Photon Energy Nv · GPW:PEN
Photon Energy Nv — Q2 2020 Earnings Presentation
25 slides from Photon Energy Nv's earnings presentation, Aug 14, 2020
Slide 1: Photon Energy N.V. Q2 2020 Results
PHOTON ENERGY N.V. Q2 2020 Results 14 August 2020
Slide 2: Disclaimer
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 their business activ
Slide 3: Contents
CONTENTS GROUP OVERVIEW Q2 & HY 2020 STRATEGY & ANNEX & BUSINESS MODEL FINANCIALS OUTLOOK MONOR, HUNGARY 5.6 MWp, 2019 3
Slide 4: Photon Energy Group at a glance
PHOTON ENERGY GROUP At a glance Founded Active in Own portfolio O&M services for Employees worldwide 2008 10+ countries 60.6 MWp 310+ MWp 120 Headquartered in Built Energy produced 2019: Shares Bond Amsterdam 80+ MWp 43.8 GWh traded in PL and CZ EUR 43.0 M KEY FINANCIAL INDICATORS 2019 KEY PERFORMAN
Slide 5: Management
MANAGEMENT Owner-managed group with solid track-record Georg Hotar CEO ● Co-founder of Photon Energy ● Extensive knowledge of the solar energy industry, International finance, Global strategy ● Before Photon Energy: Financial strategy in London (Carnegie AB, ICE Securities) and Zurich (Fincoord) Mic
Slide 6: Business Model
BUSINESS MODEL Covers full life-cycle of PV power plants PROJECTS Project development for rooftop and green-field installations from 300 kW to 300 MW OPERATIONS SOLUTIONS Operations and maintenance Design and construction of of PV power plants, including on-grid and off-grid own control room and ins
Slide 7: Global Presence
GLOBAL PRESENCE Focus on Europe and Australia ELECTRICITY PRODUCTION (60.6 MWp) ● 11 proprietary power plants in the Czech Republic (15.0 MWp), 11 in Slovakia (10.5 MWp), 51 in Hungary (35.0 MWp) and 1 in Australia (0.1 MWp) O&M (310+ MWp) ● Full Operations and Maintenance services in the Czech Repu
Slide 8: Contents
CONTENTS GROUP OVERVIEW Q2 & HY 2020 STRATEGY & ANNEX & BUSINESS MODEL FINANCIALS OUTLOOK FERTŐD II, HUNGARY 3.5 MWp, 2019 8
Slide 9: Business Development in H1 2020
BUSINESS DEVELOPMENT in H1 2020 Strong business performance Proprietary portfolio, cumulated (MWp) H1 electricity generation cumulated (MWh) 70 40,000 37.0 GWh 60.6 MWp 60 57.1 MWp 35,000 +72.8% 51.7 MWp 50 +3.5 30,000 +5.4 +50.2% 25,000 21.4 GWh 40 31.6 MWp 20,000 30 14.2 GWh +20.1 15,000 20 10,000
Slide 10: Q2 2020 Financial Results: Income Statement
Q2 2020 FINANCIAL RESULTS Income Statement In thousand EUR Q2 2020 Q2 2019 Change in % H1 2020 H1 2019 Change in % Revenues from electricity generation 5,930 4,997 18.7% 8,858 7,437 19.1% Other revenues 2,952 2,944 0.3% 5,340 4,702 13.6% Total revenues 8,882 7,941 11.9% 14,198 12,138 17.0% Cost of S
Slide 11: Q2 2020 Financial Results: Balance Sheet
Q2 2020 FINANCIAL RESULTS Balance Sheet In thousand EUR 30.06.2020 31.03.2020 Change in % ● Fixed assets increased by 2.5% QoQ Fixed assets 108,515 105,905 2.5% resulting from an increase of our asset base with the newly connected power plants in Hungary offset by ongoing Current assets 30,479 21,15
Slide 12: Q2 2020 Financial Results: Cash Flow Statement
Q2 2020 FINANCIAL RESULTS Cash Flow Statement In thousand EUR Q2 2020 Q2 2019 Change in % H1 2020 H1 2019 Change in % Profit/loss adjusted by non-cash items 4,413 3,624 21.8% 5,364 4,759 12.7% Change in Working Capital -1,280 -4,005 -68.0% -3,406 -6,183 -44.9% Net cash from operating activities 3,13
Slide 13: Contents
CONTENTS GROUP OVERVIEW Q2 & HY 2020 STRATEGY & ANNEX & BUSINESS MODEL FINANCIALS OUTLOOK BRNO AIRPORT, CZECH REPUBLIC 22.2 MW, 2010 13
Slide 14: Strategy and Outlook
STRATEGY AND OUTLOOK Strategic Goals until 2021 ● Expansion of power plant portfolio from currently 60.6 MWp to 115.1 MWp by 2021. Planned capacity Target portfolio by 2021 (Share in revenues): No. Country (in MWp) 1 Czech Republic 15.0 6% Czech Republic 19% 2 Slovakia 10.4 38% Hungary 3 Hungary 75.
Slide 15: Project Pipeline Under Development
PROJECT PIPELINE UNDER DEVELOPMENT Hungary: ● 14.1MWp in Püspökladány is currently under construction ● 28.5 MWp in Tolna is currently under development and will be submitted to auctions in Sep–Dec 2020 Australia: ● 14.6 MWp Leeton project under construction for own portfolio. Revenue model merchant
Slide 16: Business Development: Main Projects in Progress
BUSINESS DEVELOPMENT Main projects in progress 14.1 MWp Püspökladány, 10 projects Contract for Diff. Expec. commissioning Q4 2020 950 kWp Sewage Treatment, Jamno EPC in JV with Rencraft Expec. commissioning Q3 2020 14.6 MWp Leeton, 2x 7.3 MWp, axis tracking Merchant/PPA Expec. commissioning Q4 2020
Slide 17: Projects Under Construction in Australia
PROJECTS UNDER CONSTRUCTION IN AUSTRALIA Leeton, 14.6 MWp built for own portfolio ● Business model: market (spot market for electricity and Large Scale Green Certificates – LGCs) ● Current spot market price: 25–30 EUR/ MWh (pre COVID 50–60 EUR/MWh) ● Current LGC price: 25 EUR/MWh ● Single axis track
Slide 18: Projects Under Construction in Hungary
PROJECTS UNDER CONSTRUCTION IN HUNGARY Püspökladány, 14.1 MWp built for own portfolio ● Business model: guaranteed feed-in-tariff under METÁR-system ● Tariff HUF 33,360 (EUR 97) per MWh indexed, valid for 17.9/15.4 years ● Single axis tracking technology Status (14 August 2020) ● Project acquired be
Slide 19: Shares and Bonds
SHARES AND BONDS Prospectus for main market listing filed beginning of July with AFM SHARES NL0010391108 EUR BOND DE 000A19MFH4 Warsaw (New Connect) & Prague (Free Market) Frankfurt (Open Market), Berlin, Hamburg, Hannover, Munich, Stuttgart 25 4,500,000 120 2,500,000 4,000,000 100 2,000,000 20 3,50
Slide 20: Thank You for Your Time
THANK YOU FOR YOUR TIME Q & A Session 20
Slide 21: Contents
CONTENTS GROUP OVERVIEW Q2 & HY 2020 STRATEGY & ANNEX & BUSINESS MODEL FINANCIALS OUTLOOK SYDNEY, AUSTRALIA 99 kWp, 2015 21
Slide 22: Partnership with RayGen Resources
PARTNERSHIP WITH RAYGEN RESOURCES We have partnered with RayGen to develop projects using the Melbourne-based company’s innovative solar-plus-storage technology. About the technology About the partnership ● RayGen has combined its proprietary solar technology, ● Photon Energy will act as a project P
Slide 23: Global Presence: Proprietary Portfolio Breakdown
GLOBAL PRESENCE Proprietary portfolio breakdown Czech Republic Capacity Installed: 15 MWp FiT Guaranteed Period: Until 2029/2030 FiT 2020: 570/610 EUR/MWh Electricity Generated in 2019: 16,653 MWh Revenues 2019: EUR 9.4 M Slovak Republic Capacity Installed: 10.4 MWp FiT Guaranteed Period: until 2025
Slide 24: Business Development
BUSINESS DEVELOPMENT Proprietary portfolio, cumulated (MWp) Electricity generation cumulated (MWh) 70,000 80,000 60.6 MWp 60,000 70,000 50,000 60,000 50,000 43,776 MWh 40,000 40,000 30,000 30,000 20,000 20,000 10,000 10,000 0 0 2017 2018 2019 June As 2020 of today 2017 2018 2019 2020* CZ SK HU AUS C
Slide 25: Key Financial Indicators
KEY FINANCIAL INDICATORS Revenue & EBITDA (TEUR) Net current assets (TEUR) and Quick ratio* 35,000 30,154 20,000 19,438 4.0x (+49%) 30,000 25,000 20,256 15,000 14,116 17,219 (+18%) 2.9x 20,000 (+32%) 2.6x 10,000 2.0x 15,000 13,089 1.5x 1.2x 10,000 7,851 8,145 7,942 6,551 5,000 3,646 2,909 5,000 0 0