Photon Energy reveals 2010 consolidated revenue reached US$140 million

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Photon Energy has completed and released its full-year financial results for 2010. The company highlighted its fourth quarter 2010 as being particularly impressive since during the time period,  Photon Energy added 14.2MW of PV plants to its portfolio in the Czech Republic and 4.7MW in Slovakia, all of which were installed in time to benefit from the 2010 feed-in-tariffs offered.

Originally, Photon Energy had predicted that its consolidated revenue for 2010 would reach US$105.79 million, which was later revised for anticipated revenue of US$125.27 million. However, both projections were surpassed as the company posted consolidated revenue for 2010 reached US$138.58 million compared to 2009’s posted revenue of US$29.28 million. Photon Energy also posted a total comprehensive income (TCI) for 2010 of US$24.25 million, but notes that its TCI would have reached US$37.02 million if it wouldn’t have been impacted by the retroactive taxation of PV plants in the Czech Republic.

The company reported that its net profit for the year from operating activities rose by 45.5% to US$3.22 million, which although is an increase, is still weaker than the third quarter net profit level of US$5.21 million. Photon Energy advised that this drop was due, among other factors, to their focus on building proprietary projects over EPC business during 2010’s fourth quarter.

Photon Energy points out that their 2010 financial results exclude the revaluation of their share in the 4.7MW of projects completed and connected in Slovakia by the end of 2010. As the projects were not officially handed over to the project companies, they could not be recorded in their particular accounts.

Looking towards the future of 2011, Photon Energy advises that it will be concentrating on two new markets: Italy and Germany, while also continuing work with its existing markets. Photon Energy is also maintaining its pursuit for capital increase of Photon Energy N.V., an exchange offer by Photon Energy N.V. to Photon Energy a.s. shareholders and a listing on the main market of the Warsaw Stock Exchange.

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