Photon Energy N.V. (WSE: PEN, the 'Company') todayannounced financial results for its second quarter ending on 30June 2019. Consolidated revenues increased by 17.6% to EUR 7.941million, delivering an EBITDA of EUR 3.515 million, up 3.8%year-on-year. Both net profit and total comprehensive incomereturned to the black in 2019Q2 compared to losses in thecorresponding period in 2018.
The Company attributed the 17.6% (YOY) increase in revenuesprimarily to the increase of electricity production sales and theexpansion of its proprietary portfolio of PV power plants inHungary by 11.6 MWp, the engineering business in Australia, and PVtechnology trading. Production reached 14.5 GWh (up 36.8% YOY) inthe second quarter compared to 10.6 GWh in the correspondingquarter last year.
Despite increased project development costs and increases inadministrative and personnel expenses, EBITDA was still able to beimproved by 3.8% YOY to EUR 3.515 million,while EBIT improved by3.6% YOY to EUR 1.523 million. Net profit reached EUR 0.208 millioncompared to a loss of EUR 0.155 million and the total comprehensiveincome reached EUR 0.664 million after a loss of EUR 1.274 millionin the prior-year period.
In the reporting period, the Company continued to expand itsproject pipeline in Hungary by acquiring 13 new projects with atotal capacity of 16.3 MWp. An additional four new projects with acombined capacity of 2.8 MWp were added after the reporting period,reaching the target of 50 MWp for the Company's proprietaryportfolio. Due to the potential of the Hungarian market, managementdecided to increase its target to 75 MWp to be built by the end of2021.
In Hungary, the Company commenced the construction of 16projects with a total capacity of 11.2 MWp in the locations ofFertőd, Monor and Taszár. All projects are expected to be built andgrid-connected by the end of 2019. In Australia, the Companysuccessfully completed the construction of 20 out of 30 rooftopinstallations for the supermarket chain ALDI Stores Australia witha capacity of 99 kWp each. The 10 remaining store rooftop projectsand the rooftop PV installation for the chain's distributioncenter, a capacity of 1.6 MWp, are still under construction.
„We are pleased to see the continued growth of our business inthe second quarter of 2019, whether it is in project developmentworks and new acquisitions or in advanced engineeringworks for the company's proprietary portfolio of PV powerplants and third-parties. Looking forward, we believe that 2019will be another successful year as some of our Australianutility-scale projects reach the ready-to-build stage and ourHungarian projects drive the growth of our proprietary portfolioand, consequently, of our recurring high-margin revenues in thefuture,“ said Georg Hotar, CEO of Photon Energy N.V.
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Martin Kysly
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E martin.kysly@photonenergy.com
