashed its EBIT loss by 62%.
Photon Energy NV released its reportfor 2016 Q1, during which the company recorded high energyproduction and continued financial improvements. “We havecarried over the positive momentum from 2015 over into the new yearand are glad to report greatly improved EBITDA and EBIT, whichmakes us ready for the high production season in the upcomingmonths”, comments Photon Energy CEO GeorgHotar. “Even considering our diversified businesslines, energy production is still our core business and as such ishighly seasonal. Given that almost all of our power plants arelocated in the northern hemisphere, Q1 is traditionally the weakestquarter with low energy production. Our better enhanced coststructure means we are well prepared for improving our bottom linein the sunny high-production months ahead”, Hotarexplains.
While consolidated revenues decreased 8.5%YOY to EUR 1.983 million in 2016 Q1, EBITDA increased by 32%to EUR 0.691 million and the EBIT loss was slashed by 62% to EUR0.101 million. The Company recorded a loss before taxation of EUR1.318 million, compared to a loss of EUR 1.225 million for the sameperiod last year. “The decrease in revenues must be viewedagainst extraordinarily high energy production in the same quarter2015”, adds CEO Georg Hotar.
Even if production results in 2016 Q1cannot rival those of the unusually sunny first quarter of lastyear, Photon Energy’s proprietary power plants still produced 3.5%more solar energy than predicted, generating a total ofapproximately 3.7 GWh of electricity.
Looking at the highlights for the quarter,Photon Energy finalised its geographical refocusing by selling itsshares in Photon Energy Operations DE GmbH, and successfullycommissioned two solar power plants in Australia. “As far asour Operations & Maintenance business goes, we have signed astrategic partnership with China Electronics GreatWall Energy(“GreatWall”), the producer of Satcon® central inverters”,Hotar comments. Photon Energy is already the leading serviceprovider to the installed base of Satcon® inverters in Europe.“The agreement gives potential customers with central PVinverters further reasons to entrust us their PV inverters forservicing, growing our customer base even further”, Hotarconcluded. At the same time Photon Energy signed new O&Mcontracts for 3.9 MWp in the Czech Republic and as a result nowoffers more than 154 MWp O&M services across Europe and inAustralia.
MEDIA CONTACT
Jan KRCMAR
T +420 773 032 182
E jan.krcmar@photonenergy.com
Download this press release (pdf).
Download the quarterly report here (pdf).
All our reports can be found on the Reports page in our Investor Relationssection.
