The first three months saw new maintenance contracts signed inseveral European countries, as well as the launch of "EuropeanSolar Holdings", a Yield-Co designed to protect investorsagainst new retroactive measures in EU countries.
In January Photon Energy was mentioned in a study by DeutscheBank on the upcoming solar gold rush. The company backed this up byconnecting a large rooftop power plant in Sydney.
The power plants in the company's proprietary portfoliogenerated high production results.
Financially, Q1 2014 can be considered a success with a 9% YOYincrease in consolidated revenues to EUR 1.83 million, most ofwhich were realised through the sale of 4.8 GWh of PV-generatedelectricity. The increase predominantly derived from favourableweather conditions with minimum snowfall and high solarirradiation, resulting in energy production coming in at 23% aboveplan (up by 50% YOY and 33% more than in Q4 2013). The picture issimilar at the EBIT level where a loss of EUR 1.629 million in Q12013 contracted to minus EUR 0.471 million in Q1 2014. After anEBITDA loss of EUR 1.629 million in Q1 2013 the company swung topositive EBITDA of EUR 0.201 million in Q1 2014.
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