Photon Energy Nv · GPW:PEN
Photon Energy Nv — Q4 2023 Earnings Presentation
25 slides from Photon Energy Nv's earnings presentation, Feb 20, 2024
Slide 1: Q4 2023 Results Conference
Q4 2023 Results Conference Georg Hotar, CEO David Forth, CFO Photon Energy N.V. 20 February 2024 Leeton, Australia (14.6 MWp)
Slide 2: Disclaimer
Q4 2023 Financial 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"
Slide 3: Business Review, Financial Results, Guidance, Q&As
Business Review Financial Results Guidance Q&As Lord Howe Island, Australia (1.3 MWp / 3.7 MWh)
Slide 4: Business Review
Business Review Financial Results Guidance Q&As Slavkov, Czech Republic (1.2 MWp)
Slide 5: Segment: Investments (IPP) - Expansion of Generation Capacity
Q4 2023 Results Presentation Segment: Investments (IPP) Expansion of Generation Capacity and Electricity Generation ► 3.9 MWp connected in Q4 2023 and 35.4 MW in 2023, the biggest ► Electricity generation of 24.6 GWh (+32.4% YoY) in Q4 2023 and 139.4 GWh capacity expansion in the history of Photon E
Slide 6: Segment: Investments (IPP) - Electricity Prices Remained Under Pressure
Q4 2023 Results Presentation Segment: Investments (IPP) Electricity Prices Remained Under Pressure ► Average realized electricity prices in Q4 2023 declined 36.8% YoY from ► IPP portfolio will be rebalanced in 2024 with 54% FIT and 46% merchant. 210 EUR/MWh to 133 EUR/MWh. ► FIT in the Czech Republi
Slide 7: Segment: Investments (IPP) - Realizing the value from project development
Q4 2023 Results Presentation Segment: Investments (IPP) Realizing the value from project development ► Sale of rights to the 2.3 MW PV Project in Złoczew in December 2023; ► In Romania, we continue negotiations to sell project rights to 54 MWp. This negotiations of agreement for sale of up to 11.5 M
Slide 8: New Energy Division - Recurring revenues from DSR
Q4 2023 Results Presentation New Energy Division Significant stream of recurring revenues from DSR ► Contracted DSR revenues of 7.7 MEUR in 2023 and 25.0 MEUR in ► Higher share of revenues contracted in Additional Auctions to maximize 2024. revenues of this segment. ► Highest revenues in Q1 and Q4;
Slide 9: Other Business Segments
Q4 2023 Results Presentation Other Business Segments Additional Revenue Streams from Other Business Segments External EPC contracts (EUR 000s) PV component trading revenues (EUR 000s) Operations & Maintenance contracts (MW) 35,000 70,000 800 30,000 60,000 700 14,100 25,000 50,000 600 18,139 500 20,0
Slide 10: Business Highlights in Q4 2023 - What went well?
Business Highlights in Q4 2023 What went well? ► IPP portfolio increased by 3.9 MWp in Q4 2023 and 35.4 MWp in FY2023, bringing the IPP portfolio to 127.3 MWp - the fastest capacity addition in the history of the Group. ► Additional 16.2 MWp of new capacities in Romania is completed, to be commissio
Slide 11: Business Highlights in Q4 2023 - What went wrong?
Business Highlights in Q4 2023 What went wrong? ► Generation results fell short of energy forecasts by 9.3% in Q4 2023 and 16.2% in 2023. ► Realized electricity prices declined 36.8% from EUR 210/MWh to EUR 133/MWh YoY and 44.6% YoY from EUR 292/MWh to EUR 162/MWh in 2023. ► Lengthy commissioning pr
Slide 12: Financial Results
Business Highlights Financial Results Guidance Q&As Siria, Romania (5.7 MWp)
Slide 13: Financial Results - Income Statement
Q4 2023 Results Presentation Financial Results Income Statement In thousand EUR Q4 2023 Q4 2022 YoY change FY 2023 FY 2022 YoY change Total revenues 14,914 27,351 -45.5% 74,369 95,136 -21.8% of which from electricity generation 2,743 3,820 -28.2% 21,407 35,239 -39.3% other revenues 12,170 23,530 -48
Slide 14: Balance Sheet
Q4 2023 Results Presentation Balance Sheet Assets Total assets EUR 300,000 EUR 277.7 M +9.4% 275,000 Total assets 253.8 M 13.0 M +29.1% Balance Sheet 250,000 225,000 EUR 21.4 M 38.9 M 196.6 M 43.2 M 200,000 ► Fixed assets: PPE increased by EUR 36.484 million as a result of 175,000 39.4 M Fixed asset
Slide 15: Cash Flow
Q4 2023 Results Presentation Cash Flow Cash Flow Development In thousand EUR FY 2023 FY 2022 ► Strong operating cash flow of EUR 5.144 million FY 2023 and EUR 8.978 million in Q4 2023, mainly thanks to positive working capital Operating cash flow 5,144 2,847 developments i.e. decrease of trade and o
Slide 16: Guidance
Business Highlights Financial Results Guidance Q&As Sydney, Australia (100 kWp)
Slide 17: Photon Energy: Guidance 2023
Q4 2023 Results Presentation Photon Energy: Guidance 2023 In thousand EUR Results versus Guidance 2023 2023 FY Guidance 100,000 95,136 Total revenues 90,000 -21.8% 75–80,000 ► Unaudited consolidated revenues for year 2023 were EUR 74.369 million, 80,000 0.8% below the lower threshold of the guided r
Slide 18: Q&A
Q&A
Slide 19: Thank you for joining us today!
Thank you for joining us today!
Slide 20: O&M Contracts
Q4 2023 Financial Results O&M Contracts Capacity under O&M contracts, by country (MWp) Full O&M contracts, by country Inverter Cardio, by country Bulgaria Country January 2024 Czech Czech Republic Republic Italy Czech Republic 98.4 Slovakia 15.3 Slovakia Germany Australia 17.0 Poland Australia Slova
Slide 21: About Us
Q4 2023 Financial Results About Us We are dedicated to ensuring that everyone has access to clean energy and water. Photon Energy Group Founded in Headquartered in 370+ Active in Shares traded 5 x BUY Sustainability 2008 Amsterdam Employees 10+ countries in PL, CZ and DE PT: EUR 2.80 - 4.1 Rating* L
Slide 22: Expansion of Photon Energy's Business Model
Q4 2023 Financial Results Expansion of Photon Energy’s Business Model Photon Energy’s Solar Business Services Lerta’s Grid and Customer Services Project Energy Development Technology O&M Off-take Energy Supply Solutions Engineering Investments Trading & VPP Demand Response The fusion of physical & d
Slide 23: Business Model: Solar Services
Q4 2023 Financial Results Business Model: Solar Services Our services cover the entire Project Development lifecycle of photovoltaic systems. We develop projects in-house and acquire them at all stages of development. Operations and Maintenance Engineering (EPC) We provide a full range of O&M We des
Slide 24: Business Model: Water Services
Q4 2023 Financial 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 W
Slide 25: GREEN EUR Bond 2021/27
Q4 2023 Financial Results GREEN EUR Bond 2021/27 Bond GREEN EUR Bond 2021/2027 Volume EUR 80.0 million Coupon 6.50% p.a., quarterly payment Initial offering 23 November 2021 ► IMUG | rating – second party opinion, Ratings/Awards ► KFM Barometer 4 of 5 stars ► Best Issuer Green SME Bonds 2021 Segment