Revenue, EBITDA and EBIT Hit New All-Time Records / PositiveOutlook for Australian and Hungarian Projects / O&M ServicesPortfolio Reaches 222 MWp Worldwide / Subsidiary Photon WaterTechnology Launches Solar-Powered Algae Control System / BondPlacement Boosts Company’s Credibility
Photon Energy NV (WSE: PEN) closed the second quarter of 2018with a record increase in Group revenues and further improvedEBITDA and EBIT. In Australia, the Company’s Leeton project reachedthe ready-to-build stage, and Photon Energy Operations expanded itsoperations and maintenance services portfolio to 222 MWpworldwide.
For 2018Q2 the Company’s revenues reached EUR 6.753 million(prior-year period: EUR 5.245 million / +28.8% YOY), EBITDA grew toEUR 3.386 million (+8.5% YOY), and EBIT increased to EUR 1.470million (+20.2% YOY).
In 2018H1, Photon Energy was able to achieve record revenues ofEUR 10.467 million (+30.3% YOY), an EBITDA of EUR 4.411 million(+5.2% YOY), and EBIT of EUR 1.651 million (11.0% YOY). Further, apositive profit before tax of EUR 2.209 million (prior-year period:EUR 0.456 million) was achieved.
“We take great pride in reporting on the good progress we madein the second quarter of 2018. It was the best quarter in PhotonEnergy NV’s history in terms of revenue, rounding off a solid firsthalf of 2018,”said Georg Hotar, CEO of Photon Energy NV. “Ourfinancial performance in the second quarter of 2018 demonstratesthe progress we have made in all areas of our business acrossgeographies, which validates the soundness of our businessstrategy.”
During the reporting period, the solar power plant project inLeeton, Australia, reached the ready-to-build stage, and theCompany’s management now predicts the construction will start asscheduled in 2018Q3. In Hungary, Photon Energy’s first solar powerplant built and connected to the grid in March 2018, exceededexpectations, and as CEO Georg Hotar adds, “We intend to reach theready-to-build stage for the current project pipeline of 25.6 MWpbefore year-end 2018, while we continue working towards ouryear-end 2019 goal of adding 50 MWp in total.”
Photon Energy also signed new O&M as well as water treatmentcontracts. While new O&M contracts expanded Photon EnergyOperations’ services portfolio to 222 MWp worldwide, Photon WaterTechnology, a parallel business line of the Company, successfullyimplemented its solution aimed at eliminating health-endangeringalgae in one of the largest water reservoirs in Prague. The secondquarter of 2018 reaffirmed the Company’s strategic expansion towater management as one of its water treatment solutions wasfinancially awarded by the Czech Development Agency to implementwater treatment plants in small and medium-sized municipalities inPeru.
On the front of corporate bonds, on 8 May 2018 KFM DeutscheMittelstand AG announced that it invested via its dedicated SMEcorporate bonds fund, the Deutscher Mittelstandsanleihen FONDS, inthe Company’s Photon Energy EUR Bond 17/22, and evaluated the bondin its "Bond Barometer" as an "attractiveinvestment" awarding it four out of five possible stars. As ofthe reporting date the placed volume has risen to EUR 22.346million. “After repayment of our old bond in March, we will use theremaining proceeds for the expansion of our portfolio of powerplants in Hungary and Australia as planned,“ concludes CEO GeorgHotar.
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MEDIA CONTACT
Martin Kysly
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E martin.kysly@photonenergy.com
