Příspěvky nebo odpovědi uživatele John_clark

Unaudited consolidated revenues increased by a solid 11.9% YoY to 

EUR 8.882 million in Q2 2020. An all-time record for a second 

quarter, partly attributable to a strong electricity generation output 

(+73.7% YOY) driven by the expansion of our proprietary portfolio in 

Hungary (+23.5 MWp over the past 12 months), and by a sound 

generation output from the existing power plants in the Czech 

Republic and Slovakia. 

In addition we could record an outstanding growth in revenues from 

O&M services in Europe, and rely on recurring revenues from our 

engineering business (EPC) in Australia, which was partly offset by 

the slowdown of Technology trading revenues resulting from the 

Coronavirus crisis, compared to the same quarter last year.

This strong business performance drove an all-time EBITDA record

of EUR 4.035 million in Q2 2020 (+ 14.8% YoY) despite higher 

operating costs mainly related to the expansion of our project 

development activities dedicated to securing projects in new

markets such as Poland and Romania and of our engineering team 

in Australia. Depreciation increased as a result of the above 

mentioned newly connected power plants in Hungary, still leading 

to a record quarterly EBIT of EUR 1.613 million in Q2 2020 (+5.9% 

YoY). 

Overall net financial expenses increased by 63.3% to EUR -1.591 

million in Q2 2020 as a result of our business expansion in Hungary, 

which includes the refinancing of our Hungarian portfolio and by an 

additional EUR 7.5 million placement of our EUR Bond in the third 

quarter of 2019. 

While profit before taxation remained positive with EUR 0.149

million, an adjustment of Deferred taxes related to Q1 2020 led the 

Company to swing from a net profit of EUR 0.208 million to a 

consolidated net loss of EUR 0.969 million in Q2 2020. 

Further to the grid-connection of our power plants in Mályi and 

Kunszentmárton, a positive revaluation effect of EUR 0.641 million

was recorded in Other Comprehensive Income (OCI) in accordance 

with IAS 16. The EUR -4.709 million foreign currency difference 

related to financial markets turbulences which significantly 

impacted our bottom line in Q1, was partially offset this quarter, 

with a positive EUR 1.534 million currency translation effect 

recorded as of the end of Q2 2020 (both effects not realized, with 

no cash impact). As a result, we ended the second quarter of 2020 

with a Total Comprehensive Income (TCI) of EUR 1.183 million

compared to EUR 0.664 million a year earlier. 

Year-to-date, Photon Energy’s half-year revenues increased by 

17.0% to EUR 14.198 million, while EBITDA rose 18.1% to EUR 5.426 

million and EBIT was up 6.8% to EUR 1.726 million. Photon Energy 

recorded a net loss of EUR -2.678 million compared to EUR – 1.070 

million in H1 2019. TCI amounted to EUR -3.142 million compared to 

a positive EUR 1.839 million in H1 2019. Excluding the unrealize

currency translation impact connected to the high volatility in the 

currency market brought by the Coronavirus crisis, Total 

Comprehensive Income would amount to EUR 0.033 million in H1 

2020. In addition, increased business development costs impacted 

our bottom line, allowing us to handle a larger business volume 

though. Given the growth of our proprietary portfolio, we expect 

further improvements to our profitability going forward.