Raport.

PHOTON ENERGY N.V. (3/2019) Quarterly report for 2018Q4.

Photon Energy is today publishing its report for the fourth quarter of 2018, closing a record year in which the Company exceeded the EUR 20 million annual revenue mark for the first time in the Company’s history and equally reported its first ever net profit.
In 2018 we have managed to continue implementing our growth strategy by expanding our proprietary portfolio by 6.3 MWp in Hungary and another 5.5 MWp slated for grid-connection in 2019Q1, by progressing with our project development activities in Australia and by expanding our O&M and related service businesses. Outstanding electricity production by our proprietary power plant portfolio contributed strongly to our 17.4% revenue growth to a record EUR 20.256 million, while our EBITDA improved by 4.9% to EUR 8.239 million and our EBIT grew by 15.1% to EUR 2.637 million. The most significant improvement occurred at the bottom line with pre-tax profit jumping by 458.5% to EUR 1.934 million and our company turning a previous net loss of EUR 0.807 million into a EUR 0.603 million net profit in 2018. Total comprehensive income advanced by 45.7% to EUR 2.625 million, pushing our consolidated group equity to EUR 29.873 million.
Highlighting the headline numbers in the fourth quarter, we managed to lift our EBITDA and EBIT by 5.6% and by 9.7% respectively, despite lower revenues of EUR 3.615 million in 2018Q4 (-15.5% YOY) linked to smaller volumes in the wholesale of PV technology compared to the same period last year, marking a continuation of the positive trend that has been in place since 2013.

Lista plików:

  • Załącznik nr: 1

    Pobierz plik









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


    2018Q4
    for the period from 1 October to 31 December 201 8
    11 February 2019 | Amsterdam | The Netherlands



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 October to 31 Dec ember 2018
    in Thousands EUR PLN CZK
    2017Q 4 2018 Q4 2017 Q4 2018 Q4 2017 Q4 2018 Q4
    Total revenues 4,280 3,615 18,114 15,544 109,787 93,500
    Gross profit 1,856 2,054 7,855 8,832 47,611 53,127
    EBITDA 555 547 2,348 2,352 14,234 14,145
    EBIT -389 -384 -1,646 -1,653 -9,979 -9,943
    Profit / loss before taxation -956 -1,818 -4,046 -7,818 -24,525 -47,025
    Profit / loss from continuing operations -1,466 -2,345 -6,203 -10,084 -37,595 -60,657
    Total comprehensive income -767 182 -3,245 783 -19,665 4,710
    Non -current assets 74,354 83,867 310,578 360,781 1,899,012 2,157,468
    Current assets 15,338 21,530 64,065 92,620 391,721 553,868
    Cash and cash equivalents 7,333 12,575 30,631 54,097 187,289 323,497
    Total assets 89,692 105,397 374,643 453,401 2,290,733 2,711,336
    Total equity 25,982 29,873 108,528 128,509 663,587 768,487
    Current liabilities 12,484 7,414 52,144 31,894 318,832 190,726
    Non -current liabilities 51,225 68,110 213,966 292,997 1,308,280 1,752,123
    Operating cash flow 124 3,381 523 14,539 3,172 87,452
    Investment cash flow -53 -8,453 -224 -36,345 -1,360 -218,619
    Financial cash flow 2,001 -2,008 8,468 -8,635 51,321 -51,943
    Net change in cash 2,071 -7,080 8,767 -30,442 53,134 -183,109
    EUR exchange rate - low 4.177 4.279 25.410 25.725
    EUR exchange rate - average 4.232 4.300 25.651 25.862
    EUR exchange rate - end of period 4.177 4.302 25.540 25.725
    EUR exchange rate – high 4.313 4.340 25.995 26.030 Note: Exchange rates provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    1.2. Selected financial results for Photon Energy Group, for th e period of 1 January to 31 Decem ber 2018
    in Thousands EUR PLN CZK
    2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4
    Total revenues 17,219 20,256 73,301 86,297 453,374 519,421
    Gross profit 12,254 13,840 52,165 58,964 322,644 354,901
    EBITDA 7,851 8,239 33,422 35,102 206,718 211,277
    EBIT 2,291 2,637 9,752 11,236 60,317 67,632
    Profit / loss before taxation 346 1,934 1,474 8,239 9,117 49,593
    Profit / loss from continuing operations -807 603 -3,436 2,571 -21,251 15,472
    Total comprehensive income 1,802 2,625 7,671 11,183 47,444 67,310
    Non -current assets 74,354 83,867 310,578 360,781 1,899,012 2,157,468
    Current assets 15,338 21,530 64,065 92,620 391,721 553,868
    Cash and cash equivalents 7,333 12,575 30,631 54,097 187,289 323,497
    Total assets 89,692 105,397 374,643 453,401 2,290,733 2,711,336
    Total equity 25,982 29,873 108,528 128,509 663,587 768,487
    Current liabilities 12,484 7,414 52,144 31,894 318,832 190,726
    Non -current liabilities 51,225 68,110 213,966 292,997 1,308,280 1,752,123
    Operating cash flow 2,661 7,889 11,327 33,612 70,056 202,311
    Investment cash flow -53 -9,415 -226 -40,111 -1,395 -241,429
    Financial cash flow -2,989 6,767 -12,724 28,832 -78,701 173,538
    Net change in cash -381 5,242 -1,623 22,333 -10,040 134,421
    EUR exchange rate - low 4.171 4.142 25.410 25.190
    EUR exchange rate - average 4.257 4.260 26.330 25.643
    EUR exchange rate - end of period 4.177 4.302 25.540 25.725
    EUR exchange rate – high 4.412 4.391 27.060 26.075

    Financial highlights:

    Un audited consolidated revenues increased 17.6% to EUR 20 .256 million for the full year of 2018. In 2018Q 4, revenues decreased by
    15.5% YOY from EUR 4.280 million to EUR 3.615 million . .
    Consolidated EBITDA increas ed 4.9% to EUR 8 .239 million in 2018. In 2018Q4 , EBITDA rose to EUR 0.547 million (+5.6% YOY) . .
    In 2018 consolidated EBIT grew to EUR 2.637 million ( 15.1% YOY) . In 2018Q4 , EBIT improved by 9.7% to EUR -0.384 million.
    YTD, the Company nearly multiplied by five its profit before taxation to EUR 1.934 million, compared to EUR 0.346 million for the same
    period last year (+458.5%). In 2018Q4, the Company recorded a loss before taxation of EUR 1.818 million, compared to EUR
    0.993 million for the same period last year (-83.1 %).
    For the full year 2018 the Company’s net profit came in at a record EUR 0.603 million, compared to a loss of EUR 0.807 million in 2017 . In
    2018Q4 , the Company posted a net loss of EUR 2.345 million compared to EUR 1.502 million in 2017Q4 .
    Total equity increased to EUR 2 9.873 million at the end of 2018 Q4 , compared to EUR 25.982 million at the end of 201 7Q4.
    The adjusted equity ratio 1 decreased from 35% at the end of 201 7Q4 to 31% at the end of 2018 Q4 .
    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 2018Q4 , the proprietary portfolio of PV power plants generated approximately 3.7 GWh of electricity, whic h was 33.8 % above the
    energy forecasts and 20.0 % higher compared to 2017Q4 . The highest electricity gen eration in Q4 in Company history .
    Eight power plants with a total capacity of 5.5MWp were built and connected to the grid for our own portfolio in Tiszakécske (Hungary) .
    The refinancing of our Hungarian portfolio was secured in the amount of EUR 10.4 million.
    Thanks to the signing of a 15 -year O&M agreement Hungary became Photon Energy’s second largest O&M market.
    In Australia an agreement was signed with Aldi to install 4.6MWp of rooftop PV power plants .




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    1.3. Standalone financial results for Photon Energy N.V. , for the period of 1 October to 31 Dec ember 2018
    in Thousands EUR PLN CZK
    2017Q4 2018Q4 2017Q4 2018 Q4 2017Q4 2018Q4
    Revenues 460 536 1,947 2,305 11, 799 13,864
    EBITDA -203 -55 -858 -234 -5,2 02 -1,410
    EBIT -205 -55 -870 -234 -5,270 -1,410
    Profit / loss before taxation 2,192 6,612 9,276 28,429 56,224 171,001
    Total comprehensive income 2,192 6,612 9,276 28,429 56,224 171,001
    Non -current assets 30,413 46,587 127,043 200,410 776,743 1,198,449
    Current assets 18,862 30,883 78,792 132,854 481,736 794,469
    Cash and cash equivalents 2,789 5,377 11,651 23,132 71,232 138,330
    Total assets 49,275 77,470 205,836 333,264 1,2 58,479 1,992,918
    Total equity 26,140 38,362 109,196 165,029 667,623 986,874
    Current liabilities 11,527 5,483 48,152 23,585 294,409 141,041
    Non -current liabilities 11,607 33,625 48,487 144,649 296,447 865,003
    EUR exchange rate – low 4.177 4.279 25. 410 25.725
    EUR exchange rate – average 4.232 4.300 25.651 25.862
    EUR exchange rate - end of period 4.177 4.302 25. 540 25.725
    EUR exchange rate – high 4.313 4.340 25.995 26.030
    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 October until 3 1 Dec ember 201 8, unless specified otherwise;
    All references to growth rate percentages compare the results of the reporting period to those of the prior year comparable period;
    Total Comprehensive Income (TCI) is the sum of the profit after taxes plus Other Comprehensive income (OCI) . According to IAS 16 , Other comprehensive income includes revaluation of PPE in a proprietary portfolio to their fair values , share on OCI of associates and joint ventures and foreign currency translation differences.
    EPC stands for Engineering, Procurement and Construction and refers to services related to project design, engineering, procu rement and construction of solar pow er 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 2018Q4
    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 41
    2. Management discussion and analysis
    2.1 A note from the Management Board
    2018 marked Photon Energy’s ten -year anniversary – a milestone that reflect s our extensive industry experience and our ability to adjust to
    changing market environments . Photon Energy exceeded the EUR 20 million annual revenue mark for the first time in the Company’s history
    and equally reports its first ever net profit .
    This report sets out the highlight of the fourth quarter of 2018, but its is equally a good opportunity to recapitulate our milestones over the
    past year : a co-development agreement was signed with Canadian Solar to jointly develop five large -scale projects with a combined installed
    capacity of more than 1.1 GWp in Australia in January , we successfully repaid our first EUR corporate bond in March and fully p laced our
    second EUR corporate bond with a total volume of EUR 30 million in September , we connected our first power plant in Hungary in March and
    have successfully launched a highly innovative ultrasound solution to fight green algae growth in lakes in th e Czech Republic . In the fourth
    quarter , we connected eight power plants with a total installed capa city of 5.5 MWp in Tiszakecske, Hungary, essentially completed eight
    more power plants with a total installed capac ity of 5.5 MWp in Hungary , secured the refinancing of our Hungarian portfolio, have sign ed our
    first third -party O&M contract for 15.3 MWp in Hungary , completed a rooftop PV plant for retailer Aldi in Australia and entered into an
    agreement for the ins tallation of another 4.6 MWp of rooftop PV plants .

    Photon Energy turns the first net profit in its history
    On the back of outstanding production by our proprietary portfolio of operating PV power plants and a solid increase in other revenue
    streams, we increased our revenues by 17.6% to a record level of EUR 20.256 million in 2018, while improving our EBITDA by 4.9% to EUR
    8.239 million, turning into the black at the net result level and recording a EUR 2.625 million total comprehensive income in 2018. Despite
    lower revenues of EUR 3.615 million in 2018Q4 ( -15.5% YOY) linked to smaller volumes in the wholesale of PV technology compared to the
    same period last year , we managed to lift our operating margins , marking a continuation of the positive trend t hat has been in place since
    2013. The decrease in the low -margin revenues coming from the sale of PV technology has been compensated by a larger contribution of
    more profitable activities, resulting in an increased EBITDA (+ 5.6% ), amounting to EUR 0.547 million and an improved EBIT of EUR -0.384
    million (+9.7% YOY) in 2018Q4. YTD, EBITDA rose 4.9% to EUR 8.239 million and EBIT grew by 15.1% to EUR 2.637 million. In 2018Q4, the
    Company recorded a loss before taxation of EUR 1.818 million, compared to a loss of EUR 0.993 million for the same period last year ( -83.1%),
    resulting from an increase in interest costs connected to our corporate bonds. YTD, the Company nearly multiplied by 5 its pr ofit before
    taxation to EUR 1.934 m illion, compared to EUR 0.346 million for the same period last year (+458.5%), mainly driven by the results of the
    successfu l development work in Australia, materialized by a capital gain of EUR 3.074 million in 2018Q1. YTD, t hese positive revenue dynamics
    resulted in a fundamental improvement at the bottom line, translating to a net profit after taxation of EUR 0.603 million, compared to a loss of
    EUR 0.807 million for the same period last year . The Company further reports positive consolidated total comprehensive income for the
    quarter and for the full year, driven by the activation of our eight power plants in Tiszakecke that were connected to the grid in December
    2018.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    5.5 MWp of solar projects constructed for o ur own portfolio in Tiszakécske , Hungary.
    Strong performance across our portfolio and across every geography drove our momentum, led by accelerati ng YOY growth in Australia and
    Hungary . On the Hungarian market , w e ended the year on a strong note with the grid -connection in December of eight PV power plants with a
    combined capacity of 5.5 MWp located in Tiszakécske , expanding our proprietary portfolio of PV power plants to 31.6 MWp. Covering an area
    of 7.9 hectares, the plants are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt and are expected to generate around 6.7 GWh of
    electricity per year. The eight ground -mounted PV power plants in Tiszakécske mark a significant step for Photon Energy in the strategic
    Hungarian market. The completion of the facilities help s solidify our expansion in the country in terms of renewable energy capacity, while
    bringing Photon Energy closer to the Group’s communicated goal to build 50 MWp of PV power plants for long -term ownership in Hungary
    until 2020 . The Group own s and operate s these projects through eight fully -owned subsidiaries that each own a KÁT 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 supporte d
    production of 15, 575 MWh per license. Total annual revenues of all eight power plants are expected to amount to EUR 660,000. Following the
    revaluation of the Group’s proprietary portfolio according to IAS 16, ap proximately EUR 2.2 million has been recorded as the Group ’s Other
    Comprehensive Income in the 2018Q4 Profit and Loss Statement.
    Photon Energy secured long -term financing for 11.5 MWp in Hungary
    We continue d to be very disciplined on our capital all ocation and closed a long -term non -recourse pro ject financing agreement for our 11.5
    MWp proprietary PV power plant portfolio in Hungary. The portfolio is comprised of 17 individual KÁT -licensed PV power plants in three
    different locations. The 0.5 MWp project in Fertőd was grid -connected in March 2018, eight projects in Tiszakécske with a combined capacity
    of 5.5 MWp in December 2018, and additional eight projects in Almásfüzitő with a total capacity of 5.5 MWp are expected to be connected b y
    February 2019. Non -recourse financing amounting to HUF 3.33 billion ( EUR 10.4 million) is being provided by K&H Bank, the Hungarian
    subsidiary of Belgian KBC Group N.V. and one of Hungary’s largest banking and financial services firms as well as a leading l ocal player in
    project fi nance, for a period of 15 years. We have built and pre -financed the power plants with the proceeds of our last year‘s EUR bond
    placement. The refinancing with K&H Bank is a major step in our strategy for the Hungarian market to build at least 50 MWp of PV power
    plants for our portfolio until the end of 2020. This step allows us to free up significant liquidity again and to build furth er projects in Hungary
    this year. Through this transaction we have added KBC, a leading banking group in the CEE region, to o ur project financing partners for our
    growing proprietary portfolio .
    Hungary becomes Photon Energy ’s second largest O&M market.
    Our O&M business also experienced incremental growth in 2018Q4. In Hungary, a 15-year Operations & Maintenance (O& M) agreement has
    been signed with the owners of 28 PV power plants – currently under construction – with a combined generation capacity of 15.3 MWp. All 28
    PV power plants in Monorierdő are expected to be operational by the end of 2019Q 2. Once up and running, the Company will be providing
    O&M services to 26.8 MWp of PV power plants in Hungary, turning the country into the Group’s second largest O&M market. This contract is
    strong evidence that the Hungarian market provides us with substantial growth potential for our O&M business beyond our proprietary
    portfolio, and we are strongly motivated to replicate our market -leading position held in the Czech Republic . The 28 PV power plants are
    loc ated in the vicinity of the town of Monor , where Photon Energy plans to construct eight PV power plants for its proprietary portfolio by mid -
    2019, delivering substantial synergies in the provision of O&M services across all 36 PV power plants. Photon En ergy will provide
    comprehensive O&M services including plant monitoring, performance management as well as preventive and corrective maintenanc e at all
    28 facilities.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Photon Energy to roll -out 4.6 MWp solar projects for Aldi
    2018Q4 turned out to be an eventful quarter Down Under too . We recently announced that our subsidiary Photon Energy Engineering
    Australia will roll out 4.6 MWp solar projects across 30 stores and a distribution centre of the supermarket chain ALDI in New South Wales
    and Queensland. We are very proud to be cooperating with ALDI to transform its stores into solar power generators capable of providing a
    large propo rtion of their daytime electricity consumption. The 31 installations are designed to generate a total of more than 6.3 GWh of clean
    energy every year. Photon Energy will also provide state -of-the -art monitoring as well as operation s and maintena nce services to ensure the
    systems are highly reliable with the maximum positive im pact for ALDI .






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 expansion of PV generation capacity . Other potential markets in Central
    and S outh 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 2018Q4
    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 41
    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 1 Dec ember 201 8, consist ing of 32 power plants in th e Czech Republic, Slovakia, Australia & Hungary with a total installed
    capacity of 31.6 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 1 Dec ember 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 Fertőd 1 Photon Energy HU SPV 1 Kft. b.a HU 528 100% 528 Mar 18
    25 Tiszakécske 1 Ekopanel Befektetési Kft. HU 689 100% 689 Dec -18
    26 Tiszakécske 2 Onyx -sun Kft. HU 689 100% 689 Dec -18
    27 Tiszakécske 3 Solarkit Befektetesi Kft. HU 689 100% 689 Dec -18
    28 Tiszakécske 4 Energy499 Invest Kft. HU 689 100% 689 Dec -18
    29 Tiszakécske 5 Green -symbol Invest Kft. HU 689 100% 689 Dec -18
    30 Tiszakécske 6 Montagem Befektetési Kft. HU 689 100% 689 Dec -18
    31 Tiszakécske 7 SunCollector Kft. HU 689 100% 689 Dec -18
    32 Tiszakécske 8 Future Solar Energy Kft. HU 689 100% 689 Dec -18
    Total 31,609 30,186
    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 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 10 of 41
    Generation results
    The cumulative average generation of the power plants in the portfolio connected and feeding electricity to the grid in 201 8Q4 amounted to
    3.7 GWh, which was 33.8 % above the energy forecasts and 20.0 % 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 October and 3 1 Dec ember 201 8
    Project name Capacity Feed -in-Tariff Prod. 2018Q4 Proj. 2018Q4 Perf. YTD Prod. YTD Proj. Perf. YTD YoY
    Unit kWp per MWh, applicable in 2018 kWh kWh % kWh kWh % %
    Komorovice 2,354 CZK 14,245 316,518 206,510 53.3% 2,579,180 2,256,721 14.3% 7.2%
    Zvíkov I 2,031 CZK 14,245 278,871 180,934 54.1% 2,313,135 1,977,907 16.9% 1.5%
    Dolní Dvořiště 1,645 CZK 14,245 207,510 150,575 37.8% 1,685,623 1,645,456 2.4% 0.5%
    Svatoslav 1,231 CZK 14,245 144,712 111,832 29.4% 1,273,178 1,222,080 4.2% 7.9%
    Slavkov 1,159 CZK 14,245 178,433 106,495 67.5% 1,380,716 1,163,763 18.6% 5.2%
    Mostkovice SPV 1 210 CZK 14,245 28,170 24,951 12.9% 228,261 188,826 20.9% 7.1%
    Mostkovice SPV 3 926 CZK 15,304 120,080 85,080 41.1% 1,009,721 877,998 15.0% 7.2%
    Zdice I 1,499 CZK 14,245 213,271 132,749 60.7% 1,760,189 1,439,236 22.3% 7.9%
    Zdice II 1,499 CZK 14,245 216,377 132,749 63.0% 1,784,980 1,439,236 24.0% 7.7%
    Radvanice 2,305 CZK 14,245 318,900 204,411 56.0% 2,580,581 2,233,761 15.5% 6.6%
    Břeclav rooftop 137 CZK 14,245 21,303 17,583 21.2% 160,181 130,578 22.7% 1.0%
    Total Czech PP 14,996 2,044,145 1,353,870 51.0% 16,755,744 14,575,562 15.0% 5.5%
    Babiná II 999 EUR 425.12 114,755 117,812 -2.6% 975,631 963,958 1.2% -5.3%
    Babina III 999 EUR 425.12 119,095 117,812 1.1% 986,983 963,958 2.4% -4.3%
    Prša I. 999 EUR 425.12 130,752 108,643 20.4% 1,054,473 958,892 10.0% -3.2%
    Blatna 700 EUR 425.12 83,610 82,655 1.2% 723,978 705,225 2.7% 0.1%
    Mokra Luka 1 963 EUR 382.61 173,985 136,165 27.8% 1,008,817 1,004,684 0.4% -15.1%
    Mokra Luka 2 963 EUR 382.61 182,628 136,165 34.1% 1,155,913 1,004,684 15.1% -4.2%
    Jovice 1 979 EUR 382.61 120,776 84,621 42.7% 891,940 925,853 -3.7% -2.2%
    Jovice 2 979 EUR 382.61 118,831 84,621 40.4% 891,598 925,853 -3.7% -1.8%
    Brestovec 850 EUR 382.61 139,368 106,762 30.5% 1,036,575 843,121 22.9% 1.0%
    Polianka 999 EUR 382.61 117,315 86,349 35.9% 997,155 947,680 5.2% 1.0%
    Myjava 999 EUR 382.61 147,969 120,360 22.9% 1,132,635 1,005,485 12.6% 0.7%
    Total Slovak PP 10,429 1,449,084 1,181,964 22.6% 10,855,698 10,249,391 5.9% -3.3%
    Symonston 144 AUD 301.60 51,878 64,810 -20.0% 169,312 187,930 -9.9% -9.5%
    Total Australian PP 144 51,878 64,810 -20.0% 169,312 187,930 -9.9% -9.5%
    Fertod 1 528 HUF 32,000 86,125 80,716 6.7% 577,658 513,815 12.4% na
    Tiszakécske 1 689 HUF 32,000 13,747 14,180 -3.1% 13,747 14,180 -3.1% na
    Tiszakécske 2 689 HUF 32,000 14,573 14,590 -0.1% 14,573 14,590 -0.1% na
    Tiszakécske 3 689 HUF 32,000 14,504 14,168 2.4% 14,504 14,168 2.4% na
    Tiszakécske 4 689 HUF 32,000 14,383 14,590 -1.4% 14,383 14,590 -1.4% na
    Tiszakécske 5 689 HUF 32,000 14,081 14,590 -3.5% 14,081 14,590 -3.5% na
    Tiszakécske 6 689 HUF 32,000 13,702 14,180 -3.4% 13,702 14,180 -3.4% na
    Tiszakécske 7 689 HUF 32,000 12,960 13,671 -5.2% 12,960 13,671 -5.2% na
    Tiszakécske 8 689 HUF 32,000 9,411 12,755 -26.2% 9,411 12,755 -26.2% na
    Total Hungarian PP 6,040 193,486 193,440 0.0% 685,019 626,538 9.3% na
    Total 31,609 3,738,593 2,794,084 33.8% 28,465,773 25,639,421 11.0% 4.3%
    Notes *Mostkovice SPV 1 & Břeclav rooftop power plants belong to the same legal entity. **Total result for Mostkovice SPV 3 and Mostkovice SPV 3R, as the same company “SPV3” owns both power plants .



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    O&M service s
    Photon Energy remained focused on further expanding its Operations and Maintenance business in Europe. As of the end of 201 8Q4, full O&M
    services contrac ts a mounted to approximately 166.1 MWp, up by 7% from the end of 2017Q4 , and can be br oken down geograp hically into
    127.8 MWp op erated in the Czech Republic, 15.9 MWp in Slovakia, 15 .0 MWp in Romania, 6.0 MWp in Hungary , including the total capacity for
    the power plants in Tiszakecke connected to the grid in December 2018, and 1.4 MWp in Australia. T he O&M portfolio divides into 31.6 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 Group is holding a leading market position while in Belgium in particular, the Group is servicing all o f the Satcon
    inverters ever installed. In detail, at the end of 201 8Q4 , the total cap acity 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 signed an agreement with owners of 28 PV power plants in Hungary – currently under construction
    – with a combined generation capacity of 15.3 MWp for full O&M services expanding Photon Energy Operations’ total O&M services portfolio
    to 248.2 MWp worldwide as from 2019 Q2 .

    2.5. Reporting on Photon Energy’s project pipeline
    As of the reporting date, Photon Energy is developing PV projects in Austral ia (1,370.0 MWp) and Hungary (22 .1 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 plants. The main
    objective of Photon Energy’s project development activities is to expand its proprietary portfolio of PV power plants for lon g-term ownership ,
    which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons Photon Energy may deci de to cooperate
    with third -party investors either on a joint -venture basis or with a view of exiting the projects to such investo rs 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 exp erience in project development and financing in the Czech
    Republic, Slovakia, Germany and Italy is an important factor in selecting attractive markets and reducing the inherent risks related to project
    development.
    Chart 1.a Total production of the Czech portfolio


    Chart 1.b Total production of the Slovak portfolio

    0
    2,000
    4,000
    6,000
    8,000
    10,000
    12,000
    14,000
    16,000
    18,000
    2012 2013 2014 2015 2016 2017 2018
    Cumulative production in MWh

    Q1 Q2 Q3 Q4
    0
    2,000
    4,000
    6,000
    8,000
    10,000
    12,000
    14,000
    16,000
    18,000
    2012 2013 2014 2015 2016 2017 2018
    Cumulative production in MWh

    Q1 Q2 Q3 Q4



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 12 of 41
    Country Location Project function Share MWp Commercial Model Land Grid connection Construction permit Expected RTB
    Australia Leeton Own portfolio 100% 14.0 Retailer PPA Secured Secured Secured 201 9Q2
    Total Own portfolio Australia 14.0
    Hungary Fertöd II Own portfolio 100% 3.5 Licensed PPA Secured Secured Ongoing 201 9Q1
    Hungary Almásfüzitő Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured Under c onstruction
    Hungary Monor Own portfolio 100% 5.6 Licensed PPA Secured Secured Ongoing 201 9Q1
    Hungary Tata Own portfolio 100% 5.5 Licensed PPA Secured Secured Secured 201 9Q1
    Hungary Taszár Own portfolio 100% 2.0 Licensed PPA Secured Secured Ongoing 2019Q2
    Total Own portfolio Hungary 22.1
    Total Own portfolio 36.1
    Australia Gunning Developer 49% 316.0
    Co-development & co-financing agreement with Canadian Solar
    Secured Ongoing Ongoing 2019Q 4
    Australia Gunnedah Developer 25% 150.0 Secured Ongoing Ongoing 201 9Q2
    Australia Suntop 1 Developer 25% 200.0 Secured Ongoing Secured 2019Q 2
    Australia Maryvale Developer 25% 160 .0 Secured Ongoing Ongoing 2019Q2
    Australia Suntop 2 Developer 25% 230.0 Ongoing Ongoing Ongoing 2019Q2
    Australia Carrick Developer 51% 144.0 All options open Secured Ongoing Ongoing 2019Q 4
    Australia Brewongle Developer 51% 146.0 All options open Secured Ongoing Ongoing 2019Q4
    Total Development Australia 1,3 56.0
    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 tot al capacity of 1 ,356 .0 MWp.
    In January 2018, as a result of its development partner selection process managed by its financial advisor Pottinger, the company has signed an
    agreement for the joint development of five of its utility scale solar projects with a total capacity of 1.14 GWp in New Sout h Wales, 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 t he project in Gunning as well as four projects co -developed with a local partner, namely in
    Suntop 1 , Mumbil (project replaced by Suntop 2 project during development process, please see details below), Gunnedah, and Maryvale.
    Canadian Solar acquired a 51% shareholding in all five project companies. The equity capital contributed by Canadian Solar is subject to certain
    development milestones, joint management processes and other terms customary for project co -development and covers the development
    budgets t o bring all five projects to the ready -to-build stage. Post -transaction, Photon Energy NV retains a 49% stake in the Gunning project
    and 24.99% stakes in the four other projects.



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 13 of 41
    According to the terms of the transaction, Photon Energy NV has recognized an AUD 4.73 million (EUR 3.07 million) realised capital gain and an
    additional contribution to consolidated equity of AUD 1.93 million (EUR 1.21 million) related to the increased value of the r emaining equity
    stakes in the five project companies in its conso lidated financial statements for 2018Q1.
    The current status for these projects co -developed with Canadian Solar is:
    Gunnedah : The project is currently under review by the NSW Department of Planning and Environment and was submitted to the Independent
    Planning Committee for determination which is expected in 2019Q1. Transgrid accepted the GPS studies after which the AEMO iss ued bo th the
    5.3.4A and 5.4.3B letters approving the grid connection before the end of January.
    Suntop : The Development approval for the project was granted on 4 December for a capacity of up to 200 MWp. Transgrid accepted the GP S
    studies after which the AEMO is sued both the 5.3.4A and 5.4.3B letters approving the grid connection before the end of January. .
    Gunning : Site assessments are progressing and we are finalising the site layouts to complete the EIS. In parallel we are progressing with the
    Transaction Summ ary with Transgrid.
    Maryvale : The GPS and grid connection options are currently under review and in discussions with Essential Energy. The EIS was submitted in
    November 2018 to the NSW Department of Planning and Environment and public exhibition ended in D ecember. In the meantime we have
    responded to submissions to the project and are awaiting determination in late March 2019. The GPS process is underway and will be
    submitted to Essential Energy In April 2019.
    Mumbil/Suntop 2 : The findings of the feasibility study of the Mu mbil Solar Farm project revealed significant issues related to aspects such as
    soil erosion, aboriginal heritage protection, and challenges of waterways. Following a thorough feasibility process Canadian Sol ar and Photon
    Energy have determined that the proposed Mumbil Solar Farm will not be proceeding. However, the joint venture has lodge d a preliminary
    environmental assessment to significantly expand the size of the Suntop Solar Farm project (“Suntop 2”) by a further 230 MWp. Both ,
    development efforts and budget , for the Mumbil project will be relocated to the Suntop 2 project. The EIS is underway and due for submission
    end of March 2019. GPS for the grid connection is underway.

    For the other projects, the status is:
    Leeton: In response to tightening grid connection standards which require additional grid connection studies , a revised system size of 2 x
    4.99MW has been re -designed for single axis tracking is now proposed. DA approval has been amended for the change in technology and grid
    connection process with Essential Energy is now in the final stages and due for approval in mid -March 2019.
    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 is no longer feasible and Photon will no longer progress this opportunity .

    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.
    On 13 December 2018, Photon Energy announced that its subsidiary Ph oton Energy Solutions HU Kft built and grid -connected eight PV power
    plants with a combined capacity of 5.5 MWp located in Tiszakécske , Hungary, expanding the Group’s proprietary portfolio of PV power plants
    to 31.6 MWp. Co vering an area of 7.9 hectares, the plants are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt and are expected to
    generate around 6. 7 GWh of electricity per year. Photon Energy own s and operate s these projects through eight fully -owned subsidiar ies that
    each own a KÁT 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 ei ght power plants are expected
    to amount to EUR 660,000. Following the revaluation of the Group’s proprietary portfolio according to IAS 16, an estimated EU R 2.2 million is
    recorded in the Group’s Other Comprehensive Income in the Profit and Loss Statement in 2018Q4. The eight ground -mounted PV power plants
    in Tiszakécske mark a significant step for Photon Energy in the strategic Hungarian market. The completion of the eight facil ities helps solidify
    our expansion in the country in terms of renewable energy capacity, while bringing Photon Energy closer to the Group’s communicated goal to
    build 50 MWp of PV power plants for long -term o wnership in Hungary until 2020.
    In Monor Photon Energy is developing eight projects with a grid connection capacity of 498 KW AC 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 elec tricity 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



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 14 of 41
    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 2019Q1 .
    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., w hich owns eight KÁT licenses, grid connection and land usage rights for eight PV projects in the municipality of
    Almásfüzitő . Construction started in early November for an installed DC capacity (the total installed generating power of the PV modules ) of
    5.5 MWp. Covering an area of 7.0 hectares, the eight power plants is composed of almost 20,000 Jinko modules that are designed to generate
    around 6.6 GWh of electricity per year. Due to weather conditions in December and January , the power plants are expecte d to be connected to
    the grid of E.ON Észak -dunántúli Áramhálózati Zrt still in February 2019. Photon Energy will own and operate the projects through Rácio
    Master Kft., which owns the KÁT licenses that entitle the power plants to a feed -in tariff of HUF 3 2 (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 exp ected to
    amount to around EUR 650,000. The construction cost to build the eight powe r 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 Photon Energy HU SPV 1 Kft.
    managed to secure additional g rid connection capacity of 2.5 MW AC and usage rights for over 5 hectares of land located right next to the 528
    KWp photovoltaic power plant built in Fertőd I. Photon Energy HU SPV 1 Kft. has move d its remaining three KÁT licenses not used in Monor to
    the secured land plots in Fertőd. The fourth project will be realized by the Group’s subsidiary Ráció Master Kft., using its ninth KÁT license
    which cannot be used in its primary location of Almásfüzitő, where eight photovoltaic power plant projects are under construction . Photon
    Energy NV has signed the acquisition of a project company with one KÁT license to be used for the fifth project in Fertőd II. The Fertőd II
    projects are expected to reach the ready -to-build stage in 2019Q1 and are planned to have a tot al combined installed capacity of 3.5 MWp.
    Further in February 2018, Photon Energy also announced the acquisition of five project companies with all land, grid connecti on capacity rights
    and KÁT licenses required for the construction of eight PV plants wit h 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 2019Q1 .
    In 2018Q4, Photon Energy signed a share purcha se agreement for 100% of the shares of Optisolar Kft., which owns three KÁT licenses, grid
    connection and land usage rights for PV projects in the municipality of Taszár . Conditions precedents are expected to be fulfilled by the end of
    2019Q1 to allow construction to start in 2019Q2 for an installed DC capacity (the total installed generati ng power of the PV modules) of 2.0
    MWp (3 x 676 kWp).
    As of the date of the report, Photon Energy’s photovoltaic pipeline in Hungary is made of 32 projects with a total installed capacity of 22.1
    MWp, coming on top of the already constructed and connected power plants in Tiszakécske (5.5% MWp) and in Fertőd (Fertőd I, 0.5 MWp ).






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 i n 2008.
    The quarter closed at a price of PLN 1. 84 on 31 Dec ember 2018 (+31 % vs. 31 December 2017 ), corresponding to a price -to-book ratio of 0.74 x.
    The Company also reports avera ge monthly trading volume of 176,210 shares in 2018Q4 , 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
    100,000
    200,000
    300,000
    400,000
    500,000
    1.00
    1.20
    1.40
    1.60
    1.80
    2.00
    Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
    Total volumes for the month Closing share price in PLN
    63.9 68.4
    7.7 m €
    8.2 m €
    6.2
    6.7
    7.2
    7.7
    8.2
    8.7
    0.0
    10.0
    20.0
    30.0
    40.0
    50.0
    60.0
    70.0
    80.0
    TTM EBITDA in Eur Million

    EV in Eur Million

    8.3x 8.3x
    0.64x
    0.74x
    0 x
    0.1x
    0.2x
    0.3x
    0.4x
    0.5x
    0.6x
    0.7x
    0.8x
    0.9x
    1.0x
    0.0 x
    1.0x
    2.0x
    3.0x
    4.0x
    5.0x
    6.0x
    7.0x
    8.0x
    9.0x
    10.0x
    EV/EBITDA trailing Price/book ratio



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 16 of 41
    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 31 Dec ember 2018 , the share s (ISIN NL001039 1108) closed at a price of CZK 8.70 (-6% vs 31 December 2017, +78 % vs CZK 4.90, the
    reference price on t he first trading day on 17 October 2016), corresponding to a price to book ratio of 0.58 x. The Company reports an average
    monthly trading volume of 40,517 shares in 2018Q4 , 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 coupo n 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
    denomination of EUR 1,000 (ISIN DE000A19MFH4), has been traded on the Open Market of the Frankfurt Stock exchange since 27 Oc tober
    2017. The bond is also listed on the stock exchanges in Berlin, Hamburg, Hann over, Munich and Stuttgart .
    2.7. 1. 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 31 Dec ember 2018 , the trad ing volume amounted to EUR 27.766 million (nominal value ,
    including the volume traded in Berlin, Munich & Stuttgart ) with an opening price of 100.00 and a closing price of 103 .65 in Frankfurt . During
    this period the average daily turnover amounted to EUR 94,122. The target volume of EUR 30 million was subscribed to in full as of 7
    September 2018.
    In 2018Q4 , the t rading volume amounte d to EUR 2,882 ,000 with an opening price of 1 02.25 and a closin g price of 103.6 5 in Frankfurt. The
    average d aily turnover amounted to EUR 46,484 .
    2.7. 2. CZK Bond trading performance in Prague
    In the trading period from 12 December 2016 until 31 December 2018 the trading volume amounted to CZK 8. 850 million (nominal value) with
    a closing price of 100.00.

    0
    500,000
    1,000,000
    1,500,000
    2,000,000
    2,500,000
    3,000,000
    97.00
    98.00
    99.00
    100.00
    101.00
    102.00
    103.00
    104.00
    105.00
    Monthly turnover - right axis closing price - left axis
    97.00
    98.00
    99.00
    100.00
    101.00
    102.00
    103.00
    104.00
    105.00
    MAX monthly price MIN monthly price Closing price



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    Photon Energy N.V. | Barbara Strozzilaa n 201 | Amsterdam 1083 HN |The Netherlands | Corporate number: 51447126 | VAT number: NL850020827B01 | www.photonenergy.com | T + 31.202.402.570 Page 17 of 41
    2.8. Financial statement analysis
    Profit and Loss statement
    Un audited conso lidated revenues for the full year 2018 increased 17 .6% to EU R 20.256 million . This strong outcom e was driven by an
    outstanding electricity production and by a solid increase in other revenue streams. In 2018Q4, revenues decreased by 15.5 % YOY from EUR
    4.280 million to EUR 3.615 million in 2018Q4 , linked to the exceptional level of wholesale of PV technology in the same period last year.
    The decrease in Technology sale was however compensated by an increase in more profitable activities, resulting in an increase in operating
    margins: c onsolidated EBITDA increased by 5.6% to EUR 0.547 million and Consolid ated EBIT improved to EUR -0.384 million (+9.7% YOY) in
    2018Q4. YTD, EBITDA rose 4.9% to EUR 8.239 million and EBIT grew by 15.1% to EUR 2.637 million.
    In 2018Q4, the Company recorded a loss before taxation of EUR 1.818 million, compared to a loss of EUR 0.993 million for the same period last
    year ( -83.1 %), resulting from an increase in interest costs connected to our corporate bonds and a negative accounting revaluation effect of
    derivatives . YTD, the Company nearly mu ltiplied by 5 its profit bef ore taxation to EUR 1.934 million, compared to EUR 0.346 million for the
    same period last year(+458.5 %), mainly driven by the results of the successful development work in Australia, materialized by a capital gain of
    EUR 3.074 m illion coming from the transaction signed with Canadian Solar already in 2018Q1.
    In 2018Q4, the Company recorded a net loss of EUR 2.345 million, compared to a loss of EUR 1.502 million for the same period last year ( -
    56.1 %). YTD, the Company’s net prof it came in at a record EUR 0.603 million, compared to a loss of EUR 0.807 million for the same period last
    year .
    The Company further reports positive consolidated total comprehensive income for the quarter and for the full year, mainly driven by the
    activation of our 8 power plants in Tiszakecke that were connected to the grid in December 2018.
    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.
    2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4
    Revenues 1,981 2,786 5,245 4,908 4,319 3,714 6,753 6,173 3,615
    Gross profit 1,323 2,165 4,212 4,021 1,896 2,184 4,906 4,696 2,054
    Gross margin 67% 78% 80% 82% 44% 59% 73% 76% 57%
    67% 78% 80% 82%
    44% 59%
    73% 76%
    57%
    0.0
    1.0
    2.0
    3.0
    4.0
    5.0
    6.0
    7.0
    8.0
    0%10%20%30%40%50%60%70%80%90%
    EUR mio

    2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4
    EBITDA 310 1,073 3,119 3,140 594 1,025 3,386 3,282 547
    EBIT -500 264 1,223 1,229 -350 180 1,470 1,371 -384
    EBIT margin -25% 9% 23% 25% -8% 5% 22% 22% -11%
    -2.0
    -1.0
    0.0
    1.0
    2.0
    3.0
    4.0
    -100%
    -50%
    0%
    50%
    100%
    150%
    200%
    EUR Mio




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Balance Sheet
    Total fixed assets amounted to EUR 83.867 million at the end of 2018 Q4 , a EUR 11 .764 million in crease compared to 201 8Q3 . The main
    reason s for the increase in assets is the a ctivation and revaluation of our 8 power plants in Tiszakecke that were connected to the grid i n
    December 2018, as well as the revaluation of our power plant in Fertod and the work -in-progress on our power plants in Almásfüzitő .
    Current assets decreased from EUR 34.493 million as of 30 September 201 8 to EUR 21.530 million as of 31 Dec ember 2018 mainly due a
    decrease in inventories as modules were used for our proprietary to -be-built power plants in Hungary and to a decrease in cash, for the
    purpose of investments.
    Current liabilities decreased from EUR 8.346 million in 201 8Q3 to EUR 7.414 million in 2018 Q4 , mainly due to a reduction of trade payables.
    Long term liabilities slightly decreased from EUR 68.617 million in 201 8Q3 to EUR 68.110 million in 2018 Q4 . The main driver of the change is
    the repayment of t he long -term portion of bank loans at the SPV level . The recently announced refinancing agreement of our Hungarian
    portfolio will be drawn -down and therefore reflected in the books in 2019Q1.
    Chart 11 . Net current assets

    Chart 1 2. Break down of liabilities and equity

    Changes in equity
    Equity slightly increased to EUR 29.873 million in 2018Q4 from EUR 29.633 million in 201 8Q3 , mainly due to the positive net result.
    Cash Flow
    In 2018 Q4 , the Group posted a positive operating cash flow, which amounted to EUR 3.381 million. In 2017Q4 , the Group had posted a positive
    operating cash flow , which amounted to EUR 0.124 million, mainly as a result of working capital adjustments compared to the corresponding
    period last year.
    Financial cash flow was nega tive and amounted to EUR 2.008 million , made of borrowing repayments in the Czech Republic and in Slovakia and
    interest expenses.
    Investment cash flow equalled EUR 8.453 million in the reporting period , as a result of project development and investments in Hungary and in
    Australia.
    Overall, the c ash position increased by EUR 5.245 million in total within 2018 and amounted to EUR 12. 575 million at the end of the reporting
    period (EUR 7.333 million one year ago) .
    2.9. Financial forecasts
    The Company does not publish financial forecasts .

    3. General information about the Issuer

    1.3 0.5 0.6 0.7 1.1 0.6 1.1
    3.6 2.7
    -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 2018Q4
    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 41
    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 31 Dec ember 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.





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 11.02.2019 No. of shares % of capital No. of votes at the Shareholders Meeting % of votes at the Shareholders Meeting
    Solar Future Cooperatief U.A. 22,266,182 37.11 % 22,266,182 43.62 %
    Solar Power to the People Cooperatief U.A. 20,843 ,375 34.74 % 20,843 ,375 40.84 %
    Photon Energy N.V. 8,960 ,000 14.93 % 0 0.00%
    Free float 7,930 ,443 13.22 % 7,930 ,443 15.54 %
    Total 60,000,000 100.00% 51,040 ,000 100.00%
    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.
    With respect to a deed of transfer of Photon Energy N.V. shares from Solar Age Investments B.V. (“SAI”). to Solar Future Coop eratief U.A. and
    Solar Power to the People Coope ratief U. A. executed on 28 December 2018, SAI transferred 13,675,499 Photon Energy N.V. shares to Solar
    Future Cooperatief U.A. and 12,791,501 Photon Energy N.V. shares to Solar Power to the People Cooperatief U.A.
    - As from that date, SAI is no longer a sh areholder in the Company.
    - As the aforementioned transfers have been executed in proportion to Solar Future Cooperatief U.A. and Solar Power to the Peop le
    Cooperatief U.A.’ s respective shares in the capital of SAI (41.67% and 48.33%), the detailed transac tions have no impact on the
    ultimate ownership of the Company’s shares, which remains unchanged.


    6. Statutory bodies of the Issuer
    Board of Directors as of 31 Dece mber 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 2018Q4
    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 41
    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 92 professionals in six countries across two continents (headquartered in Amsterdam). With a track
    record of more than 60 MWp of grid -connected PV plants across five countries and more than 230 MWp of PV power plants under O& M
    management across two continents.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    8. Implementation of i nnovative activities in the Company
    None during the reporting period.

    9. Employees
    As of the end of 2018Q4 , Photon Energy had 92 employees (compared to 74 employees in 201 7Q4 ) which translates into 88.0 FTE (compared
    to 69 .4 FTE in 201 7Q4).
    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 program me, 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.

    69.4 75.4 80.8 86 88
    74 80 86 90 92
    0
    10
    20
    30
    40
    50
    60
    70
    80
    90
    100
    FTE
    No of employees



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    10. Group structure
    The followi ng 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 Suntop Stage 2 Solar farm Pty. Ltd. (former 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 (GIP 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. Alfemo AG
    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 2018Q4
    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 41
    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 100 % HU Full Cons. Alfemo AG
    74 P&P Solar Immo Kft. 35% HU Equity Alfemo AG
    75 Photon Energy Peru S.C.A. 99% PE Equity GIP AG
    Notes : Country of registration NL – the Netherlands SK – Slovakia
    CZ – the Czech Republic AUS – Australia
    DE – Germanz HU – Hungary
    CH – Switzerland PE – Peru
    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
    10 Kaliope s.r.o. 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 9 October 2018 in an intra -group transaction ALFEMO AG acquired 100% of the shares of the Hungarian SPV Fertod Napenergia -
    Termelo Kft fro m Photon Energy Projects s.r.o.
    On 15 October 2018 the SPV MUMBIL Solar Farm Pty Ltd has changed name to SUNTOP Stage 2 Solar Farm Pty Ltd. The reason for th e
    name change was, that the project in Mumbil became unfeasible and was replaced by Suntop Stage 2 project (an expansion of our
    Sun top project we were developing already).
    On 28 November 2018, ALFEMO AG increased its shareholding from 76% to 100% in the Hungarian SPV Ráció Master Oktatási Kft.
    On 13 December 2018 Global Investment Protection AG became 99% shareholder of Photon Energy Peru S.C.A.
    On 18 December 2018 Photon Energy Projects s.r.o. sold its 100% shares in Photon Energy HU SPV 1 kft to ALFEMO AG .

    After the reporting period the fol lowing events occurred:
    None.




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    11. Report on the key events material for the Group’s operations
    11.1. Summary of the key events from 1 October until 31 Dec ember 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 24/2018 published on 9 October 2018: Mo nthly report for September 2018 .
    EBI 25/2018 published on 5 November 2018: Quarterly report for 2018 Q3 .
    EBI 26/2018 publishedon 12 November 2018: Monthly report for October 2018.
    EBI 27/2018 published on 11 December 2018: Publication dates of periodic reports in 2019.
    EBI 28/2018 published on 11 December 2018: Monthly report for November 2018.

    In the period covered by this report the following current reports were published in the ESPI (Electronic Information Transmission System)
    system of Warsaw Stock Exchange:

    ESPI 20 /2018 published on 3 October 2018: Insider trading notification.
    ESPI 21 /2018 published on 17 October 2018: Insi der 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 with 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 .
    ESPI 26 /2018 published on 14 Novem ber 2018: Insider trading notification.
    ESPI 27 /2018 published on 22 Novem ber 2018: Insider trading notification.
    ESPI 28 /2018 published on 22 November 2018: Change in substantial blocks of shares.
    ESPI 29 /2018 published on 4 December 2018: Hungary Becomes Photon Energy's Second Largest O&M Market.
    ESPI 30 /2018 published on 11 December 2018: Development approval granted for our Suntop Solarfarm project in Australia.
    ESPI 31 /2018 published on 13 December 2018: Pho ton Energy connects eight power plants in Hungary for a total capacity of
    5.5MWp .
    ESPI 32 /2018 published on 23 December 2018: Insider trading notification.

    11.2. Summary of the key events after 31 December 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 1/2019 published on 17 January 2019 : Mo nthly report for December 201 8.
    EBI 2/2019 published on 29 January 2019: Publication date of t he annual report 2018 .
    After the period covered by this report the following current reports was published in the ESPI (Electronic Information Trans mission System)
    system of Warsaw Stock Exchange:
    ESPI 1/2019 published on 17 January 2019 : Photon Energy secures long -term financing for 11.5 MW p of PV power plants in Hungary .
    ESPI 2/2019 published on 17 January 2019 : Insider trading notification.
    ESPI 3/2019 published on 21 January 2019 : Photon Energy will install PV power plants with a combined capacity of 4.6 MWp for
    ALDI in Australia .



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    12. Detailed consolidated financial results for 2018Q 4
    The tables below present the consolidated and un-audited financial statements of Photon Energy N.V. for the period starting on 1 October
    2018 and ending on 31 Dec ember 2018 and the corresponding 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
    2017Q4 2018Q4 2017Q4 2018Q 4 2017Q4 2018Q4
    Total revenues 4,280 3,615 18,114 15,544 109,787 93,500
    Out of that: Revenues from electricity generation 1,379 1,587 5,838 6,821 35,383 41,031
    Out of that: Other revenues 2,900 2,029 12,273 8,723 74,389 52,468
    Cost of sales -2,337 -1,460 -9,891 -6,279 -59,951 -37,767
    Solar levy CZ -87 -101 -366 -433 -2,220 -2,605
    Gross profit 1,856 2,054 7,855 8,832 47,611 53,127
    Other income 222 245 938 1,055 5,682 6,346
    Administrative expenses -426 -816 -1,804 -3,510 -10,937 -21,114
    Personnel expenses -675 -827 -2,858 -3,557 -17,323 -21,396
    Other expenses -421 -109 -1,782 -469 -10,799 -2,819
    EBITDA 555 547 2,348 2,352 14,234 14,145
    Depreciation -944 -931 -3,995 -4,005 -24,213 -24,088
    EBIT -389 -384 -1,646 -1,653 -9,979 -9,943
    Interests income 30 41 125 175 757 1,051
    Financial revenues 0 0 0 0 0 0
    Interest cost s -648 -1,099 -2,742 -4,724 -16,622 -28,416
    Financial expenses -125 -40 -529 -171 -3,205 -1,026
    Revaluation of derivatives 221 -326 937 -1,400 5,680 -8,418
    Net finance expenses -522 -1,423 -2,209 -6,120 -13,389 -36,810
    Share of profit from associates / J -Vs -45 -11 -191 -45 -1,158 -272
    Profit / loss before taxation -956 -1,818 -4,046 -7,818 -24,525 -47,025
    Income tax – current -452 -553 -1,913 -2,378 -11,592 -14,306
    Income tax – deferred -58 26 -244 112 -1,478 674
    Profit/loss from continuing operations -1,466 -2,345 -6,203 -10,084 -37,595 -60,657
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation -1,466 -2,345 -6,203 -10,084 -37,595 -60,657
    Other comprehensive income for the period 699 2,528 2,958 10,867 17,930 65,367
    Total comprehensive income for the period -767 182 -3,245 783 -19,665 4,710 Profit/loss after taxation -1,466 -2,345 -6,203 -10,084 -37,595 -60,657
    Attributable to the equity holders -1,468 -2,365 -6,212 -10,167 -37,648 -61,157
    Attributable to minority interest 2 19 9 83 52 500
    Total comprehensive income for the period -767 2,041 -3,245 8,777 -19,66 5 52,794
    Attributable to the equity holders -769 2,051 -3,253 8,818 -19,717 53,039
    Attributable to minority interest 2 -9 9 -41 52 -245
    Average no. of shares outstanding (in thousand) 51,153 51,110 51,153 51,110 51,153 51,110
    Earnings per share outstanding -0.028 -0.046 -0.121 -0.197 -0.735 -1.187
    Comprehensive income per share outstanding -0.014 0.004 -0.063 0.015 -0.384 0.092
    EUR exchange rate – low 4.177 4.279 25.410 25.725
    EUR exchange rate – average 4.232 4.300 25.651 25.862
    EUR exchange rate – high 4.313 4.340 25.995 26.030
    Note: Exchange rate s provided by the European Central Bank




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Statement of Financial Position
    in Thousands EUR PLN CZK
    31. 12.2017 31.12 .2018 31.12 .2017 31.12 .2018 31.12 .2017 31.12 .2018
    Intangibles 0 0 0 0 0 0
    Property, plant and eq uipment 72,742 80,668 303,865 347,020 1,857,831 2,075,181
    Investments in associates /joint ventures 1,604 3,179 6,700 13,676 40,966 81,781
    Other investments 9 20 36 85 220 506
    Longterm receivables 0 0 0 0 0 0
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 74,354 83,867 310,578 360,781 1,899,012 2,157,468
    Inventories – Goods 1,345 1,148 5,619 4,940 34,358 29,541
    Trade receivables 1,459 2,342 6,095 10,075 37,263 60,251
    Other receivables 3,109 3,545 12,987 15,251 79,404 91,202
    Loa ns 650 156 2,715 673 16,598 4,022
    Gross amount due from customers for contract work 374 587 1,563 2,525 9,555 15,101
    Prepaid expenses 715 1,176 2,985 5,059 18,250 30,254
    Cash and cash equivalents 7,333 12,575 30,631 54,097 187,289 323,497
    Other S -T financial ass ets 352 0 1,472 0 8,999 0
    Assets held for sale 0 0 0 0 0 0
    Current assets 15,338 21,530 64,065 92,620 391,721 553,868
    Total assets 89,692 105,397 374,643 453,401 2,290,733 2,711,336
    0 0 Issued share capital 600 600 2,506 2,581 15,324 15,435
    Sha re premium 23,760 23,760 99,253 102,212 606,830 611,226
    Legal reserve fund 13 13 56 57 341 344
    Reserves 23,771 23,856 99,299 102,626 607,111 613,702
    Retained earnings -22,143 -18,317 -92,498 -78,796 -565,532 -471,203
    Equity attributable to owners of th e Company 26,001 29,913 108,614 128,680 664,066 769,504
    Non -controlling interests -19 -40 -80 -170 -487 -1,017
    Total equity 25,982 29,873 108,528 128,509 663,587 768,487
    0 Bank loan s 34,786 29,250 145,313 125,830 888,445 752,464
    Other long -term lia bilities 9,285 32,551 38,787 140,031 237,146 837,386
    Other loans 1,000 0 4,177 0 25,540 0
    Deferred tax liabilities 6,153 6,308 25,703 27,136 157,148 162,273
    Non -current liabilities 51,225 68,110 213,966 292,997 1,308,280 1,752,123
    Bank Loans 3,695 3,686 15,435 15,857 94,371 94,826
    Other loans 270 0 1,126 0 6,886 0
    Trade payables 238 1,114 994 4,791 6,079 28,648
    Other payables 1,263 2,184 5,276 9,397 32,257 56,193
    Other shortterm liabilities 6,533 0 27,290 0 166,853 0
    Current tax liabilities (incom e tax) 469 430 1,957 1,849 11,967 11,059
    Provisions 17 0 70 0 430 0
    Current liabilities 12,484 7,414 52,144 31,894 318,832 190,726
    Total Liabilities 63,709 75,524 266,131 324,891 1,627,128 1,942,849
    TOTAL Equity & Liabilities 89,692 105,397 374,670 453,401 2,290,734 2,711,335
    No. of shares outstanding in thousand 51,353 51,044 51,353 51,044 51,353 51,044
    Book value per share outstanding 0.506 0.585 2.113 2.518 12.922 15.055





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Cash Flow Statement

    in Thousands EUR PLN CZK
    2017Q 4 2018Q 4 2017Q 4 2018Q 4 2017Q 4 2018Q 4
    Profit/loss before taxation -993 -1,818 -4,202 -7,818 -25,467 -47,025
    Adjustments for: 0 0 0 0
    Depreciation 944 931 3,995 4,005 24,213 24,088
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity accounted investees 45 11 191 45 1,158 272
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items 91 -33 385 -142 2,334 -853
    Net finance expenses 0 1,423 0 6,120 0 36,810
    Changes in: 0 0 0 0
    Trade and other receivables 780 1,761 3,303 7,574 20,018 45,556
    Gross amount due from customers for contract work 157 88 663 376 4,018 2,264
    Prepaid expenses -213 24 -901 102 -5,461 612
    Inventories 1 3,067 4 13,188 24 79,327
    Trade and other payables -755 -2,164 -3,196 -9,305 -19,370 -55,971
    Other liabilities 66 92 281 395 1,705 2,373
    Operating cash flow 124 3,381 523 14,539 3,172 87,452
    Acquisition of property, plant and equipment 0 -7,514 0 -32,305 0 -194,319
    Acquisition of subsidiary (net of cash acquire d), associates, joint ventures -53 -844 -224 -3,629 -1,360 -21,831
    Acquisition of other investments 0 -95 0 -411 0 -2,470
    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 -53 -8,453 -224 -36,345 -1,360 -218,619
    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 1,000 0 4,232 0 25,651 0
    Repayment of borrowings -1,146 -892 -4,849 -3,835 -29,388 -23,066
    Proceeds from issuing bonds 6,853 -19 29,005 -80 175,798 -480
    Repayment of bonds -4,059 0
    Interest expenses -649 -1,098 -2,747 -4,721 -16,647 -28,397
    Financing cash flow 2,001 -2,008 8,468 -8,635 51,321 -51,943
    Net increase/decrease in cash and cash equivalents 2,071 -7,080 8,767 -30,442 53,134 -183,109
    Cash at the beginning of the period 4,670 19,657 19,765 84,515 119,796 508,367
    Effect of exchange rate fluctuation 591 0 2,677 0 15,160 0
    Cash at the end of the period 7,333 12,577 31,209 53,673 188,034 324,456
    EUR exchange rate – low 4.177 4.279 25.410 25.725
    EUR exchange rate – average 4.232 4.300 25.651 25.862
    EUR exchange rate – high 4.313 4.340 25.995 26.030





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    13. Detailed accum ulated consolidated financial results for 2018 Q1-Q4
    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 31 Dec ember 2018 and the corresponding period of the previous year. The reported data is presented in
    accordance with International Financial and Reporting Standards (IFRS).
    Statement of Comprehen sive Income
    in Thousands EUR PLN CZK
    2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4
    Total revenues 17,219 20,256 73,301 86,297 453,374 519,421
    Out of that: Revenues from electricity generation 11,782 12,537 50,161 53,415 310,228 321,500
    Out of that: Other revenues 5,437 7,718 23,147 32,883 143,157 197,920
    Cost of sales -4,145 -5,539 -17,644 -23,597 -109,126 -142,031
    Solar levy CZ -821 -877 -3,493 -3,736 -21,605 -22,489
    Gross profit 12,254 13,840 52,165 58,964 322,644 354,901
    Other income 517 392 2,201 1,669 13,612 10,045
    Administrative expenses -1,756 -2,342 -7,476 -9,976 -46,235 -60,046
    Personnel expenses -2,592 -3,371 -11,033 -14,363 -68,235 -86,453
    Other expenses -572 -280 -2,435 -1,191 -15,061 -7,171
    EBITDA 7,851 8,239 33,422 35,102 206,718 211,277
    Depreciation -5,560 -5,602 -23,672 -23,865 -146,404 -143,645
    EBIT 2,291 2,637 9,752 11,236 60,317 67,632
    Interests income 191 149 814 637 5,031 3,833
    Financial revenues 0 0 0 0 0 0
    Interests cost -2,710 -3,687 -11,536 -15,709 -71,347 -94,555
    Financial expenses -489 -434 -2,081 -1,848 -12,873 -11,123
    Revaluation of derivatives 997 171 4,245 729 26,253 4,385
    Net finance expenses -2,010 -3,801 -8,559 -16,192 -52,934 -97,459
    Share of profit from associates / J -Vs 66 23 280 100 1,736 602
    Disposal of investments 0 3,074 0 13,095 0 78,818
    Profit / loss before taxation 346 1,934 1,474 8,239 9,117 49,593
    Income tax – current -1,016 -1,218 -4,327 -5,190 -26,765 -31,237
    Income tax – deferred -137 -112 -583 -479 -3,604 -2,884
    Profit/loss from continuing operations -807 603 -3,436 2,571 -21,248 15,472
    Profit/loss from discontinued operations 0 0 0 0 0 0
    Profit/loss after taxation -807 603 -3,436 2,571 -21,251 15,472
    Other comprehensive income for the period 2,609 2,022 11,107 8,613 68,695 51,839
    Total comprehensive income for the period 1,802 2,625 7,671 11,183 47,444 67,310
    Profit/loss after taxation -807 603 -3,436 2,571 -21,248 15,472
    Attributable to the equity holders -788 624 -3,355 2,658 -20,748 15,997
    Attributable to minority interest -19 -20 -83 -87 -512 -525
    Total comprehensive income for the period 1,802 2,625 7,672 11,183 47,448 67,310
    Attributable to the equity holders 1,821 2,645 7,753 11,270 47,948 67,835
    Attributable to minority interest -19 -20 -83 -87 -512 -525
    Average no. of shares outstanding (in thousand) 51,017 51,290 51,017 51,290 51,017 51,290
    Earnings per share outstanding -0.015 0.012 -0.067 0.050 -0.417 0.302
    Comprehensive income per share outstanding 0.035 0.051 0.150 0.218 0.930 1.312
    EUR exchange rate – low 4.171 4.142 25.410 25.190
    EUR exchange rate – average 4.257 4.260 26.330 25.643
    EUR exchange rate – high 4.413 4.391 27.060 26.075
    Note: Excha nge rate provided by the European Central Bank



    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Cash Flow Statement
    in Thousands EUR PLN CZK
    2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4 2017Q1 -Q4 2018Q1 -Q4
    Profit/loss before taxation 346 1,934 1,473 8,239 9,111 49,593
    Adjustments for: 0 0 0 0
    Depreciation 5,560 5,602 23,672 23,865 146,404 143,645
    Other changes in fixed assets 0 0 0 0 0 0
    Share of profit of equity accounted investees -66 -23 -280 -100 -1,736 -602
    Profit /Loss on sale of property, plant and equipment 0 0 0 0 0 0
    Other non -cash items 247 -153 1,052 -652 6,504 -3,923
    Capital gains 0 -3,074 0 -13,095 0 -78,818
    Net finance expenses 0 3,801 0 16,192 0 97,459
    Changes in: 0 0 0 0
    Trade and other receivables -945 -1,318 -4,023 -5,615 -24,883 -33,794
    Gross amount due from customers for contract work -374 -213 -1,593 -907 -9,851 -5,459
    Prepaid expenses -326 -461 -1,388 -1,966 -8,585 -11,834
    Inventories -223 197 -950 839 -5,878 5,049
    Trade and other payables -2,013 1,797 -8,570 7,658 -53,003 46,091
    Other liabilities 454 -199 1,934 -846 11,960 -5,095
    Operating cash flow 2,661 7,889 11,327 33,612 70,056 202,311
    Acquisition of property, plant and equipment 0 -9,552 0 -40,696 0 -244,949
    Acquisition of subsidiary (net of cash acquired), associates, joint ventures -53 -2,532 -226 -10,788 -1,395 -64,931
    Acquisition of other investments 0 -404 0 -1,722 0 -10,366
    Proceeds from sale of investments 0 3,074 0 13,095 0 78,818
    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 -53 -9,415 -226 -40,111 -1,395 -241,429
    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 1,000 0 4,257 0 26,330 0
    Repayment of borrowings -5,064 -6,039 -21,560 -25,727 -133,345 -154,851
    Proceeds from issuing bonds 7,844 23,026 33,394 98,101 206,534 590,464
    Repayment of long term liabilities/bonds -4,059 -6,533
    Interest expenses -2,710 -3,687 -11,536 -15,708 -71,347 -94,547
    Financing cash flow -2,989 6,767 -12,724 28,832 -78,701 173,538
    Net increase/decrease in cash and cash equivalents -381 5,242 -1,623 22,333 -10,040 134,421
    Cash at the beginning of the period 5,420 7,333 23,074 31,242 142,710 188,043
    Effect of exchange rate fluctuation 2,294 0 9,766 0 60,401 0
    Cash at the end of the period 7,333 12,575 31,479 52,991 192,986 318,245
    EUR exchange rate – low 4.171 4.142 25.410 25.190
    EUR exchange rate – average 4.257 4.260 26.330 25.643
    EUR exchange rate – high 4.413 4.391 27.060 26.075







    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41

    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 31.12.2017 600 23,760 13 22,506 1,155 110 -22,143 26,001 -19 25,982
    Profit fo r the period 1.1.2018 – 31.12 .2018 624 624 -20 603
    Revaluation of PPE 2,366 2,366 2,366
    Share on revaluation of PPE of associates, JV 0 0
    Foreign currency translation differences -457 -457 -457
    Derivatives 113 113 113
    Acquisition of JV 0 0
    Total comprehensive income for the period 0 0 0 2,366 -457 113 624 2,645 -20 2,625
    Equity effect of JV capital increase* 1,267 1,267 1,267
    Move from . reserve to retained earnings -1,936 1,936 0 0
    BALANCE at 31.12 .2018 600 23,760 13 22,935 698 223 -18,317 29,913 -40 29,873

    * 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 4

    The tables below present the entity and unaudited financial statements of Photon Energy N.V. for the three -mont h period starting on 1
    October 2018 and ending on 31 Dec ember 2018 and the corresponding period of the previous year. The reported data is presented in
    accordance with Dutch Accounting Standards.

    Income Statement

    EUR PLN CZK in Thousands (except EPS) 2017Q4 2018Q4 2017Q4 2018 Q4 2017Q4 2018Q4
    Revenues from the sale of products, goods and services 460 536 1,947 2,305 11, 799 13,864
    Cost of sales -300 -360 -1,270 -1,548 -7,696 -9,310
    Gross profit 160 176 677 757 4,104 4,554
    Other administrative expenses -105 -187 -444 -802 -2,691 -4,825
    Other income 0 12 1 52 4 314
    Other expenses -258 -56 -1,092 -241 -6,619 -1,453
    EBITDA -203 -55 -858 -234 -5,202 -1,410
    Amortization & depreciation -3 0 -11 0 -68 0
    EBIT -205 -55 -870 -234 -5,270 -1,410
    Financial income 4,835 8,472 20,464 36,425 124,033 219,102
    Financial costs -2,438 -1,805 -10,318 -7,762 -62,539 -46,691
    Profit / loss before taxation 2,192 6,612 9,276 28,429 56,224 171,001
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) 2,192 6,612 9,276 28,429 56,224 171,001








    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Balance Sheet

    in Thousands EUR PLN CZK
    31. 12.2017 31.12 .2018 31.12 .2017 31.12 .2018 31.12 .2017 31.12.2018
    Intangibles 1 0 6 0 36 0
    Property, plant and equipment 0 0 0 0 0 0
    Investments in associates /joint ventures 30,328 46,100 126,688 198,315 774,573 1,185,921
    Other investments 0 404 0 1,739 0 10,399
    Longterm receivables 84 83 349 356 2,134 2,129
    Deferred tax assets 0 0 0 0 0 0
    Non -current assets 30,413 46,587 127,043 200,410 776,743 1,198,449

    Inventories – Goods 0 0 0 0 0 0
    Trade and other receivables 5,286 7,667 22,080 32,984 134,997 197,242
    Loans 10,265 16,813 42,878 72,326 262,157 432,508
    Gross amount due from customers for contract work 0 0 0 0 0 0
    Prepaid expenses 523 1,026 2,184 4,413 13, 350 26,389
    Cash and cash equivalents 2,789 5,377 11,651 23,132 71,232 138,330
    Current assets 18,862 30,883 78,792 132,854 481,736 794,469
    Total assets 49,275 77,470 205,836 333,264 1,2 58,479 1,992,918

    Issued share capital 600 600 2,506 2,581 15, 324 15,435
    Share premium 36,871 36,871 154,021 158,613 941,685 948,506
    Legal reserve fund 0 0 0 0 0 0
    Reserves 14,713 17,315 61,460 74,486 375,768 445,427
    Retained earnings -27,997 -24,830 -116,952 -106,814 -715,046 -638,750
    Profit/loss for the current period 1,953 8,406 8,160 36,163 49,891 216,256
    Equity attributable to owners of the Company 26,140 38,362 109,196 165,029 667,623 986,874
    Non -controlling interests 0 0 0 0 0 0
    Total equity 26,140 38,362 109,196 165,029 667,623 986,874

    Non -current liabilities 11,607 33,625 48,487 144,649 296,447 865,003
    Bank Loan 0 0 0 0 0 0
    Other long term liabilities 10,607 33,625 44,309 144,649 270,907 865,003
    Other loans 1,000 0 4,177 0 25, 540 0
    Deferred tax liabilities 0 0 0 0 0 0
    Current liabilities 11,527 5,483 48,152 23,585 294,409 141,041
    Bank Loans 0 0 0 0 0 0
    Other loans 270 0 1,126 0 6,886 0
    Trade and other payables 1,690 4,745 7,061 20,412 43, 169 122,063
    Other short term liabilities 9,567 738 39,965 3,174 244,355 18,978
    Current tax liabilities (income tax) 0 0 0 0 0 0
    Provisions 0 0 0 0 0 0
    Total Equity & Liabilities 49,275 77,470 205,834 333,264 1,2 58,479 1,992,918
    No. of shares outstanding in thousand 51,351 51,044 51,351 51,044 51,351 51,044
    Book value per share outstanding 0.509 0.752 2.126 3.233 13. 001 19.334






    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    15. Detailed accumulated entity financial results for 2018 Q1-Q4
    The tables below present the entity and unaudited financial statements of Photon Energy N.V . for the nine -month period starting on 1 October
    2018 an d ending on 31 Dec ember 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-Q4 201 8 Q1-Q4 2017 Q1-Q4 2018 Q1-Q4 2017 Q1-Q4 201 8 Q1-Q4
    Revenues from the sale of products, goods and services 1,752 1,891 7,458 8,056 46, 126 48,488
    Cost of sales -1,241 -1,429 -5,284 -6,088 -32, 679 -36,646
    Gross profit 511 462 2,174 1,967 13, 447 11,842
    Other administrative expenses -466 -534 -1,983 -2,275 -12, 262 -13,694
    Other income 3 3,096 11 13,192 71 79,402
    Other expenses -263 -85 -1,121 -361 -6,935 -2,174
    EBITDA -216 2,939 -918 12,523 -5,679 75,376
    Amortization&depreciation -11 -3 -45 -12 -280 -70
    EBIT -226 2,937 -963 12,512 -5,959 75,306
    Financial income 5,702 8,783 24,274 37,419 150,129 225,222
    Financial costs -3,522 -3,313 -14,994 -14,115 -92,735 -84,959
    Profit / loss before taxation 1,953 8,406 8,316 35,815 51, 434 215,569
    Income tax 0 0 0 0 0 0
    Profit/loss for the period (net income) 1,953 8,406 8,316 35,815 51, 434 215,569





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 31 Dec ember 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 31 Dec ember 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 5,241 12,537 2,200 0 278 20,256 0 20,256 Revenues within segments from sale of products, goods, services 17,966 299 912 0 4,552 23,728 -23,728 0 Cost of sale -16,649 -1,180 -1,616 0 -178 -19,624 14,086 -5,539 Levy 0 -877 0 0 0 -877 0 -877 Gross profit 6,558 10,779 1,495 0 4,651 23,482 -9,643 13,840 Other external income 2 178 36 0 175 392 0 392 Administrative and other expenses -3,200 -489 -2,277 0 -4,905 -10,872 4,879 -5,993 Depreciation -10 -5,483 -76 0 -33 -5,602 0 -5,602 Operating income 3,350 4,985 -823 0 -113 7,399 -4,763 2,636 Interest income 80 301 54 0 592 1,028 -878 149 Interest expenses -188 -1,851 -124 0 -2,403 -4,565 879 -3,687 Other financial revenues 0 0 0 0 0 0 0 0 Other financial expenses -259 -37 -44 0 -94 -434 0 -434 Revaluation of derivatives 0 171 0 0 0 171 0 171 Profit/loss share in entities in equivalency 0 0 0 23 0 23 0 23 Disposal of investment 0 0 0 0 3,074 3,074 0 3,074 Income tax -219 -989 0 0 -9 -1,218 0 -1,218 Deferred tax 0 -112 0 0 0 -112 0 -112 Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0 Profit/loss after taxation 2,764 2,468 -937 23 1,048 5,366 -4,763 603 Revaluation of property, plant and equipment 0 2,366 0 0 0 2,366 0 2,366 Foreign currency translation diff. - foreign operations 0 -457 0 0 0 -457 0 -457 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) 0 113 0 0 0 113 0 113 Total comprehensive income 2,764 4,489 -937 23 1,048 7,388 -4,763 2,625
    Assets, of which 18,665 92,842 5,327 3,179 46,785 166,798 -61,402 105,397 PPE – Lands 0 3,615 0 0 451 4,066 0 4,066 PPE – Photovoltaic power plants 0 69,893 0 0 0 69,893 0 69,893 PPE – Equipment 0 0 0 0 3 3 0 3 PPE – Assets in progress 5 6,036 436 0 230 6,707 0 6,707 Intangibles 0 0 0 0 0 0 0 0 Trade and other receivables 17,568 6,545 4,236 0 38,939 67,289 -61,402 5,887 Loans 0 0 0 0 156 156 0 156 Gross amount due from customers for contract work 277 0 0 0 310 587 0 587 Inventories – Goods 333 324 441 0 51 1,148 0 1,148 Investments in associates, JV, other 0 0 9 3,179 11 3,199 0 3,199 Deferred tax receivables 0 0 0 0 0 0 0 0 Long term receivables 0 0 0 0 0 0 0 0 Prepaid expenses 18 27 22 0 1,109 1,176 0 1,176 Assets held for sale 0 0 0 0 0 0 0 0 Cash and cash equivalents 464 6,402 184 0 5,525 12,575 0 12,575 Other S -T financial assets 0 0 0 0 0 0 0 0 Liabilities, of which 18,345 54,988 9,890 0 53,703 136,926 -61,402 75,524 Trade and other payables 17,981 14,970 9,774 0 21,976 64,700 -61,402 3,298 Bank Loans and other loans 0 32,936 0 0 0 32,936 0 32,936 Other long term liabilities 0 674 117 0 31,761 32,551 0 32,551 Other short term liabilities 0 0 0 0 0 0 0 0 Current tax liabilities (income tax) 364 100 -1 0 -33 430 0 430 Provisions 0 0 0 0 0 0 0 0 Deferred tax liabilities 0 6,308 0 0 0 6,308 0 6,308




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    Results of the operating segments for the period from 1 January 201 7 to 31 Dec ember 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 3,091 11,782 2,109 0 237 17,219 0 17,219
    Revenues within segments from sale of products, goods, services 572 0 1,488 0 3,239 5,299 -5,299 0
    Cost of sale -2,806 -891 -1,390 0 -180 -5,267 1,122 -4,145
    Energy levy 0 -821 0 0 0 -821 0 -821
    Gross profit 856 10,077 2,207 0 3,296 16,430 -4,177 12,254
    Other external income 59 105 78 0 276 517 0 517
    Administrative and other expenses -1,159 -359 -2,717 0 -4,861 -9,096 4,177 -4,920
    Depreciation 0 -5,469 -61 0 -30 -5,560 0 -5,560
    Operating income -244 4,354 -493 0 -1,320 2,291 0 2,291
    Interest income 44 246 27 0 944 1,262 -1,071 191
    Interest expenses -77 -2,340 -97 0 -1,268 -3,781 1,071 -2,710
    Other financial revenues 0 0 0 0 0 0 0 0
    Other financial expenses 10 -7 -6 0 -486 -489 0 -489
    Revaluation of derivatives 0 997 0 0 0 997 0 997 Profit/loss share in entities in equivalency 0 0 0 66 0 66 0 66
    Income tax -1 -1,014 -1 0 -1 -1,016 0 -1,016
    Deferred tax 0 -137 0 0 0 -137 0 -137 Profit/loss from discontinuing operations 0 0 0 0 0 0 0 0
    Profit/loss after taxation -268 2,100 -569 66 -2,129 -807 0 -807 Revaluation of property, plant and equipment 0 0 0 0 0 0 0 0
    Foreign currency translation diff. - foreign operations 0 0 0 2,294 0 2,294 0 2,294
    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 0 315 0 315 0 315
    Total comprehensive income -268 2,100 -569 2,675 -2,129 02 0 1,802

    Assets, of which 5,148 84,904 4,061 1,605 22,265 117,982 -28,290 89,692 PPE – Lands 0 3,137 0 0 0 3,137 0 3,137 PPE – Photovoltaic power plants 0 68,752 0 0 0 68,752 0 68,752 PPE – Equipment 0 0 145 0 39 184 0 184 PPE – Assets in progress 92 0 188 0 443 723 -54 669 Intangibles 0 0 0 0 0 0 0 0 Trade and other receivables 4,464 7,948 3,165 0 17,227 32,804 -28,236 4,568 Loans 0 0 0 0 650 650 0 650 Gross amount due from customers for contract work 148 0 0 0 226 374 0 374 Inventories – Goods 368 557 405 0 14 1,345 0 1,345 Investments in associates, JV, other 0 0 0 1,605 9 1,613 0 1,613 Deferred tax receivables 0 0 0 0 0 0 0 0 Long term receivables 0 0 0 0 0 0 0 0 Prepaid expenses 9 70 36 0 600 715 0 715 Assets held for sale 0 0 0 0 0 0 0 0 Cash and cash equivalents 66 4,440 121 0 2,705 7,333 0 7,333 Other S -T financial assets 0 0 0 0 352 352 0 352 Liabilities, of which -6,791 -47,634 -7,030 0 -30,490 -91,945 28,236 -63,709 Trade and other payables -6,791 -2,032 -6,891 0 -14,022 -29,737 28,236 -1,501 Bank Loans and other loans 0 -38,481 0 0 -1,270 -39,751 0 -39,751 Other long term liabilities 0 -499 -139 0 -8,648 -9,285 0 -9,285
    Other short term liabilities 0 0 0 0 -6,533 -6,533 0 -6,533
    Current tax liabilities (income tax) 0 -469 0 0 0 -469 0 -469
    Provisions 0 0 0 0 -17 -17 0 -17
    Deferred tax liabilities 0 -6,153 0 0 0 -6,153 0 -6,153




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 provision is recognised , if as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably,
    and it is probable that an outflow of economic benefits will be required to settle the obligation. Provision s are determined by discounting the
    expected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the
    liability.

    Presentation of Financial information

    Financial information is pre sented 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 cash flow statement is prepared using an indirect method.

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




    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 41
    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 m ethod of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured
    as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly
    attributable to the acquisition.

    The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If
    the cost of acquisition is less than the fair value of t he net assets 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 adopt ed 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 carrying amount of the
    investment.

    When the Group’s share of losses exceeds its interest in an equity -accounted investee, the carrying amount of that interest, including any long -
    term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Gro up 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 activit ies from which it may earn revenues and incur r expenses,
    including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating
    results are reviewed regularly by the Group’s management and di rectors to make decisions about resources to be allocated to the segment and
    to assess its performance, and for which discrete financial information is available.

    The Company´s Management has assessed the Group´s business from the segment reporting perspe ctive and decided that they financial
    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 2018Q4
    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 41
    PV Investment – This segment represents OCI of the Group flowing from the revaluat ion of the PV producing electricity and it is related to
    project companies that generate revenues as shown in the segment Production of electricity.
    Operations, maintenance and PVPP supervision
    Other, not related to any of the above mentioned segments.

    Other operations include financing and insurance solutions for PV investors, intermediating investments in rooftop photovoltaic 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 report ing 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 presen tation currency.

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

    Exchange rates as shown in table below were applied. All exchange rates 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 according 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 4 2018Q 4 2017Q 4 2018Q 4
    EUR exchange rate – low 4.177 4.280 25. 410 25. 724
    EUR exchange rate – high 4.3 13 4.339 25.995 26.032
    EUR exchange rate – average 4.2 32 4.299 25.651 25. 864
    EUR exchange rate – end of period 4.177 4.301 25. 540 25.724


    (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 consolidation into EUR using
    year -end rate s for the balance sheet and average rate s for profit/loss items.

    Property, plant and equipment

    Property, plant and equipment are carried at their fair val ues, with the exemption of fixed assets under construction which are 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 2018Q4
    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 41
    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. Th e 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 an d 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 nomin al 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. Signif icant 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 is
    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 enacted or substantively enacted at the reporting da te in the countries
    where the Company’s subsidiaries and associates operate and generate taxable income.

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





    Photon Energy N.V. Consolidated and Entity Financial Reports for 2018Q4
    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 40 of 41
    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, 11 February 2019




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





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


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

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

Oceń raport:


Pozytywny

Neutralny

Negatywny

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

Zgłoś moderatorowi
Copyright © 2017 iGPW
PiriBit Sebastian Urbański
ul. Okopowa 113/19 p.1
91-849 Łódź
NIP: 888-28-35-649