Photon Energy NV has published its report for Q1 2015, which sawnearly 20 MWp of new contracts for operations & maintenance ofpower plants in Central Europe, the construction of a new powerplant in Australia and significantly improved revenues andEBIDTA.
In the first quarter Photon Energy new O&M contracts grew atan impressive pace and the Group is gradually marking a largefootprint on this ground. As of the end of 2015 Q1, the fullO&M service contractss amounted to approximately 80.7 MWp, upby 19.4 MWp from 2014 Q4. During the reporting period, PhotonEnergy Operations started two new contracts in the Czech Republic(2.7 MWp & 13.5 MWp) and one in Slovakia (3.2 MWp).
Financially, 2015 Q1 can be considered a success with an 18% YoYincrease YoY in consolidated revenues to EUR 2.2 million. Thecompany benefited from favourable weather conditions with minimumsnowfall and high solar irradiation, resulting in energy productioncoming in at 16.5% above plan (down by 6% YoY) and still derived alarge part of its revenue from the sale of 4.5 GWh of PV-generatedelectricity. At the same time, however, we are harvesting theplants fruits of our new strategy by increasing the share of otherrevenue streams, including O&M, Engineering and tradingactivities.
Thanks to higher revenues and significant cost savings,consolidated EBIT increased improved from a loss of EUR 0.471million to a loss of EUR 0.261 million. Compared to last year theCompany managed to decrease all cost categories (administrativecosts, costs of sales and salaries).
EBITDA increased from EUR 0.201 million in Q1 2014 to a profitof EUR 0.523 million in the reporting period.
Subsequently the bottom line, remained in red and a totalcomprehensive loss of EUR 1.726 million was booked compared to aloss of EUR 2.376 million in Q1 2014.