Raport.

PHOTON ENERGY N.V. (20/2018) Quarterly report for 2018 Q2.

Photon Energy is today publishing its report for the second quarter of 2018, in which the company continued its positive trend of financial and operational improvements. The last quarter was the best quarter in Photon Energy NV’s history in terms of revenue, EBITDA & EBIT, rounding off a solid first half of 2018.
Building on an already strong first quarter, Photon Energy signed new Operations & Maintenance as well as Water treatment contracts and strenghtened its projects pipeline with several projects prepared to reach the ready-to-build stage by the end of 2018.
On a quarterly basis consolidated revenues increased by 28.8% YOY to EUR 6.753 million. EBITDA increased by 8.5% to EUR 3.386 million and EBIT grew by 20.2% to EUR 1.470 million. Photon Energy recorded a profit before taxation of EUR 0.177 million in 2018Q2, compared to a EUR 0.675 million profit for the same period last year.
Year-to-date, Photon Energy’s half-year revenues increased 30.3% to EUR 10.467 million, while EBITDA rose 5.2% to EUR 4.411 million and EBIT was up 11.0% to EUR 1.651 million. Photon Energy also achieved to increase its profit before taxation from EUR 0.456 million in 2017H1 to a record profit of EUR 2.209 million in 2018H1.

Lista plików:

  • Załącznik nr: 1

    Pobierz plik









    PHOTON ENERGY N.V.
    CONSOLIDATED
    AND ENTITY
    FINANCIAL REPORT S


    2018Q2
    for the period from 1 April to 30 June 201 8
    6 August 2018 | Amsterdam | The Netherlands



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 2 of 40
    CONS OLIDATED AND ENTITY FINANCIAL REPORT S

    1. Selected financial results

    1.1. Sel ected financial results for Photon Energy Group, for the period of 1 April to 30 June 2018
    in Thousand s EUR PLN CZK
    2017 Q2 2018 Q2 2017 Q2 2018 Q2 2017 Q2 2018 Q2
    Total revenues 5,245 6,753 22,107 28,794 139,151 172,929
    Gross profit 4,212 4,906 17,754 20,917 111,750 125,618
    EBITDA 3,119 3,386 13,148 14,436 82,761 86,699
    EBIT 1,223 1,470 5,1 55 6,270 32,446 37,654
    Profit / loss before taxation 675 177 2,847 753 17,920 4,524
    Profit / loss from continuing operations 394 -155 1,661 -661 10,458 -3,967
    Total comprehensive income 1,732 -1,274 7,301 -5,432 45,958 -32,621
    Non -current assets 74,240 72,611 313,716 317,535 1,944,727 1,889,335
    Current assets 12,418 34,330 52,474 150,128 325,286 893,261
    Cash and cash equivalents 4,716 12,316 19,927 53,860 123,530 320,465
    Total assets 86,658 106,94 1 366,190 467,66 7 2,270,013 2,782, 617
    Tota l equity 24,925 27,958 105,327 122,262 652,920 727,459
    Current liabilities 18,047 19,509 76,263 85,314 472,752 507,618
    Non -current liabilities 43,686 59,474 184,603 260,086 1,144,357 1,547,514
    Operating cash flow 731 4,033 3,083 17,195 19,407 103,267
    Investment cash flow 0 -3,164 0 -13,491 0 -81,021
    Financial cash flow -1,689 7,785 -7,118 33,196 -44,805 199,363
    Net change in cash -957 8,654 -4,035 36,900 -25,398 221,610
    EUR exchange rate - low 4.171 4.160 26.145 25.255
    EUR exchange rate - avera ge 4.215 4.264 26.532 25.607
    EUR exchange rate - end of period 4.226 4.373 26.195 26.020
    EUR exchange rate – high 4.273 4.373 27.060 26.020 Note: Exchange rates provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 3 of 40
    1.2. Selected financial results for Photon E nergy Group, for the period of 1 January to 30 June 2018
    in Thousands EUR PLN CZK
    2017 H1 201 8 H1 2017 H1 201 8H1 2017 H1 201 8 H1
    Total revenues 8,031 10,467 34,288 44,173 215,094 266,901
    Gross profit 6,377 7,089 27,226 29,919 170,790 180,779
    EBITDA 4,193 4,411 17,900 18,614 112,291 112,466
    EBIT 1,487 1,651 6,350 6,96 8 39,833 42, 100
    Profit / loss before taxation 456 2,209 1,949 9,324 12,226 56,338
    Profit / loss from continuing operations 82 1,731 350 7,307 2,196 44,151
    Total comprehensi ve income 1,601 767 6,836 3,239 42,881 19,569
    Non -current assets 74,240 72,611 313,716 317,535 1,944,727 1,889,335
    Current assets 12,418 34,330 52,474 150,128 325,286 893,261
    Cash and cash equivalents 4,716 12,316 19,927 53,860 123,530 320,465
    Total as sets 86,658 106,94 1 366,190 467,66 7 2,270,013 2,782, 617
    Total equity 24,925 27,958 105,327 122,262 652,920 727,459
    Current liabilities 18,047 19,509 76,263 85,314 472,752 507,618
    Non -current liabilities 43,686 59,474 184,603 260,086 1,144,357 1,547 ,514
    Operating cash flow 891 4,041 3,803 17,055 23,858 103,051
    Investment cash flow 0 -90 0 -381 0 -2,304
    Financial cash flow -2,918 1,031 -12,458 4,351 -78,152 26,288
    Net change in cash -2,027 4,982 -8,655 21,025 -54,294 127,034
    EUR exchange rate - low 4.171 4.142 26.145 25.190
    EUR exchange rate - average 4.270 4.220 26.784 25.500
    EUR exchange rate - end of period 4.226 4.373 26.195 26.020
    EUR exchange rate – high 4.413 4.373 27.060 26.02 0


    Financial highlights:

    Unaudited consol idated revenues increased by 28.8% YOY from EUR 5.245 million to EUR 6.7 53 million in 2018Q 2, despite lower
    electricity production YOY, which has been compensated by a substantial growth in the development and engineering businesses in
    Australia. YTD, reve nues increased 30.3% to EUR 10. 467 million.
    Consolidated EBITDA increas ed to EUR 3.386 million (+8.5% YOY) in 2018Q2. YTD, EBITDA rose 5.2% to EUR 4. 411 million.
    Consolidated EBIT increased to EUR 1. 470 million (+ 20.2% YOY) in 2018Q2. YTD, EBIT grew by 11.0% to EUR 1. 651 million.
    In 2018Q2 , the Company recorded a profit before taxation of EUR 0.177 million, compared to a EUR 0. 675 million profit for the same
    period last year. YTD, the Company recorded a profit before taxation of EUR 2.209 million, compared to EUR 0.456 million in 2017H1.
    Total equity increased to EUR 2 7.958 million at the end of 2018 Q2 , compared to EUR 25.982 million at the end of 201 7Q4.
    The adjusted equity ratio 1 decreased from 37% at end of 201 7Q2 to 33% at the end of 2018 Q2 .
    1 Adjusted e quity ratio is defined as total equity divided by total capital, being the sum of interest -bearing debt and equity.

    Other highlights :

    In 2018Q2 , the proprietary portfolio of PV plants generated approximately 10.6 GWh of electricity, whic h was 5.4 % abov e the energy
    forecasts but 4.3 % lower compared to 2017Q2 .
    Additional projects prepared to reach the r eady -to-build stage in Hungary .
    Pho ton Water T echnology installed its first off -grid solar powered a lgae control solution in the Czech Republic .
    Photon Ene rgy Operations signed new O&M contracts in the Czech Republic and in Romania increasing the total O&M services portfolio
    to 222 MWp worldwide .




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 4 of 40
    1.3. Standalone financial results for Photon Energy N.V. , for the period of 1 April to 30 June 2018
    in Thousands EUR PLN CZK
    2017 Q2 2018Q1 2017 Q2 2018Q1 2017 Q2 2018Q1
    Revenues 421 514 1,776 2,191 11,181 13,159
    EBITDA -16 -1 -66 -6 -418 -35
    EBIT -18 -1 -78 -6 -489 -37
    Profit / loss before taxation -503 -132 -2,118 -562 -13,333 -3,378
    Total comprehensiv e income -503 -132 -2,118 -562 -13,333 -3,378
    Non -current assets 27,002 37,809 114,101 165,345 707,310 983,800
    Current assets 13,765 21,464 58,165 93,864 360,566 558,489
    Cash and cash equivalents 816 4,396 3,447 19,223 21,366 114,377
    Total assets 40,76 6 59,273 172,266 259,208 1,067,876 1,542,290
    Total equity 23,462 31,075 99,144 135,893 614,596 808,564
    Current liabilities 14,196 5,200 59,987 22,738 371,862 135,294
    Non -current liabilities 3,108 22,999 13,134 100,577 81,419 598,433
    EUR exchange rate – low 4.171 4.160 26.145 25.255
    EUR exchange rate – average 4.215 4.264 26.532 25.607
    EUR exchange rate - end of period 4.226 4.373 26.195 26.020
    EUR exchange rate – high 4.273 4.373 27.060 26.020
    Notes:
    Exchange rates are provided by t he European Central Bank.
    All data quoted in this report refer to the current reporting period i.e. from 1 April until 3 0 June 201 8, unless specified otherwise;
    All references to growth rate percentages compare the results of the reporting period to those of the prior year comparable period;
    Total Comprehensive Income (TCI) is the sum of the profit after taxes plus Other Comprehensive income (OCI) . According to IAS 16 , Other comprehensive income includes revaluation of PPE in a proprietary portfolio to thei r fair values, share on OCI of associates and joint ventures and foreign currency translation differences.
    EPC stands for Engineering, Procurement and Construction and refers to services related to project design, engineering, procu rement and construction of solar power plants .
    Throughout this report Photon Energy Group is referred to as the “Group”, the “Company” , the “I ssuer ” and/or “Photon Energy” .





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 5 of 40
    2. Management discussion and analysis
    2.1 A note from the Management Board
    We take great pride in reporti ng on the good progress we made in 2018Q2. The last quarter was the best quarter in Photon Energy NV’s
    history in terms of revenue, rounding off a solid first half of 2018. Our financial performance in 2018Q2 hides the progress we have made
    across all area s of our business across geographies , which validates the soundness of our business strategy. We have continuously improved,
    innovated and optimised our operations to create a more efficient business and can now take advantage of our project development ef forts to
    accelerate the Company’s growth. This balance and diversity are important factors that have made our per formance more reliable , illustrated
    by both EBITDA and EBIT showing further progress YoY.
    On a quarterly basis consolidated revenues increased by 28.8% YOY to EUR 6.753 million. EBITDA increased by 8.5% to EUR 3.386 million and
    EBIT grew by 20.2% to EUR 1.470 million . Photon Energy recorded a profit before taxation of EUR 0.177 million i n 2018Q2, compared to a EUR
    0.675 million profit for the sam e period last year . Year -to-date, t he Company recorded the highest half -year revenues in its history, which
    carried through to the strongest HY EBIT and highest HY profit before taxation, leading to a record profit after taxation. Ph oton Energy’s half -
    year revenues increased 30.3% to EUR 10. 467 million, while EBITDA rose 5.2% to EUR 4. 411 million and EBIT was up 11.0% to EUR 1.651
    million. Photon Energy also managed to increase its profit before taxation from EUR 0.456 million in 2017H1 to a profit of EUR 2 .209 million in
    2018H1. This resulted in a EUR 1.731 million positive net result, compared to EUR 0.0 82 million during the same period a year earlier.
    We are excited about the potential of our business . O ur project developm ent efforts are paying off , with many more PV projects lined up in
    our target markets Australia and Hungary. Both markets will allow us to expand our power plant portfolio and to substantially grow our EPC
    and operations and maintenance services businesse s. W ith the continuing growth of our O&M division and the promising start of Photon
    Water Technology, the Company’s subsidiary ded icated to water purification, remediation and treatment services, we are looking forward to
    the coming quarters, in which we want to cement our position as an expanding, global downstream PV & Water solutions provider.
    Photon Energy’s projects reach the ready -to-build stage
    In Australia, the Leeton project is ready -to-build, as we have obtained the construction permit, acquir ed the land and signed the grid
    conn ection agreement. We are negotiating a Power Purchase Agreement (PPA) with an undisclosed electricity retailer and are in the process of
    structuring the project financing. With t hese crucial steps completed we expect that construction will start as planned in 2018Q3.
    In Hungary, Photon Energy’s other core growth market, our first PV plant built and connected at the end of March 2018 in Fertod , works very
    well and performs above plan until now. We intend to reach the ready -to-build stage before year -end 2018 for t he current project pipeline of
    25.6 MWp, while we continue working towards our year -end 2019 goal of adding 50 MW p in total. Given that local banks are willing to finance
    our projects, except for some major financial crisis, we are confident in our a bility to complete these plants as planned.
    Photon Energy now delivers more than 220 MWp O&M services worldwide
    Photon Energy continued to expand its operatio ns and maintenance portfolio by signing additional contract s in the Czech Republic and in
    Romania, bringing Photon Energy Operations‘ total O&M services portfolio to 222 MWp worldwide.
    Photon Energy’s know -how as well as its new monitoring solutions have again played a central role in the contracts ’ conclusion . Operations
    and Maintenance (O&M) of solar power plants includes aspects and services such as remote production monitoring, technical maintenance,
    repairs but also administrative services. Owners of PV power plants know that their projects are taken care of and for us the y constitute long -
    term rec urring revenues.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 6 of 40
    Photon Water receives support for its water treatment projects in Peru & installs algae control solution in the Czech Republic
    During the reporting period, only a few months after the Company announced its strategic expansion to water mana gement as a parallel
    business line, Photon Water Technol ogy s.r.o. was awarded a 50% subsidy for the implementation of its water treatment plants in small and
    medium -sized municipalities in Per u by the Czech Development Agency . In mid -May Photon Water Tech nology also installed three floating
    solar -powered ultrasound blocks, equipped with ultrasound emitting technology and a battery for energy storage aimed at eliminating algae
    in one of the largest water reservoirs in Prague, which also includes two lakes f or public swimming. Last year the quality of water there had
    been checked and declared too dangerous for bathing due to the high algae concentration. Within 13 days of the installation a n independent
    laboratory water analysis proved 100% algae removal than ks to the PWT installations.
    Our subsidiary Photon Water Technology is our competence center in the field of Water Management and has expertise in a wide range of
    technologies and applications. We want to develop this business line both as a solutions and service provider (the equivalent of our EPC and
    O&M business in solar), but are also open to be an investor in water purification equipment and generate revenues from the sa le of drinking
    water (similarly to the electricity sale from our PV power plants).

    KFM Deutsche Mittelstand AG invests into Photon Energy EUR Bond 17/22
    Last but not least, on 8 May 2018 KFM Deutsche Mittelstand AG announced that it invested via its dedicated SME corporate bonds fund, the
    Deutscher Mittelstandsanleihen FONDS, in our Pho ton Energy EUR Bond 17/22. The total investment has to date reached the amount of EUR
    2.5 million. The bond placement initiated in October 2017 continues well, with EUR 22. 346 million placed as of the reporting date . The
    proceeds from the bond placement will be deployed to support the Company’s new era of growth that looks ripe to start.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 7 of 40
    2.2. Strategy and its execution
    The objective of our strategy remains the generation of recurring revenue streams while maximizing customer value. Photon Ene rgy's focus
    remains on:
    Production of electricity from the Group’s portfolio of PV plants
    Customi sed Energy Solutions
    Decentrali sed Energy Production, Energy Storage Solutions and Water purification systems
    Operations & Maintenance of PV plants and Energy Storage fac ilities
    PV technology trading

    Our next steps are:
    The Photon Energy Operations team focuses on full O&M solutions in Central Europe and expands its Inverter Cardio services to
    additional inverter technologies covering the whole European market.
    Photon Ene rgy's power plant control and monitoring solutions are planned to be offered as a standalone product.
    The Australian and Hungarian market s are our focus for the expansion of PV generation capacity . Other potential markets in Central
    and South America , the Middle East and Africa remain under investigation.

    In order to reduce the dependence on government subsidies in the future, the Group's strategy mainly focuses on the expansion to markets
    which have already reached Grid Parity, i.e. the cost of PV -generat ed electricity is competitive with grid -supplied electricity from traditional
    and other renewable energy sources .
    2.3. Investment action plan and its implementation
    The Company did not publish any investment action plan . As a result no plan has been implem ented .





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 8 of 40
    2.4. Proprietary portfolio, generation results and O&M service s
    Proprietary portfolio
    The table below presents the portfolio of operating power plants owned directly or indirectly by Photon Energy N.V. at the end of the reporting
    period i.e. as o f 30 June 201 8, consist ing of 24 power plants in th e Czech Republic, Slovakia, Australia & Hungary with a total installed capacity
    of 26.1 MWp. More information on the Group structure and the restructuring pro cesses can be found in chapter 10 . Group struct ure.
    Table 1. The proprietary portfolio of Photon Energy N.V. as of 3 0 June 201 8
    Nr Proprietary portfolio Legal entity Country Cap.(kWp) Share Cap. Pro -rata Completed
    1 Komorovice Exit 90 s.r.o. CZ 2,354 100% 2,354 Dec.10
    2 Zvíkov I Photon SPV8 s.r.o. CZ 2,031 100% 2,031 Nov.10
    3 Dolní Dvořiště Photon SPV10 s.r.o. CZ 1,645 100% 1,645 Dec.10
    4 Svatoslav Photon SPV4 s.r.o. CZ 1,231 100% 1,231 Dec.10
    5 Slavkov Photon SPV6 s.r.o. CZ 1,159 100% 1,159 Dec.10
    6 Mostkovice SPV 1 Photon SPV1 s.r.o. CZ 210 100% 210 Dec.10
    7 Mostkovice S PV 3 1 Photon SPV3 s.r.o. CZ 926 100% 926 Dec.09
    8 Zdice I Onyx Energy I s.r.o. CZ 1,499 100% 1,499 Dec.10
    9 Zdice II Onyx Energy projekt II s.r.o. CZ 1,499 100% 1,499 Dec.10
    10 Radvanice Photon SPV11 s.r.o. CZ 2,305 100% 2,305 Dec.10
    11 Břeclav roofto p Photon SPV1 s.r.o. CZ 137 100% 137 Dec.10
    12 Babiná II Sun4Energy ZVB s.r.o. SK 999 100% 999 Dec.10
    13 Babina III Sun4Energy ZVC s.r.o. SK 999 100% 999 Dec.10
    14 Prša I. Fotonika s.r.o. SK 999 100% 999 Dec.10
    15 Blatna ATS Energy s.r.o. SK 700 100% 700 Dec.10
    16 Mokra Luka 1 EcoPlan 2 s.r.o. SK 963 100% 963 Jun.11
    17 Mokra Luka 2 EcoPlan 3 s.r.o. SK 963 100% 963 Jun.11
    18 Jovice 1 Photon SK SPV2 s.r.o. SK 979 100% 979 Jun.11
    19 Jovice 2 Photon SK SPV3 s.r.o. SK 979 100% 979 Jun.11
    20 Brestovec Photon SK SPV1 s.r.o. SK 850 50% 425 Jun.11
    21 Polianka Solarpark Polianka s.r.o. SK 999 50% 500 Jun.11
    22 Myjava Solarpark Myjava s.r.o. SK 999 50% 500 Jun.11
    23 Symonston Photon Energy AUS SPV 1 Pty. Ltd. AUS 144 100% 144 Feb.13
    24 Fertő d 1 Photon Energy HU SPV 1 Kft. b.a HU 528 100% 528 Mar 18
    Total 26,097 24,674
    1Photon SPV 3 owns two power plants: Mostkovice SPV 3 (795 kWp) and Mostkovice SPV3R (131 kWp)




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 9 of 40
    Generation results
    The cumulative average generation of the po wer plants in the portfolio connected and feeding electricity to the grid in 201 8Q2 amounted to
    10.6 GWh, which was 5.4 % above the energy forecasts and 3.9% high er YOY. Detailed generation results for each power plant are being
    published on a monthly basis in our monthly reports.
    Table 2. Generation results ve rsus projections between 1 April and 3 0 June 201 8
    Project name Capacity Feed -in-Tariff Prod. 2018Q2 Proj. 2018Q2 Perf. YTD Prod. YTD Proj. Perf. YTD n -1 YTD YoY
    Unit kWp per MWh, applicable in 201 8 kWh kWh % kWh kWh % kWh %
    Komorovice 2,354 CZK 14,245 971,008 911,592 6.5% 1,327,353 1,208,294 9.9% 1,332,126 -0.4%
    Zvíkov I 2,031 CZK 14,245 862,400 798,994 7.9% 1,197,624 1,059,049 13.1% 1,239,403 -3.4%
    Dolní Dvořiště 1,645 CZK 14,245 632,989 664,674 -4.8% 836,060 881,011 -5.1% 909,007 -8.0%
    Svatoslav 1,231 CZK 14,245 488,159 493,653 -1.1% 645,385 654,326 -1.4% 634,019 1.8%
    Slavkov 1,159 CZK 14,245 527,805 470,097 12.3% 714,551 623,103 14.7% 729,068 -2.0%
    Mostkovice SPV 1 210 CZK 14,245 88,222 67,601 30.5% 117,877 99,407 18.6% 119,268 -1.2%
    Mostkovice SPV 3 926 CZK 15,304 391,134 349,346 12.0% 519,125 468,927 10.7% 532,974 -2.6%
    Zdice I 1,499 CZK 14,245 659,881 574,566 14.8% 916,542 765,291 19.8% 898,064 2.1%
    Zdice II 1,499 CZK 14,245 668,28 3 574,566 16.3% 927,516 765,291 21.2% 917,993 1.0%
    Radvanice 2,305 CZK 14,245 999,380 902,317 10.8% 1,330,908 1,196,001 11.3% 1,362,756 -2.3%
    Břeclav rooftop 137 CZK 14,245 59,492 45,754 30.0% 80,776 68,281 18.3% 86,738 -6.9%
    Total Czech PP 14,996 6,3 48,753 5,853,161 8.5% 8,613,717 7,788,982 10.6% 8,761,415 -1.7%
    Babiná II 999 EUR 425.12 373,011 368,708 1.2% 484,617 508,570 -4.7% 557,022 -13.0%
    Babina III 999 EUR 425.12 369,954 368,708 0.3% 481,746 508,570 -5.3% 559,986 -14.0%
    Prša I. 999 EUR 425.12 397,149 367,894 8.0% 520,164 508,092 2.4% 573,741 -9.3%
    Blatna 700 EUR 425.12 282,414 266,435 6.0% 367,575 382,695 -4.0% 386,268 -4.8%
    Mokra Luka 1 963 EUR 382.61 275,643 362,485 -24.0% 422,959 524,931 -19.4% 628,581 -32.7%
    Mokra Luka 2 963 EUR 382.61 407,508 362,485 12.4% 558,251 524,931 6.3% 640,154 -12.8%
    Jovice 1 979 EUR 382.61 329,348 373,692 -11.9% 434,881 496,251 -12.4% 471,930 -7.9%
    Jovice 2 979 EUR 382.61 326,903 373,692 -12.5% 432,606 496,251 -12.8% 468,532 -7.7%
    Brestovec 850 EUR 382.61 375,471 306,947 22.3% 517,146 444,501 16.3% 568,233 -9.0%
    Polianka 999 EUR 382.61 380,973 384,239 -0.8% 494,700 509,300 -2.9% 535,815 -7.7%
    Myjava 999 EUR 382.61 422,313 374,820 12.7% 567,105 533,245 6.3% 616,728 -8.0%
    Total Slovak PP 10,429 3,940,687 3,910,104 0.8% 5,281,750 5,437,336 -2.9% 6,006,990 -12.1%
    Symonston 144 AUD 301.60 22,768 28,400 -19.8% 82,538 88,140 -6.4% 86,260 -4.3%
    Total Australian PP 144 22,768 28,400 -19.8% 82,538 88,140 -6.4% 86,260 -4.3%
    Fertod HUF 32,000 244,879 223,847 9.4% 244,879 223,847 9.4% 0 na
    Total Hungarian PP 528 244,879 223,847 9.4% 244,879 223,847 9.4% 0 na
    Total 26,097 10,557,087 10,015,513 5.4% 14,222,884 13,538,305 5.1% 14,854,665 -4.3%
    Notes Mostkovice SPV 1 & Břeclav rooftop power plants belong to the same legal entity. Total result for Mostkovice SPV 3 and Mostkovice SPV 3R, as the same company “SPV3” owns both power plants .



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 10 of 40
    O&M service s
    Photon Energy remained focused on further expanding its Operations and Maintenance business in Europe. As of the end of 201 8Q2, full O&M
    services contrac ts a mounted to approximately 156.6 MWp, up by 17.3 MWp from the end of 2017Q2 , and can be br oken down geographically
    into 127.8 MWp op erated in the Czech Republic, 15.9 MWp in Slovakia, 11 .0 MWp in Romania, 1 .4 MWp in Australia and 0.5 MWp in Hungary .
    The O&M portfolio divides into 26 .1 MWp of PV c apaciti y from the proprietary portfolio and 130.5 MWp serviced for external clients.
    As far as the “Inverter Cardio” services contracts are concerned, the Group is servicing 61 .3 MWp of central inverters. In some countries like
    France or Germany the Group is holding a leading market position while in Belgium in particular, the Group is servicing all of the Satcon
    inverters ever installed. In detail, at the end of 201 8Q2 , the total capacity of central inverters serviced can be divided regionally into France
    (21 .3 MWp), Italy (15 .0 MWp), Belgium (10 .2 MWp), Czech Republic ( 7.5 MWp), Slovakia (5 .5 MWp) and Germany ( 1.8 MWp) .
    After the reporting period, Photon Energy closed a 4.0 MWp contract in Romania for full O&M services expanding Photon Energy Operations’
    total O&M services portfolio to 221.9 MWp worldwide.

    2.5. Reporting on Photon Energy’s project pipeline
    As of the reporting date, Photon Energy is developing PV projects in Austral ia (1,473.9 MWp) and Hungary (25 .6 MWp) and is evaluating
    further markets for opportunities.
    Project development is a crucial activity in Photon Energy’s business model of covering the entire value chain of PV power pl ants. The main
    objective of Photon Energy’s project development activities is to expand its proprietary portfol io of PV power plants for long -term ownership,
    which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons Photon Energy may deci de to cooperate
    with third -party investors either on a joint -venture basis or with a view of exiting the projects to such investors entirely. Ownership of project
    rights provides Photon Energy with a high level of control and allows locking in EPC (one -off) and O&M (long -term) services. Hence, project
    development is a key driver of Photon Energy’s future growth. The Group’s past experience in project development and financing in the Czech
    Republic, Slovakia, Germany and Italy is an important factor in selecting attractive markets and reducing the inherent risks related to project
    developme nt.
    Chart 1.a Total production of the Czech portfolio




    Chart 1. b Total production of the Slovak portfolio

    0
    1,000
    2,000
    3,000
    4,000
    5,000
    6,000
    7,000
    8,000
    9,000
    10,000
    2012 2013 2014 2015 2016 2017 2018
    Cumulative production in MWh

    Q1 April May June
    0
    1,000
    2,000
    3,000
    4,000
    5,000
    6,000
    7,000
    8,000
    9,000
    10,000
    2012 2013 2014 2015 2016 2017 2018
    Cumulative production in MWh

    Q1 April May June



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 11 of 40
    Country Location Project function Share MWp Commercial Model Land Grid connection Construction permit Expected RTB
    Australia Leeton Own portfolio 100% 29.9 Retailer PPA Secured Secured Secured 2018Q2
    Australia Environa Own portfolio 100% 19.0 Emarke t + GC/PPA Secured Ongoing Ongoing 2018Q3
    Total Own portfolio Australia 48.9
    Hungary Fertöd II Own portfolio 100% 3.5 Licensed PPA Secured Secured Ongoing 2018Q4
    Hungary Almásfüzitő Own portfolio 100% 5.5 Licensed PPA Secured Secured Ongoing 2018Q3
    Hungary Monor Own portfolio 100% 5.6 Licensed PPA Secured Secured Ongoing 2018Q3
    Hungary Tata Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured 2018Q3
    Hungary Tisza kécske Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured 2018Q2
    Total Own portfolio Hungary 25.6
    Total Own portfolio 74.5
    Australia Gunning Developer 49% 316.0
    Co-development & co - financing agreement with Can adian Solar
    Secured Ongoing Ongoing 2019Q1
    Australia Gunnedah Developer 25% 165.0 Secured Ongoing Ongoing 2018Q4
    Australia Suntop Developer 25% 286.0 Secured Ongoing Ongoing 2018Q4
    Australia Maryvale Developer 25% 196.0 Secured Ongoing Ongoing 2019 Q2
    Australia Mumbil Developer 25% 178.0 Secured Ongoing Ongoing 2019Q2
    Australia Carrick Developer 51% 138.0 All options open Secured Ongoing Ongoing 2019Q2
    Australia Brewongle Developer 51% 146.0 All options open Secured Ongoing Ongoing 2019Q4
    Total Development Australia 1,425.0
    Note: Emarket = Electricity market, GC = Green certificates, PPA = Power Purchase Agreement, RTB = Ready -to-build

    PV projects have two definitions of capacity. The grid connection capacity is expressed as the m aximum of kilowatts or megawatts which can
    be fed into the grid at any point in time. Electricity grids run on alternating current (AC). Solar modules produce direct cu rrent (DC), which is
    transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules
    and the grid connection point. Cumulatively system losses typically add up to 15 -20%. Therefore, for a given grid connection capacity a larger
    module capacity (expressed in Watt pea k – Wp) can be installed without exceeding the grid connection limit. At times of extremely high
    production , inverters can reduce the volume of electricity so that the plant stays within the grid connection limits. Photon Energy will refer to
    the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development
    process.
    Australia
    Photon Energy has nine large scale solar farms at different stages of development in New South Wales. The proj ect pipeline is the largest
    pipeline of Solar projects in NSW representing a total capacity of 1.473.9 GWp.
    In January 2018, as a result of its development partner selection process managed by its financial advisor Pottinger, the com pany has signed an
    agre ement for the joint development of five of its utility scale solar projects with a total capacity of 1.14 GWp in New South Wa les, Australia
    with Canadian Solar, one of the world’s largest solar power companies.
    Canadian Solar has become a co -shareholder in the project companies and is provid ing development financing to complete the development
    of these projects totalling 1.14 GWp, including the project in Gunning as well as four projects co -developed with a local partner, namely in
    Mumbil, Gunnedah, Suntop and Maryvale.
    Canadian Solar acquired a 51% shareholding in all five project companies. The equity capital contributed by Canadian Solar is subject to certain
    development milestones, joint management processes and other terms customary for project co -devel opment and covers the development
    budgets to bring all five projects to the ready -to-build stage. Post -transaction, Photon Energy NV retains a 49% stake in the Gunning project
    and 24.99% stakes in the four other projects.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 12 of 40
    According to the terms of the tran saction, Photon Energy NV has recognized an AUD 4.73 million (EUR 3.07 million) realised capital gain and an
    additional contribution to consolidated equity of AUD 1.93 million (EUR 1.21 million) related to the increased value of the r emaining equity
    stakes in the five project companies in its consolidated financial statements for 2018Q1.
    The current status for these projects co -developed with Canadian Solar is:
    Gunnedah : In April the Environmental Impact Study (EIS) for Gunnedah was submitted for public ex hibition which expired at the end of May.
    We submitted our response to the submissions at the end of June. Transaction summary GPS studies were submitted for review by Transgrid.
    Suntop : The EIS for Suntop was submitted for adequacy review and was on publi c exhibition until 6 July. The GPS is in the final stages of
    completion and is in preparation for submission to Transgrid for due diligence and review.
    Gunning : Site assessments are progressing and we are finalising the site layouts to complete the EIS. I n Parallel we are progressing with the
    Transaction Summary with Transgrid.
    Maryvale : The GPS and grid connection options are currently under review and in discussions with Essential Energy. The EIS preparatio n is also
    underway and will be completed by 2018 Q4 for submission to NSW Planning.
    Mumbil : The EIS and GPS preparation process is underway and due to be ready for submission by 2019Q1.
    For the other projects, the status is:
    Leeton : We have reached the ready to build stage and are finalising a Power P urchase Agreement (PPA) with an undisclosed electricity retailer.
    In addition, a term sheet has been signed to secure financing for the project. These steps represent significant milestones to reach financial
    close. We expect to finalise these arrangements shortly , allowing us to commence the construction stage in 2018Q3.
    Carrick : The EIS and GPS preparation process is underway and due to be ready for submission by early 2019Q2.
    Brewongle : The EIS and GPS preparation process is underway and due to be read y for submission in 2019Q3.
    Environa : Different connection options are currently under review.

    Hungary
    On 28 March 2018, Photon Energy announced the connection of its first solar power plant in the Hungarian town of Fertőd, in the Győr -
    Moson -Sopron region. The 528 kWp power plant project has been acquired by Photon Energy in July 2017 and built by the company’s EPC
    subsidiary Photon Energ y Solutions HU Kft. During the 25 -year support period the power plant is licensed to sell 14.3 GWh of renewable
    energy, generating revenues of around EUR 1. 5 million over the entire period.
    In Monor Photon Energy is developing eight projects with a grid co nnection capacity of 498 KW each. In May 2017, Photon Energy received the
    energy production licenses under the KÁT support system, allowing each plant to feed a total volume of 16.950 GWh of electric ity into the grid
    at the guaranteed price of HUF 32 (EUR 0.10), adjusted every year with inflation minus one percent, per KWh over 25 years from the date of
    grid connection. The KÁT licenses provide Photon Energy with a 2 -year period (extendable to 4 years) for the commissioning of all plants since
    the date of t he application for the KÁT licenses. The projects are expected to be ready to build in 2018Q3.
    In October 2017, Photon Energy announced the signing of a co -development and share purchase agreement for 100% of the shares of Ráció
    Master Oktatási Kft., which owns the KÁT licenses, grid connection and land usage rights for eight PV projects in the municipality of
    Almásfüzitő . Upon the completion of the project development process, including the construction permit, Photon Energy will acquire 100% of
    the shares of Ráció Master Oktatási Kft., which at that time will own all the land on which the eight PV power plants will be built. This ready -to-
    build stage is expected to be reached in 2018Q3. The installed DC capacity (the total installed generating power of the PV modules) is planned
    to reach 5.5 MWp.
    In February 2018, Photon Energy announced the expansion of its project pipeline by five additional projects in Fertőd (referred to as Fertőd II ),
    where the company’s fully -owned subsidiary Fertőd Napenergia -Termelő Kft. has constructed the Group’s first photovoltaic power plant in
    Hungary with an installed capacity of 528 KWp (referred to as Fertőd I). Photon Energy’s fully -owned subsidiary Photon Energy HU SPV 1 Kft.
    managed to secure additional grid connection capacity of 2.5 MW AC and usage rights for over 5 hectares of land located right next to the 528
    KWp photovoltaic power plant built in Fertőd I. Photon Energy HU SPV 1 Kft. has move d its remaining three KÁT licenses not used in Monor to
    the secured land plots in Fertőd. The fourth project will be realized by Ráció Master Kft., which Photon Energy NV will acqui re based on a co -
    developme nt and share purchase agreement signed on 4 October 2017 (see EBI 30/2017), using its ninth KÁT license which cannot be used in
    its primary location of Almásfüzitő, where eight photovoltaic power plant projects are expected to reach the ready -to-build stag e by early
    2018Q3. Photon Energy NV has signed the acquisition of a project company with one KÁT license to be used for the fifth projec t in Fertőd II.
    The Fertőd II projects are expected to reach the ready -to-build stag e in 2018Q4 and are planned to have a total combined installed capacity of
    3.5 MWp.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 13 of 40
    Further in February 2018, Photon Energy also announced the acquisition of five project companies with all land, grid connecti on capacity rights
    and KÁT licenses required for the construction of eight PV plant s with a total installed capacity of 5.5 MWp near the North -Western Hungarian
    municipality of Tata . These projects are expected to reach the ready -to-build stage in early 2018Q3.
    On 21 March 2018, Photon Energy announced the expansion of its Hungarian proj ect pipeline by eight additional photovoltaic projects with a
    total installed capacity of 5.5 MWp in the municipality of Tiszakecske in Bács -Kiskun region through the acquisition of eight project companies.
    The acquired PV projects are at the ready -to-buil d stage and Photon Energy expects to build and connect the plants to the grid by the end of
    2018Q4. These acquisitions marked an important step towards achieving the Company’s goal of building 50 MWp of PV plants for its
    proprietary long -term portfolio in Hungary until year -end 2019.
    The announced transaction increased Photon Energy’s photovoltaic pipeline in Hungary to 37 projects with a total installed ca pacity of 25.6
    MWp, coming on top of the 0.528 MWp power plant already constructed and connected in Fe rtőd I.
    As far as financing aspects are concerned, negotiations with banks are being finalized to allow us to start con struct ion in 2018Q3.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 14 of 40
    2.6. Enterprise Value & Share Price performance
    2.6.1. NewConnect (Warsaw Stock Exchange)
    On 4 June 2013 Photon Energy NV shares commenced trading on the NewConnect market at a price of PLN 2.00, after a share swap for the
    minority investors in the Czech predecessor company, originally listed on New Connect in 2008.
    The quarter closed at a price of PLN 1. 41 on 30 J une 2018 (+28% vs. 30 June 2017 ), corresponding to a price -to-book ratio of 0.57 x. The
    Company also reports avera ge monthly trading volume of 94,187 shares in 2018Q2 , compared to an average monthly trad ing volume of
    204,068 shares in 2017 .
    Chart 2. Total monthly volumes vs. daily closing stock prices
    Chart 3. Enterprise value vs. trailing 12 months (TTM)
    EBITDA

    Notes:
    EV – Enterprise value is calculated as the market capitalisation as of the end of the reporting month, plus debt, plus minority intere st, minus cash. All the balance sheet data are taken from the last quarterly report.
    Trailing 12 months EBITDA – defined as the sum of EBITDA reported in the last four qua rterly reports .
    Chart 4 . Enterprise value / trailing 12 months EBITDA & price
    to book ratio

    Price/book ratio – is calculated by dividing the closing price of the stock as of the end of the reporting period by the book value per share reported in the latest quarterly report.



    0
    100,000
    200,000
    300,000
    400,000
    500,000
    600,000
    700,000
    800,000
    900,000
    0.00
    0.20
    0.40
    0.60
    0.80
    1.00
    1.20
    1.40
    1.60
    1.80
    Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
    Total volumes for the month Closing share price in PLN
    61.4 63.5
    7.3 m €
    8.1 m €
    6.2
    6.4
    6.6
    6.8
    7.0
    7.2
    7.4
    7.6
    7.8
    8.0
    8.2
    0.0
    10.0
    20.0
    30.0
    40.0
    50.0
    60.0
    70.0
    80.0
    TTM EBITDA in Eur Million

    EV in Eur Million

    8.9x 8.1x
    0.55x
    0.57x
    0 x
    0.1x
    0.2x
    0.3x
    0.4x
    0.5x
    0.6x
    0.7x
    0.8x
    0.9x
    1.0x
    0.0 x
    1.0x
    2.0x
    3.0x
    4.0x
    5.0x
    6.0x
    7.0x
    8.0x
    9.0x
    10.0x
    EV/EBITDA trailing Price/book ratio



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 15 of 40

    2.6.2. Free Market (Prague Stock Exchange)

    Since 17 Oc tober 2016, in addition to the listing on the NewConnect segment of the Warsaw Stock Exchange, the Company’s shares have also
    been traded on the Free Market of the Prague Stock Exchange . No additional shares were issued, nor capital raised through this lis ting.
    On 30 June 2018 , the share s (ISIN NL001039 1108) closed at a price of CZK 7.9 0 (+32 % vs 30 June 2017, +61 % vs CZK 4.90, the reference price
    on the first trading day on 17 October 2016), corresponding to a price to book ratio of 0.53 x. The Company repo rts an average monthly
    trading volume of 25,062 shares in 2018Q2, compared to 43,176 shares in 2 017 .

    2.7. Bond trading performanc e
    On 12 March 2018 the Company fully repaid its 5 -year corporate EUR bond issued in March 2013 with an 8% annual coupon and qu arterly
    payment s (ISIN DE000A1HELE2).
    In December 2016, the Company issued a 7 -year corporate CZK bond with a 6% annual coupon and monthly payment s. The corporate bond,
    with a denomination of CZK 30,000 (ISIN CZ0000000815), has been traded on the Free Mar ket of the Prague Stock Exchange since 12
    December 2016.
    On 27 October 2017, the Company issued a 5 -year corporate EUR bond with a 7.75% annual coupon and quarterly coupon payments in
    Germany, Austria and Luxemburg. The corporate bond, with a denomination of EUR 1,000 (ISIN DE000A19MFH4), has been traded on the
    Open Market of the Frankfurt Stock exchange since 27 October 2017. The bond is also listed on the stock exchanges in Berlin, Hamburg,
    Hannover, Munich and Stuttgart .

    2.7.1. CZK Bond trading perform ance in Prague
    In the trading perio d from 12 December 2016 until 30 June 2018 the tra ding volume amounted to CZK 8.400 million (nominal value) with a
    closing price of 100 .00. In 2018Q2 , the trading volume amounted to CZK 0.840 million .

    2.7. 2. EUR Bond 201 7/22 trading performance
    Chart 7. The Company’s EUR bond 2017 -2022 trading on
    the Frankfurt Stock Exchange in Germany

    Chart 8. MIN, MAX and closing monthly prices

    In the trading period from 2 5 October 2017 until 30 June 2018 , the trad ing volume am ounted to EUR 14.952 million (nominal value ) with an
    opening price of 100.00 and a closing price of 100. 05 in Frankfurt. As of the reporting date , the total placement amounts to EUR 22.346
    million . The public offer in Austria, Germany and Luxembourg will end on 20 September 2018.
    In 2018Q2, the trading volume amounted to EUR 10,397,000 with an opening price of 100.20 and a closing price of 100.05 in Fra nkfurt. The
    average daily turnover amounted to EUR 89,000.

    0
    500,000
    1,000,000
    1,500,000
    2,000,000
    2,500,000
    3,000,000
    97.00
    98.00
    99.00
    100.00
    101.00
    102.00
    103.00
    Oct-17 Dec-17 Feb-18 Apr-18 Jun-18
    Monthly turnover - right axis closing price - left axis
    97.00
    98.00
    99.00
    100.00
    101.00
    102.00
    103.00
    Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
    MAX monthly price MIN monthly price Closing price



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 16 of 40
    2.8. Financial statement analysis
    Profit an d Loss statement
    Unaudited consolidated revenues increased by 28.8% YOY from EUR 5.245 million to EUR 6.753 million in 2018Q2 despite lower electricity
    production YOY, which has been compensated by an ongoing substantial growth in the development and engin eering businesses in Australia.
    Consolidated EBITDA increased toEUR 3.386 million (+8.5% YOY) in 2018Q2. YTD, EBITDA rose 5.2% to EUR 4.411 million.
    Consolidated EBIT increased to EUR 1.470 million (+20.2% YOY) in 2018Q2. YTD, EBIT grew by 11.0% to EUR 1 .651 million.
    In 2018Q2, the Company recorded a profit before taxation of EUR 0.177 million, compared to a EUR 0.675 million profit for the same period
    last year, due to increased financial expenses resulting from higher interes t cost s and an unfavourable U SD exchange rate development on
    inventories (non cash item). YTD, the Company recorded a record profit before taxation of EUR 2.209 million, compared to EUR 0.456 million
    in 2017H1.
    The Company recorded a loss after taxation of EUR 0.155 million in 2018Q2, compared to EUR 0.394 million for the same period last year and
    posted YTD a record EUR 1.731 million profit after taxation in 2018H1, compared to EUR 0.082 million in 2017H1.

    Chart 9. Revenues, gross profit and gross margin


    The number s presented abo ve are based on published quarterly figures .
    Chart 10 . EBITDA, EBIT and EBIT margin development

    The numbers presented above are based on published quarterly figures.
    2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2
    Revenues 4,530 4,594 1,981 2,786 5,245 4,908 4,319 3,714 6,753
    Gross profit 3,833 3,935 1,323 2,165 4,212 4,021 1,896 2,184 4,906
    Gross margin 85% 86% 67% 78% 80% 82% 44% 59% 73%
    85% 86%
    67%
    78% 80% 82%
    44%
    59%
    73%
    0.0
    1.0
    2.0
    3.0
    4.0
    5.0
    6.0
    7.0
    8.0
    0%
    10%
    20%
    30%
    40%
    50%
    60%
    70%
    80%
    90%
    EUR mio

    2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2
    EBITDA 2,788 2,744 310 1,073 3,119 3,140 594 1,025 3,386
    EBIT 966 903 -500 264 1,223 1,229 -350 180 1,470
    EBIT margin 21% 20% -25% 9% 23% 25% -8% 5% 22%
    21% 20%
    -25%
    9% 23% 25%
    -8% 5% 22%
    -2.0
    -1.0
    0.0
    1.0
    2.0
    3.0
    4.0
    -100%
    -50%
    0%
    50%
    100%
    150%
    200%
    EUR Mio




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 17 of 40
    Balance Sheet
    Total fixed assets amounted to EUR 72.611 million at the end of 2018 Q2, a EUR 2. 511 million decrease compared to 201 8Q1 . The main reason s
    for the decrease in assets are the depreciation of assets, the impact of foreign exchange rate development s, which were partially compensated
    by a land acquisition in Hungary.
    Current as sets increased from EUR 25.241 million as of 31 March 201 8 to EUR 34.330 million as of 30 June 2018 mainly due an increase in cash
    connected to the EUR Bond 2017/22 placement.
    Total liabilities amounted to EUR 78.983 million as of the end of the reporting period compared to EUR 71.131 million as of the end of 201 8Q1 .
    Current liabilities slightly increased from EUR 19.187 million in 201 8Q1 to EUR 19.509 million in 2018 Q2.
    Long term liabilities increased by EUR 7.531 million from EUR 51.943 million in 201 8Q1 to EUR 59.474 million in 2018 Q2. The main driver of
    the change in long term liabilities was the increase of the EUR bond 2017/22 .
    Chart 11 . Net current assets

    Chart 1 2. Break down of liabilities and equity

    Changes in equity
    Equity decreased to EUR 27.958 million in 2018 Q2 from EUR 29.232 million in 201 8Q1 . This is mainly due to the negative currency revaluation
    of the Company’s CZK denominated project debt and outstanding CZK bond .
    Cash Flow
    In 2018 Q2 the Group posted a positive operating cash flow, which amounted to EUR 4.033 million. In 2017Q2 the Group had posted a positive
    operating cash flow , which amounted to EUR 0.730 million.
    Financial cash flow was positive and amounted to EUR 7.78 5 million , driven primarily by the EUR Bond 2017/22 placemen t.
    Investment cashflow equalled EUR -3.164 million in the reporting period , as a result of acquisitions of land and project rights. .
    Overall, the c ash position increased by EUR 8.654 million in total within the reporting period and amounted to EUR 12.317 million at the end of
    the reporting period (EUR 4.716 million one year ago) .

    2.9. Financial forecasts
    The Company does not publish financial forecasts .
    1.3 1.4 1.1 1.1
    1.5 1.7
    1.3
    0.5 0.6 0.7
    1.2 1.3
    1.8
    -2.0
    -1.5
    -1.0
    -0.5
    0.0
    0.5
    1.0
    1.5
    2.0
    -8
    -6
    -4
    -2
    0
    2
    4
    6
    8
    EUR Million

    Net current assets Quick Ratio
    0%
    10%
    20%
    30%
    40%
    50%
    60%
    70%
    80%
    90%
    100%
    ST liabilities LT liabilities Equity



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 18 of 40
    3. General information about the Issuer

    The table below presents general information about Photon Energy NV, hereinafter referred to as the “PENV”, “Issuer” , “the Group” and/or the
    “Company”.

    Company name: Photon Energy N.V.
    Registered office: Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands
    Registration: Dutch Chamber of Commerce ( Kamer van Koophan del )
    Company number: 51447126
    Tax -ID: NL850020827B01
    Ticker: PEN
    Web: www.photonenergy.com


    4. Share capital of the Issuer

    The Company’s share capital is EUR 600,000 divided into 60,000,000 shares with a nominal value of EUR 0.01 each. The share capital is fully
    paid -up.

    Share capital as of 30 June 201 8
    Series/ issue Type of shares Type of preference Limitation o f right to shares Number of shares Nominal value of series/issue (EUR) Capital covered with
    A bearer - - 60,000,000 600,000 cash
    Total number of shares 60,000,000 Total share capital 600,000 Nominal value per share = EUR 0.01
    In the reporting period there were no changes to the share capital.

    5. Shareholder structure

    As of the reporting date , to the knowledge of the Board of D irectors of Photon Energy N.V., the shareholder structure was as follows:

    Shareholdership as of 06.08 .2018 No. of shares % of capital No. of votes at the Shareholders Meeting % of votes at the Shareholders Meeting
    Solar Age Investments B.V. 26,467,000 44.11% 26,467,000 51.59 %
    Solar Future Cooperatief U.A. 8,590,683 14.32% 8,590,683 16.75 %
    Solar Power to the People Cooperatief U.A. 8,051, 874 13.42% 8,051,874 15.70 %
    Photon Energy N.V. 8,700 ,000 14.50 % 0 0.00%
    Free float 8,190 ,443 13.65 % 8,190 ,443 15.97 %
    Total 60,000,000 100.00% 51,300 ,000 100.00%
    The free float includes shares allocated to the Employee incentive programme. The disposition rights to these shares are limi ted and
    employees can dispose of these shares only under specific conditions.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 19 of 40
    6. Sta tutory bodies of the Issuer
    Board of Directors as of 30 June 201 8
    The Board of Directors is responsible for th e day -to-day operations of the Comp any. The Issuer’s Board of Directors has the following members:

    Name Position Date of birth Term of offi ce expiry date
    Georg Hotar Director (Bestuurder) 21.04.1975 No term of expiry
    Michael Gartner Director (Bestuurder) 29.06.1968 No term of expiry


    Supervisory Board
    Under Dutch law, a public company is required to establish a supervisory board if:

    The issued share capital of the company together with the reserves pursuant to the balance of sheet amounts to a t least EUR 16 million,
    The company or a dependent company established a work council pursuant to a statutory obligation and ,
    The company together with its dependent companies employs at least one hundred employees in the Netherlands.

    The company will only be under the obligation to establ ish a supervisory board if it meets such criteria on the balance sheet dates in three
    consecutive financial yea rs. The Issuer does not meet the above described criteria and therefore is not required to create a supervisory board.

    No Supervisory Board was established, however, the Issuer has the intention to appoint an independent Supervisory Board in th e future.






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 20 of 40
    7. Description of the Issuer’s business

    Photon Energy NV (“Photon Energy”, “PE NV”, “Issuer” or “Company”) is the holding company of the Photon Energy Group and was
    incorporated under the laws of the Netherlands on 9 December 2010. The Photon Energy Grou p ( “Group” or “PE Group”) offers
    comprehensive solutions and maintenance services for photovoltaic systems that cover their entire lifecycle globally .
    The Group is vertically integrated in the downstream segment of the photovoltaic industry. The company f ocuses on life -cycle services and
    delivers:
    Projects : Project development for rooftop and green -field installations from 300 kW to 300 MW.
    Solutions: Design and construction of on -grid and off -grid installations, incl uding battery storage solutions,
    Techn ology: Trading of PV -components ( modules and inverters).
    Investments: Investments in PV power plants and sustainable production and sale of electricity .
    Operations : Operations and maintenance of PV power plants, including a proprietary control room and mon itoring platform.


    Country -specific references































    Currently Photon Energy is active with 86 professionals in six countries across two continents (headquartered in Amsterdam). With a track
    record of 50 MWp of grid -connected P V plants across five countries and more than 220 MWp of PV power plants under O&M management
    across two continents.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 21 of 40
    8. Implementation of i nnovative ac tivities in the Company
    Photon Water Technology developed an effective solution for algae and biofilm contr ol in ponds, pools and technology equipment: “ Algae
    control”.
    The principle of algae and biofilm control is based on an environmentally friendly methodology called The Water Trifecta© with th ree sound
    principles, which work in synchronicity. Increased oxyg en levels keep the bacteria active consuming the excess nutrients that cause algae
    blooms. An ultrasound algae control transducer kills the majority of the algae types that are prone to blooming in a pond. Beneficial bacteria
    added to the pond consume the nutrients and suspended solids. This comprehensive strategy makes it possible to effectively reduce and even
    stop algae blooms and biofilm growth in ponds, pools, tanks, basins and other water management equipment.

    9. Employees
    As of the end of 2018Q2 , Photo n Energy had 86 employees (compared to 72 employees in 201 7Q2 ) which translates into 80.8 FTE (compared
    to 6 8.4 FTE in 201 7Q2).
    Chart 1 3. Total number of employees and full time equivalent employees per quarter

    1 Full -time equivalent (FTE ) is a unit tha t indicates the workload of an person in a way that makes workloads comparable across various contexts. An FTE of 1.0 means that the person is equivalent to a full -time worker, while an FTE of 0.5 signals that the worker is only half -time.
    Employee Share P urchase Programme
    The management of the Company recognises the significant contribution of the team members to the future development of the Gr oup.
    Therefore, it operates an Employee Share Purchase Programme as a part of its motivation system. Under the t erms of the programme, the
    Group periodically purchases shares for employees equal to 10% of their gross compensation . The disposition rights to these shares are limited
    and employees can dispose of these shares only under specific conditions.

    68.4 71.9 69.4 75.4 80.8 72 76 74 80 86
    0
    10
    20
    30
    40
    50
    60
    70
    80
    90
    100
    FTE
    No of employees



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 22 of 40
    10. Group str ucture
    The following table presents the Group’s structure (subsidiaries and joint -ventures) and the holding company's stake in the entities com prising
    the Group as of the reporting date .
    Name % of share capital held by the holding company Country of regi stration Consolid. method Legal Owner
    1 Photon Energy N.V. (PENV) Holding NL Full Cons. -
    2 Photon Directors B.V. 100% NL Full Cons. PENV
    3 Photon Energy Engineering B.V. (PEE BV) 100% NL Full Cons. PENV
    4 Photon Energy Operations N.V. (PEO NV) 100% NL Full Cons. PENV
    5 Photon Energy Australia Pty Ltd. 100% AUS Full Cons. PENV
    6 Gunning Solar Farm Pty. Ltd. (former Photon Energy Generation Australia Pty. Ltd. ) 49% AUS Equity PENV
    7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AUS Full Cons. PENV
    8 Photon Energy AUS SPV 2 Pty. Ltd. 100% AUS Full Cons. PENV
    9 Photon Energy AUS SPV 3 Pty. Ltd. 100% AUS Full Cons. PENV
    10 Photon Energy AUS SPV 4 Pty. Ltd. 100% AUS Full Cons. PENV
    11 Mumbil Solar Farm Pty. Ltd. (former Photon Energy AUS SPV 5 Pty. Ltd. ) 25% AUS Equity PENV
    12 Photon Energy AUS SPV 6 Pty. Ltd. 51% AUS Equity PENV
    13 Gunnedah Solar Farm Pty. Ltd. (former Photon Energy AUS SPV 7 Pty. Ltd. ) 25% AUS Equity PENV
    14 Suntop Solar Farm Pty. Ltd. (former Photon Energy AUS SPV 8 Pty. Ltd. ) 25% AUS Equity PENV
    15 Photon Energy AUS SPV 9 Pty. Ltd. 51% AUS Equity PENV
    16 Maryvale Solar Farm Pty. Ltd. (former Photon Energy AUS SPV 10 Pty. Ltd. ) 25% AUS Equity PENV
    17 Photon Energy Operations Australia Pty.Ltd. 100% AUS Full Cons. PEONV
    18 Photon Energ y Engineering Australia Pty Ltd 100% AUS Full Cons. PEEBV
    19 Global Investment Protection AG 100% CH Full Cons. PENV
    20 ALFEMO AG 100% CH Full Cons. PENV
    21 KORADOL AG 100% CH Full Cons. PENV
    22 Photon Energy Corporate Services CZ s.r.o. 100% CZ Full C ons. PENV
    23 Photon SPV 1 s.r.o. 100% CZ Full Cons. PENV
    24 Photon Energy Operations CZ s.r.o. (PEOCZ) 1 100% CZ Full Cons. PEONV
    25 Photon Energy Control s.r.o. 100% CZ Full Cons. PEOCZ
    26 Photon Energy Technology CEE s.r.o. 100% CZ Full Cons. PEEBV
    27 Photon Water Technology s.r.o. 65% CZ Full Cons. PENV
    28 Photon Energy Solutions s.r.o. 100% CZ Full Cons. PENV
    29 Photon Energy Projects s.r.o. (PEP) 100% CZ Full Cons. PENV
    30 Photon Energy Cardio s.r.o. 100% CZ Full Cons. PEOCZ
    31 The Special One s.r.o. 100% CZ Full Cons. PENV
    32 Charles Bridge Services s.r.o. 100% CZ Full Cons. PENV
    33 Photon Energy Finance Europe GmbH 100% DE Full Cons. PENV
    34 Photon Energy Corporate Services DE GmbH 100% DE Full Cons. PENV
    35 Photon Energy Engineering Europ e GmbH 100% DE Full Cons. PEEBV
    36 EcoPlan 2 s.r.o. 100% SK Full Cons. PENV
    37 EcoPlan 3 s.r.o. 100% SK Full Cons. PENV
    38 Fotonika, s.r.o. 100% SK Full Cons. PENV
    39 Photon SK SPV 1 s.r.o. 50% SK Equity PENV
    40 Photon SK SPV 2 s.r.o. 100% SK Full Con s. PENV
    41 Photon SK SPV 3 s.r.o. 100% SK Full Cons. PENV
    42 Solarpark Myjava s.r.o. 50% SK Equity PENV
    43 Solarpark Polianka s.r.o. 50% SK Equity PENV
    44 SUN4ENERGY ZVB, s.r.o. 100% SK Full Cons. PENV
    45 SUN4ENERGY ZVC, s.r.o. 100% SK Full Cons. PENV
    46 ATS Energy, s.r.o. 100% SK Full Cons. PENV
    47 Photon Energy Operations SK s.r.o. 100% SK Full Cons. PEONV
    48 Photon Energy HU SPV 1 Kft. b.a 100% HU Full Cons. PEP
    49 Fertod Napenergia -Termelo Kft. 100% HU Full Cons. PEP
    50 Photon Energy Operation s HU Kft. 100% HU Full Cons. PEONV
    51 Photon Energy Solutions HU Kft. 100% HU Full Cons. PENV
    52 Future Solar Energy Kft 100% HU Full Cons. Alfemo AG
    53 Montagem Befektetési Kft. 100% HU Full Cons. Alfemo AG
    54 Solarkit Befektetesi Kft. 100% HU Full Cons. Alfemo AG
    55 Energy499 Invest Kft. 100% HU Full Cons. Alfemo AG
    56 SunCollector Kft. 100% HU Full Cons. Alfemo AG
    57 Green -symbol Invest Kft. 100% HU Full Cons. Alfemo AG



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 23 of 40
    Name % of share capital held by the holding company Country of registration Consolid. method Legal Owner
    58 Ekopanel Befektetési és Szolgaltató Kft. 100% HU Full Cons. Alfemo AG
    59 Onyx -sun Kft. 100% HU Full Cons. Alfemo AG
    60 Tataimmo Kft 100% HU Full Cons. Alfemo AG
    61 Öreghal Kft. 100% HU Full Cons. Alfemo AG
    62 European Sport Contact Kft. 100% HU Full Cons. Alfemo AG
    63 ALFEMO Alpha Kft. 100% HU Full Cons. Alfemo AG
    64 ALFEMO Beta Kft. 100% HU Full Cons. Alfemo AG
    65 ALF EMO Gamma Kft. 100% HU Full Cons. Alfemo AG
    66 Archway Solar Kft. 100% HU Full Cons. PENV
    67 Barbican Solar Kft. 100% HU Full Cons. Alfemo AG
    68 Belsize Solar Kft. 100% HU Full Cons. Alfemo AG
    69 Blackhorse Solar Kft. 100% HU Full Cons. Alfemo AG
    70 Caledonian Solar Kft 100% HU Full Cons. Alfemo AG
    71 Camden Solar Kft 100% HU Full Cons. Alfemo AG
    72 Hampstead Solar Kft. 100% HU Full Cons. Alfemo AG
    73 Ráció Master Oktatási 40% HU Equity Alfemo AG
    Notes : Country of registration NL – the Netherlands SK – Slovakia
    CZ – the Czech Republic AUS – Australia
    DE - Germanz HU - Hungary
    CH - Switzerland Consolidation method: Full Cons. - Full Consolidation Not Cons. – Not Consolidated Equity – Equity Method
    Photon Energy Operations CZ s.r.o. establ ished a branch office in Romania.
    In addition to the above subsidiaries, for the purposes of IFRS reporting, the Company consolidates the following entities:
    Name % of Consolidated share % of Ownership share Country of registration Consolidation method Legal Owner
    1 Photon SPV 3 s.r.o. (Mostkovice SPV3) 100% 0% CZ Full Cons. RL
    2 Photon SPV 8 s.r.o. (Zvikov I) 100% 0% CZ Full Cons. RL
    3 Exit 90 SPV s.r.o. (Komorovice) 100% 0% CZ Full Cons. RL
    4 Photon SPV 4 s.r.o. (Svatoslav) 100% 0% CZ Full Cons. RL
    5 Photon SPV 6 s.r.o. (Slavkov) 100% 0% CZ Full Cons. RL
    6 Onyx Energy s.r.o. (Zdice I) 100% 0% CZ Full Cons. RL
    7 Onyx Energy projekt II s.r.o. (Zdice II) 100% 0% CZ Full Cons. RL
    8 Photon SPV 10 s.r.o. (Dolní Dvořiště) 100% 0% CZ Full Cons. RL
    9 Photon SPV 11 s.r.o. (Radvanice) 100% 0% CZ Full Cons. RL
    Notes : RL - Raiffeisen - Leasing, s.r.o.

    In the reporting period, the following changes to the Group structure took place :
    On 28 March 2018, Alfemo AG acquired Future Solar Energy Kft. , Montagem Befektetési Kft. , Solarkit Befektetési Kft. , Energy499 Invest
    Kft. , SunCollector Kft. , Green -symbol Invest Kft. , Ekopanel Befektetési és Szolgaltató Kft. and Onyx -sun Kft. , as project companies related
    to the project in Tiszakécske .
    On 10 April 2018, Alfemo AG acquired Tataimmo Kft. , Öreghal Kft. European Sport Contact Kft. as project companies related to the
    project in Tata.
    On 12 June 2018 ALFEMO AG acquired 100% of the shares of the Hungarian SPV ALFEMO Alph a Kft. (spin off of PET - FLY Kft.) .
    On 28 June 2018, Alfemo AG acquired E 100% of the shares of the Hungarian SPV ALFEMO Beta Kft. (spin off of HP Solar Kft.) an d ALFEMO
    Gamma Kft. (spin off of KK Solar Kft.) .
    On 28 June 2018 , Archway Solar Kft. was incor porated as a 100% subsidiary of Photon Energy N.V.
    On 28 June 2018, Barbican Solar Kft., Belsize Solar Kft., Blackhorse Solar Kft. , Caledonian Solar Kft ., Camden Solar Kft., and Hampstead
    Solar Kft., were incorporated as a 100% subsidiar ies of Alfemo AG

    After the reporting period the following events occurred:
    On 4 July 2018 ALFEMO AG acquired 40% of the shares of the Hungarian SPV Ráció Master Oktatási Kft.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 24 of 40
    11. Report on the key events material for the Group’s operations
    11.1. Summary of the key events from 1 April until 30 June 2018
    Below is a summary of the key events which were important for the Issuer’s business from 1 April until 3 0 June 201 8 and which were reported
    in the EBI system:

    EBI 11/2018 published on 9 April 2018: Annual report for the year 2017.
    EBI 12/2018 published on 9 April 2018: Convocation of the Annual General Meeting of Shareholders on 22 May 2018.
    EBI 13/2018 published on 11 April 2018: Correction to Annual report 2017.
    EBI 14/2018 published on 11 April 2018: Monthly report for March 201 8.
    EBI 15/2018 published on 7 May 2018: Quarterly report for 2018Q1.
    EBI 16/2018 published on 14 May 2018: Monthly report for April 2018.
    EBI 17/2018 published on 22 May 2018: The Minutes of the AGM of shareholders held on 22 May 2018.
    EBI 18/2018 publishe d on 11 June 2018 : Monthly report for May 2018.

    ESPI 8/2018 published on 3 May 2018: Q & A Chat to be held in collaboration with Polish retail investors association SII on Thursday,
    the 10th of May 2018 at 11:00am.
    ESPI 9/2018 published on 24 May 2018: Li st of all Shareholders entitled to vote on General Meeting of shareholders to be held on 22
    May 2018.
    ESPI 10/2018 published on 24 May 2018: List of shareholders holding at least 5% of votes at the Annual General Meeting of
    shareholders held on 22 May 2018 .
    ESPI 10/2018 published on 25 May 2018: Insider trading notification.
    ESPI 11/2018 published on 25 May 2018: Insider trading notification.
    ESPI 12/2018 published on 4 June 2018: Insider trading notification.
    ESPI 13/2018 published on 11 June 2018: Insider trading notification.
    ESPI 14/2018 published on 18 June 2018: Insider trading notification.
    ESPI 15/2018 published on 25 June 2018: Insider trading notification.


    11.2. Summary of the key events after 30 June 201 8
    Below is a summary of the key events which wer e important for the Issuer’s business after 3 0 June 201 8 until the date of this report:

    EBI 19 /2018 published on 12 July 2018: Monthly report for June 2018.
    ESPI 16/2018 published on 30 July 2018: Change in substantial blocks of shares.






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 25 of 40
    12. Detailed conso lidated financial results for 2018Q 2
    The tables below present the consolidated and un-audited financial statements of Photon Energy N.V. for the period starting on 1 April 2018
    and ending on 30 June 2018 and the corresponding period of the previous year. T he reported data is presented in accordance with
    International Financial and Reporting Standards (IFRS).
    Statement of Comprehensive Income
    in Thousands EUR PLN CZK
    2017Q2 2018Q2 2017Q2 2018Q2 2017Q2 2018Q2
    Total revenues 5,245 6,753 22,107 28,7 94 139,151 172,929
    Out of that: Revenues from electricity generation 4,405 4,669 18,566 19,907 116,866 119,555
    Out of that: Other revenues 840 2,084 3,540 8,887 22,285 53,374
    Cost of sales -715 -1,511 -3,013 -6,441 -18,968 -38,682
    Solar levy CZ -318 -337 -1,340 -1,437 -8,433 -8,630
    Gross profit 4,212 4,906 17,754 20,917 111,750 125,618
    Other income 24 34 103 144 646 866
    Administrative expenses -436 -585 -1,840 -2,493 -11,580 -14,973
    Personnel expenses -604 -861 -2,547 -3,669 -16,033 -22,036
    Other e xpenses -76 -108 -321 -462 -2,021 -2,776
    EBITDA 3,119 3,386 13,148 14,436 82,761 86,699
    Depreciation -1,896 -1,915 -7,994 -8,166 -50,315 -49,045
    EBIT 1,223 1,470 5,155 6,270 32,446 37,654
    Interests income 11 13 46 55 288 328
    Financial revenues -114 0 -479 0 -3,018 0
    Interests cost -530 -809 -2,233 -3,452 -14,058 -20,729
    Financial expenses -198 -868 -836 -3,701 -5,263 -22,224
    Revaluation of derivatives 207 260 871 1,108 5,480 6,654
    Net finance expenses -625 -1,405 -2,633 -5,989 -16,571 -35,971
    Shar e of profit from associates / J -Vs 77 111 325 473 2,045 2,840
    Disposal of investment 0 0 0 0 0 0
    Profit / loss before taxation 675 177 2,847 753 17,920 4,524
    Income tax – current -299 -274 -1,260 -1,168 -7,931 -7,016
    Income tax – deferred 18 -58 74 -245 469 -1,474
    Profit/loss from continuing operations 394 -155 1,661 -661 10,458 -3,967
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation 394 -155 1,661 -661 10,458 -3,967
    Other comprehensive income for the period 1,338 -1,1 19 5,640 -4,771 35,500 -28,654
    Total comprehensive income for the period 1,732 -1,274 7,301 -5,432 45,958 -32,621 Profit/loss after taxation 394 -155 1,661 -661 10,458 -3,967
    Attributable to the equity holders 397 -146 1,674 -621 10,537 -3,732
    Attributable to minority interest -3 -9 -13 -39 -80 -235
    Total comprehensive income for the period 1,732 -1,274 7,301 -5,432 45,958 -32,621
    Attributable to the equity holders 1,735 -1,265 7,314 -5,393 46,037 -32,387
    Attributable to minority interest -3 -9 -13 -39 -80 -235
    Average no. of shares outstanding (in thousand) 50,979 51,393 50,979 51,393 50,979 51,393
    Earnings per share outstanding 0.008 -0.003 0.033 -0.013 0.205 -0.077
    Comprehensive income per share outstanding 0.034 -0.025 0.143 -0.106 0.902 -0.635
    EUR exchange rate – low 4.171 4.160 26.145 25.255
    EUR exchange rate – average 4.215 4.264 26.532 25.607
    EUR exchange rate – high 4.273 4.373 27.060 26.020
    Note: Exchange rate s provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 26 of 40
    Statement of Fi nancial Position
    in Thousands EUR PLN CZK
    30.6.2017 30.6.2018 30.6.2017 30.6.2018 30.6.2017 30.6.2018
    Intangibles 0 0 0 0 0 0
    Property, plant and eq uipment 72,624 69,811 306,885 305,290 1,902,383 1,816,474
    Investments in associates /joint ventures 1,608 2,792 6,795 12,209 42,125 72,641
    Other investments 8 8 35 37 220 220
    Longterm receivables 0 0 0 0 0 0
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 74,240 72,611 313,716 317,535 1,944,727 1,889,335
    Inventories – Goods 1,104 12,500 4,666 54,6 65 28,925 325,258
    Trade receivables 2,971 3,532 12,556 15,444 77,832 91,893
    Other receivables 2,195 3,949 9,274 17,271 57,490 102,763
    Loa ns 723 632 3,055 2,763 18,939 16,439
    Gross amount due from customers for contract work 0 473 0 2,067 0 12,298
    Prep aid expenses 346 928 1,463 4,058 9,070 24,145
    Cash and cash equivalents 4,716 12,316 19,927 53,860 123,530 320,465
    Other S -T financial ass ets 363 0 1,533 0 9,500 0
    Assets held for sale 0 0 0 0 0 0
    Current assets 12,418 34,330 52,474 150,128 325,286 893 ,261
    Total assets 86,658 106,94 1 366,190 467,66 7 2,270,013 2,782, 617
    Issued share capital 600 600 2,535 2,624 15,717 15,612
    Sha re premium 23,760 23,760 100,402 103,905 622,393 618,235
    Legal reserve fund 13 13 56 58 350 347
    Reserves 23,6 00 21,845 99,725 95,529 618,195 568,400
    Retained earnings -23,038 -18,222 -97,350 -79,688 -603,475 -474,146
    Equity attributable to owners of th e Company 24,935 27,996 105,369 122,428 653,181 728,449
    Non -controlling interests -10 -38 -42 -166 -261 -991
    Total equity 24,925 27,958 105,327 122,262 652,920 727,459
    Bank loan s 36,120 31,816 152,632 139,133 946,163 827,844
    Other long -term lia bilities 1,844 21,625 7,790 94,567 48,292 562,672
    Other loans 0 0 0 0 0 0
    Deferred tax liabilities 5,723 6,03 4 24,182 26,386 149,902 156,999
    Non -current liabilities 43,686 59,474 184,603 260,086 1,144,357 1,547,514
    Bank Loans 3,734 3,414 15,780 14,929 97,819 88,825
    Other loans 404 228 1,708 997 10,589 5,933
    Trade payables 644 1,421 2,722 6,213 16,872 36,969
    Other payables 2,479 13,966 10,477 61,073 64,944 363,387
    Other shortterm liabilities 10,368 0 43,812 0 271,590 0
    Current tax liabilities (incom e tax) 256 481 1,082 2,101 6,710 12,504
    Provisions 161 0 682 0 4,228 0
    Current liabilities 18,047 19,509 76,2 63 85,314 472,752 507,618
    Total Liabilities 61,734 78,983 260,866 345,401 1,617,109 2,055,138
    TOTAL Equity & Liabilities 86,658 106, 941 366,189 467,662 2,270,003 2,782,591
    No. of shares outstanding in thousand 50,957 51,356 50,9 57 51,356 50,957 51,356
    Book value per share outstanding 0.489 0.544 2.067 2.381 12.813 14.165





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 27 of 40
    Cash Flow Statement

    in Thousands EUR PLN CZK
    2017Q2 2018Q2 2017Q2 2018Q2 2017Q2 2018Q2
    Profit/loss before taxation 675 177 2,847 753 17,920 4,524
    Adju stments for:
    Depreciation 1,896 1,915 7,994 8,166 50,315 49,045
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity accounted investees -77 -59 -325 -250 -2,045 -1,501
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items -749 117 -3,157 499 -19,873 2,996
    Capital gains 0 0 0 0 0 0
    Net finance expenses 0 1,405 0 5,989 0 35,971
    Changes in:
    Trade and other receivables -1,420 -1,283 -5,984 -5,470 -37,667 -32,850
    Gross amount due from customers for contract work 0 -105 0 -447 0 -2,685
    Prepaid expenses 27 -131 115 -560 723 -3,366
    Inventories 6 1,084 24 4,624 151 27,770
    Trade and other payables 153 785 647 3,347 4,072 20,104
    Other liabilities 219 127 923 543 5,811 3,260
    Operatin g cash flow 731 4,033 3,083 17,195 19,407 103,267
    Acquisition of property,plant and equipment 0 -1,660 0 -7,078 0 -42,508
    Acquisition of subsidiary (net of cash acquire d), associates, joint ventures 0 -1,254 0 -5,347 0 -32,111
    Acquisition of other inves tments 0 -250 0 -1,066 0 -6,402
    Proceeds from sale of investments 0 0 0 0 0 0
    Proceeds from sale of property, plant and equipment, other investments 0 0 0 0 0 0
    Interest received 0 0 0 0 0 0
    Investment cash flow 0 -3,164 0 -13,491 0 -81,021
    Proceeds f rom issuance of ordinary shares 0 0 0 0 0 0
    Change of consolidation method (acquisition of JV) 0 0 0 0 0 0
    Proceeds from borrowings 0 228 0 972 0 5,838
    Repayment of borrowings -1,396 -2,464 -5,885 -10,508 -37,042 -63,105
    Proceeds from issuing bonds 238 10,818 1,004 46,127 6,321 277,026
    Repayment of bonds 0 0 0 0 0 0
    Interest expenses -531 -796 -2,238 -3,396 -14,085 -20,396
    Financing cash flow -1,689 7,785 -7,118 33,196 -44,805 199,363
    Net increase/decrease in cash and cash equivalents -957 8,654 -4,035 36,900 -25,398 221,610
    Cash at the beginning of the period 4,350 3,662 18,336 15,615 115,416 93,780
    Effect of exchange rate fluctuation 1,323 0 5,577 0 35,102 0
    Cash at the end of the period 4,716 12,317 19,878 52,515 125,120 315,390
    EUR exchange r ate - low 4.171 4.160 26.145 25.255
    EUR exchange rate - average 4.215 4.264 26.532 25.607
    EUR exchange rate - high 4.273 4.373 27.060 26.020





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 28 of 40
    13. Detailed accum ulated consolidated financial results for 2018 H1
    The tables below present the cons olidated and un-audited financial statements of Photon Energy N.V. for the six -month period starting on 1
    January 2018 and ending on 30 June 2018 and the corresponding period of the previous year. The reported data is presented in accordance
    with Internati onal Financial and Reporting Standards (IFRS).

    Statement of Comprehensive Income
    in Thousands EUR PLN CZK
    2017 H1 2018 H1 2017 H1 2018 H1 2017 H1 2018 H1
    Total revenues 8,031 10,467 34,288 44,173 215,094 266,901
    Out of that: Revenues from electricit y generation 6,353 6,325 27,126 26,693 170,165 161,285
    Out of that: Other revenues 1,677 4,142 7,162 17,480 44,928 105,616
    Cost of sales -1,199 -2,922 -5,117 -12,330 -32,101 -74,497
    Solar levy CZ -456 -456 -1,945 -1,924 -12,202 -11,625
    Gross profit 6,3 77 7,089 27,226 29,919 170,790 180,779
    Other income 58 119 248 502 1,555 3,034
    Administrative expenses -841 -1,037 -3,589 -4,375 -22,512 -26,433
    Personnel expenses -1,297 -1,609 -5,537 -6,789 -34,734 -41,022
    Other expenses -105 -153 -447 -644 -2,807 -3,892
    EBITDA 4,193 4,411 17,900 18,614 112,291 112,466
    Depreciation -2,705 -2,760 -11,551 -11,648 -72,458 -70,379
    EBIT 1,487 1,651 6,350 6,96 8 39,833 42, 100
    Interests income 29 98 122 414 764 2,503
    Financial revenues 0 0 0 0 0 0
    Interests cost -1,265 -1,602 -5,401 -6,762 -33,880 -40,857
    Financial expenses -198 -1,165 -847 -4,915 -5,313 -29,697
    Revaluation of derivatives 365 151 1,557 639 9,767 3,860
    Net finance expenses -1,070 -2,517 -4,569 -10,624 -28,662 -64,191
    Share of profit from associates / J-Vs 39 3 168 11 1,054 65
    Disposal of investments 0 3,074 0 12,971 0 78,376
    Profit / loss before taxation 456 2,209 1,949 9,324 12,226 56,338
    Income tax – current -299 -391 -1,277 -1,650 -8,008 -9,970
    Income tax – deferred -75 -87 -322 -367 -2,022 -2,2 16
    Profit/loss from continuing operations 82 1,731 350 7,307 2,196 44,151
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation 82 1,731 350 7,307 2,196 44,151
    Other comprehensive income for the period 1,519 -964 6,486 -4,068 40,685 -24,582
    Total comprehensive income for the period 1,601 767 6,836 3,239 42,881 19,569
    Profit/loss after taxation 82 1,731 350 7,307 2,196 44,151
    Attributable to the equity holders 93 1,750 397 7,386 2,491 44,626
    Attributable to minority interes t -11 -19 -47 -79 -295 -475
    Total comprehensive income for the period 1,601 767 6,836 3,239 42,881 19,569
    Attributable to the equity holders 1,612 786 6,883 3,317 43,175 20,044
    Attributable to minority interest -11 -19 -47 -79 -295 -475
    Average no. of shares outstanding (in thousand) 50,979 51,392 50,979 51,392 50,979 51,392
    Earnings per share outstanding 0.002 0.002 0.007 0.007 0.043 0.041
    Comprehensive income per share outstanding 0.031 0.031 0.134 0.133 0.841 0.801
    EUR exchange rate – low 4.171 4.142 26.145 25.190
    EUR exchange rate – average 4.270 4.220 26.784 25.500
    EUR exchange rate – high 4.413 4.373 27.060 26.020



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 29 of 40
    Note: Excha nge rate provided by the European Central Bank
    Cash Flow Statement
    in Thousands EUR PLN CZK
    2017 H1 2018H1 2017 H1 2018 H1 2017 H1 2018 H1
    Profit/loss before taxation 456 2,209 1,949 9,324 12,226 56,338
    Adjustments for:
    Depreciation 2,705 2,760 11,551 11,648 72,458 70,379
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity acco unted investees -39 120 -168 505 -1,054 3,053
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items -80 -244 -342 -1,030 -2,143 -6,222
    Capital gains 0 -3,074 0 -12,971 0 -78,376
    Net finance expenses 0 2,517 0 10,624 0 64,191
    Changes in:
    Trade and other receivables -1,626 -2,542 -6,942 -10,729 -43,546 -64,829
    Gross amount due from custome rs for contract work 0 -98 0 -416 0 -2,512
    Prepaid expenses 42 -213 180 -900 1,132 -5,441
    Inventories 18 -11,155 76 -47,077 475 -284,449
    Trade and other payables -390 13,886 -1,667 58,602 -10,455 354,084
    Other liabilities -195 -124 -835 -524 -5,236 -3,165
    Operating cash flow 891 4,041 3,803 17,055 23,858 103,051
    Acquisition of property,plant and equipment 0 -1,660 0 -7,006 0 -42,329
    Acquisition of subsidiary (net of cash acquired), associates, joint ventures 0 -1,254 0 -5,292 0 -31,976
    Acquisition of other investments 0 -250 0 -1,055 0 -6,375
    Proceeds from sale of investments 0 3,074 0 12,971 0 78,376
    Proceeds from sale of property, plant and equipment, other investments 0 0 0 0 0 0
    Interest received 0 0 0 0 0 0
    Investment cash flow 0 -90 0 -381 0 -2,304
    Proceeds from issuance of ordinary shares 0 0 0 0 0 0
    Change of consolidation method (acquisition of JV) 0 0 0 0 0 0
    Proceeds from borrowings 0 228 0 962 0 5,814
    Repayment of borrowings -2,303 -3,401 -9,833 -14,353 -61,684 -86,726
    Proceeds from issuing bonds 650 12,339 2,776 52,075 17,412 314,647
    Repayment of bonds 0 -6,533 0 -27,571 0 -166,589
    Interest expen ses -1,265 -1,602 -5,401 -6,762 -33,880 -40,857
    Financing cash flow -2,918 1,031 -12,458 4,351 -78,152 26,288
    Net increase/decrease i n cash and cash equivalents -2,027 4,982 -8,655 21,025 -54,294 127,034
    Cash at the beginning of the period 5,420 7,333 23,141 30,946 145,169 186,980
    Effect of exchange rate fluctuation 1,323 0 5,649 0 35,435 0
    Cash at the end of the period 4,716 12,317 20,135 51,979 126,309 314,067
    EUR exchange rate - low 4.171 4.142 26.145 25.190
    EUR exchange rate - average 4.2 70 4.220 26.784 25.500
    EUR exchange rate - high 4.413 4.373 27.060 26.020







    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 30 of 40

    Statement of Changes in Equity

    in thousand EUR Share capital Share premium
    Legal reserve Fund
    Revaluation reserve
    Currency translation reserve
    Hedging reserve Retained earnings TOTAL Non - controlling interests
    TOTAL EQUITY
    BALANCE at 31. 12.201 7 600 23,760 13 22,506 1,155 110 -22,143 26,001 -19 25,982
    Profit for the period 1.1.2018 – 30.06.2018 1,750 1,750 -19 1,731
    Revaluation of PPE 0 0
    Share on revaluat ion of PPE of associates, JV 0 0
    Foreign currency translation differences -1,040 -1,040 -1,040
    Derivatives 76 76 76
    Acquisition of JV 0 0
    Total comprehensive income for the period 0 0 0 0 -1,040 76 1,750 786 -19 767
    Equit y effect of JV capital increase* 1,209 1,209 1,209
    Move from revaluation reserve to retained earnings -962 962 0 0
    Legal reserve fund – move to RE on entity disposal 0 0
    BALANCE at 30.06.2018 600 23,760 13 21,544 115 186 -18,222 27,996 -38 27,958

    * Contribution to consolidated equity related to the increased value of the remaining equity stakes in the five projec t companies (Gunning Solar Farm Pty. Ltd.,
    Mumbil Solar Farm Pty. Ltd., Gunnedah Solar Farm Pty. Ltd., Suntop Solar Farm Pty. Ltd. and Maryvale Solar Farm Pty. Ltd.) after capital increase by Canadian
    Solar.

    14. Detailed en tity financial results for 2018Q 2

    The tables below present the entity and un-audited financial statements of Photon Energy N.V. for the three -mont h period s tarting on 1 April
    2018 and ending on 30 June 2018 and the corresponding period of the previous year. The reported data is presented in accordance with Dutch
    Accounting Standards.

    Income Statement

    EUR PLN CZK in Thousands (except EPS) 2017Q2 2018Q 2 2017Q 2 2018Q 2 2017Q2 2018Q 2
    Revenues from the sale of products, goods and services 421 514 1,776 2,191 11,181 13,159
    Cost of sales -306 -384 -1,289 -1,637 -8,116 -9,833
    Gross profit 116 130 487 554 3,065 3,327
    Other administrative expenses -128 -129 -538 -549 -3,389 -3,296
    Other income 0 0 0 0 0 0
    Other expenses -4 -3 -15 -11 -95 -65
    EBITDA -16 -1 -66 -6 -418 -35
    Amortization & depreciation -3 0 -11 0 -71 -2
    EBIT -18 -1 -78 -6 -489 -37
    Financial income 61 84 257 359 1,616 2,157
    Financial costs -545 -215 -2,297 -916 -14,460 -5,499
    Profit / loss before taxation -503 -132 -2,118 -562 -13,333 -3,378
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) -503 -132 -2,118 -562 -13,333 -3,378








    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 31 of 40
    Balance Sheet

    in Thousands EUR PLN CZK
    30.6.2017 30.6.2018 30.6.2017 30.6.2018 30.6.2017 30.6.2018
    Intangibles 7 0 28 0 176 0
    Property, plant and equipment 0 0 0 0 0 0
    Investments in associates /joint ventures 26,914 37,727 113,729 164,986 705,009 981,667
    Other investments 0 0 0 0 0 0
    Longte rm receivables 81 82 343 359 2,125 2,133
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 27,002 37,809 114,101 165,345 707,310 983,800

    Inventories – Goods 0 0 0 0 0 0
    Trade and other receivables 4,270 7,646 18,042 33,437 111,840 198,95 0
    Loans 8,537 8,715 36,074 38,111 223,622 226,759
    Gross amount due from customers for contract work 0 0 0 0 0 0
    Prepaid expenses 143 707 603 3,093 3,738 18,403
    Cash and cash equivalents 816 4,396 3,447 19,223 21,366 114,377
    Current assets 13,765 21,46 4 58,165 93,864 360,566 558,489
    Total assets 40,766 59,273 172,266 259,208 1,067,876 1,542,290

    Issued share capital 600 600 2,535 2,624 15,717 15,612
    Share premium 36,871 36,871 155,805 161,241 965,836 959,383
    Legal reserve fund 0 0 0 0 0 0
    Reserves 14,713 17,315 62,172 75,720 385,405 450,535
    Retained earnings -27,997 -26,097 -118,307 -114,123 -733,384 -679,033
    Profit/loss for the current period -724 2,385 -3,061 10,432 -18,978 62,068
    Equity attributable to owners of the Company 23,462 31,07 4 99,144 135,893 614,596 808,564
    Non -controlling interests 0 0 0 0 0 0
    Total equity 23,462 31,07 4 99,144 135,893 614,596 808,564

    Non -current liabilities 3,108 22,999 13,134 100,577 81,419 598,433
    Bank Loan 0 0 0 0 0 0
    Other long te rm liabilities 3,108 22,999 13,134 100,577 81,419 598,433
    Other loans 0 0 0 0 0 0
    Deferred tax liabilities 0 0 0 0 0 0
    Current liabilities 14,196 5,200 59,987 22,738 371,862 135,294
    Bank Loans 0 0 0 0 0 0
    Other loans 404 502 1,708 2,197 10,589 13,072
    Trade and other payables 3,263 4,43 8 13,786 19,403 85,462 115,448
    Other short term liabilities 10,368 260 43,812 1,138 271,590 6,774
    Current tax liabilities (income tax) 161 0 681 0 4,222 0
    Provisions 0 0 0 0 0 0
    Total Equity & Liabilities 40,766 59,27 3 172,266 259,209 1,067,876 1,542,291
    No. of shares outstanding in thousand 50,957 51,393 50,957 51,393 50,957 51,393
    Book value per share outstanding 0.800 1.153 3.381 5.044 20.956 30.010






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 32 of 40
    15. Detailed accumulated entity financial results for 2018 H1
    The tables below present the entity and un-audited financial statements of Photon Energy N.V. for the six -month period starting on 1 January
    2018 and ending on 30 June 2018 and the corresponding period of the previous year. The reported data is presented in a ccordance with Dutch
    Accounting Standards (DAS).

    EUR PLN CZK
    in Thousands (except EPS) 2017 H1 201 8 H1 201 8 H1 201 8 H1 2017 H1 201 8 H1
    Revenues from the sale of products, goods and services 874 887 3,733 3,742 23,417 22,609
    Cost of sales -610 -710 -2,606 -2,996 -16,348 -18,103
    Gross profit 264 177 1,127 746 7,069 4,507
    Other administrative expenses -276 -239 -1,179 -1,007 -7,396 -6,086
    Other income 3 3,074 11 12,971 70 78,376
    Other expenses -4 -27 -17 -113 -108 -683
    EBITDA -14 2,985 -58 12,597 -365 76,114
    Amortization&depreciation -5 -3 -23 -12 -142 -70
    EBIT -19 2,982 -81 12,586 -507 76,045
    Financial income 122 219 520 925 3,262 5,588
    Financial costs -827 -816 -3,532 -3,444 -22,159 -20,806
    Profit / loss before taxation -724 2,385 -3,093 10, 067 -19,405 60,826
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) -724 2,385 -3,093 10,067 -19,405 60,826





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 33 of 40
    16. Financial results per operating segments
    The tables below present the consolidated and un-audited financial results per operatin g segment of Photon Energy N.V. for the p eriod
    starting on 1 January 2018 and ending on 30 June 2018 and the corresponding period of the pre vious year. The reported data are presented in
    accordance with International Financial and Reporting Standards (IFRS ).

    Results of the operating segments for the period from 1 January 2018 to 30 June 2018
    EUR thousand Energy solutions
    Production of electricity
    Operations, maintenance and PVPP supervision
    PV Invest. Other Total for segments Elimination Consolidated finan cial information
    External revenues from sale of products, goods & services 2,710 6,325 1,046 0 386 10,467 0 10,467 Revenues within segments from sale of products, goods, services 1,283 301 512 0 1,627 3,723 -3,723 0 Cost of sale -3,118 -743 -520 0 -29 -4,410 1,488 -2,922 Levy 0 -456 0 0 0 -456 0 -456 Gross profit 875 5,427 1,038 0 1,984 9,324 -2,235 7,089 Other external income 3 92 0 0 24 119 0 119 Administrative and other expenses -713 -293 -741 0 -2,123 -3,870 1,072 -2,798 Depreciation -8 -2,701 -35 0 -16 -2,760 0 -2,760 Operating income 157 2,525 262 0 -131 2,813 -1,163 1,65 1 Interest income 32 150 20 0 230 432 -334 98 Interest expenses -66 -878 -56 0 -936 -1,936 334 -1,602 Other financial revenues 0 0 0 0 0 0 0 0 Other financial expenses -1,090 -63 -51 0 39 -1,165 0 -1,165 Revaluation of derivatives 0 151 0 0 0 151 0 151 Profit/loss share in entities in equivalency 0 0 0 3 0 3 0 3 Disposal of investment 0 0 0 0 3,074 3,074 0 3,074 Income tax 0 -391 0 0 0 -391 0 -391 Deferred tax 0 -87 0 0 0 -87 0 -87 Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0 Profit/loss after taxation -967 1,407 175 3 2,276 2,894 -1,163 1,731 Revaluation of property, plant and equipment 0 0 0 0 0 0 0 0 Foreign currency translation diff. - foreign opera tions 0 0 0 -1,040 0 -1,040 0 -1,040 Share of revaluation of PPE of associates /joint venture 0 0 0 0 0 0 0 0 Share of currency translation diff. of associates / JV 0 0 0 0 0 0 0 0 Derivatives (hedging) 0 0 0 76 0 76 0 76 Total comprehensive income -967 1,407 175 -961 2,276 1,930 -1,163 767
    Assets, of which 18,687 85,621 4,878 2,792 32,168 144,146 -37,205 106,941 PPE – Lands 0 3,766 0 0 0 3,766 0 3,766 PPE – Photovoltaic power plants 0 65,054 0 0 0 65,054 0 65,054 PPE – Equipment 0 0 181 0 142 323 0 323 PPE – Assets in progress 174 207 287 0 0 668 0 668 Intangibles 0 0 0 0 0 0 0 0 Trade and other receivables 6,175 8,444 3,840 0 25,971 44,430 -36,949 7,481 Loans 0 0 0 0 632 632 0 632 Gross amount due from customers for contract work 207 25 0 0 241 473 0 473 Inventories – Goods 12,035 259 412 0 50 12,756 -256 12,500 Investments in associates, JV, other 0 0 8 2,792 0 2,800 0 2,800 Deferred tax receivables 0 0 0 0 0 0 0 0 Long term receivables 0 0 0 0 0 0 0 0 Prepaid expenses 7 190 37 0 694 928 0 928 Assets held for sale 0 0 0 0 0 0 0 0 Cash and cash equivalents 89 7,676 113 0 4,438 12,316 0 12,316 Other S -T financial assets 0 0 0 0 0 0 0 0 Liabilities, of which -20,967 -49,758 -8,674 0 -36,289 -115,688 36,705 -78,983 Trade and ot her payables -20,967 -7,470 -8,439 0 -15,215 -52,091 36,705 -15,386 Bank Loans and other loans 0 -35,229 0 0 -228 -35,457 0 -35,457 Other long term liabilities 0 -544 -235 0 -20,846 -21,625 0 -21,625 Other short term liabilities 0 0 0 0 0 0 0 0 Current tax liabilities (income tax) 0 -481 0 0 0 -481 0 -481 Provisions 0 0 0 0 0 0 0 0 Deferred tax liabilities 0 -6,034 0 0 0 -6,034 0 -6,034




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 34 of 40
    Results of the operating segments for the period from 1 January 201 7 to 30 June 201 7

    EUR thousand Energy solutio ns
    Production of electricity
    Operations, maintenance and PVPP supervision
    PV Invest. Other Total for segments Elimination Consolidated financial information
    External revenues from sale of products, goods and services 569 6,353 1,031 0 77 8,031 0 8,031 Revenues within segments from sale of products, goods, services 145 0 616 0 1,455 2,217 -2,217 0 Cost of sale -690 -487 -756 0 -28 -1,961 762 -1,199 Energy levy 0 -456 0 0 0 -456 0 -456 Gross profit 25 5,416 893 0 1,505 7,831 -1,455 6,377 Other extern al income 1 48 7 0 3 58 0 58 Administrative and other expenses -131 -127 -633 0 -1,932 -2,823 580 -2,243 Depreciation 0 -2,640 -30 0 -35 -2,705 0 -2,705 Operating income -106 2,697 237 0 -459 2,361 -874 1,487 Interest income 18 110 13 0 131 272 -244 28 Interest expenses -30 -754 -47 0 -678 -1,509 244 -1,265 Other financial revenues 11 0 27 0 -39 0 0 0 Other financial expenses -16 -6 -5 0 -171 -198 0 -198 Revaluation of derivatives 0 365 0 0 0 365 0 365 Profit/loss share in entities in equivalency 0 0 0 39 0 39 0 39 Income tax 0 -299 0 0 0 -299 0 -299 Deferred tax 0 -75 0 0 0 -75 0 -75 Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0 Profit/loss after taxation -124 2,037 226 39 -1,216 957 -874 82 Revaluation of property, plant and equip ment 0 0 0 0 0 0 0 0 Foreign currency translation diff. - foreign operations 0 0 0 1,323 0 1,323 0 1,323 Share of revaluation of PPE of associates /joint venture 0 0 0 0 0 0 0 0 Share of currency translation diff. of associates / JV Derivatives (hedging) 0 0 0 196 0 196 0 196 Total comprehensive income -124 2,036 226 1,558 -1,216 2,475 -874 1,601 Assets, of which 3,203 85,972 3,264 1,608 14,802 108,849 -22,190 86,659 PPE – Lands 0 2,939 0 0 0 2,939 0 2,939 PPE – Photovoltaic power plants 0 69,380 0 0 0 69,380 0 69,380 PPE – Equipment 0 0 33 0 47 80 0 80 PPE – Assets in progress 48 0 0 0 177 225 0 225 Intangibles 0 0 0 0 0 0 0 0 Trade and other receivables 2,943 8,956 2,704 0 12,754 27,356 -22,190 5,166 Loans 0 0 0 0 723 723 0 723 Gross amount due from customers for contract work 0 0 0 0 0 0 0 0 Inventories – Goods 158 548 384 0 15 1,104 0 1,104 Investments in associates, JV, other 0 0 0 1,608 8 1,617 0 1,617 Deferred tax receivables 0 0 0 0 0 0 0 0 Long term receivables 0 0 0 0 0 0 0 0 Prepaid expenses 1 126 30 0 190 346 0 346 Assets held for sale 0 0 0 0 0 0 0 0 Cash and cash equivalents 54 4,024 113 0 526 4,716 0 4,716 Other S -T financial assets 0 0 0 0 363 363 0 363 Liabilities, of which -4,390 -52,864 -6,810 0 -18,985 -83,049 21,315 -61,733 Trade and other payables -4,388 -6,545 -6,660 0 -6,846 -24,438 21,315 -3,123 Bank Loans and other loans 0 -39,854 0 0 -404 -40,258 0 -40,258 Other long term liabilities -2 -487 -150 0 -1,205 -1,844 0 -1,844 Other short term l iabilities 0 0 0 0 -10,368 -10,368 0 -10,368 Current tax liabilities (income tax) 0 -256 0 0 0 -256 0 -256 Provisions 0 0 0 0 -161 -161 0 -161 Deferred tax liabilities 0 -5,723 0 0 0 -5,723 0 -5,723









    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 35 of 40
    17. Summary of significant accounting policies
    Basis of preparation

    Our accounting policies are based on International Financial Reporting Standards (IFRS) as adopted by the European Union and were
    authorised for publication by the Board of Directors.

    The following main standards are applied by Group:

    IAS 1 – Presentation of financial information
    IAS 2 – Inventories
    IAS 12 – Income Taxes
    IAS 16 – Property, plant and equipment
    IAS 18 – Rev enues
    IAS 21 - The effects of changes in foreign exchange rates
    IAS 24 – Related transactions presentation
    IAS 27 – Consolidated and separate financial information
    IAS 28 - Investments in Associates
    IAS 33 - Earnings per Share
    IAS 36 – Impairment
    IAS 37 – Provisions
    IAS 38 – Intangible Assets
    IFRS 3 – Business combinations
    IFRS 5 – Non -current assets held -for -sale and discontinued operations
    IFRS 8 - Operating segments

    Use of estimates and judgments

    In preparing the financial information, the Company’s management uses estimates and makes assumptions that affect the applica tion of
    accounting policies and the amount s of assets, liabilities, income and expenses recognised in the financial information. These estimates and
    assumptions are based on past experience and various other factors deemed appropriate as at the date of preparation of the fi nancial
    information and are used where the carrying amounts of assets and liabilities are not readily available from other sources or where uncertain ty
    exists in applying the individual accounting policies. Actual results may differ from the estimates.

    Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised either in the period in which
    the estimate is revised, providing that the revision relates only to the current accounting period, or in the revision period and future perio ds,
    providing the revision affects both the current and future periods.

    Provisions

    A provision is recognised , if as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably,
    and it is probable that an outflow of economic benefits will be required to settle the obligation. Provision s are determined by discounting the
    expected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the
    liability.

    Presentation of Financial information

    Financial information is presented based on historical costs with exemptions when IFRS requires different evaluation methods as described
    below in accounting policies. The statement of comprehensiv e income is presented with revenues and expenses classified by purpose
    (function). The cash flow statement is prepared using an indirect method.

    The f unctional currency is the EURO (EUR) and for the purpose of the reporting, as required by the regulations of the Alternative System of
    Trading organised by the Warsaw Stock Exchange - NewConnect, the balances are retranslated into PLN currency.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 36 of 40
    Consolidation

    (a) Subsidiaries

    Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating
    policies generally accompanying a shareholding of more than one half of the voting rights. The financial statements of subsi diaries are
    included in the consolidated financial statements from the da te that control commences until the date that control ceases.

    The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured
    as the fair value of the assets given, equity instr uments issued and liabilities incurred or assumed at the date of exchange, plus costs directly
    attributable to the acquisition.

    The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is reco rded as goodwill. If
    the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognise d directly in the income
    statement.

    Income and expenses of subsidiaries acquired or disposed of during the y ear are included in the consolidated statement of comprehensive
    income from the effective date of acquisition and up to the effective date of disposal, as appropriate.

    Inter -company transactions, balances and unrealised gains on transactions between Grou p companies are eliminated. Unrealised losses are
    also eliminated.

    Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

    (b) Associates

    Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of more than
    20% and less than 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially
    recogni sed at cost. The cost of the investment includes transaction costs.

    The Group’s share of its associates’ post -acquisition profits or losses is recognised in the income statement, and its share of post -acquisition
    movements in reserves is recognised in res erves. The cumulative post -acquisition movements are adjusted against the carrying amount of the
    investment.

    When the Group’s share of losses exceeds its interest in an equity -accounted investee, the carrying amount of that interest, including any long -
    term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Grou p has an
    obligation or has made payments on behalf of the investee.

    Unrealised gains on transactions between the group and its ass ociates are eliminated to the extent of the Group’s interest in the associates.
    Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

    Accounting policies of associates have been changed w here necessary to ensure consistency with the policies adopted by the Group.

    Segment reporting

    An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incu rr expenses,
    including revenues a nd expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating
    results are reviewed regularly by the Group’s management and directors to make decisions about resources to be allocated to t he segment and
    to assess its performance, and for which discrete financial information is available.

    The Company´s Management has assessed the Group´s business from the segment reporting perspective and decided that they finan cial
    results of Photon Energy Group to be re ported per segments from an objective perspective starting 1 January 2010.

    As of 31 December 2013, the Management Board decided to decrease the number of segments reported.

    The Management identified the following segments:

    Energy Solutions (wholesale a nd import of FVE components, engineering and construction services ofturn -key photovoltaic systems’
    installations for external clients and Photon Energy),
    Production of electricity (includes SPE that finished building of photovoltaic power plants and thos e that are connected to the distribution
    network and produce electricity)



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 37 of 40
    PV Investment – This segment represents OCI of the Group flowing from the revaluation of the PV producing electricity and it is related to
    project companies that generate revenues as shown in the segment Production of electricity.
    Operations, maintenance and PVPP supervision
    Other, not related to any of the above mentioned segments.

    Other operations include financing and insurance solutions for PV investors, intermediating investment s in rooftop photovoltaic projects and
    other less significant activities. None of these operations meets any of the quantitative thresholds for determining reportab le segments in
    2017 or 201 8.

    Segment results that are reported include items directly attri butable to a segment as well as those that can be allocated on a reasonable basis.
    Segment capital expenditure is the total cost incurred during the reporting period to acquire property, plant and equipment, and intangible
    assets other than goodwill.

    For eign currency translation

    (a) Functional and presentation currency

    Items included in the consolidated financial information of each of the Group’s entity are measured using the currency of the primary
    economic environment in which the entity operates (‘t he functional currency’). The consolidated financial information is presented in EUR,
    which is the company’s functional and the Group’s presentation currency.

    The consolidated financial information is presented in EUR, however, for presentation purposes the financial information is translated into PLN
    and CZK as presentation currencies. Effect s from these translation s are presented in Equity - in the Fund for currency conversions.

    Exchange rates as shown in table below were applied. All exchange rates we re provided by the European Central Bank. The s tatement of
    financial position applicable exchange rate represents the exchange rate as of the last day of the reporting date as accordin g to IAS 21. The
    statement of comprehensive income exchange rate represe nts the average of daily exchange rates effective within the relevant period.

    PLN CZK
    2017Q2 2018Q2 2017Q2 2018Q2
    EUR exchange rate – low 4.171 4.1 60 26.145 25. 254
    EUR exchange rate – high 4.273 4.373 27.060 26.020
    EUR exchange rate – average 4.21 5 4.249 26.532 25. 556
    EUR exchange rate – end of period 4.226 4.373 26.195 26.020


    (b) Transactions and balances

    Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transacti ons or
    valuation where items are re -measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
    translation at year -end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income
    statement.

    (c) Group companies

    In case of entities, whose functional currency is CZK , CHF or AUD, the financial statements are retranslated during consolidation into EUR using
    year -end rate s for the balance sheet and average rate s for profit/loss items.

    Property, plant and equipment

    Property, plant and equipment are carried at their fair values, with the exemption of fixed assets under construction which a re carried at cost.

    Inventories

    Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price i n the ordinary course
    of business, less the estimated costs of completion and selling expenses.
    The cost of inventories is based o n the weighted average principle, and includes expenditure s incurred in acquiring the inventories, production
    or conversion costs and other costs incurred in bringing them to their existing location and condition.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 38 of 40
    Revenue recognition

    Revenue comprises t he fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the
    Group’s activities. Revenue is shown net of value -added tax, returns, rebates and discounts and after eliminating sales within the Group.

    The Group recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits wil l flow to
    the entity and when specific criteria have been met for each of the Group’s activities as described below. The amount of revenue is not
    considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical
    results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement: the revenues related to
    development projects (PV power stations) are measured by the percentage of completion method (refer below to Construction con tracts).

    Trade receivables

    Trade receivables are recognised at nomina l value, less provision for impairment.

    A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all
    amounts due according to the original terms of the receivables. Signifi cant financial difficulties of the debtor, probability that the debtor will
    enter bankruptcy, and default or delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the
    provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows. When a trade receivable
    becomes uncollectible it is written off.

    Cash and cash equivalents

    Cash and cash equivalents include cash on hand and current accounts with banks and b ank term deposits.

    Share capital

    Ordinary shares are classified in equity as Issued share capital. Consideration received above the nominal value of the ordin ary shares is
    classified in equity as Share premium.

    Trade payables

    Trade payables are recogni sed at nominal value.

    Loans and Borrowings

    Loan and Borrowings are classified as short -term liabilities (due within 12 months after the reporting date) or long -term liabilities (due more
    than 12 months after the reporting date).

    Financial costs related to the construction period of internal non -current assets are capitalised (refer to Property, plant and equipment).

    Current and deferred income tax

    The tax expense for the period comprises current and deferred tax.

    The current income tax charge is cal culated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries
    where the Company’s subsidiaries and associates operate and generate taxable income.

    Deferred income tax is recognised on temporary differences a rising between the tax bases of assets and liabilities and their carrying amounts
    in the consolidated financial information. Deferred income tax asset is recognised by the Group in case the Management antici pates the future
    profits will offset the current income tax asset.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q2
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 39 of 40
    18. Management Board declaration

    We hereby confirm that according to our best knowledge the information about Photon Energy NV contained in this report is cor rect as of the
    publication of this document and that it fairly reflects the Comp any’s financial situation and business activities.

    19. Investor Relations Contact

    Emeline Parry, Investor Relations Manager
    Phone: +420 702 206 574
    E-mail: [email protected]

    Photon Energy N.V.
    Barbara Strozzila an 201
    1083 HN Amsterdam
    The Netherlands

    Phone: +420 277 002 910
    Fax: +420 277 002 911
    E-mail: [email protected]
    Web: www.photonenergy.com




    Amsterdam, 6 August 2018




    _________________________________ ___________________________________
    Georg Hotar Michael Gartner
    Member of the Board of Directors Member of the Board of Directo r





    Photon Energy N .V. | Barbara Strozzilaan 201 | Amsterdam 1083 HN | the Netherlands |
    Corporate number: 51447126 | VAT number: NL85 0020827 B01 | www.photonenergy.com |
    T + 31.202.402.570


    Treść w podglądzie może zawierać błędy powstałe podczas konwersji plików pdf.

Źródło: strona internetowa spółki, relacje inwestorskie, raporty bieżące i okresowe.

Oceń raport:


Pozytywny

Neutralny

Negatywny


WSZYSTKIE KOMUNIKATY SPÓŁKI
Informacje o spółce
Nazwa:Photon Energy N.V.
ISIN:NL0010391108
NIP:850020827
EKD:
Adres: Barbara Strozzilaan 201 1083HN Amsterdam, Holandia
Telefon:+31 20 2402570
www:www.photonenergy.com
Kalendarium raportów
2021-08-10Raport za II kwartał
2021-11-10Raport za III kwartał
Komentarze o spółce PHOTON ENERGY N.V.
2018-03-28 21:29:11
Zolf
Brawo, pierwsza węgierska elektrownia postawiona.
Odpowiedzialność
prawna

Zgłoś moderatorowi
Copyright © 2017 tu Inwestor