Photon Energy N.V.: Photon Energy with positive results for 2014

Energy has published its annual report for 2014.

Solar-storage-pilot project in Australia (Photon Energy)

Amsterdam (pta010/21.05.2015/10:00 UTC+2) Photon Energy has published its annual report for 2014, which saw a surge in new O&M contracts and a foothold in the solar storage sector, as well as a strengthened balance sheet. Despite feeling the last remnants of retroactive measures in some of its core markets, the company managed to grow its EBITDA and returned to a positive total comprehensive income.

In its annual report for 2014 global photovoltaic solutions provider Photon Energy NV lists a number of achievements recorded last year, both in terms of operations as well as on key financial parameters.

The group's operations and maintenance (O&M) business unit, Photon Energy Operations, increased its business by 63 MWp as of year-end 2013 to 123 MWp under management. "The year 2014 turned out to be our most successful year so far in terms of new contracts", said Photon Energy CEO Georg Hotar. "We now provide our O&M services in eight countries in Europe and Australia. In particular the acquisition of new clients for our "Inverter Cardio" services has been showing a very encouraging trend with an accumulated capacity of 61 MWp under maintenance to date, compared to 9 MWp at the beginning of the year", Hotar added.

"Despite challenging market conditions in Europe, we have been able to make progress towards our strategic objectives of expanding into grid-parity markets, both on-grid and off-grid, notably in our new core market Australia,", CEO Georg Hotar continued. In 2014 Photon Energy completed a 284 kWp power plant on an office building in Sydney - one of the largest rooftop power plants ever built in an Australian city - as well as a revolutionary solar storage project for a radio broadcast site in the Australian countryside. "With sheer endless possibilities for solar storage projects in remote Australian off-grid locations, the completion of this project is a true milestone for Photon Energy", explains CEO Georg Hotar.

Financial results for 2014 reflect a challenging year with past issues, mainly stemming from the retroactive changes in the Czech Republic, weighing down on the company, and during which a number of initiatives were implemented to generate recurring revenue streams and take further costs out of the business. "In 2014 Q3, we executed a partial repayment and refinancing of our short term loan facility and also concluded financing facility amendments with our partner banks for our proprietary portfolio of power plants", explains Georg Hotar.

Despite a decrease in consolidated revenues by 15.2% year-on-year to EUR 11.8 million, the company managed to grow its EBITDA by 6% to EUR 3.5 million. Even though a EUR 2.2 million (non-cash) loss on the revaluation of derivatives linked to the strong decline in market interest rates was recorded, the EUR 5.0 million net loss incurred in 2014 remained unchanged to 2013. Reflecting changes in the financing structure and the decrease in market interest rates, in combination with a for now stabilised regulatory environment in the Czech Republic, the fair value calculation of the Group's portfolio led to an increase in its value by EUR 6.0 million. As a result consolidated total comprehensive income for 2014 reached a positive EUR 1.5 million after a EUR 11.9 million loss a year ago.

"We entered 2015 in a good position and with confidence for the year ahead: we are harvesting the fruits of our new strategy, experiencing overperforming production levels on our proprietary portfolio of power plants, have already secured new contracts for our O&M division, and the fifth solar power plant built and operated by Photon Energy in Australia was just commissioned", CEO Georg Hotar describes his expectations for 2015.

The report can be downloaded at http://www.photonenergy.com

(end)

Emitter:	Photon Energy N.V. Barbara Strozzilaan 00201 1083 HN Amsterdam Netherlands
Contact Person:	Jan Krcmar
Phone:	+420773032182
E-Mail:	jan.krcmar@photonenergy.com
Website:	www.photonenergy.com
ISIN(s):	NL0010391108 (Share)
Stock Exchange(s):	Free Market in Berlin, Frankfurt, Hamburg, Hannover; Vienna Stock Exchange (Corporates Prime)
Other Stock Exchanges:	Warsaw NewConnect