Photon Energy NV · GPW:PEN
Photon Energy NV — Q4 2021 Earnings Presentation
25 slides from Photon Energy NV's earnings presentation, Feb 14, 2022
Slide 1: Q4 2021 and 2021 Results
Q4 2021 and 2021 Results with Georg Hotar, CEO and Clemens Wohlmuth, CFO Photon Energy N.V. 14 February 2022
Slide 2: Disclaimer
Q4 2021 Results Disclaimer This presentation is for information purposes only and may not be copied in whole or in part for any purpose, or forwarded to third parties or published. This presentation includes written material or slides for a presentation on Photon Energy N.V. (“the Company") and thei
Slide 3: Agenda
Business Model Strategy and Outlook Q4 2021 and 2021 Financials Q&A Session
Slide 4: Business Model
Business Model Strategy and Outlook Q4 2021 and 2021 Financials Q&A Session
Slide 5: About Us
Q4 2021 Results About Us We are dedicated to ensuring that everyone has access to clean energy and water Photon Energy Group Founded in Headquartered in 140+ Active in Shares traded Sustainability 2008 Amsterdam Employees 10+ countries in PL, CZ and DE Rating* Solar Business Line Water Business Line
Slide 6: Business Model: Solar Services
Q4 2021 Results Business Model: Solar Services Our services cover the entire Project Development lifecycle of photovoltaic systems. We acquire projects at all stages of development – from 300 kWp to 300 MWp – and guide them to completion. Operations and Maintenance EPC Solutions We provide a full ra
Slide 7: Business Model: Water Services
Q4 2021 Results Business Model: Water Services Our comprehensive services and Treatment solutions help to make clean water We deliver treatment solutions including potable and accessible to everyone. wastewater treatment, hazardous liquid waste and industrial water treatment. Remediation Wells and R
Slide 8: Our Global Presence
Q4 2021 Results Our Global Presence Focus on Europe and Australia Project development ► Project pipeline with a combined capacity of 790 MWp ► Focus on Australia, Hungary, Poland and Romania Electricity production (90.5 MWp) ► 11 proprietary power plants in the Czech Republic (15.0 MWp), 11 in Slova
Slide 9: Strategy and Outlook
Business Model Strategy and Outlook Q4 2021 and 2021 Financials Q&A Session
Slide 10: Electricity Prices in our Key Markets
Q4 2021 Results Electricity Prices in our Key Markets Increasing energy prices and declining LCOE Current spot price / daily average Forward price Current Photon’s LCOE Key Figures 27.01.2022 2023E excl. balancing Romania ~259 EUR per MWh ~146 EUR per MWh ~44 EUR per MWh Poland ~110 EUR per MWh ~132
Slide 11: Key Strategy Drivers
Q4 2021 Results Key Strategy Drivers Expansion of recurring revenue streams to increase Group value: I. Investments: Develop pipeline of projects, in-house or through co- development, to expand our PV proprietary portfolio and increase stable revenues from clean electricity generation and grid suppo
Slide 12: Photon Energy: targets for our solar business in 2024E
Q4 2021 Results Photon Energy: targets for our solar business in 2024E Our medium term targets and KPI’s include ► Proprietary portfolio: at least 600 MWp ► EBITDA growth from 2020: ~5x + additional upside from targeted roll-out of the nanoremdiation technology ► Additional projects in pipeline: ~1.
Slide 13: Project Development
Q4 2021 Results Project Development Pipeline in development (in MWp) Pipeline development ► The typical development period of new PVPPs is 12–24 months and the 2. Early 3. Advanced 4. Ready-to- 5. Under Total in Country 1. Feasibility development development build technical construction MWp construc
Slide 14: Innovative PV technology and energy storage system
Q4 2021 Results Innovative PV technology and energy storage system We have partnered with RayGen to develop projects using the About the technology Melbourne-based company’s innovative solar-plus-storage technology. ► RayGen has combined its proprietary solar technology, About the partnership PV Ult
Slide 15: Q4 2021 and 2021 Financials
Business Model Strategy and Outlook Q4 2021 and 2021 Financials Q&A Session
Slide 16: Recent Highlights
Recent Highlights ► Our Two utility-scale power plants with 14.6 MWp in Leeton commissioned in August 2021 mitigated the seasonality of our business in Q4. ► First merchant power plant in Europe, built and commissioned in Tolna, Hungary with a 1.4 MWp capacity in December. ► 291 MWp added to pipelin
Slide 17: Business Development in 2021
Q4 2021 Results Business Development in 2021 Proprietary portfolio, cumulated (MWp) Continued progress across all segments 100 90.5 MWp ► 103 GWh of electricity (+47.6% YoY) generated by our 90 80 74.7 MWp proprietary power plant portfolio in 2021: 70 +15.8 ─ 20.9 GWh, generated in Q4 (+172.9% highe
Slide 18: Q4 2021 and FY 2021 Financial Results
Q4 2021 Results Q4 2021 and FY 2021 Financial Results Income Statement In thousand EUR Q4 2020 Q4 2021 Change in % FY 2020 FY 2021 Change in % Total revenues 5,096 11,734 130.3% 28,258 36,359 28.7% of which from electricity generation 1,695 3,008 77.5% 16,449 19,402 18.0% EBITDA -1,026 1,030 nm 8,44
Slide 19: Q4 2021 and Q1–Q4 2021 Financial Results: Balance Sheet
Q4 2021 Results Q4 2021 and Q1–Q4 2021 Financial Results Balance Sheet Assets Total assets EUR 196.2 M 200,000 +23.5% 180,000 Total assets EUR ► Increase in fixed assets mainly connected to our +16.0% 158.9 M 39.4 M 160,000 expansion of Hungarian & Australian portfolio, and our 14.3 M 14.5 M 140,000
Slide 20: Q4 2021 and FY 2021 Financial Results: Cash Flow
Q4 2021 Results Q4 2021 and FY 2021 Financial Results Cash Flow Statement Cash flow profile in FY 2021 35,000 32.5 M 30,000 In thousand EUR FY 2020 FY 2021 25,000 Operating cash flow Operating cash flow 5,562 5,073 20,000 31.8 M Investment cash flow 15,000 Investment cash flow -20,171 -14,233 9.9 M
Slide 21: Q&A Session
Business Model Strategy and Outlook Q4 2021 and 2021 Financials Q&A Session
Slide 22: Annex
= Photon Energy Group Annex
Slide 23: Our Shares
Q4 2021 Results Our Shares Shares Shareholding Structure ISIN NL0010391108 Solar Future Shares outstanding 56,266,594 36.29% Free-float shares 13,648,144 Market cap 11.02.2022 EUR 88,146 thousand Free-float 22.75% Net debt 31.12.2021 EUR 90,481 thousand Enterprise value 12.02.2022 EUR 178,628 thousa
Slide 24: EUR Bond 2017/22 & New GREEN Bond 2021/27
Q4 2021 Results EUR Bond 2017/22 & New GREEN Bond 2021/27 Bond EUR Bond 2017/2022 New GREEN EUR Bond 2021/2027 Volume EUR 23.7 million outstanding EUR 55 million Coupon 7.75% p.a., quarterly payment 6.50% p.a., quarterly payment Initial offering 27 October 2017 23 November 2021 ► IMUG | rating – sec
Slide 25: Management
Q4 2021 Results Management Georg Hotar Michael Gartner Clemens Wohlmuth CEO and Co-founder CTO and Co-founder CFO Georg co-founded Photon Energy in 2008. He Michael developed one of the first large PV Clemens joined Photon Energy in 2012 and is has extensive knowledge of the solar energy installatio