Photon Energy NV published preliminaryunaudited figures for 2016 in its report for 2016 Q4. An eventfulyear, which saw the company list its shares on the Prague StockExchange in a dual listing, build more power plants in Australiaand close new O&M contracts, resulted in improved financialresults. In 2016Q4 the company also reached out to investors bydual-listing its shares in Prague and issuing a 6% corporate bondin the Czech Republic.
„Our financial performance in 2016hides the progress we have made across all areas of our business,which validates the soundness of our business strategy. Wedeveloped a more balanced and diversified business over the lastyears across geographies and channels. This balance and diversityare important factors that have made our performance more reliablethis year, illustrated by both EBITDA and EBIT showing furtherprogress YoY and setting the stage for material growth in 2017 andbeyond.”, said Photon Energy CEO GeorgHotar.
The company’s FY 2016 revenues of EUR13.089 million remained stable compared to 2015 (EUR 13.321million), and both EBITDA and EBIT show encouraging progressyear-on-year, amounting respectively to EUR 6.532 million (+6.3%YoY) and to EUR 1.268 million (+13.9%). Lower bottom line resultsin 2016 (total comprehensive loss of EUR 2.042 million compared toEUR 0.755 in 2015) are attributable in part to a largely positiveadjustment in the revaluation of derivatives last year, as well asto the release of an allowance also recorded in 2015Q2.
In 2016 Photon Energy experienced its bestbusiness year in terms of growing its customer base for operationsand maintenance of solar power plants. In total the company added45 MWp, including the largest single contract in Photon Energy’shistory for 28.5 MWp for one of the leading Czech independent powerproducers, Energy 21. In December 2016, new contracts pushed PhotonEnergy over the 100 MWp mark in the Czech Republic and in early2017 the company surpassed 200 MWp worldwide.
In 2016Q4 Photon Energy commissioned a 99kWp solar power plant that provides a large proportion of the powerfor a sewerage treatment plant in the town of Leeton, Australia. InDecember, the company also announced two Australian PV projectsunder development with a planned combined installed capacity of 34MWp, that are expected to be fully permitted and ready-to-build bymid-2017.
Photon Energy was also active on thecapital markets in 2016. “Last year we undertook two importantsteps to offer investors the possibility to invest in our companyand profit from the boom in the global solar industry”, saysCEO Georg Hotar. In October Photon Energycompleted a dual-listing of its shares on the Prague StockExchange, in addition to the Warsaw Stock Exchange. After thelisting, Photon Energy’s share price rose by a third both in Warsawand Prague. Building on momentum from the dual listing of itsshares in Prague, Photon Energy placed a 6% p.a. corporate bond inthe Czech Republic in late November 2016. The 7-year bond is aimedat investors of all sizes and offers an attractive coupon as wellas the additional advantages of monthly coupon payments and thepossibility to sell and buy bonds on the Prague Stock Exchange. Thenominal value of the bond is 30.000 CZK. The proceeds of the bondplacement will primarily be used to finance our large-scale PVprojects in Australia.
Jan Krcmar
T +420 773 032 182
E jan.krcmar@photonenergy.com
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