Investor relations

Invest in clean energy and water

Photon Energy N.V., the holding company for Photon Energy Group, is a growing company with solid values and a future facing business model.

The Share

share development

Warsaw Stock Exchange

Frequency: 12 M

share price

Warsaw Stock Exchange

16.6
PLN

Last update:

19.8.2022 10:42

Change:

0 %

Why invest:

  • Experienced management team with a proven track record in the solar and water industries
  • Clear strategy for expansion and a dedicated team to execute it
  • Transparent group structure with defined business segments and profit lines
  • Proven business model based on rigorous and focused investment criteria
  • Transparent and open communication with capital markets

Investors' Factsheet

Strategy Guidance 2021-2024

the Share in detail:

ISIN

NL0010391108

WKN

A1T9KW

Shares outstanding

56,301,186

Free-float shares

13,682,736

Market cap

PLN 935,725,711

Shareholding Structure

Solar Future

36.29 %

Solar Power to the People

34.74 %

The Company

6.16 %

Free-float

22.80 %

Solar Future and Solar Power to the People are controlled by the co-founders of Photon Energy N.V.

Dividend Policy

In the mid-term, the dividend policy does not foresee a pay-out of earnings, so the management board intends to make a recommendation to the shareholders’ meeting that all profits remain accumulated in the company and reinvested in new projects.

Research

Analytic assessments of the Photon Energy N.V. share.

Disclaimer

Photon Energy N.V. updates the analysts’ overview on a regular basis. Photon Energy N.V. makes no guarantee and accepts no liability for the completeness or accuracy of the information provided. The ratings shown here merely reflect the opinions of the financial institutions or analysts mentioned therein. Photon Energy N.V. accepts no responsibility for the ratings and cannot be made liable or forced to issue any warranty for the same. We recommend that interested parties obtain research reports directly from the respective analysts or from their employers.

CONTACTS

Institution Analyst Phone Email
AlsterResearch Dr. Oliver Wojahn +49 40 309 293 55 o.wojahn@alsterresearch.com
IPOPEMA Robert Maj +48 22 236 92 90 robert.maj@ipopema.pl
WOOD & Company Ondrej Slama +420 222 096 484 ondrej.slama@wood.cz

ASSESSMENTS

Institution Rating Target Price* Date
AlsterResearch Buy EUR 4.20        PLN 19.67        CZK 102 11 August 2022
IPOPEMA Buy EUR 3.12        PLN 14.58        CZK 76 24 May 2022
WOOD & Company Buy EUR 3.70        PLN 17.31       CZK 90 21 July 2022

 

Consensus   EUR 3.67        PLN 17.19      CZK 89  

 

 *Prices in bold stated by research reports; other currencies included for reference.

Public Research Reports

AlsterResearch Report from 11 August 2022 - Updated

WOOD & Company Report from 25 May 2022

WOOD & Company Report from 21 July 2022 - Updated

Bonds

Why invest:

  • Attractive annual coupon
  • Secured long-term and plannable cash flows from the portfolio for debt servicing
  • Use of group’s synergies leads to above-average performance of PV power plants and efficient use of capital
  • Clear growth strategy in promising future markets
  • Dedicated and experienced management team with long-term commitment from the owners
  • Transparent and open communication with capital markets

Green EUR Bond 2021/2027

Active

ISIN

DE000A3KWKY4, Open Market in Frankfurt

Denomination

EUR 1,000

Coupon

6.50% p.a., quarterly payments

Volume

EUR 65.0 million

Redemption Date

22.11.2027

Covenants

  • Dividend restriction (max 50% of distributable profits if EBITDA/ICR >2)
  • Pari passu – equal seniority of existing and future unsecured claims
  • Cross default
  • Negative pledge
  • Change-of-control clause
  • Equity ratio must always be at least 25%*
  • Transparency obligations on quarterly and annual reporting (the interest rate shall be increased by 1.00% per annum (ACT/ACT) for the Interest Period following the Interest Period in which the failure to fulfil the reporting obligations occurred.

Scoring

4 / 5

KFM-Mittelstandsanleihe Barometer: 4 out of 5

Prospectus

Prospectus (Summary)

Prospectus Supplement No. 1 from 4 November 2021

Green Financing Framework

Second Party Opinion

* Subject to current legal framework requirements. The sum of interest-bearing debt capital and equity capital are used as total capital to determine the Equity ratio.

EUR Bond 2017/2022

Active

ISIN

DE000A19MFH4, Open Market in Frankfurt *

Denomination

EUR 1,000

Coupon

7.75% p.a., quarterly payment

Volume

EUR 22.619 million

Redemption Date

27.10.2022

Covenants

  • Dividend restriction (max 50% if EBITDA/ICR >2)
  • Pari passu – equal seniority of existing and future unsecured claims
  • Cross default
  • Negative pledge
  • Change-of-control clause
  • Equity ratio must always be at least 25%**

Scoring

4.5 / 5

KFM-Mittelstandsanleihe Barometer: 4.5 out of 5

Prospectus

* Bond is also traded in Berlin, Hamburg, Hannover, Stuttgart and Munich.
** Subject to current legal framework requirements. The sum of interest-bearing debt capital and equity capital are used as total capital to determine the Equity ratio.

CZK Bond 2016/2023

Active

ISIN

CZ0000000815, Free Market in Prague

Denomination

CZK 30,000

Coupon

6% p.a., monthly payment

Volume

CZK 76 million

Redemption Date

12.12.2023

Covenants

  • Pari passu – equal seniority of existing and future unsecured claims
  • Cross default
  • Negative pledge
  • Change-of-control clause

Prospectus

EUR Bond 2013/2018

Ended

ISIN

DE000A1HELE2, Open Market in Frankfurt

Denomination

EUR 1,000

Coupon

8% p.a., quarterly payment

Volume

EUR 10.3 million

Redemption Date

12.03.2018 (fully repaid)

Corporate Governance

Management Board

Georg Hotar

CEO and Co-founder

Detail

Michael Gartner

CTO and Co-founder

Detail

Supervisory Board and Audit Committee

The supervisory board provides guidance and oversight to the management board on the general affairs of the company. They also serve as audit committee. The current members were appointed on 4 December 2020, for a period of four years.

Bogusława Skowroński

Member of the Supervisory Board and Chairman of the Audit Committee

Detail

Marek Skreta

Chairman of the Supervisory Board and Member of the Audit Committee

Detail

Ariel Sergio Davidoff

Member of the Supervisory Board

Detail

Profile of the Supervisory Board Members

Rules of Procedure of the Supervisory Board

Terms of Reference of the Audit Committee

Code of Conduct

Photon Energy N.V. applies the Warsaw Stock Exchange Best Practices and the Dutch Corporate Governance Code. An English version of the Code can be consulted here.

 

The Dutch Corporate Governance Code as of 11.04.2022

Warsaw Stock Exchange Best Practises as of 11.04.2022

General Meetings

Annual General Meeting, May 2022

Minutes of the Annual General Meeting Held on 31 May 2022

Extraordinary General Meeting, August 2021

Minutes of the Extraordinary General Meeting Held on 5 August 2021

Deed of Amendment of the Articles of Association EN

Deed of Amendment of the Articles of Association NL

List of Participating Shareholders

Annual General Meeting, June 2021

Minutes of the Annual General Meeting Held on 1 June 2021

Remuneration Policy adopted by the AGM on 1 June 2021

Extraordinary General Meeting, December 2020

 

Minutes of the Extraordinary General Meeting Held on 4 December 2020

Annual General Meeting, June 2020

Minutes of the Annual General Meeting Held on 29 June 2020

Corporate Documents

Articles of Association

Extracts from the Trade Register

Remuneration Policy

Auditor

From the financial year 2013 to 2019 the company's management board appointed Grant Thornton Accountants en Adviseurs B.V. to serve as the auditor for Photon Energy N.V. and the group with its subsidiaries. The appointments were confirmed by the General Meetings of Photon Energy N.V. The auditor's report is part of the Annual Report, which can be downloaded on the Reports page.

For the financial year 2020, the company's management board has appointed PricewaterhouseCoopers Accountants N.V. to serve as the auditor for Photon Energy N.V. and the group with its subsidiaries. The appointment was confirmed by the Extraordinary General Meeting of Photon Energy N.V. held on 4 December 2020.

Reports

Annual Reports

Annual Report 2021

Annual Report 2020

Annual Report for 2020

Independent Auditor’s Report for 2020

Letter from the Management

Highlights of 2020

Selected Financial Information

Annual Report 2019

Annual Report for 2019

Independent Auditor's Report for 2019

Letter from the Management

Highlights of 2019

Selected Financial Information

View All Annual Reports

Quarterly Reports

2Q2022 Management Report & 1H2022 Interim Consolidated Financial Statements

2Q2022 Management Report & 1H2022 Interim Consolidated Financial Statements

Presentation

Webcast recording

Entity & Consolidated Financial Report for Q1 2022

Entity & Consolidated Financial Report for Q1 2022

Presentation

Webcast recording

Entity & Consolidated Financial Report for Q4 2021

Entity & Consolidated Financial Report for Q4 2021

Presentation

Webcast

View All Quarterly Reports

Monthly Reports

Monthly Report for July 2022

Monthly Report for June 2022

Monthly Report for May 2022

View All Monthly Reports

Ad Hoc Reports

ESPI Report 35 - 16.08.2022 - Photon Energy Breaks Ground on Another Power Plant in Romania, Plans to Add 32 MWp by Year-End 2022

ESPI Report 34 - 12.08.2022 - Monthly Report for July 2022

ESPI Report 33- 11.08.2022 - Quarterly Report for Q2 2022 and Interim Consolidated Financial Statements H1 2022

View All Ad Hoc Reports
ir calendar

Past and Upcoming Investor Events

IR contact

Contact Us

We are committed to clear, open communication with our investors. If you want to learn more about investing in Photon Energy Group, we would love to hear from you.

Emeline Parry

Investor Relations and Sustainability Manager

Joanna Rzesziewska

Investor Relations Manager

+420 702 206 574

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Georg Hotar

CEO and Co-founder

Georg co-founded Photon Energy in 2008 and was the company’s CFO until 2011. In that year he was appointed CEO and has since spearheaded the group’s expansion in Europe and overseas.

Georg has extensive knowledge of the solar energy industry as well as in international finance. Before Photon Energy, Georg established Central European Capital in 2000, a regional finance and strategy advisory boutique. He has also held various positions in financial services in London, Zurich and Prague.

Georg is an Austrian national and holds a Masters in Finance from the London Business School.

LinkedIn profile

Michael Gartner

CTO and Co-founder

Michael developed one of the first large photovoltaic installations in the Czech Republic before co-founding Photon Energy in 2008. Michael was CEO of Photon Energy until relocating to Australia to start Photon Energy Australia in 2011. Apart from growing the Australian business, Michael is instrumental in driving Photon Energy’s off-grid and solar-hybrid power solutions.  

Before Photon Energy, Michael ran an investment boutique arranging Eurobond issues and offering sell-side M&A advisory. Between 1994 and 2004, he was an analyst and head of fixed income sales at ING and Commerzbank Securities in Prague. 

Michael is an Australian and Czech national and holds an MBA from the US Business School in Prague.

LinkedIn profile

Bogusława Skowroński

Member of the Supervisory Board and Chairman of the Audit Committee

Boguslawa Skowronski is an entrepreneur, technology start-up ecosystem builder, VC and angel investor. She has gained financial experience in organizations such as Union Bank of Switzerland in Zurich, European Bank for Reconstruction and Development in London and Capital Solutions proAlfa in Warsaw, a company which she founded. She is an active member of the Polish capital market and has advised many companies on their capital market strategies and transactions. Mrs. Skowronski is a co-founder and a board member of MIT Enterprise Forum CEE, an equity-free start-up acceleration program, as well as Partner at FounderPartners, organization helping tech founders build a large business in the U.S. She has a Bachelor of Science in Engineering from the Massachusetts Institute of Technology and is a graduate of Harvard Business School.

Mrs. Skowroński is an independent Supervisory Board member as defined by the Dutch Corporate Governance Code.

Marek Skreta

Chairman of the Supervisory Board and Member of the Audit Committee

Marek Skreta is the co-founder and CEO of P4 Wealth Management in Zurich and serves as a member of the board and head advisor at R2G in Prague, a private investment platform which he helped to establish. Prior to this, he was a managing director at UBS Switzerland AG and a director at Credit Suisse in Zurich. His earlier professional experience included providing advisory services to family offices and private equity funds on investments in the CEE region and M&A transactions.

Mr. Skreta earned his doctorate and Master’s in Business Administration and International Relations at the University of St Gallen. He was also a visiting scholar and associate at Harvard University.

Mr. Skreta is an independent Supervisory Board member as defined by the Dutch Corporate Governance Code.

Ariel Sergio Davidoff

Member of the Supervisory Board

Ariel Sergio Davidoff (Swiss national) is a partner at Lindemannlaw, an international law firm based in Zurich. The law firm focuses on UHNW entrepreneurs and regulated clients, such as banks, external asset managers and mutual funds. Ariel serves on a small number of boards of successful companies.

Prior to joining Lindemannlaw, Ariel held various positions in the banking industry in Switzerland and Lichtenstein, including the position of CEO.  In addition, he recently co-funded several companies in the Swiss financial sector. Due to his regulatory, economic and legal background, Ariel’s main areas of expertise are governance, risk management and audit.

Ariel holds various degrees, including a Doctorate of Business Administration by the University from Southern Australia, Adelaide, an MBA from the University of Rochester, NY and an LL.M. in International business law from the University of Zurich. He has also successfully completed the Certified Board Member Certificate of Advanced Studies at the University of Berne, Switzerland.

Ariel is an independent Supervisory Board member as defined by the Dutch Corporate Governance Code.