Photon Energy Nv · GPW:PEN
Photon Energy Nv — CC Group Small & Midcap Conference 5th Edition (March 2015)
23 slides from Photon Energy Nv's conference presentation, Mar 26, 2015
Slide 1: Corporate presentation
PHOTON ENERGY GROUP Corporate presentation CC Group Small & Midcap Conference 5th Edition March 26, 2015
Slide 2: A global solar power solutions and services company
PHOTON ENERGY GROUP A global solar power solutions and services company Wide ranging expertise covering the entire lifecycle of solar power systems: • Projects, EPC and technology solutions • Asset management • Project finance & insurance • Energy production on site • O&M • Investment protection Act
Slide 3: Global presence
PHOTON ENERGY GROUP Global presence OFFICES: Amsterdam, Netherlands (HQ) Berlin, Germany Elz, Germany Sydney, Australia Prague, Czech Republic Breclav, Czech Republic Bratislava, Slovakia March 2015 3
Slide 4: Leadership
PHOTON ENERGY GROUP Leadership Georg Hotar, CEO (co-founder) 2008: Co-founded Photon Energy Group Extensive knowledge of the solar energy industry and international finance Finance positions in London (Carnegie AB, ICE Securities) and Zürich (Fincoord) 2000: Founded Central European Capital, a regio
Slide 5: Financial summary
PHOTON ENERGY GROUP Financial summary Indicators Value Comments Turnover 2014 Eur 11.8 m. -15.2% YoY. EBITDA 2014 Eur 4.6 m. +39% YoY. EBIT 2014 Eur 0.2 m. EBIT loss of Eur 1.5 m. in 2013. Total assets Eur 95.8 m. 27 power plants owned by the group. 2.00 1,800,000 Shares outstanding 50.6 m. 1.50 1,3
Slide 6: Track record
PHOTON ENERGY GROUP Track record Mid-range targets: Czech Republic Expand O&M portfolio to 1 000 MWp Photon Energy starts O&M and EM represent 50% of revenues construction of first PV power plant (911KWp) O&M Germany / Investment Photon Energy‘s Italy Inverter Cardio O&M division Special unit for ce
Slide 7: Selected financial data 2011-2014
PHOTON ENERGY GROUP Selected financial data 2011-2014 in Thousand Eur 2011 2012 2013 2014 Total revenues 23,186 16,169 13,876 11,760 Gross profit 8,244 5,787 9,311 10,188 EBITDA 1,944 -309 3,314 4,602 EBIT -1,725 -5,012 -1,524 183 Profit / loss before taxation -6,181 -12,428 -4,719 -4,107 Total comp
Slide 8: Balance sheet
PHOTON ENERGY GROUP Balance sheet Net current assets Breakdown of liabilities & equity 1.2 1.6 100% 1.0 20 0.8 0.8 0.9 0.9 0.9 0.7 1.2 90% 0.6 0.5 0.6 0.7 0.4 0.8 80% 10 0.2 70% 0.4 EUR Million 0.0 60% 0 50% -0.4 -10 40% -0.8 30% -20 -1.2 20% -1.6 10% -30 -2.0 0% Net current assets Quick Ratio Equit
Slide 9: Valuation
PHOTON ENERGY GROUP Valuation 25x 2.0x 21.5x 1.8x 20x 1.6x 14.3x 1.4x 15x 1.2x 0.74x 1.0x 8.9x 0.71x 10x 0.8x 0.6x 5x 0.24x 0.4x 0.2x 0x 0x EV/EBITDA trailing Price/book ratio March 2015 9
Slide 10: Portfolio
PHOTON ENERGY GROUP Portfolio % of Capacity 2014 Prod. % of Capacity 2014 Prod. % of Capacity 2014 Prod. Project name Project name Project name share in kWp In MWh share in kWp In MWh share in kWp In MWh Komorovi ce 100% 2,354 2,287 Ba bi ná II 100% 999 886 Verderi o 100% 261 251 Zvíkov I 100% 2,031
Slide 11: Shareholder Structure
PHOTON ENERGY GROUP Shareholder Structure 11.22% Solar Age Investments B.V. 15.89% Solar Future Cooperatief U.A. 55.89% Solar Power to the People Cooperatief U.A. 16.99% Others March 2015 11
Slide 12: The Photon Energy Bond
PHOTON ENERGY GROUP The Photon Energy Bond Coupon 8% annual coupon Payment schedule Quarterly Bonds outstanding, book value Eur 7.5 m. as of 31.12.14 Redemption date 12 March 2018 ISIN DE000A1HELE2 Placement The bonds are being traded in the Open Market of the Frankfurt Stock exchange as well as on
Slide 13: Industry overview
PHOTON ENERGY GROUP Industry overview Global installed capacity at the end of 2014 Outlook for PV industry 400 370 Germany: 37.6 GW Cumulative Solar PV installed in 350 320 China: 33.4 GW Japan: 25.9 GW 300 253 USA: 20.0 GW 250 195 Italy: 19.0 GW 200 GWp 145 Spain: 6.9 GW 150 104 France: 5.7 GW 100
Slide 14: Integrated downstream solar energy company
PHOTON ENERGY GROUP Integrated downstream solar energy company SOLAR MARKET VALUE CHAIN ...AND ITS CHARACTERISTICS Upstream Downstream Upstream “Hardware” business in the solar markets. Performance was Polysilicon badly affected by price wars and overcapacity Development The result is an ever decrea
Slide 15: Business Model
PHOTON ENERGY GROUP Business Model Photon Energy’s business model is designed to extract the most value from the downstream segment of the solar industry supply chain and diversify risks across synergistic business lines. Maximum margin capture in the downstream segment of the value chain Maximum se
Slide 16: Life-cycle expertise
PHOTON ENERGY GROUP Life-cycle expertise SOLAR SOLUTIONS. SOLAR STORAGE. SOLAR O&M. Energy solutions and project PV battery systems for a Fully integrated power plant development from concept level of performance, power monitoring and O&M to completion. quality and reliability services. beyond the g
Slide 17: Strategy pillars
PHOTON ENERGY GROUP Strategy pillars Expansion in grid-parity markets: Australia is the main market for new projects, both on-grid and off-grid: - First country where solar energy is competitive with conventional energy on a larger scale. - A very large untapped potential, with the highest irradiati
Slide 18: Current trading
PHOTON ENERGY GROUP Current trading MUSWELLBROOK, AUSTRALIA November 2014 39 kWp / 216 kWh launch of a pioneer solar project combining a 39kWp PV power plant with a 216 kWh battery storage system, generating electricity for a radio broadcasting tower in Muswellbrook, New South Wales. December 2014 s
Slide 19: Operations and maintenance portfolio
Operations and maintenance portfolio: PEO is servicing a total capacity of 142.0 MWp vs. 63.6 MWp as of 31.12.2013 60.0 Czech Republic: 61.2 MWp 60.0 France: 21.3 MWp Slovakia: 19.5 MWp 60.0 50.0 O&M 50.0 50.0 40.0 services 40.0 40.0 30.0 30.0 30.0 20.0 20.0 20.0 Inverter 10.0 10.0 10.0 Cardio 0.0 0
Slide 20: Investment highlights & key takeaways
PHOTON ENERGY GROUP Investment highlights & key takeaways Market opportunities Company strengths As photovoltaics is becoming competitive in ever We are experienced with a visionary approach & a more countries in the world our market potential proven ability to adjust to a rapidly changing increases
Slide 21: Selected references – rooftop power plants
PHOTON ENERGY GROUP Selected references – rooftop power plants SYDNEY, AUSTRALIA 283 kWp, 2012 UECKERMÜNDE, GERMANY PRAGUE, CZECH REPUBLIC FYSHWICK, AUSTRALIA 27 kWp, 2010 653 kWp, 2010 140 kWp, 2013 March 2015 21
Slide 22: Selected references – ground mounted power plants
PHOTON ENERGY GROUP Selected references – ground mounted power plants TURANY AIRPORT, CZECH REPUBLIC 7.9 MWp, 2010 SYCHROV, CZECH REPUBLIC HRUŠOV, SLOVAKIA RAZTOKA, SLOVAKIA 1 MWp, 2009 1 MWp, 2010 1 MWp, 2011 March 2015 22
Slide 23: Contacts
PHOTON ENERGY GROUP Contacts Photon Energy NV Barbara Strozzilaan 201 1083 HN Amsterdam Netherlands T +31 202 402 570 E info@photonenergy.com www.photonenergy.com
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