Raport.

PHOTON ENERGY N.V. (25/2018) Quarterly report for 2018 Q3.

Photon Energy is today publishing its report for the third quarter of 2018, in which the company made progress with its projects in Hungary, fully placed its EUR 30 million corporate bond and delivered outstanding financial results that include higher revenue, EBITDA and EBIT, resulting in an increase in all indicators all the way down to the bottom line. Building on an already strong first half-year, our operating performance delivered an excellent set of financials.

We continue to see solid growth this quarter in many areas, including electricity production, development and engineering businesses and water treatment services. For the seventh quarter in a row, total revenue accelerated YoY, reaching EUR 6.173 million in 2018Q3, a 25.8% growth compared to the same period last year, driven by the growth of our new activities and by the success of our shift towards recurring revenue. Consolidated EBITDA and EBIT increased at a slower pace to EUR 3.282 million (+4.5% YoY) and to EUR 1.371 million (11.6% YOY), respectively, due to increased human resources and administrative costs. Turning to nine month-results, revenues increased 28.6% YOY to EUR 16.640 million, whereas EBITDA rose 4.9% YOY to EUR 7.692 million and EBIT grew by 11.2% YOY to EUR 3.022 million.

Reflecting the increased operational profitability, the Company recorded its highest profit before taxation in Q3, which amounted to EUR 1.543 million, compared to EUR 0.883 million for the same period last year (+74.8%). YTD, the Company nearly tripled its profit before taxation to EUR 3.752 million, compared to EUR 1.339 million for the same period last year (+180.2%). This substantial growth was driven largely by successful development efforts in the Company?s Australian business that resulted in a capital gain of EUR 3.074 million coming from the transaction signed with Canadian Solar already in 2018Q1. Logically, the Company nearly doubled its net profit to EUR 1.217 million in 2018Q3 compared to 2017Q3 (EUR 0.613 million). YTD, the Company?s net profit came in at a record EUR 2.949 million, compared to EUR 0.695 million for the same period last year (+324.1%).

Georg Hotar, the Company?s CEO, will answer questions in a Q&A Chat organized jointly with the Polish retail investors association SII on 9 November 2018 at 11am. The chat will be webcast live in Polish and English on www.sii.org.pl.

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


    2018Q3
    for the period from 1 July to 30 September 201 8
    5 November 2018 | Amsterdam | The Netherlands



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 July to 30 September 2018
    in Thousands EUR PLN CZK
    2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3
    Total revenues 4,908 6,173 20,896 26,565 128,032 158,764
    Gross profit 4,021 4,696 17,119 20,209 104,890 120,774
    EBITDA 3,140 3,282 13,370 14,121 81,916 84,395
    EBIT 1,229 1,371 5,234 5,901 32,066 35,267
    Profit / loss before taxation 883 1,543 3,758 6,639 23,023 39,679
    Profit / loss from continuing operations 613 1,217 2,611 5,238 15,997 31,306
    Total comprehensive income 1,051 1,675 4,476 7,209 27,422 43,085
    Non -current assets 73,932 72,102 318,206 308,410 1,920,373 1,855,261
    Current assets 13,403 34,493 57,687 147,542 348,140 887,552
    Cash and cash equivalents 4,670 19,656 20,102 84,078 121,314 505,780
    Total assets 87,334 106,596 375,893 455,954 2,268,513 2,742,821
    Total equity 26,832 29,633 115,485 126,753 696,951 762,491
    Current liabilities 17,539 8,346 75,490 35,700 455,580 214,753
    Non -current liabilities 42,964 68,617 184,918 293,501 1,115,982 1,765,577
    Operating cash flow 1,646 467 7,009 2,008 42,943 12,001
    Investment cash flow 0 -871 0 -3,749 0 -22,407
    Financial cash flow -2,072 7,745 -8,821 33,328 -54,044 199,181
    Net change in cash -426 7,340 -1,812 31,587 -11,101 188,776
    EUR exchange rate - low 4.202 4.252 25.965 25.434
    EUR exchange rate - average 4.257 4.303 26.084 25.718
    EUR exchange rate - end of period 4.304 4.277 25.975 25.731
    EUR exchange rate – high 4.304 4.392 26.160 26.073 Note: Exchange rates provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Energy Group, for th e period of 1 January to 30 September 2018
    in Thousands EUR PLN CZK
    2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3
    Total revenues 12,939 16,640 55,192 70,701 343,574 425,564
    Gross profit 10,398 11,786 44,352 50,075 276,094 301,410
    EBITDA 7,333 7,692 31,279 32,682 194,713 196,721
    EBIT 2,717 3,022 11,587 12,839 72,133 77,282
    Profit / loss before taxation 1,339 3,752 5,712 15,943 35,557 95,961
    Profit / loss from continuing operations 695 2,949 2,966 12,529 18,462 75,412
    Total comprehensive income 2,652 2,443 11,313 10,379 70,426 62,472
    Non -current assets 73,932 72,102 318,206 308,410 1,920,373 1,855,261
    Current assets 13,403 34,493 57,687 147,542 348,140 887,552
    Cash and cash equivalents 4,670 19,656 20,102 84,078 121,314 505,780
    Total assets 87,334 106,596 375,893 455,954 2,268,513 2,742,821
    Total equity 26,832 29,633 115,485 126,753 696,951 762,491
    Current liabilities 17,539 8,346 75,490 35,700 455,580 214,753
    Non -current liabilities 42,964 68,617 184,918 293,501 1,115,982 1,765,577
    Operating cash flow 2,537 4,508 10,822 19,153 67,367 115,288
    Investment cash flow 0 -962 0 -4,086 0 -24,593
    Financial cash flow -4,990 8,776 -21,284 37,287 -132,494 224,437
    Net change in cash -2,453 12,322 -10,462 52,355 -65,128 315,131
    EUR exchange rate - low 4.171 4.142 25.965 25.192
    EUR exchange rate - average 4.266 4.249 26.553 25.574
    EUR exchange rate - end of period 4.304 4.277 25.975 25.731
    EUR exchange rate – high 4.413 4.392 27.060 26.073


    Financial highlights:

    Unaudited consolidated revenues increased by 25.8% YOY from EUR 4.908 million to EUR 6.17 3 million in 2018Q 3. YTD, revenues
    increased 28.6% to EUR 16 .640 million.
    Consolidated EBITDA increas ed to EUR 3.282 million (+4.5% YOY) in 2018Q3 . YTD, EBITDA rose 4.9% to EUR 7 .692 million.
    In 2018Q3 c onsolidated EBIT increased to EUR 1. 371 million (11 .6% YOY) . YTD, EBIT grew by 11.2% to EUR 3 .022 million.
    The Company recorded a profit before taxation of EUR 1.543 million in 2018Q3 , compared to EUR 0. 883 million for t he same period last
    year (+74.8%) . YTD, the Company nearly trip led its profit before taxation to EUR 3.752 million, compared to EUR 1.339 million for the
    same period last year (+180.2%) .
    In 2018Q3, the Company nearly doubled its net profit to EUR 1.217 million compared to 2017Q3 (EUR 0.613 million ). YTD, the Company’s
    net profit came in at a record EUR 2.949 million, compared to EUR 0.695 million for the same period last year (+324.1 %).
    Total equity increased to EUR 2 9.633 million at the end of 2018 Q3 , compared to EUR 26.832 million at the end of 201 7Q3.
    The adjusted equity ratio 1 decreased from 40% at the end of 201 7Q3 to 31% at the end of 2018 Q3 .
    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 2018Q3 , the proprietary portfolio of PV plants generated approximately 10.5 GWh of electricity, whic h was 12.9 % above the energy
    forecasts and 12.7 % higher compared to 2017Q3 . The highest electricity generation in Q3 since 2013.
    Construction start on 11.0 MWp of new solar projects for our own portfolio in Tiszakécske and in Almásfüzitő, Hungary.
    The company successfully placed its EUR 30 million corporate bond in September .




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 July to 30 September 2018
    in Thousands EUR PLN CZK
    2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3
    Revenues 418 468 1,778 2,014 10,892 12,039
    EBITDA 1 -37 2 -159 15 -952
    EBIT -2 -37 -9 -159 -55 -952
    Profit / loss before taxation 480 -591 2,042 -2,543 12,513 -15,198
    Total comprehensive income 480 -591 2,042 -2,543 12,513 -15,198
    Non -current assets 27,529 37,686 118,487 161,197 715,071 969,693
    Current assets 15,408 31,730 66,317 135,721 400,222 816,442
    Cash and cash equivalents 1,260 10,330 5,424 44,186 32,736 265,802
    Total assets 42,937 69,416 184,804 296,919 1,115,293 1,786,135
    Total equity 23,942 30,484 103,048 130,393 621,895 784,386
    Current liabilities 15,747 5,317 67,777 22,745 409,033 136,824
    Non -current liabilities 3,248 33,614 13,979 143,781 84,365 864,925
    EUR exchange rate – low 4.202 4.252 25.965 25.434
    EUR exchange rate – average 4.257 4.303 26.084 25.718
    EUR exchange rate - end of period 4.304 4.277 25.975 25.731
    EUR exchange rate – high 4.304 4.392 26.160 26.073
    Notes:
    Exchange rates are provided by the European Central Bank.
    All data quoted in this report refer to the current reporting period i.e. from 1 July until 3 0 September 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 p eriod;
    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 their fair values, share on OCI of associates and joint ventures and foreign currency trans lation differences.
    EPC stands for Engineering, Procurement and Construction and refers to services related to project design, engineering, procureme nt 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 2018Q3
    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
    Thanks to the dedicated efforts of our teams across the company, Photon Energy delivered outstanding third quarter 2018 financial results
    that include higher revenue, EBITDA, EBIT , resulting in an increase in all indicators all the way down to the bottom line. This strong outcome
    was driven by a n extraordinary high electricity production and by a solid in crease in other revenue streams . As well as succes sfully making
    progress with our projects in Hungary, we fully placed our corporate bond in September . We have clearly momentum building acro ss many
    areas of our business a nd we are relentlessly focused on finding ev ery opport unity to better serve our customers and stakeholders . Our
    strong, predictable cash flows and healthy balance sheet provide us with the financial flexibility necessary to fuel these ef forts and to make
    investments that will continue to d rive growth.
    Photon Energy achieved outstanding third -quarter results with each of our businesses turning in solid performances .
    Building on an already strong first half -year , our operating performance delivered an excellent set of financials. We continue to see solid
    growth this quarter in man y areas, including electricity production, development and engineering businesses and water treatment services .
    For the seven th quarter in a row, total revenue accelerated YO Y, reaching EUR 6.173 million in 2018Q3, a 25.8 % growth compared to the same
    period last year , driven by the growth of our new activities and by the success of our shift towards recurring revenue. Consolidated EBITDA
    and EBIT increased at a slower pace to EUR 3.282 million (+4.5% YO Y) and to EUR 1.371 million (11.6% YOY) respectively, due to increased
    human resources and administrative costs. Turning to nine month -results, revenues increased 28.6% to EUR 16.640 million , whereas EBITDA
    rose 4.9% to EUR 7.692 million and EBIT grew by 11.2% to EUR 3. 022 million.
    Reflecting the increased operational profitabilit y, the Company recorded its highest profit before taxation in Q3, which amounted to EUR
    1.543 million, compared to EUR 0.883 million for the same period last year (+74.8%). YTD, the Company nearly tripled its prof it before taxation
    to EUR 3.752 million, compared to EUR 1.339 million for the same period last year(+180.2%). This substan tial growth was driven largely by
    successful development efforts in the Company‘s Australian business that resulted in a capital gain of EUR 3.074 million coming from the
    transaction signed with Canadian Solar already in 2018Q1. Logically, the Company near ly doubled its net profit to EUR 1.217 million in 2018Q3
    compared to 2017Q3 (EUR 0.613 million). YTD, the Company’s net profit came in at a record EUR 2.949 million, compared to EUR 0.695 million
    for the same period last year(+324.1%).
    In summary, the growing traction across many areas of our business is encouraging and we continued to deliver on our commitment for
    sustained long -term and profitable growth .
    Record electricity generation: Power plants produced 12.9 % above predictions .
    The power plants in the company's portfolio showed excellent production results . In 2018Q3 , the proprietary portfolio of PV plants generated
    approximately 10. 5 GWh of electricity, whic h was 12.9 % above plan and 12.7 % higher compared to 2017Q3 , in other words, the highest
    electrici ty generation in Q3 since 2013. As of today, the total production YTD is outperforming the plan for the full year 2018 already ,
    suggesting a strong outlook for the full year . The construction start of an additional capacity of 11 MWp in Hungary is an important first step ,
    which will boost our recurring revenue base, as from Q1 next year.
    Construction start on 11 MWp of solar projects for our own portfolio in Tiszakécske and in Almásfüzitő, Hungary.
    Our building activities ar e indeed well underway and progressing smoothly. After the reporting period, w e announced that our subsidiary
    Photon Energy Solutions HU Kft broke ground as EPC contractor on 16 photovoltaic power pla nts with a total capacity of 11 MWp DC in
    Tiszakécske (eight powe r plants, 5.5 MWp) and in Almásfüzitő (eight power plants, 5.5 MWp), Hungary . Covering an area of 7.9 hectares, the



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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
    power plants in Tiszakécske will be made up of some 20,000 Jinko polycrystalline modules that are expected to produce around 6.7 GWh of
    elec tricity per year. The power plants in Almásfüzitő , also composed of 20,000 Jinko modules, will be covering an area of 7.0 hectares and
    should generate around 6.6 GWh of electricity per year. Subject to weather conditions, the power plants are expected to be connected to the
    grid of E.ON before the end of the year. Once connected to the grid, the Group’s subsidiary Photon Energy Operations HU Kft will provide
    long -term monitoring as well as operations and maintenance se rvices to the systems. All 16 power pl ants will become part of the Group’s
    proprietary portfolio.
    Following the pilot installation of our first power plant in Hungary, located in the municipality of Fertőd, earlier this yea r, the groundbreaking
    on an additional 16 solar projects in Tiszakécske and in Almásfüzitő underlines our strong commitment to the Hungarian market and our goal
    to build 50 MWp of photovoltaic power plants for long -term ownership in Hungary until 2020.
    The company successfully placed its EUR 30 million corporate bond .
    The key event in 2018Q3 that should be highlighted has definitely been the successful placement of our EUR 30 million corporate bond on
    7 September 2018 . The target volume of EUR 30 million was subscribed to in full before the end of the public placement that took place in
    Germany, Austria and Luxembourg, originally set until 20 September 2018 . We can now take advantage of our project development efforts to
    accelerate the Group’s growth and are excited about the potential of our business in our target markets Australia and Hungary. Both markets
    will allow us to expand our power plant portfolio and to substantially grow our electricity generation as well as operations and ma intenance
    services businesses. Based on our improved financial results, our successful tr ack record as a bond issuer including the repayment of the
    company’s first 8 % corporate bond earlier this year , as well as on a stable trading price and good trading liquidity, our EUR bond offers an
    attractive risk -return profile . Once again, w e would li ke to thank our bond investors for the trust they placed in us . Investors can still purchase
    the bond on the Open Market of the Frankfurt Stock Exchange and o ther stock exchanges in Germany .
    Best annual report award.
    Finally, w e are proud and hono ured to report that Photon Energy received the “Best Annual Report 2017 on NewConnect” award in a contest
    jointly organized by the Warsaw Stock Exchange and the Institute of Accountancy and Taxes . The aim of the contest is to reward high
    standards of disclosure an d to encourage this outcome. Communications towards investors has always been more than a mere legal
    requirement at Photon Energy . We believe it is a means to build trust in our business practices, an opportunity to be transparent about our
    financial healt h and business achie vements . Be assured that going forward, we will continue to provide regular updates in the exciting times
    coming ahead .






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Energy'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 facilities
    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 Energy'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 exp ansion 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 -generated 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 implemented .





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 of 3 0 September 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 can be found in chapter 10 . Group structure.
    Table 1. The proprietary portfolio of Photon Energy N.V. as of 3 0 September 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 SPV 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 rooftop 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 2018Q3
    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 power plants in the portfolio connected and feeding electricity to the grid in 201 8Q3 amounted to
    10.5 GWh, which was 12.9 % above the energy forecasts and 12.7% 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 July and 3 0 September 201 8
    Project name Capacity Feed -in-Tariff Prod. 2018Q3 Proj. 2018Q3 Perf. YTD Prod. YTD Proj. Perf. YTD n -1 YTD YoY
    Unit kWp per MWh, applicable in 2018 kWh kWh % kWh kWh % kWh %
    Komorovice 2,354 CZK 14,245 935,300 841,916 11.1% 2,262,662 2,050,211 10.4% 2,153,361 5.1%
    Zvíkov I 2,031 CZK 14,245 836,735 737,924 13.4% 2,034,264 1,796,973 13.2% 1,997,046 1.9%
    Dolní Dvořiště 1,645 CZK 14,245 642,194 613,870 4.6% 1,478,113 1,494,881 -1.1% 1,488,502 -0.7%
    Svatoslav 1,231 CZK 14,245 483,187 455,922 6.0% 1,128,466 1,110,248 1.6% 1,053,068 7.2%
    Slavkov 1,159 CZK 14,245 487,715 434,165 12.3% 1,202,283 1,057,267 13.7% 1,162,153 3.5%
    Mostkovice SPV 1 * 210 CZK 14,245 82,215 64,467 27.5% 200,091 163,875 22.1% 189,815 5.4%
    Mostkovice SPV 3 ** 926 CZK 15,304 370,516 323,991 14.4% 889,641 792,918 12.2% 846,818 5.1%
    Zdice I 1,499 CZK 14,245 630,376 541,196 16.5% 1,546,918 1,306,487 18.4% 1,438,559 7.5%
    Zdice II 1,499 CZK 14,245 641,087 541,196 18.5% 1,568,603 1,306,487 20.1% 1,463,211 7.2%
    Radvanice 2,305 CZK 14,245 930,773 833,350 11.7% 2,261,681 2,029,351 11.4% 2,171,134 4.2%
    Břeclav rooftop * 137 CZK 14,245 58,116 44,714 30.0% 138,878 112,995 22.9% 140,242 -1.0%
    Total Czech PP 14,996 6,098,214 5,432,711 12.2% 14,711,599 13,221,693 11.3% 14,103,908 4.3%
    Babiná II 999 EUR 425.12 376,259 337,575 11.5% 860,876 846,145 1.7% 927,234 -7.2%
    Babina III 999 EUR 425.12 386,142 337,575 14.4% 867,888 846,145 2.6% 927,735 -6.5%
    Prša I. 999 EUR 425.12 403,557 342,157 17.9% 923,721 850,249 8.6% 968,943 -4.7%
    Blatna 700 EUR 425.12 272,793 239,875 13.7% 640,368 622,570 2.9% 646,074 -0.9%
    Mokra Luka 1 963 EUR 382.61 411,873 343,588 19.9% 834,832 868,519 -3.9% 1,029,904 -18.9%
    Mokra Luka 2 963 EUR 382.61 415,034 343,588 20.8% 973,285 868,519 12.1% 1,042,867 -6.7%
    Jovice 1 979 EUR 382.61 336,283 344,982 -2.5% 771,164 841,232 -8.3% 814,323 -5.3%
    Jovice 2 979 EUR 382.61 340,161 344,982 -1.4% 772,767 841,232 -8.1% 809,635 -4.6%
    Brestovec 850 EUR 382.61 380,061 291,858 30.2% 897,207 736,359 21.8% 906,429 -1.0%
    Polianka 999 EUR 382.61 385,140 352,031 9.4% 879,840 861,331 2.1% 882,393 -0.3%
    Myjava 999 EUR 382.61 417,561 351,880 18.7% 984,666 885,125 11.2% 994,533 -1.0%
    Total Slovak PP 10,429 4,124,864 3,630,091 13.6% 9,406,614 9,067,427 3.7% 9,950,070 -5.5%
    Symonston 144 AUD 301.60 34,896 34,980 -0.2% 117,434 123,120 -4.6% 124,650 -5.8%
    Total Australian PP 144 34,896 34,980 -0.2% 117,434 123,120 -4.6% 124,650 -5.8%
    Fertod HUF 32,000 246,654 209,251 17.9% 491,533 433,098 13.5% 0 na
    Total Hungarian PP 528 246,654 209,251 17.9% 491,533 433,098 13.5% 0 na
    Total 26,097 10,504,627 9,307,032 12.9% 24,727,180 22,845,337 8.2% 24,178,628 2.3%
    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 2018Q3
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    O&M service s
    Photon Energy remained focused on further expanding its Operations and Maintenance business in Europe. As of the end of 201 8Q3, full O&M
    services contrac ts a mounted to approximately 160 .6 MWp , up by 12.4% from the end of 2017Q3 , and can be br oken down geographically into
    127.8 MWp op erated in the Czech Republic, 15.9 MWp in Slovakia, 15 .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 capaciti y from the proprietary portfolio and 134 .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 Gro up 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 8Q3 , 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) .
    During the reporting period, Photon Energy closed a 4.0 MWp contract in Romania for full O&M services expanding Photon Energy Opera tions’
    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 portfolio 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 eithe r 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 inheren t risks related to project
    development.
    Chart 1.a Total production of the Czech portfolio


    Chart 1.b Total production of the Slovak portfolio

    0
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    Cumulative production in MWh

    Q1 Q2 Q3
    0
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    Cumulative production in MWh

    Q1 Q2 Q3



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Emarket + GC/PPA Secured Ongoing Ongoing On hold .
    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 Secured Construction started.
    Hungary Monor Own portfolio 100% 5.6 Licensed PPA Secured Secured Ongoing 2018Q4
    Hungary Tata Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured 2018Q 4
    Hungary Tiszakécske Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured Construction started.
    Total Own portfolio Hungary 25.6
    Total Own portfolio 74.5
    Australia Gunning Developer 49% 316.0
    Co-development & co-financing agreement with Canadian 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 2019Q2
    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 maximum of kilowatts or megawa tts which can
    be fed into the grid at any point in time. Electricity grids run on alternating current (AC). Solar modules produce d irect current (DC), which is
    transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between t he 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 peak – Wp) can be installed without exceeding the grid connection limit. At times of extremely high
    production , inverters can reduce the volume of electricity so t hat 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 proje ct development
    process.
    Australia
    Photon Energy has nine large scale solar farms at different stages of development in New South Wales. The project pipeline is among the
    largest pipeline s 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 company 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 providing development financing to complete the development
    of these projects totalling 1.14 GWp, including the pr oject 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 subj ect to certain
    development milestones, joint management processes and other terms customary for project co -development and covers the development
    budgets to bring all five projects to the ready -to-build stage. Post -transaction, Photon Energy NV retains a 4 9% stake in the Gunning project
    and 24.99% stakes in the four other projects.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
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    According to the terms of the transaction, Photon Energy NV has recognized an AUD 4.73 million (EUR 3.07 million) realised ca pital gain and an
    additional contribution to consolid ated equity of AUD 1.93 million (EUR 1.21 million) related to the increased value of the remaining equity
    stakes in the five project companies in its consolidated financial statements for 2018Q1.
    The current status for these projects co -developed with Cana dian Solar is:
    Gunnedah : In April the Environmental Impact Study (EIS) for Gunnedah was submitted for public exhibition which expired at the end of May.
    After the exhibition period the project is currently under review by the NSW Department of Planning and Environment and is to be submitted
    to the Independent Planning Committee for determination which is expected in November 2018. Transaction summary GPS studies were
    submitted for review by Transgrid.
    Suntop : The EIS for Suntop w as on public exhibition until 6 July and is currently with the NSW Department of Planning and Environment for
    determination which is expected in November 2018 . The GPS is in the final stages of completion and is in preparation for submission to
    Transgrid fo r due diligence and review.
    Gunning : Site assessments are progressing and we are finalising the site layouts to complete the EIS. In 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 is currently
    submitted to the NSW Department of Planning and Environment for adequacy and we expect the project to go on public exhibition in
    November 2018 .
    Mumbil : The EIS has raised issues with the site which are currently being assessed. In the meantime the project development activities have
    been put temporarily on hold.

    For the other projects, the status is:
    Leeton: Due to tightening grid connection standards which require additional grid connection studies, our construction schedule will be
    delayed and pushed into 2019Q1.
    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 ready for submission in 2019Q3.
    Environa : The project has been put on hold until alternative connection options will have been identified and reviewed.

    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 compa ny’s EPC
    subsidiary Photon Energy 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 developi ng eight projects with a grid connection 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 per KWh (approx. EUR 0.1 0 per kWh), 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 the application for the KÁT licenses. The projects are expecte d to be ready to build in 2018Q4 .
    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 municip ality of
    Almásfüzitő . Construction just started for an installed DC capacity (the total installed genera ting power of the PV modules) of 5.5 MWp.
    Covering an area of 7.0 hectares, the power plants will be composed of almost 20,000 Jinko modules that are designed to generate around 6.6
    GWh of electricity per year. Subject to weather conditions, the powe r plants are expected to be connected to the grid of E.ON Észak -dunántúli
    Áramhálózati Zrt before the end of the year. Photon Energy will own and operate the proje cts through Rácio Master Kft., which owns eight KÁT
    licenses that entitle the power plants to a feed -in tariff of HUF 32 (approx. EUR 0.10 ) over a period of 25 years with a maximum approved and
    supported production of 15,500 MWh per license. Total annual revenues of all power plants are expected to amount to around EU R 650,000.
    The investment volu me to build the eight power plants is estimated at around EUR 6.1 million.
    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 Photo n Energy HU SPV 1 Kft.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
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    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 r emaining three KÁT licenses not used in Monor to
    the secured land plots in Fertőd. The fourth project will be realized by the Group’s subsidiary Ráció Master Kft., using its ninth KÁT license
    which cannot be used in its primary location of Almásfüzitő, whe re eight photovoltaic power plant projects have reach ed the ready -to-build
    stage in 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 stage in 2018Q4 and are planned to have a total combined installed
    capacity of 3.5 MWp.
    Further in February 2018, Photon Energy also announced the acquisition of five project companies with all land, gr id connection capacity rights
    and KÁT licenses required for the construction of eight PV plants with a total installed capacity of 5.5 MWp near the North -Western Hungarian
    municipality of Tata . These projects have reached the ready -to-build stage in 2018Q3 and the feed in cable permit is expected by mid 2018Q4 .
    On 21 March 2018, Photon Energy announced the expansion of its Hungarian project pipeline by eight additional photovoltaic pr ojects 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.
    Construction started in October 2018 for an installed DC capacity (the total installed generating power of the PV modules) of 5.5 MWp .
    Covering an area of 7.9 hectares, t he power plants will be made up of some 20,000 Jinko polycrystalline modules that are expected to produce
    around 6.7 GWh of electricity per year. Subject to weather conditions, the power plants are expected to be connected to the g rid of E.ON
    Tiszántúli Ár amhálózati Zrt before the end of the year. The Group will own and operate these projects through eight fully -owned subsidiaries
    that each own a KAT license entitling them to a feed -in-tariff of some 32 HUF per KWh (approx. EUR 0.1 per kWh) over a period of up to 25
    years, with a maximum approved and supported production of 15,575 MWh per license. Total annual revenues of all eight power p lants are
    expected to amount to EUR 660,000. The total construction cost of the eight power plants is estimated at around EUR 5.8 million.
    These acquisitions marked an important step towards achieving the Company’s goal of building 50 MWp of PV plants for its prop rietary long -
    term portfolio in Hungary until year -end 2019.
    Photon Energy’s photovoltaic pipeline in Hungary is made of 37 projects with a total installed capacity of 25.6 MWp, coming on top of the
    0.528 MWp power plant already constructed and connected in Fertőd I.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
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    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 pri ce of PLN 1. 59 on 30 September 2018 (+14 % vs. 31 December 2017 ), corresponding to a price -to-book ratio of 0.68 x.
    The Company also reports avera ge monthly trading volume of 90,399 shares in 2018Q3 , 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 interest, 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
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    Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18
    Total volumes for the month Closing share price in PLN
    66.6 64.3
    7.7 m €
    8.2 m €
    6.2
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    EV in Eur Million

    8.7x
    7.8x 0.75x 0.68x
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    EV/EBITDA trailing Price/book ratio



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 October 2016, in addition to the listing on the NewConnect segment of the Warsaw Stock Exchange, the Company’s share s have also
    been traded on the Free Market of the Prague Stock Exchange . No additional shares were issued, nor capital raised through this listing.
    On 30 September 2018 , the share s (ISIN NL001039 1108) closed at a price of CZK 7.7 0 (-17% vs 31 December 2017, +57 % vs CZK 4.90, the
    reference price on the first trading day on 17 October 2016), correspondin g to a price to book ratio of 0.55 x. The Company reports an average
    monthly trading volume of 6,408 shares in 2018Q3 , 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 quarterly
    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 Market 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 target volume of EUR 30 million was subscribed to in full on 7 Sep tember 2018, before the end of the
    public placement that took place in Germany, Austria and Luxembourg, originally set until 20 September 2018. The corporate bond, with a
    den omination of EUR 1,000 (ISIN DE000A19MFH4), has been traded on the Open Market of the Frankfurt Stock exchange since 27 Octob er
    2017. The bond is also listed on the stock exchanges in Berlin, Hamburg, Hann over, Munich and Stuttgart .

    2.7.1. CZK Bond trading performance in Prague
    In the trading perio d from 12 December 2016 until 30 September 2018 the tra ding volume amounted to CZK 8.850 million (nominal value) with
    a cl osing price of 100 .00. In 2018Q3 , the trading volume amounted to CZK 0.450 million .

    2.7. 2. EUR Bond 2017 /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 September 2018 , the trad ing volume amounted to EUR 24.884 million (nominal value ,
    including the volume traded in Berlin, Munich & Stuttgart ) with an opening price of 100.00 and a closing price of 102 .25 in Frankfurt . During
    this period the average daily turnover am ounted to EUR 106,798. The target volume of EUR 30 million was subscribed to in full as of 7
    September 2018.
    In 2018Q3 , the t rading volume amounted to EUR 9,932 ,000 with an opening price of 1 00.05 and a closing price of 102.2 5 in Frankfurt. The
    average d aily turnover amounted to EUR 152,8 00.
    0
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    Monthly turnover - right axis closing price - left axis
    97.00
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    MAX monthly price MIN monthly price Closing price



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
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    2.8. Financial statement analysis
    Profit and Loss statement
    Unaudited consolidated revenues increased by 25.8% YOY from EUR 4.908 million to EUR 6.173 million in 2018Q3, thanks to higher revenue
    from electricity production, as well as to a substantial growth in the development and engineering businesses and in Water services . YTD,
    revenues increased 28.6% to EUR 16.640 million.
    Consolidated EBITDA increased at a slower pac e to EUR 3.282 million (+4.5% YOY) in 2018Q3, due to increased HR and administrative costs.
    YTD, EBITDA rose 4.9% to EUR 7.692 million.
    Consolidated EBIT increased to EUR 1.371 million (11.6% YOY) in 2018Q3. YTD, EBIT grew by 11.2% to EUR 3.022 million.
    In 2018Q3, the Company recorded a profit before taxation of EUR 1.543 million, compared to EUR 0.883 million for the same period last year
    (+74.8%). YTD, the Company nearly tripled its profit before taxation to EUR 3.752 million, compared to EUR 1.339 millio n for the same period
    last year(+180.2%) , mainly driven by the results of the successful development work in Australia resulting in a capital gain of EUR 3.074 million
    coming from the transaction signed with Canadian Solar already in 2018Q1.
    Logically, the Company nearly doubled its net profit to EUR 1.217 million in 2018Q3 compared to 2017Q3 (EUR 0.613 million ). YTD, the
    Company’s net profit came in at a record EUR 2.949 million, compared to EUR 0.695 million for the same period last year(+324.1 %).

    Chart 9. Revenues, gross profit and gross margin


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

    The numbers presented above are based on published quarterly figures.
    2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
    Revenues 4,594 1,981 2,786 5,245 4,908 4,319 3,714 6,753 6,173
    Gross profit 3,935 1,323 2,165 4,212 4,021 1,896 2,184 4,906 4,696
    Gross margin 86% 67% 78% 80% 82% 44% 59% 73% 76%
    86%
    67%
    78% 80% 82%
    44%
    59%
    73% 76%
    0.0
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    EUR mio

    2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
    EBITDA 2,744 310 1,073 3,119 3,140 594 1,025 3,386 3,282
    EBIT 903 -500 264 1,223 1,229 -350 180 1,470 1,371
    EBIT margin 20% -25% 9% 23% 25% -8% 5% 22% 22%
    -2.0
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    EUR Mio




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
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    Balance Sheet
    Total fixed assets amounted to EUR 72.102 million at the end of 2018 Q3 , a EUR 0 .509 million decrease compared to 201 8Q2 . The main reason s
    for the decrease in assets are the depreciation of assets and the impact of foreign exchange rate development s.
    Current assets slightly increased from EUR 34.330 million as of 30 June 201 8 to EUR 34.493 million as of 30 September 2018 mainly due an
    increase in cash connected to the EUR Bond 2017/22 placement which was compensated by a decrease in inventories (connected to a revision
    of the strategic purchase agreement with Jinko Solar for modules for our proprietary to -be-built power plants in Hungary as well as for the
    distribution of modules in the market, which entered the books in 2018Q1) .
    Total liabiliti es amounted to EUR 76.96 3 million as of the end of the reporting period compared to EUR 78.983 million as of the end of 201 8Q2 ,
    resulting from our EUR bond placement, compensated by a decrease in liab ilities towards Jinko, connected to a revision of the above
    mentioned purchase agreement for Jinko modules.
    Current liabilities decreased from EUR 19.509 million in 201 8Q2 to EUR 8.346 million in 2018 Q3, mainly due to a reduction of other payables
    due to the amendment made to the above mentioned purchase agreement for Jinko modules .
    Long term liabilities increased by EUR 9.143 million from EUR 59.474 million in 201 8Q2 to EUR 68.617 million in 2018 Q3 . The main driver of
    the change in long term liabilities was the increase of the EUR bond 2017/22 partially c ompensated by the repayment of the long -term portion
    of bank loans .
    Chart 11 . Net current assets

    Chart 1 2. Break down of liabilities and equity

    Changes in equity
    Equity increased to EUR 29.633 million in 2018 Q3 from EUR 27.958 million in 201 8Q2 , mainly due to the positive net result.
    Cash Flow
    In 2018 Q3 the Group posted a positive operating cash flow, which amounted to EUR 0.467 million. In 2017Q3 the Group had posted a positive
    operating cash flow , which amounted to EUR 1.646 million. The reduction of the operating cash flow was solely driven by a negative working
    capital effect compared to the corresponding period last year.
    Financial cash flow was positive and amounted to EUR 7.745 million , driven primarily by the EUR Bond 2017/22 placement .
    Investment cash flow equalled EUR -0.871 million in the reporting period , as a result of acquisitions of land and project rights in Hungary .
    Overall, the c ash position increased by EUR 7.340 million in total within the reporting period and amounted to EUR 19.657 million at the end of
    the reporting period (EUR 4.670 million one year ago) .

    2.9. Financial forecasts
    The Company does not publish financial forecasts .
    1.7 1.3 0.5 0.6 0.7 1.1 0.6 1.1
    3.6
    -6.0
    -4.0
    -2.0
    0.0
    2.0
    4.0
    6.0
    -30
    -20
    -10
    0
    10
    20
    30
    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 2018Q3
    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 Koophandel )
    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 September 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 Directors of Photon Energy N.V., the shareholder structure was as follows:

    Shareholdership as of 05.11 .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 51.76 %
    Solar Future Cooperatief U.A. 8,590,683 14.32% 8,590,683 16.80 %
    Solar Power to the People Cooperatief U.A. 8,051, 874 13.42% 8,051,874 15.75 %
    Photon Energy N.V. 8,862 ,941 14.77 % 0 0.00%
    Free float 8,027 ,502 13.38 % 8,027 ,502 15.70 %
    Total 60,000,000 100.00% 51,137 ,059 100.00%
    The free float includes shares allocated to the employee incentive programme. The disposition rights to these shares are limited and
    employees can dispose of these shares only under specific conditions.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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. Statutory bodies of the Issuer
    Board of Directors as of 30 September 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 office 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 years. 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 2018Q3
    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 holdi ng company of the Photon Energy Group and was
    incorporated under the laws of the Netherlands on 9 December 2010. The Photon Energy Group ( “Group” or “PE Group”) offers
    comprehensive solutions and maintenance services for photovoltaic systems that cover the ir entire lifecycle globally .
    The Group is vertically integrated in the downstream segment of the photovoltaic industry. The company focuses 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,
    Technology: Trading of PV -components ( modules and inverters).
    Investments: Investments in PV power plants and sustainable prod uction and sale of electricity .
    Operations : Operations and maintenance of PV power plants, including a proprietary control room and monitoring 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 PV 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 2018Q3
    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
    Owners of photovoltaic power plants are beginning to recognize that their solar assets need remote monitoring to prevent fina ncial loss.
    However, an incorrect implementation and choice of hardware comp onents of the service often leads to decreased efficiency.
    For this reason, Photon Energy designed and developed the cutting -edge Photon Energy ONE that combines expertise of a global manufacturer
    and distributor with dedicated service professionals to he lp clients identify needs of their solar system and take action regardless of the
    location of their solar power plant.
    Perfectly customized to clients’ specific needs, this smart remote solution was designed with a clear goal: provide operating efficiency , prolong
    longevity.
    Photon Energy ONE is a fully -integrated solar monitoring solution with intelligent software that provides comprehensive monitoring and
    control of solar power plants. With our perfectly customized packages to suit every solar installation, we help our customers select the right
    mix of hardware and software components that combine to en able ultimate performance of their solar systems.
    Optimizes installation and hardware costs
    Enhances photovoltaic power plant efficiency
    Detects threats in a timely manner
    Used by industry -scale owners, operators and investors
    Connects to external systems (CSV, XML, Binary format, Rest API, GraphQL API, individual format) free of charge
    Expert technical support available 24/7 .

    9. Employees
    As of the end of 2018Q3 , Photon Energy had 90 employees (compared to 76 employees in 201 7Q3 ) which translates into 86.0 FTE (compared
    to 71 .9 FTE in 201 7Q3).
    Chart 1 3. Total number of employees and full time equivalent employees per quarter

    1 Full -time equivalent (FTE ) is a unit that 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 Purchase 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 terms 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.

    71.9 69.4 75.4 80.8 86
    76 74
    80 86 90
    0
    10
    20
    30
    40
    50
    60
    70
    80
    90
    100
    2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
    FTE
    No of employees



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 structure
    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 registration 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 . 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 Energy 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 Cons. 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 Europe 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 Cons. 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. Alfemo AG
    50 Photon Energy Operations 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 2018Q3
    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 ALFEMO 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 76% HU Equity Alfemo AG
    74 P&P Solar Immo Kft. 35% 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 4 July 2018 ALFEMO AG acquired 40% of the shares of the Hungarian SPV Ráció Master Oktatási Kft.
    On 23 August 2018 ALFEMO AG increased its shareholding from 40% to 76% in the Hungarian SPV Ráció Master Oktatási Kft.
    On 20 Septe mber 2018 ALFEMO AG acqu ired 34. 52% of the shares of the Hungarian SPV P&P Solar Immo Kft. This company is the owner
    of part of the land we are going to build the Monor PVP on. The remaining shares are owned by Vidéki Rokonok Kft.
    After the reporting period the following events o ccurred:
    On 9 October 2018 in an intra -group transaction ALFEMO AG acquired 100% of the shares of the Hungarian SPV Fertod Napenergia -
    Termelo Kft from Photon Energy Projects s.r.o.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 July until 30 September 2018
    In the period covered by this report the following current reports were published in the EBI (Electronic Database Information ) system of
    Warsaw Stock Exchange:

    EBI 19/2018 published on 12 July 2018: Mo nthly report for June 2018.
    EBI 20/2018 published on 6 August 2018 : Quarterly report for 2018Q2.
    EBI 21/2018 published on 9 August 2018 : Monthly report for July 2018 .
    EBI 22/2018 published on 7 September 2018 : Photon Energy fully places 7.75% EUR bond 2017/22 with a total volume of EUR 30
    million.
    EBI 23/2018 published on 11 September 2018 : Monthly report for August 2018.

    In the period covered by this report the following current reports were published in the ESPI (Electronic Information Transmi ssion Sy stem)
    system of Warsaw Stock Exchange:
    ESPI 16/2018 published on 30 July 2018: Change in substantial blocks of shares.
    ESPI 17/2018 published on 5 September 2018: Insider trading notification .
    ESPI 18/2018 published on 12 September 2018: Insider trading no tification .
    ESPI 19/2018 published on 21 September 2018: Insider trading notification .

    11.2. Summary of the key events after 30 September 201 8
    After the period covered by this report the following current reports were published in the EBI (Electronic Database Information) system of
    Warsaw Stock Exchange:
    EBI 24/2018 published on 9 October 2018: Mo nthly report for September 2018 .
    After the period covered by this report the following current reports was published in the ESPI (Electronic Information Trans mission S ystem)
    system of Warsaw Stock Exchange:
    ESPI 20 /2018 published on 3 October 2018: Insider trading notification.
    ESPI 21 /2018 published on 17 October 2018: Insider trading notification.
    ESPI 22 /2018 published on 22 October 2018: Insider trading notification.
    ESPI 23 /2018 published on 23 October 20 18: Photon Energy starts construction on 5.5 MWp solar projects in Tiszakécske, Hungary.
    ESPI 24 /2018 published on 31 October 20 18: Q&A Chat to be held in collaboration wit h Polish retail investors association SII on
    Friday, the 9th of November 2018 at 11:00am .
    ESPI 25 /2018 published on 5 November 2018: Photon Energy breaks ground on 5.5 MWp solar p rojects in Almásfüzitő, Hungary .





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 consolidated financial results for 2018Q 3
    The tables below present the consolidated and un-audited financial statements of Photon Energy N.V. for the period starting on 1 July 2018
    and ending on 30 September 2018 and the corresponding period of th e previous year. The reported data is presented in accordance with
    International Financial and Reporting Standards (IFRS).
    Statement of Comprehensive Income
    in Thousands EUR PLN CZK
    2017Q3 2018Q3 2017Q3 2018Q3 2017Q3 2018Q3
    Total revenues 4,908 6,173 20,896 26,565 128,032 158,764
    Out of that: Revenues from electricity generation 4,050 4,626 17,240 19,906 105,633 118,965
    Out of that: Other revenues 859 1,548 3,656 6,659 22,399 39,799
    Cost of sales -609 -1,157 -2,592 -4,978 -15,881 -29,752
    Solar levy CZ -278 -320 -1,185 -1,379 -7,262 -8,239
    Gross profit 4,021 4,696 17,119 20,209 104,890 120,774
    Other income 237 27 1,011 118 6,193 703
    Administrative expenses -489 -489 -2,082 -2,102 -12,758 -12,565
    Personnel expenses -619 -935 -2,637 -4,025 -16,155 -24,054
    Other expenses -10 -18 -41 -77 -253 -463
    EBITDA 3,140 3,282 13,370 14,121 81,916 84,395
    Depreciation -1,911 -1,910 -8,136 -8,220 -49,850 -49,127
    EBIT 1,229 1,371 5,234 5,901 32,066 35,267
    Interests income 133 11 566 46 3,471 275
    Financial revenues 0 0 0 0 0 0
    Interests cost -797 -986 -3,392 -4,244 -20,783 -25,364
    Financial expenses -166 771 -705 3,316 -4,320 19,816
    Revaluation of derivatives 411 345 1,750 1,485 10,719 8,876
    Net finance expenses -418 140 -1,781 603 -10,912 3,603
    Share of profit from associates / J -Vs 72 31 305 135 1,869 809
    Disposal of investment 0 0 0 0 0 0
    Profit / loss before taxation 883 1,543 3,758 6,639 23,023 39,679
    Income tax – current -266 -274 -1,131 -1,179 -6,927 -7,047
    Income tax – deferred -4 -52 -16 -222 -99 -1,327
    Profit/loss from continuing operations 613 1,217 2,611 5,238 15,997 31,306
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation 613 1,217 2,611 5,238 15,997 31,306
    Other comprehensive income for the period 438 458 1,865 1,971 11,425 11,779
    Total comprehensive income for the period 1,051 1,675 4,476 7,209 27,422 43,085 Profit/loss after taxation 613 1,217 2,611 5,238 15,997 31,306
    Attributable to the equity holders 624 1,238 2,655 5,330 16,270 31,851
    Attributable to minority interest -10 -21 -45 -91 -273 -545
    Total comprehensive income for the period 1,051 1,675 4,476 7,209 27,422 43,085
    Attributable to the equity holders 1,062 1,696 4,520 7,300 27,695 43,630
    Attributable to minority interest -10 -21 -45 -91 -273 -545
    Average no. of shares outstanding (in thousand) 50,956 51,266 50,956 51,266 50,956 51,266
    Earnings per share outstanding 0.012 0.024 0.051 0.102 0.314 0.611
    Comprehensive income per share outstanding 0.021 0.033 0.088 0.141 0.538 0.840
    EUR exchange rate – low 4.202 4.252 25.965 25.434
    EUR exchange rate – average 4.257 4.303 26.084 25.718
    EUR exchange rate – high 4.304 4.392 26.160 26.073
    Note: Exchange rate s provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Financial Position
    in Thousands EUR PLN CZK
    30.9.2017 30.9. 2018 30.9.2017 30.9. 2018 30.9.2017 30.9. 2018
    Intangibles 0 0 0 0 0 0
    Property, plant and eq uipment 72,241 68,965 310,929 294,992 1,876,454 1,774,543
    Investments in associates /joint ventures 1,682 3,128 7,241 13,382 43,698 80,498
    Other investments 8 9 36 37 220 220
    Longterm receivables 0 0 0 0 0 0
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 73,932 72,102 318,206 308,410 1,920,373 1,855,261
    Inventories – Goods 1,346 4,216 5,794 18,032 34,967 108,473
    Trade receivables 3,025 2,984 13,021 12,764 78,581 76,784
    Other receivables 2,224 5,046 9,570 21,582 57,757 129,830
    Loa ns 755 717 3,250 3,068 19,611 18,459
    Gross amount due from customers for contract work 531 675 2,284 2,885 13,787 17,357
    Prepaid expenses 502 1,200 2,159 5,132 13,031 30,870
    Cash and cash equivalents 4,670 19,656 20,102 84,078 121,314 505,780
    Other S -T financial ass ets 350 0 1,506 0 9,091 0
    Assets held for sale 0 0 0 0 0 0
    Current assets 13,403 34,493 57,687 147,542 348,140 887,552
    Total assets 87,334 106,596 375,893 455,954 2,268,513 2,742,821
    Issued share capital 600 600 2,582 2,566 15,585 15,439
    Sha re premium 23,760 23,760 102,264 101,631 617,166 611,369
    Legal reserve fund 13 13 57 57 347 344
    Reserves 23,491 21,723 101,106 92,917 610,172 558,948
    Retained earnings -21,011 -16,404 -90,433 -70,166 -545,761 -422,088
    Equity attributable to owners of th e Company 26,853 29,692 115,577 127,006 697,509 764,011
    Non -controlling interests -21 -59 -92 -253 -558 -1,520
    Total equity 26,832 29,633 115,485 126,753 696,951 762,491
    Bank loan s 35,023 30,053 150,741 128,548 909,723 773,287
    Other long -term lia bilities 1,954 32,462 8,410 138,851 50,754 835,270
    Other loans 0 0 0 0 0 0
    Deferred tax liabilities 5,987 6,102 25,767 26,102 155,504 157,019
    Non -current liabilities 42,964 68,617 184,918 293,501 1,115,982 1,765,577
    Bank Loans 3,637 3,736 15,655 15,982 94,479 96,140
    Other loans 314 0 1,354 0 8,168 0
    Trade payables 747 2,151 3,215 9,202 19,405 55,353
    Other payables 1,512 2,280 6,506 9,754 39,265 58,677
    Other shortterm liabilities 10,592 0 45,589 0 275,127 0
    Current tax liabilities (incom e tax) 649 178 2,791 762 16,846 4,583
    Provisions 88 0 379 0 2,289 0
    Current liabilities 17,539 8,346 75,490 35,700 455,580 214,753
    Total Liabilities 60,503 76,963 260,408 329,201 1,571,561 1,980,330
    TOTAL Equity & Liabilities 87,334 106,596 375,893 455,954 2,268,512 2,742,821
    No. of shares outstanding in thousand 50,956 51,176 50,956 51,176 50,956 51,176
    Book value per share outstanding 0.527 0.579 2.266 2.477 13.678 14.899





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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
    2017Q3 2018Q3 2017Q3 2018Q3 2017Q3 2018Q3
    Profit/loss before taxation 883 1,543 3,759 6,639 23,032 39,679
    Adjustments for: 0 0 0 0
    Depreciation 1,911 1,910 8,136 8,220 49,850 49,127
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity accounted investees -72 -154 -305 -662 -1,869 -3,954
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items 236 124 1,005 534 6,156 3,189
    Net finance expenses 0 -140 0 -603 0 -3,603
    Changes in:
    Trade and other receivables -105 -537 -448 -2,311 -2,744 -13,810
    Gross amount due from customers for contract work -531 -202 -2,261 -869 -13,851 -5,193
    Prepaid expenses -155 -272 -662 -1,169 -4,055 -6,989
    Inventories -242 8,285 -1,030 35,651 -6,311 213,062
    Trade and other payables -862 -9,924 -3,668 -42,707 -22,475 -255,230
    Other liabilities 583 -166 2,483 -716 15,213 -4,277
    Operating cash flow 1,646 467 7,009 2,008 42,943 12,001
    Acquisition of property, plant and equipment 0 -379 0 -1,629 0 -9,735
    Acquisition of subsidiary (net of cash acquire d), associates, joint ventures 0 -434 0 -1,868 0 -11,161
    Acquisition of other investments 0 -59 0 -253 0 -1,511
    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 -871 0 -3,749 0 -22,407
    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 -981 0 -5,864
    Repayment of borrowings -1,616 -1,746 -6,878 -7,512 -42,143 -44,894
    Proceeds from issuing bonds 341 10,705 1,450 46,067 8,882 275,315
    Interest expenses -798 -987 -3,396 -4,246 -20,809 -25,376
    Financing cash flow -2,072 7,745 -8,821 33,328 -54,044 199,181
    Net increase/decrease in cash and cash equivalents -426 7,340 -1,812 31,587 -11,101 188,776
    Cash at the beginning of the period 4,716 12,317 20,076 53,001 123,008 316,753
    Effect of exchange rate fluctuation 380 0 1,618 0 9,912 0
    Cash at the end of the period 4,670 19,657 19,882 84,588 121,819 505,528
    EUR exchange rate – low 4.202 4.252 25.965 25.434
    EUR exchange rate – average 4.257 4.303 26.084 25.718
    EUR exchange rate – high 4.304 4.392 26.160 26.073





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Q1-Q3
    The tables below present the consolidated and un-audited financial statements o f Photon Energy N.V. for the nine -month period starting on 1
    January 2018 and ending on 30 September 2018 and the correspond ing period of the previous year. The reported data is presented in
    accordance with International Financial and Reporting Standards (IFRS).
    Statement of Comprehensive Income
    in Thousands EUR PLN CZK
    2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3
    Total revenues 12,939 16,640 55,192 70,701 343,574 425,564
    Out of that: Revenues from electricity generation 10,403 10,951 44,374 46,528 276,231 280,061
    Out of that: Other revenues 2,536 5,689 10,818 24,173 67,343 145,504
    Cost of sales -1,807 -4,078 -7,709 -17,328 -47,991 -104,302
    Solar levy CZ -734 -776 -3,131 -3,298 -19,490 -19,852
    Gross profit 10,398 11,786 44,352 50,075 276,094 301,410
    Other income 295 146 1,260 622 7,845 3,743
    Administrative expenses -1,330 -1,525 -5,672 -6,480 -35,306 -39,005
    Personnel expenses -1,916 -2,544 -8,173 -10,809 -50,880 -65,062
    Other expenses -115 -171 -488 -725 -3,041 -4,364
    EBITDA 7,333 7,692 31,279 32,682 194,713 196,721
    Depreciation -4,616 -4,670 -19,691 -19,843 -122,580 -119,439
    EBIT 2,717 3,022 11,587 12,839 72,133 77,282
    Interests income 162 109 689 463 4,290 2,784
    Financial revenues 0 0 0 0 0 0
    Interests cost -2,062 -2,589 -8,794 -10,998 -54,745 -66,200
    Financial expenses -364 -394 -1,552 -1,674 -9,664 -10,078
    Revaluation of derivatives 776 497 3,308 2,110 20,595 12,698
    Net finance expenses -1,488 -2,377 -6,349 -10,100 -39,523 -60,797
    Share of profit from associates / J -Vs 111 34 474 144 2,948 869
    Disposal of investments 0 3,074 0 13,059 0 78,606
    Profit / loss before taxation 1,339 3,752 5,712 15,943 35,557 95,961
    Income tax – current -565 -665 -2,408 -2,825 -14,991 -17,007
    Income tax – deferred -79 -139 -338 -588 -2,105 -3,542
    Profit/loss from continuing operations 695 2,949 2,966 12,529 18,462 75,412
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation 695 2,949 2,966 12,529 18,462 75,412
    Other comprehensive income for the period 1,957 -506 8,348 -2,150 51,965 -12,941
    Total comprehensive income for the period 2,652 2,443 11,313 10,379 70,426 62,472
    Profit/loss after taxation 695 2,949 2,966 12,529 18,462 75,412
    Attributable to the equity holders 717 2,970 3,057 12,619 19,032 75,954
    Attributable to minority interest -21 -21 -92 -90 -570 -542
    Total comprehensive income for the period 2,652 2,443 11,313 10,379 70,426 62,472
    Attributable to the equity holders 2,674 2,464 11,405 10,469 70,996 63,013
    Attributable to minority interest -21 -21 -92 -90 -570 -542
    Average no. of shares outstanding (in thousand) 50,971 51,350 50,971 51,350 50,971 51,350
    Earnings per share outstanding 0.014 0.057 0.058 0.244 0.362 1.469
    Comprehensive income per share outstanding 0.052 0.048 0.222 0.202 1.382 1.217
    EUR exchange rate – low 4.171 4.142 25.965 25.192
    EUR exchange rate – average 4.266 4.249 26.553 25.574
    EUR exchange rate – high 4.413 4.392 27.060 26.073
    Note: Excha nge rate provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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
    Cash Flow Statement
    in Thousands EUR PLN CZK
    2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3 2017Q1 -Q3 2018Q1 -Q3
    Profit/loss before taxation 1,339 3,752 5,712 15,943 35,555 95,961
    Adjustments for: 0 0 0 0
    Depreciation 4,616 4,670 19,691 19,843 122,580 119,439
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity accounted investees -111 -34 -474 -144 -2,948 -869
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items 156 -120 665 -510 4,142 -3,069
    Capital gains 0 -3,074 0 -13,059 0 -78,606
    Net finance expenses 0 2,377 0 10,100 0 60,797
    Changes in: 0 0 0 0
    Trade and other receivables -1,728 -3,079 -7,371 -13,084 -45,885 -78,753
    Gross amount due from custome rs for contract work -531 -300 -2,265 -1,276 -14,100 -7,683
    Prepaid expenses -113 -485 -483 -2,061 -3,005 -12,407
    Inventories -224 -2,870 -956 -12,196 -5,954 -73,409
    Trade and other payables -1,255 3,962 -5,353 16,832 -33,323 101,315
    Other liabilities 388 -290 1,654 -1,234 10,296 -7,428
    Operating cash flow 2,537 4,508 10,822 19,153 67,367 115,288
    Acquisition of property, plant and equipment 0 -2,039 0 -8,661 0 -52,134
    Acquisition of subsidiary (net of cash acquired), associates, joint ventures 0 -1,688 0 -7,172 0 -43,169
    Acquisition of other investments 0 -309 0 -1,312 0 -7,896
    Proceeds from sale of investments 0 3,074 0 13,059 0 78,606
    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 -962 0 -4,086 0 -24,593
    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 0 0 0 0 0
    Repayment of borrowings -3,919 -5,147 -16,715 -21,868 -104,053 -131,625
    Proceeds from issuing bonds 991 23,045 4,225 97,912 26,304 589,351
    Repayment of long term liabilities/bonds 0 -6,533 0 -27,758 0 -167,078
    Interest expenses -2,062 -2,589 -8,794 -11,000 -54,745 -66,212
    Financing cash flow -4,990 8,776 -21,284 37,287 -132,494 224,437
    Net increase/decrease i n cash and cash equivalents -2,453 12,322 -10,462 52,355 -65,128 315,131
    Cash at the beginning of the period 5,420 7,333 23,119 31,157 143,918 187,537
    Effect of exchange rate fluctuation 1,703 0 7,264 0 45,220 0
    Cash at the end of the period 4,670 19,655 19,921 83,511 124,011 502,668
    EUR exchange rate – low 4.171 4.142 25.965 25.192
    EUR exchange rate – average 4.266 4.249 26.553 25.574
    EUR exchange rate – high 4.413 4.392 27.060 26.073







    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 fo r the period 1.1.2018 – 30.9 .2018 2,989 2,989 -40 2,949
    Revaluation of PPE 0 0
    Share on revaluation of PPE of associates, JV 0 0
    Foreign currency translation differences -643 -643 -643
    Derivatives 137 137 137
    Acquisition of JV 0 0
    Total comprehensive income for the period 0 0 0 0 -643 137 2,989 2,483 -40 2,443
    Equity effect of JV capital increase* 1,209 1,209 1,209
    Move from revaluation reserve to retained earnings -1,542 1,542 0 0
    Legal reserve fund – move to RE on entity disposal 0 0
    BALANCE at 30.9 .2018 600 23,760 13 20,964 512 247 -16,404 29,692 -59 29,633

    * 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.) af ter capital increase by Canadian
    Solar.

    14. Detailed en tity financial results for 2018Q 3

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

    Income Statement

    EUR PLN CZK in Thousands (except EPS) 2017 Q3 2018 Q3 2017 Q3 2018 Q3 2017 Q3 2018 Q3
    Revenues from the sale of products, goods and services 418 468 1,778 2,014 10,892 12,039
    Cost of sales -331 -359 -1,408 -1,545 -8,627 -9,236
    Gross profit 87 109 370 469 2,265 2,802
    Other administrative expenses -85 -155 -360 -666 -2,208 -3,980
    Other income 0 11 0 46 0 273
    Other expenses -2 -2 -7 -8 -42 -48
    EBITDA 1 -37 2 -159 15 -952
    Amortization & depreciation -3 0 -11 0 -69 0
    EBIT -2 -37 -9 -159 -55 -952
    Financial income 745 129 3,170 555 19,424 3,318
    Financial costs -263 -683 -1,119 -2,939 -6,856 -17,565
    Profit / loss before taxation 480 -591 2,042 -2,543 12,513 -15,198
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) 480 -591 2,042 -2,543 12,513 -15,198








    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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
    30.9.2017 30.9.2018 30.9.2017 30.9.2018 30.9.2017 30.9.2018
    Intangibles 4 -2 18 -7 106 -41
    Property, plant and equipment 0 0 0 0 0 0
    Investments in associates /joint ventures 27,443 37,604 118,116 160,849 712,832 967,601
    Other investments 0 0 0 0 0 0
    Longterm receivables 82 83 353 355 2,133 2,133
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 27,529 37,686 118,487 161,197 715,071 969,693

    Inventories – Goods 0 0 0 0 0 0
    Trade and other receivables 4,649 7,742 20,008 33,116 120,749 199,211
    Loans 9,191 12,678 39,561 54,231 238,749 326,229
    Gross amount due from customers for contract work 0 0 0 0 0 0
    Prepaid expenses 308 979 1,324 4,189 7,989 25,200
    Cash and cash equivalents 1,260 10,330 5,424 44,186 32,736 265,802
    Current assets 15,408 31,730 66,317 135,721 400,222 816,442
    Total assets 42,937 69,416 184,804 296,919 1,115,293 1,786,135

    Issued share capital 600 600 2,582 2,566 15,585 15,439
    Share premium 36,871 36,871 158,695 157,712 957,724 948,728
    Legal reserve fund 0 0 0 0 0 0
    Reserves 14,713 17,315 63,325 74,063 382,169 445,531
    Retained earnings -27,997 -26,097 -120,501 -111,626 -727,225 -671,492
    Profit/loss for the current period -245 1,795 -1,054 7,677 -6,358 46,181
    Equity attributable to owners of the Company 23,942 30,484 103,048 130,393 621,895 784,386
    Non -controlling interests 0 0 0 0 0 0
    Total equity 23,942 30,484 103,048 130,393 621,895 784,386

    Non -current liabilities 3,248 33,614 13,979 143,781 84,365 864,925
    Bank Loan 0 0 0 0 0 0
    Other long term liabilities 3,248 33,614 13,979 143,781 84,365 864,925
    Other loans 0 0 0 0 0 0
    Deferred tax liabilities 0 0 0 0 0 0
    Current liabilities 15,747 5,317 67,777 22,745 409,033 136,824
    Bank Loans 0 0 0 0 0 0
    Other loans 314 3,271 1,351 13,992 8,156 84,167
    Trade and other payables 4,753 2,046 20,458 8,753 123,464 52,657
    Other short term liabilities 10,592 0 45,589 0 275,127 0
    Current tax liabilities (income tax) 0 0 0 0 0 0
    Provisions 88 0 379 0 2,286 0
    Total Equity & Liabilities 42,937 69,416 184,804 296,919 1,115,293 1,786,135
    No. of shares outstanding in thousand 50,956 51,266 50,956 51,266 50,956 51,266
    Book value per share outstanding 0.470 0.595 2.022 2.543 12.204 15.300






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 Q1-Q3
    The tables below present the entity and un-audited financial statements of Photon Energy N.V . for the nine -month period starting on 1 January
    2018 an d ending on 30 September 2018 and the corresponding period of the previous year. The reported data is presented in accordance with
    Dutch Accounting Standards (DAS).

    EUR PLN CZK
    in Thousands (except EPS) 2017 Q1-Q3 201 8 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2017 Q1-Q3 201 8 Q1-Q3
    Revenues from the sale of products, goods and services 1,292 1,355 5,510 5,756 34,303 34,647
    Cost of sales -941 -1,069 -4,014 -4,542 -24,989 -27,341
    Gross profit 351 286 1,496 1,214 9,314 7,307
    Other administrative expenses -361 -393 -85 -1,668 -9,580 -10,040
    Other income 3 3,084 1 13,104 67 78,878
    Other expenses -5 -29 -1 -122 -143 -732
    EBITDA -13 2,949 1,411 12,529 -342 75,413
    Amortization&depreciation -8 -3 -2 -12 -212 -70
    EBIT -21 2,946 1,409 12,517 -554 75,344
    Financial income 866 347 203 1,476 23,007 8,882
    Financial costs -1,090 -1,499 -256 -6,369 -28,953 -38,335
    Profit / loss before taxation -245 1,794 1,357 7,624 -6,500 45,891
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) -245 1,794 1,357 7,624 -6,500 45,891





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 operating segment of Photon Energy N.V. for the p eriod
    starting on 1 January 2018 and ending on 30 September 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 September 2018
    EUR thousand Energy solutions
    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 & services 4,005 10,951 1,511 0 174 16,640 0 16,640 Revenues within segments from sale of products, goods, services 1,600 301 764 0 2,432 5,097 -5,097 0 Cost of sale -4,326 -960 -1,050 0 -102 -6,438 2,359 -4,078 Levy 0 -776 0 0 0 -776 0 -776 Gross profit 1,279 9,515 1,225 0 2,504 14,524 -2,738 11,786 Other external income 2 118 2 0 24 146 0 146 Administrative and other expenses -395 -349 -1,304 0 -3,347 -5,394 1,154 -4,240 Depreciation -8 -4,577 -55 0 -29 -4,670 0 -4,670 Operating income 878 4,707 -133 0 -848 4,606 -1,583 3,022 Interest income 52 224 32 0 377 685 -576 109 Interest expenses -6 -1,268 -89 0 -1,802 -3,165 576 -2,589 Other financial revenues 0 0 0 0 0 0 0 0 Other financial expenses -147 -27 -32 0 -189 -394 0 -394 Revaluation of derivatives 0 497 0 0 0 497 0 497 Profit/loss share in entities in equivalency 0 0 0 34 0 34 0 34 Disposal of investment 0 0 0 0 3,074 3,074 0 3,074 Income tax 0 -665 0 0 0 -665 0 -665 Deferred tax 0 -139 0 0 0 -139 0 -139 Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0 Profit/loss after taxation 777 3,330 -222 34 613 4,533 -1,583 2,949 Revaluation of property, plant and equipment 0 0 0 0 0 0 0 0 Foreign currency translation diff. - foreign operations 0 0 0 -643 0 -643 0 -643 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 0 137 0 137 0 137 Total comprehensive income 777 3,330 -222 -472 613 4,026 -1,583 2,443
    Assets, of which 13,269 82,100 5,461 3,128 40,805 144,763 -38,167 106,596 PPE – Lands 0 3,222 0 0 759 3,980 0 3,980 PPE – Photovoltaic power plants 0 63,833 0 0 0 63,833 0 63,833 PPE – Equipment 3 0 173 0 27 203 0 203 PPE – Assets in progress 59 274 358 0 256 948 0 948 Intangibles 0 0 0 0 0 0 0 0 Trade and other receivables 8,860 8,408 4,221 0 24,709 46,198 -38,167 8,030 Loans 0 0 0 0 717 717 0 717 Gross amount due from customers for contract work 354 0 0 0 320 675 0 675 Inventories – Goods 3,445 250 470 0 51 4,216 0 4,216 Investments in associates, JV, other 0 0 9 3,128 0 3,137 0 3,137 Deferred tax receivables 0 0 0 0 0 0 0 0 Long term receivables 0 0 0 0 0 0 0 0 Prepaid expenses 24 98 39 0 1,039 1,200 0 1,200 Assets held for sale 0 0 0 0 0 0 0 0 Cash and cash equivalents 523 6,015 192 0 12,926 19,656 0 19,656 Other S -T financial assets 0 0 0 0 0 0 0 0 Liabilities, of which -13,172 -44,109 -9,297 0 -48,553 -115,131 38,167 -76,964 Trade and other payables -13,172 -3,462 -9,090 0 -16,875 -42,600 38,167 -4,432 Bank Loans and other loans 0 -33,789 0 0 0 -33,789 0 -33,789 Other long term liabilities 0 -577 -207 0 -31,678 -32,462 0 -32,462 Other short term liabilities 0 0 0 0 0 0 0 0 Current tax liabilities (income tax) 0 -178 0 0 0 -178 0 -178 Provisions 0 0 0 0 0 0 0 0 Deferred tax liabilities 0 -6,102 0 0 0 -6,102 0 -6,102




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 September 201 7

    EUR thousand Energy solutions
    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 913 10,403 1,542 0 81 12,939 0 12,939
    Revenues within segments from sale of products, goods, services 104 0 765 0 2,225 3,094 -3,094 0
    Cost of sale -948 -703 -1,039 0 -86 -2,776 969 -1,807
    Energy levy 0 -734 0 0 0 -734 0 -734
    Gross profit 69 8,973 1,268 0 2,220 12,523 -2,125 10,398
    Other external income 0 290 0 0 5 296 0 296
    Administrative and other expenses -260 -191 -215 0 -3,527 -4,193 833 -3,360
    Depreciation 0 -4,548 -45 0 -23 -4,616 0 -4,616
    Operating income -191 4,524 1,008 0 -1,324 4,009 -1,292 2,717
    Interest income 25 173 19 0 886 1,104 -942 162
    Interest expenses -51 -1,907 -70 0 -977 -3,004 942 -2,062
    Other financial revenues 0 0 0 0 0 0 0 0
    Other financial expenses -11 -3 -3 0 -347 -364 0 -364
    Revaluation of derivatives 0 776 0 0 0 776 0 776
    Profit/loss share in entities in equivalency 0 0 0 111 0 111 0 111
    Income tax 0 -565 0 0 0 -565 0 -565
    Deferred tax 0 -79 0 0 0 -79 0 -79
    Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0
    Profit/loss after taxation -227 2,918 954 111 -1,762 1,987 -1,292 695
    Revaluation of property, plant and equipment 0 0 0 0 0 0 0 0
    Foreign currency translation diff. - foreign operations 0 0 0 1,703 0 1,703 0 1,703
    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 0 254 0 254 0 254
    Total comprehensive income -227 2,918 954 2,068 -1,762 3,944 -1,292 2,652

    Assets, of which 3,407 85,483 3,534 1,682 16,275 110,382 -23,047 87,334
    PPE – Lands 0 2,961 0 0 0 2,961 0 2,961
    PPE – Photovoltaic power plants 0 68,832 0 0 0 68,832 0 68,832
    PPE – Equipment 0 0 142 0 114 257 0 257
    PPE – Assets in progress 0 0 0 0 192 192 0 192
    Intangibles 0 0 0 0 0 0 0 0
    Trade and other receivables 2,385 9,607 2,808 0 13,497 28,296 -23,047 5,249
    Loans 0 0 0 0 755 755 0 755
    Gross amount due from customers for contract work 531 0 0 0 0 531 0 531
    Inventories – Goods 377 550 404 0 15 1,346 0 1,346
    Investments in associates, JV, other 0 0 0 1,682 8 1,691 0 1,691
    Deferred tax receivables 0 0 0 0 0 0 0 0
    Long term receivables 0 0 0 0 0 0 0 0
    Prepaid expenses 13 107 38 0 344 502 0 502
    Assets held for sale 0 0 0 0 0 0 0 0
    Cash and cash equivalents 101 3,427 142 0 1,000 4,670 0 4,670
    Other S -T financial assets 0 0 0 0 350 350 0 350
    Liabilities, of which -5,331 -47,058 -6,752 0 -23,969 -83,109 22,607 -60,503
    Trade and other payables -5,331 -1,300 -6,595 0 -11,641 -24,866 22,607 -2,259
    Bank Loans and other loans 0 -38,660 0 0 -314 -38,974 0 -38,974
    Other long term liabilities 0 -462 -158 0 -1,334 -1,954 0 -1,954
    Other short term liabilities 0 0 0 0 -10,592 -10,592 0 -10,592
    Current tax liabilities (income tax) 0 -649 0 0 0 -649 0 -649
    Provisions 0 0 0 0 -88 -88 0 -88
    Deferred tax liabilities 0 -5,987 0 0 0 -5,987 0 -5,987









    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 amounts of assets, liabilities, income and expenses recognised in the financial information. Th ese 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 f rom other sources or where uncertainty
    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 eithe r 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 periods,
    providing the revision affects both the current and future periods.

    Provisions

    A pr ovision 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 prese nted based on historical costs with exemptions when IFRS requires different evaluation methods as described
    below in accounting policies. The statement of comprehensive income is presented with revenues and expenses classified by pur pose
    (function). The ca sh 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 2018Q3
    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 subsidiaries are
    included in the consolidated financial statements from the date that control commences until the date that control ceases.

    The purchase method of acc ounting 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 instruments issued and liabilities incurred or assumed at the date of exchange, plus costs dir ectly
    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 recorded as goodwill. If
    the cost of acquisition is less than the fair value of the net asset s of the subsidiary acquired, the difference is recognised directly in the income
    statement.

    Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of com prehensive
    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 Group 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
    recognised 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 reserves. The cumulative post -acquisition movements are adjusted against the carry ing 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 d iscontinued except to the extent that the Group has an
    obligation or has made payments on behalf of the investee.

    Unrealised gains on transactions between the group and its associates 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 where 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 and expenses that relate to transactions with any of the Group’s other component s. 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 avai lable.

    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 reported 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 and import of FVE components, engineering and construction services of turn -key photovoltaic systems’
    installations for external clients and Photon Energy),
    Production of electricity (includes SPE that finished building of photovoltaic power plants and those that are connected to the distribution
    network and produce electricity)



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q3
    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 I nvestment – 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 P VPP supervision
    Other, not related to any of the above mentioned segments.

    Other operations include financing and insurance solutions for PV investors, intermediating investments in rooftop photovolta ic projects and
    other less significant activities. None of these operations meets any of the quantitative thresholds for determining reportable segments in
    2017 or 201 8.

    Segment results that are reported include items directly attributable 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.

    Foreign 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 (‘the functional currency’). The consolidated financial information is pres ented 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.

    Exchan ge rates as shown in table below were applied. All exchange rates were 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 represents the average of daily exchange rates effective within the relevant p eriod.

    PLN CZK
    2017Q 3 2018Q 3 2017Q 3 2018Q 3
    EUR exchange rate – low 4.202 4.252 25.965 25. 434
    EUR exchange rate – high 4.304 4.392 26.160 26.073
    EUR exchange rate – average 4.257 4.303 26.084 25. 718
    EUR exchange rate – end of period 4.304 4.277 25.975 25.731


    (b) Transactions and balances

    Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions 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 consolid ation 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 2018Q3
    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 bank 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 i s
    classified in equity as Share premium.

    Trade payables

    Trade payables are recognised 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 calculated on the basis of the tax laws ena cted 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 arising between the tax bases of assets a nd 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 2018Q3
    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 Company’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 Strozzilaan 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, 5 November 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


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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
Komentarze o spółce PHOTON ENERGY N.V.
2018-03-28 21:29:11
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