Global solar power solutions provider Photon Energy NV haspublished its quarterly report for Q3 2015, during which thecompany saw improvements in all major indicators.
In its quarterly report, published on 16 November, the companyconfirmed its full year expectations of presenting operationalprofitability in 2015. The global solar power solutions group alsoannounced that the company’s power plants had already met theirannual production targets at the time of publication.
“The operational results in Q3 show real momentum and reflectthe growing stability of our business”, says CEO Georg Hotar. “Weare committed to improving costs and efficiency, and are confirmingtoday our full year expectations for operating profitability in2015”, he continued. “Our expectations are backed by the generationresults of our power plants, which have already reached theirannual production targets”, Hotar added.
During the first three quarters of 2015 revenues increased by4.8% YOY to EUR 10.768 million with EBITDA growing by 15.3% to EUR5.841 million and EBIT improving by 16.3% to EUR 1.53 million. Mostcrucially, Photon Energy swung to bottom-line profitability withtotal comprehensive income of EUR 0.696 million compared to a totalcomprehensive loss of EUR 3.893 million during the correspondingperiod in 2014.
Revenues increased to EUR 4.302 million, up by 10.2%year-on-year (YOY) and EBITDA grew by 16.3% YOY to EUR 2.672million. EBIT increased by 19.7% YOY to EUR 0.905 million. PhotonEnergy reduced its loss before taxation to EUR 0.120 million,compared to EUR 0.238 million for the same period last year. YTDthe company swung from a loss before taxation of EUR 2.645 millionfor 2014 Q1-3 to a profit before taxation of EUR 0.207 million,representing a EUR 2.852 million improvement YOY.
Total comprehensive loss could be reduced significantly to EUR0.218 million compared to a loss of EUR 1.210 million in 2014 Q3. YTD the company swung from a total comprehensive loss beforetaxation of EUR 3.893 million to a total comprehensive profit ofEUR 0.696 million, representing a EUR 4.789 million improvementYOY. Equity increased from EUR 22.826 million as of 30 September2014 Q3 to EUR 28.891 million as of 30 September 2015, while YOYthe equity ratio increased from 29% to 36%.
The financial results reflect a successful quarter in terms ofoperations. In Q3 Photon Energy expanded its Operations &Maintenance division “Photon Energy Operations” to Romania, whereit took over service contracts for 11 MW of solar power plants.This brings the total number of full O&M contracts up to nearly90 MW in Europe and Australia. Combined with its specialised“Inverter Cardio” services, Photon Energy Operations now providescontracted operations and maintenance services to more than 150 MWworldwide.
On the other side of the globe, in Australia, Photon Energycontinued to expand in the larger end of the commercial solarmarket. In August, the company started work on a 348 kW roofmounted power plant in Canberra. The power plant is expected to becommissioned at the end of 2015. Once operational, this projectwill take the total installed base of Photon Energy in Australiabeyond the 1 MW mark.
“With many more photovoltaic projects lined up in our targetmarket Australia and with the continuing growth of our operationsand maintenance division we are looking forward to the comingquarters, in which we want to cement our position as an expanding,global downstream PV solutions provider and a safe bet forinvestors”, CEO Georg Hotar concluded.
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