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    PEN   NL0010391108

PHOTON ENERGY N.V.

(PEN)
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Photon Energy N : Monthly Report for August 2021

09/14/2021 | 04:22am EDT

Photon Energy N.V.

Monthly Report for August 2021

For the period from 1 to 31 August 2021

Photon Energy N.V.

Monthly Report for August 2021

1. Information on the occurrence of trends and events in the market environment of the

Issuer, which in the Issuer's opinion may have important consequences in the future for the financial condition and results of the Issuer

1.1 Production results of Photon Energy's power plants in the reporting period

The Company reports 71.2 GWh of electricity produced YTD compared to 55.0 GWh one year ago (+29.5%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since August 2020) and of our two utility-scale PV power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 28,561 tonnes of CO2 emissions year-to-date.

Year-to-date the overall performance of the power plants in Photon Energy's portfolio is still in line with forecasts (-0.9%), even though the proprietary portfolio underperformed the audits by 7.9% in August.of

For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Photon Energy commissioned 14.6 MWp Utility- scale Solar Farms in Australia

During the reporting period, the Company announced that it has commissioned its first two utility-scale photovoltaic (PV) power plants in Australia, with a combined capacity of 14.6 MWp. Located in Leeton, New South Wales, the two facilities expand the Group's installed base in Australia to 14.7 MWp, and its total proprietary portfolio of PV power plants to 89.3 MWp.

The municipality of Leeton is located in the heart of the Murrum- bidgee Irrigation Area, famous for the production of wine and citrus fruits. It is also an area of significant energy use; energy which has traditionally been generated by large coal power plants located hundreds of kilometres away.

Representing the first Australian utility-scale PV power plants in the Group's IPP portfolio, both solar farms use bi-facial PV modules mounted on single-axis trackers, and are connected to the grid owned and operated by Essential Energy as a non-scheduled generator. The plants are expected to produce approximately 27.8 GWh of clean electricity per year.

The electricity is sold on the National Electricity Market on a merchant basis, as well as the Large Generation Certificates (LGCs) generated by the plant. This means no power purchase agreements (PPAs) have been entered into by the Company. However, they may play a role in the plants' future revenue man- agement strategy, alongside other hedging options.

Photon Energy developed the projects in-house and delivered engineering, procurement and construction services through its

subsidiary Photon Energy Engineering Australia Pty Ltd. The Group's subsidiary Photon Energy Operations Australia Pty Ltd provides long-term monitoring and operations and maintenance services to both power plants.

1.3 Extraordinary General Meeting held on 5 August

On 5 August 2021, the Company held an Extraordinary General Meeting which voted in favour to amend the qualified majority to limit or exclude pre-emptive rights or to designate the management board competent to limit or exclude pre-emptive rights. The adoption of such a resolution now requires a majority of at least 80% of the votes cast. Prior to that date, such a resolution had to be adopted by an absolute majority of the votes cast or a majority of at least two thirds of the votes cast, in case less than half of the issued share capital is represented at the general meeting.

1.4 Photon Energy considers new bond issuance

Shortly after the reporting period, the Company announced its intention to issue a new corporate bond, initially to be offered by way of an exchange offer to holders of the existing 7.75% 2017/2022 bond (DE000A19MFH4) which will mature on 27 October 2022. The new bonds not subscribed by existing bond- holders would then be offered by way of a public offering and a private placement to qualified investors in the Federal Republic of Germany, the Republic of Austria, the Grand Duchy of Luxem- bourg and potentially further Central European countries.

Whether and to what extent the bonds will be issued will depend on the outcome of a pre-sounding with selected institutional investors and the then-prevailing market conditions.

Bankhaus Scheich Wertpapierspezialist AG, Frankfurt am Main, has been mandated as Sole Global Coordinator to organise the pre-sounding activities and to manage the potentially ensuing bond transaction.

1.5 Reporting on Photon Energy's project pipeline

Photon Energy is currently developing PV projects in Australia (160.0 MWp), Hungary (96.5 MWp), Romania (226.2 MWp) and Poland (115.8 MWp), and is evaluating further markets for oppor- tunities.

For detailed information, please refer to chapter 3 "Reporting on Photon Energy's project pipeline".

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

2/12

Photon Energy N.V.

Monthly Report for August 2021

2. Proprietary PV power plants

The table below represents power plants owned directly or indirectly by Photon Energy N.V. as of the date of the report.

Table 1. Production results in August 2021

Project name

Capacity

Feed-in-Tariff

Prod. 2021

Proj. 2021

Perf.

YTD Prod.

YTD Proj.

Perf.

YTD YoY

August

August

Unit

kWp

per MWh,

kWh

kWh

%

kWh

kWh

%

%

in 2021

Komorovice

2,354

CZK 15,117

255,026

316,400

-19.4%

1,804,511

1,968,785

-8.3%

-11.4%

Zvíkov I

2,031

CZK 15,117

227,829

283,472

-19.6%

1,674,375

1,803,770

-7.2%

-10.8%

Dolní Dvořiště

1,645

CZK 15,117

181,023

213,382

-15.2%

1,254,439

1,309,986

-4.2%

-6.7%

Svatoslav

1,231

CZK 15,117

127,148

162,603

-21.8%

885,686

958,208

-7.6%

-9.5%

Slavkov

1,159

CZK 15,117

140,814

166,949

-15.7%

1,011,322

1,051,547

-3.8%

-6.8%

Mostkovice SPV 1

210

CZK 15,117

23,310

27,479

-15.2%

164,336

174,734

-6.0%

-7.9%

Mostkovice SPV 3

926

CZK 16,240

106,532

123,170

-13.5%

747,449

776,534

-3.7%

-6.2%

Zdice I

1,499

CZK 15,117

176,665

204,364

-13.6%

1,247,388

1,327,736

-6.1%

-9.4%

Zdice II

1,499

CZK 15,117

178,416

206,153

-13.5%

1,275,385

1,346,215

-5.3%

-8.9%

Radvanice

2,305

CZK 15,117

276,433

317,368

-12.9%

1,863,983

1,985,956

-6.1%

-8.6%

Břeclav rooftop

137

CZK 15,117

16,424

15,842

3.7%

119,847

119,685

0.1%

-7.9%

Total Czech PP

14,996

1,709,620

2,037,181

-16.1%

12,048,721

12,823,154

-6.0%

-9.0%

Babiná II

999

EUR 425.12

116,139

131,247

-11.5%

759,889

771,474

-1.5%

-2.8%

Babina III

999

EUR 425.12

115,391

134,115

-14.0%

773,849

780,972

-0.9%

-2.4%

Prša I.

999

EUR 425.12

124,478

140,588

-11.5%

777,765

833,535

-6.7%

-4.7%

Blatna

700

EUR 425.12

85,907

93,841

-8.5%

568,170

573,097

-0.9%

-2.2%

Mokra Luka 1

963

EUR 382.61

128,427

142,006

-9.6%

883,999

869,497

1.7%

-4.8%

Mokra Luka 2

963

EUR 382.61

129,085

142,898

-9.7%

896,954

903,366

-0.7%

-4.1%

Jovice 1

979

EUR 382.61

104,275

118,636

-12.1%

660,057

700,086

-5.7%

-6.9%

Jovice 2

979

EUR 382.61

103,533

118,760

-12.8%

655,950

692,276

-5.2%

-7.1%

Brestovec

850

EUR 382.61

112,835

127,171

-11.3%

735,709

797,605

-7.8%

-12.6%

Polianka

999

EUR 382.61

114,946

130,778

-12.1%

756,335

776,798

-2.6%

-5.3%

Myjava

999

EUR 382.61

124,866

142,021

-12.1%

862,703

880,859

-2.1%

-7.4%

Total Slovak PP

10,429

1,259,882

1,422,061

-11.4%

8,331,380

8,579,565

-2.9%

-5.6%

Tiszakécske 1

689

HUF 34,140

100,755

101,592

-0.8%

661,652

653,632

1.2%

-3.0%

Tiszakécske 2

689

HUF 34,140

100,800

101,724

-0.9%

663,655

656,544

1.1%

-3.1%

Tiszakécske 3

689

HUF 34,140

99,851

100,972

-1.1%

646,585

643,763

0.4%

-3.4%

Tiszakécske 4

689

HUF 34,140

100,800

101,724

-0.9%

666,132

656,544

1.5%

-3.0%

Tiszakécske 5

689

HUF 34,140

100,620

101,592

-1.0%

619,831

653,632

-5.2%

-7.8%

Tiszakécske 6

689

HUF 34,140

100,646

101,724

-1.1%

663,160

656,544

1.0%

-3.0%

Tiszakécske 7

689

HUF 34,140

100,712

101,562

-0.8%

663,802

653,311

1.6%

-2.7%

Tiszakécske 8

689

HUF 34,140

100,071

101,457

-1.4%

659,135

651,742

1.1%

-2.9%

Almásfüzitő 1

695

HUF 34,140

92,987

99,877

-6.9%

650,488

648,310

0.3%

-2.4%

Almásfüzitő 2

695

HUF 34,140

92,958

99,838

-6.9%

636,742

647,938

-1.7%

-2.4%

Almásfüzitő 3

695

HUF 34,140

91,756

99,692

-8.0%

634,008

645,654

-1.8%

-0.9%

Almásfüzitő 4

695

HUF 34,140

95,485

99,991

-4.5%

655,254

649,469

0.9%

-2.4%

Almásfüzitő 5

695

HUF 34,140

95,647

99,739

-4.1%

662,583

646,393

2.5%

-2.4%

Almásfüzitő 6

660

HUF 34,140

95,683

95,854

-0.2%

659,358

622,115

6.0%

-2.4%

Almásfüzitő 7

691

HUF 34,140

95,750

99,177

-3.5%

657,990

642,756

2.4%

-2.5%

Almásfüzitő 8

668

HUF 34,140

96,507

96,870

-0.4%

661,108

629,055

5.1%

-2.3%

Nagyecsed 1

689

HUF 34,140

99,189

100,199

-1.0%

651,445

637,775

2.1%

-2.1%

Nagyecsed 2

689

HUF 34,140

98,977

100,199

-1.2%

653,399

637,775

2.4%

-1.7%

Nagyecsed 3

689

HUF 34,140

99,478

100,360

-0.9%

654,622

638,454

2.5%

-2.4%

Fertod I

528

HUF 34,140

71,310

72,477

-1.6%

514,050

477,567

7.6%

-6.0%

Fertod II No 2

699

HUF 34,140

94,408

99,011

-4.6%

657,388

648,985

1.3%

-5.5%

Fertod II No 3

699

HUF 34,140

92,691

99,011

-6.4%

670,531

648,985

3.3%

-3.6%

Fertod II No 4

699

HUF 34,140

92,863

99,011

-6.2%

664,048

648,985

2.3%

-4.3%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

3/12

Photon Energy N.V.

Monthly Report for August 2021

Project name

Capacity

Feed-in-Tariff

Prod. 2021

Proj. 2021

Perf.

YTD Prod.

YTD Proj.

Perf.

YTD YoY

August

August

Unit

kWp

per MWh,

kWh

kWh

%

kWh

kWh

%

%

in 2021

Fertod II No 5

691

HUF 34,140

93,621

98,132

-4.6%

667,193

651,280

2.4%

-3.6%

Fertod II No 6

699

HUF 34,140

93,136

99,011

-5.9%

666,074

648,985

2.6%

-3.4%

Kunszentmárton I No 1

697

HUF 34,140

102,690

107,454

-4.4%

685,970

682,839

0.5%

-2.4%

Kunszentmárton I No 2

697

HUF 34,140

102,639

107,459

-4.5%

684,185

682,909

0.2%

-1.9%

Kunszentmárton II No 1

693

HUF 34,140

104,633

110,252

-5.1%

698,439

659,939

5.8%

110.6%

Kunszentmárton II No 2

693

HUF 34,140

105,353

110,154

-4.4%

701,295

660,139

6.2%

76.6%

Taszár 1

701

HUF 34,140

95,185

99,470

-4.3%

665,486

676,222

-1.6%

-4.9%

Taszár 2

701

HUF 34,140

98,659

99,470

-0.8%

669,502

676,222

-1.0%

-4.9%

Taszár 3

701

HUF 34,140

99,433

99,470

0.0%

675,694

676,222

-0.1%

-3.4%

Monor 1

688

HUF 34,140

98,299

104,061

-5.5%

675,876

662,247

2.1%

0.7%

Monor 2

696

HUF 34,140

98,724

104,311

-5.4%

667,190

670,804

-0.5%

-1.0%

Monor 3

696

HUF 34,140

98,727

104,311

-5.4%

668,718

670,804

-0.3%

-0.8%

Monor 4

696

HUF 34,140

99,207

104,311

-4.9%

673,282

670,804

0.4%

-0.9%

Monor 5

688

HUF 34,140

98,340

103,653

-5.1%

673,189

659,956

2.0%

-1.4%

Monor 6

696

HUF 34,140

98,843

104,311

-5.2%

672,332

670,804

0.2%

-1.5%

Monor 7

696

HUF 34,140

99,563

104,311

-4.6%

674,060

670,804

0.5%

-2.5%

Monor 8

696

HUF 34,140

98,346

104,311

-5.7%

671,766

670,804

0.1%

-1.5%

Tata 1

672

HUF 34,140

107,017

119,470

-10.4%

715,856

741,438

-3.5%

7.1%

Tata 2

676

HUF 34,140

90,214

100,254

-10.0%

621,772

647,781

-4.0%

8.9%

Tata 3

667

HUF 34,140

90,855

98,532

-7.8%

622,000

634,609

-2.0%

5.3%

Tata 4

672

HUF 34,140

108,808

122,276

-11.0%

725,126

758,279

-4.4%

7.5%

Tata 5

672

HUF 34,140

107,236

122,682

-12.6%

679,704

760,692

-10.6%

0.4%

Tata 6

672

HUF 34,140

106,987

120,807

-11.4%

721,119

749,307

-3.8%

5.1%

Tata 7

672

HUF 34,140

107,698

119,552

-9.9%

716,763

741,901

-3.4%

5.4%

Tata 8

672

HUF 34,140

109,511

121,318

-9.7%

731,565

752,516

-2.8%

9.0%

Malyi 1

695

HUF 34,140

92,324

101,312

-8.9%

643,919

646,934

-0.5%

63.2%

Malyi 2

695

HUF 34,140

93,901

101,405

-7.4%

646,523

647,674

-0.2%

65.9%

Malyi 3

695

HUF 34,140

93,980

101,405

-7.3%

646,486

647,674

-0.2%

62.8%

Puspokladány 1

1,406

HUF 34,140

229,402

250,904

-8.6%

1,556,708

1,555,311

0.1%

na

Puspokladány 2

1,420

HUF 34,140

241,130

248,219

-2.9%

1,582,525

1,521,920

4.0%

na

Puspokladány 3

1,420

HUF 34,140

234,244

243,540

-3.8%

1,564,612

1,489,514

5.0%

na

Puspokladány 4

1,406

HUF 34,140

235,247

249,029

-5.5%

1,561,873

1,545,090

1.1%

na

Puspokladány 5

1,420

HUF 34,140

239,605

247,714

-3.3%

1,594,215

1,519,474

4.9%

na

Puspokladány 6

1,394

HUF 34,140

230,734

249,564

-7.5%

1,546,157

1,536,290

0.6%

na

Puspokladány 7

1,406

HUF 34,140

235,224

248,890

-5.5%

1,560,890

1,544,392

1.1%

na

Puspokladány 8

1,420

HUF 34,140

235,946

244,140

-3.4%

1,568,602

1,493,763

5.0%

na

Puspokladány 9

1,406

HUF 34,140

235,108

248,756

-5.5%

1,499,697

1,543,702

-2.9%

na

Puspokladány 10

1,420

HUF 34,140

235,845

243,356

-3.1%

1,567,075

1,488,457

5.3%

na

Total Hungarian PP

49,098

7,356,360

7,741,232

-5.0%

49,490,403

49,024,432

1.0%

50.6%

Symonston

144

AUD 301.60

11,638

10,836

7.4%

101,153

102,545

-1.4%

6.2%

Leeton

7,300

AUD 63,03

612,720

671,047

-8.7%

612,720

671,047

-8.7%

na

Fivebough

7,300

AUD 63,03

651,570

717,555

-9.2%

651,570

717,555

-9.2%

na

Total Australian PP

14,744

1,275,928

1,399,438

-8.8%

1,365,443

1,491,148

-8.4%

nm

Total

89,267

11,601,790

12,599,913

-7.9%

71,235,947

71,918,299

-0.9%

29.5%

Notes:

Capacity: installed capacity of the power plant

Prod.: production in the reporting month - Proj.: projection in the reporting month

Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1.

YTD Prod.: accumulated production year-to-date i.e. from January until the end of the reporting month.

YTD Proj.: accumulated projection year-to-date i.e. from January until the end of the reporting month

Perf. YTD: performance of the power plant year-to-date i.e. (YTD prod. in 2021 / YTD proj. in 2021) - 1

YTD YOY: (YTD Prod. in 2021 / YTD Prod. in 2020) - 1.

.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

4/12

Photon Energy N.V.

Chart 1.a Total production of the Czech portfolio

MWhin

14,000

12,000

production

10,000

8,000

Cumulative

6,000

2,000

4,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 July August

Monthly Report for August 2021

Chart 1.b Total production of the Slovak portfolio

10,000

MWh

8,000

in

production

6,000

Cumulative

4,000

2,000

0

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Q1

Q2

July

August

Chart 1.c Total production of Hungarian portfolio

Cumulative production in MWh

60,000

50,000

40,000

30,000

20,000

10,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 Q2 July August

Chart 2. Generation results versus forecast between 1 January 2016 and 31 August 2021

14.0

12.0

10.0

MWh

8.0

6.0

4.0

2.0

0.0

Actual generation

Generation forecast

Chart 3. Specific Performance Ratio between 1 January 2016 and 31 August 2021

120%

200

90%

150

60%

100

30%

50

0%

0

-30%

-50

-60%

-100

-90%

-150

-120%

-200

SPR = Generation (kWh) / Installed capacity (kWp)

Change y-o-y (%)

Specific Performance Ratio is a measure of efficiency which shows the amount of kWh generated per 1 kWp of installed capacity and enables the simple comparison of year-on-year results and seasonal fluctuations during the year.

The Company reports 71.2 GWh of electricity produced YTD compared to 55.0 GWh one year ago (+29.5%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since August 2020) and of our two utility-scale PV

power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 28,561 tonnes of CO2 emissions year-to-date.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

5/12

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Disclaimer

Photon Energy NV published this content on 14 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2021 08:21:01 UTC.


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10/18PHOTON ENERGY N : Group Receives Second Party Opinion for its New Bond Issuance from imug ..
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10/14PHOTON ENERGY N : Monthly Report for September 2021
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10/13PHOTON ENERGY N : $58 Million Green Bond Offering Gets Nod from Luxembourg Regulator
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10/13PHOTON ENERGY N : Press Release | Photon Energy Group Receives Prospectus Approval for Its..
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10/13PHOTON ENERGY N : Group Receives Prospectus Approval for Its First Green Bond
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10/08PHOTON ENERGY N : Group to Offer Its First Green Bond
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10/07PHOTON ENERGY N : to Issue New 6.50% 6-Year Corporate Green Bond up to EUR 50 million
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10/07PRESS RELEASE : Photon Energy N.V. to Issue New 6.50% 6-Year Corporate Green Bond up to EU..
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09/29PRESS RELEASE : Effect of Regulatory Changes on Photon Energy's Power Plant Portfolio from..
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09/29PHOTON ENERGY N : Effect of Regulatory Changes on Photon Energy's Power Plant Portfolio fr..
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Financials
Sales 2020 28,3 M 32,9 M 32,9 M
Net income 2020 -8,65 M -10,1 M -10,1 M
Net Debt 2020 90,2 M 105 M 105 M
P/E ratio 2020 -76,6x
Yield 2020 -
Capitalization 93,3 M 108 M 109 M
EV / Sales 2019 4,24x
EV / Sales 2020 8,22x
Nbr of Employees 142
Free-Float 22,7%
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Managers and Directors
Georg Hotar Chief Executive Officer & Director
Clemens Wohlmuth Chief Financial Officer
Marek Skreta Chairman-Supervisory Board
Michael Gartner Chief Technology Officer & Director
Boguslawa Cimoszko Skowroñski Independent Member-Supervisory Board
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