Photon Energy Connects 7.5 MWp Solar PV Power Plant to Grid in Romania
In the fourth quarter Photon Energy connected its firstsolar-offgrid project in Australia. The Company recorded continuinggrowth in its Operations & Maintenance porftolio, which doubledits assets under management in 2014 to a total of 122.5 MWp.
During full-year 2014 Photon Energy’s revenues fell by 15.2% YOY toEUR 11.76 million but the company managed to grow its EBITDA by 39%YOY to EUR 4.6 million and to reach profitability at the EBITlevel, with a positive EUR 183,000 after an EBIT loss of EUR 1.524million in 2013. The Group reduced its net loss by 18.9% YOY to EUR4.051 million, however, its bottom-line was strongly impacted by aEUR 2.227 million (non-cash) loss on the revaluation of derivativeslinked to the strong decline in market interest rates. Reflectingchanges in the financing structure and the decrease in interestlevels in combination with a more stable regulatory environment inthe Czech Republic, the fair value calculation of the Group’sportfolio led to an increase in its value by EUR 8.25 million. As aresult consolidated total comprehensive income for 2014 reached EUR4.05 million after a EUR 11.889 million loss in 2013.
In 2014 Q4 Photon Energy’s revenues declined by 44% YOY to EUR 1.49million while EBITDA swung from a positive EUR 1.12 million in 2013Q4 to a negative EBITDA of EUR 462,000 in 2014 Q4. Similarly, atthe EBIT level a profit of EUR 460,000 in 2013 Q4 was followed by aEUR 1.132 million loss in the corresponding period in 2014. TheGroup’s net loss in 2014 Q4 at EUR 1.318 million was 75% higherYOY. Total comprehensive income reached EUR 7.943 million comparedto a total comprehensive loss of EUR 3.178 million in the sameperiod in 2013.
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