The bond (ISIN: DE 000A19MFH4) can be bought only through the Open Market of the Frankfurt Stock exchange and other regional exchanges in Munich, Stuttgart, Hamburg, Hannover or Berlin at the actual trading price.
If you have any questions, you can contact us directly at firstname.lastname@example.org.
The new bond was primarily issued for refinancing of the outstanding bond 2013/2018 (ISIN DE000A1HELE2). Additional proceeds will be invested with focus on Australia and Hungary.
The issued volume is EUR 43.5 million.
The new bond was primarily being issued for refinancing of the outstanding bond 2013/2018 (ISIN DE000A1HELE2). We have built up a reliable track record of quarterly coupons paid, as well as a stable trading price, which on average was above 100%. We want to offer investors a follow-up investment vehicle.
Additional proceeds will be used to expand our portfolio of power plants in Australia and Hungary. The overall goal is to increase the volume of proprietary power plants in order to generate more free cash-flow.
We are already active in both markets. In Australia we have built several power plants since entering the market in 2011 and are now developing large-scale projects for our proprietary portfolio.
In Hungary we have been developing projects since 2016 and have acquired our first ready-to-build projects in 2017.
Since our foundation in 2008, Photon Energy has developed, built and commissioned over 90 MWp of power plants in Germany, Italy, the Czech Republic, Slovakia, Australia and Hungary.
We have been active in Australia since 2011 and in Hungary since 2016. In Australia we have built several large-scale rooftop PV plants, as well as PV storage projects. We currently have large-scale projects in Australia under development for our own proprietary portfolio (currently 2 projects totalling 48.9 MWp). In Hungary, we are currently developing 50.3 MWp of projects and are at the same time acquiring ready-to-build projects. In March 2018 we built and connected our first project.
The bond is aimed at risk-oriented institutional and private investors, who expect an adequately above-average return on a medium-length investment of five years.
The payment of coupons is secured through the revenues from our existing power plants, which in 2017 generated free cash flows of EUR 2.98 million.
For a complete list of risks, please refer to the Bond Prospectus, which you can download here.
The bonds are traded on the Open Market of the Frankfurt Stock Exchange as well as regional stock exchanges in Germany.
- Record results in 2018: Highest sales in the company’s history with EUR 20.3 million (+17.8% compared to previous year), strongest EBITDA with EUR 8.1 million (+3.7%) and EBIT with EUR 2.5 million (+11.0%).
- Continued sales growth and more balanced earnings between segments compared to previous years.
- Continuous improvement of operating result (EBITDA) up to pre-tax profit in previous years. EBITDA growth of 3.7% year-on-year in 2018. Increase of pre-tax profit by 431.4 % to EUR 1.8 million.
- Solid balance sheet with EUR 82.5 million non-current assets, total assets of EUR 106.4 mullion and equity of EUR 29.8 million as of December 31, 2018.
- Strongly improved financial ratios with net debt / EBITDA reduced from 14.3x in 2014 to 6.5x, net debt / equity from 1.8x as of December 31, 2018.
The bonds are traded on the Frankfurt Stock Exchange, where they can be sold through the market. There is no guarantee that a stable and active trading environment will exist.
However, the trading track record of our outstanding EUR bond is encouraging. In the trading period from 27 October 2017 until 31 July 2018, the trading volume amounted to EUR 16.754 million (nominal value, including the volume traded in Berlin, Munich & Stuttgart) with an opening price of 100.00 and a closing price of 100.04 in Frankfurt. During this period the average daily turnover amounted to EUR 88,179.
For a complete list of bondholders’ rights please refer to the Bond Prospectus.
If you have any unanswered questions, let us know by either writing us an email at email@example.com or calling us at +420 277 002 921.
Detailed information is also available in the Bond Prospectus, which you can download here.
More information about Photon Energy can be found at www.photonenergy.com.