15 August 2013 - Photon Energy reported its financial results for Q2 2013, its first quarter as a public company listed on the NewConnect segment of the Warsaw Stock Exchange. Despite lower revenues due to weak electricity generation, Photon Energy managed to increase EBITDA by 32% to EUR 2.5 million and EBIT eightfold to EUR 0.9 million compared to the same period in 2012. If not for the 26% levy on the revenues of its Czech photovoltaic power plants, the Company would have reached a pre-tax profit and total income (TCI) of EUR 0.65 million, against an actual pre-tax loss of EUR 0.09 million and TCI of EUR 0.06 million.
A record generation result in July and a strong start into August and promising developments on the Australian market point towards a positive trend for the rest of the year.
As previously announced Photon Energy has initiated the process of preparing for an IPO and listing on the main market of the Warsaw Stock Exchange by Q1 2014. Simultaneously, the management is evaluating multiple options for raising equity via private placement and corporate debt. "We believe that the strong results in Q2 provide proof that Photon Energy has been successful in riding out the storm in the industry and is on the right track towards becoming a leading force in the upcoming solar age where competitive solar energy will rapidly become the key energy source globally," says Georg Hotar, CEO of Photon Energy. "Evidence is mounting that equity investors and debt providers around the world are taking note," he adds.
"The solar age is here and as one of the few companies with global experience surviving the industry shake-out we are motivated to become the leading solar energy solutions and services providers. Our strategy rethink is the answer to the solar age paradigm shift and will yield the winning formula going forward," added Georg Hotar, CEO of Photon Energy.