Photon Energy N.V. (WSE: PEN, the 'Group' or the'Company') today announced financial results for thefinancial year 2019, posting record figures with consolidatedrevenues of EUR 30.154 million, up by 48.9% YOY.
Revenues increased primarily due to a record power production of43.8 GWh, an increase of 54.4% YOY, linked to new PV power plantsstarting commercial operation as well as sound power output fromthe Company's PV power plants in the Czech Republic andSlovakia. This strong growth in revenues is driven primarily by theaddition of 20.1 MWp of new PV capacities, out of which 12.6 MWpwere commissioned in the strategic Hungarian market in Q4 2019alone, expanding the Company's proprietary portfolio of PVpower plants to 51.7 MWp. Revenues from the engineering business(EPC), technology wholesale and operations & maintenancesegments contributed significantly to this growth.
EBITDA decreased slightly by 6.2% from EUR 8.239 million in 2018to EUR 7.640 million in 2019. This development is the direct resultof our investment into a growing team and projects, which will leadto a rise in our income-generating asset base in the medium- andlong-term, driving future growth in electricity generationrevenues, capital gains and other comprehensive income (OCI).
The Group’s financial performance and value creation is the sumof our operating businesses generating EBITDA, project developmentfor resale (generating capital gains) and our investment activity(generating OCI according to IAS 16 upon plant commissioning).Hence, total comprehensive income (TCI) as our bottom line is thebest performance metric, which Photon Energy managed to increase by148% YOY to EUR 6.506 million in 2019. As a result, ourconsolidated equity grew to EUR 36.242 million at year-end2019.
During the closing quarter of 2019 the Company achieved severalcommercial milestones by winning public tenders to design and buildan integrated solar (1.2 MWp) and battery storage (3.2 MWp) systemon the pristine Lord Howe Island, Australia, and, in consortium with the partner RenCraft Sp. z o.o., to designand build a 950 kWp PV power plant next to a sewage treatment plantin Jamno, Poland. The latter project represents our first majorstep on the Polish photovoltaic market.
“The past year has been another exciting period in our quest togrow our power plant portfolio, with our existing assets performingabove expectations, our successful exit from three of ourlarge-scale PV projects in Australia and several key commercialsuccesses such as 32 PV installations for ALDI and the Lord HoweIsland hybrid project in Australia. As solar energy has reachedgrid parity in our core markets, we are looking forward toaccelerating growth across all our business lines in 2020 andbeyond,ʺ stated Georg Hotar, CEO of Photon Energy.
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