(SeeNews) - Feb 17, 2014 - Dutch solar project developer Photon Energy NV today said it had turned to a positive EBITDA of EUR 3.3 million (USD 4.5m) in 2013 from an EBITDA loss of EUR 309,000 a year back.
The company noted that adjusted for the reduced levy on renewable energy revenues in the Czech republic, its EBITDA would have climbed as high as EUR 4.5 million for the year. EBITDA stands for earnings before interest, tax, depreciation and amortisation.
Overall, Photon Energy said it was happy with its recently announced strategy to separate itself from state subsidy schemes and instead focus on the sale of electricity directly to commercial customers. It expects “more positive stories in 2014” on this new path.
The turnaround at the EBITDA level was achieved despite a 14.2% year-on-year fall in 2013 revenues to EUR 13.9 million. Chief executive Georg Hotar said that this decline was due to a drop of between 11% and 12% in the results of Photon Energy’s photovoltaic (PV) power generation assets in its core markets, the Czech Republic and Slovakia.
In the fourth quarter of 2013, Photon Energy reported a positive EBITDA of EUR 1.12 million, which compares to losses of EUR 299,000 in the closing quarter of 2012 and a negative result of EUR 2.7 million in the same period of 2011. October-December revenue in 2013 rose by 17% to EUR 2.7 million, which in turn is due to a 24% jump in power generation. The company produced 3.6 GWh thanks to better weather conditions and efficient operations and maintenance.
In December 2013, Photon Energy expanded to the Australian PV market and soon secured its first orders. CEO Hotar said that the company was in talks for more contract in Australia.
(EUR 1 = USD 1.370)