Photon Energy N.V. (WSE: PEN, the 'Company') todayannounced financial results for its fiscal 2019 first quarter,ended 31 March 2019, posting consolidated revenues of EUR 4.198million, representing a 13% year-on-year increase.
In the reporting period, Photon Energy continued theimplementation of its growth strategy by expanding its proprietaryPV power plant portfolio by 5.5 MWp and by securing long-termproject financing for its 11.5 MWp PV power plant portfolio inHungary. In 2019Q1, the Company acquired six projects with aplanned installed capacity of 4.2 MWp and another 14.2 MWp afterthe reporting period. In Australia, Photon Energy has been granteddevelopment approval to build 150 MWp at Gunnedah Solar Farm andwon a contract to install 4.6 MWp of solar rooftops across 30stores and a distribution centre for the supermarket chainALDI.
Consolidated revenues rose by 13% YoY to EUR 4.198 million,driven by outstanding electricity production and a solid increasein other revenue streams. This led to a consolidated EBITDAimprovement by 5.3% to EUR 1.079 million.
Increased project development costs led to an EBIT decline ofEUR 0.093 million compared to EUR 0.180 million in the prior-yearperiod in 2018 and a loss before taxation of EUR 0.955 millioncompared to a profit before tax of EUR 1.886 million last year. Thedifference is fully attributable to the EUR 3.07 million capitalgain realized in the Canadian Solar transaction in 2018Q1 as wellas the difference in interest costs relating to the respectiveissued volumes of the Company’s corporate bonds.
As an addition to Photon Energy’s proprietary portfolio, thecommissioning of eight PV power plants with a total installedcapacity of 5.5 MWp in Almásfüzitő, Hungary, led to othercomprehensive income of EUR 2.453 million in 2019Q1. As a result,the Company recorded total comprehensive income of EUR 1.174million for the period, compared to EUR 2.041 million in 2018Q1,which was mainly driven by the EUR 3.07 million capital gainrealized in the transaction with Canadian Solar.
„We are pleased with the strong start of 2019 with robustelectricity generation in our portfolio, the expansion of our PVpower plant portfolio and Hungarian PV project pipeline and otherimportant milestones in our Australian project developmentpipeline. Winning the trust of ALDI in Australia underscoresour capabilities and market position in our core market Down Under.We are looking with great confidence towards the upcoming quartersof 2019 and beyond,“ commented Georg Hotar, CEO of Photon EnergyN.V.
The Company's CEO and CFO, Georg Hotar and Clemens Wohlmuthrespectively, discussed the 2019Q1 financial results and answeredquestions in a Q&A Chat conference call hosted jointly with thePolish Retail Investors Association (SII) on Tuesday, 14 May 2019,at 11:00 a.m. The chat was webcast live in English, Polish, Czechand German at: https://www.sii.org.pl/12919/aktualnosci/czat-inwestorski/czat-inwestorski-omowienie-wynikow-photon-energy-za-pierwszy-kwartal-2019-r.html#ak12919.
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