PNE WIND Increases Its EBIT Forecast for 2011-2013 Due to Increased Offshore Wind Activity (Germany)

Business & Finance

The wind farm developer, PNE WIND AG, has increased the forecast for its cumulative EBIT for the financial years from 2011 to 2013 inclusive to EUR 60 to 72 million. This is the result of the 2010 annual accounts published today. The company bases its forecast on the increased activity in offshore wind farms, the realisation of additional onshore wind farms and the anticipated first results of its foreign activities.

For the financial year 2010, the company once again reported a significantly positive result. With regard to its operating result (EBIT) – the definitive key value for the project business – the corporation earned EUR 9.5 million (previous year: EUR 14.7 million). The result of ordinary business activity (EBT) was EUR 5.4 million as compared with EUR 9.9 million in the previous year. In total, PNE WIND AG achieved a total aggregate output of EUR 80.0 million in the year 2010 (previous year: EUR 133.6 million). The reason for this fall derives from the planned cyclical nature of a wind power project developer’s business because as a rule, projects take several years until completion. In 2010, four onshore wind farms and a re-powering project were successfully completed and subsequently handed over to the purchasers. At the same time, projects in the planning phase at home and abroad were actively pushed forward in order to be able to complete these in the coming years.

The corporate result was EUR 7.9 million after EUR 10.1 million in the previous year. This produced an undiluted result of EUR 0.017 per share (previous year: EUR 0.24). According to HGB, a balance sheet profit amounting to EUR 4.1 million (previous year: EUR 0 million) was achieved. Executive and Supervisory Boards have therefore agreed to propose the payment of a dividend amounting to EUR 0.04 per participating share to the shareholders’ annual general meeting.

The equity ratio has improved. It increased to 40.8 percent (prior year: 40.0 percent). This is the result of the increase in equity to EUR 81.7 million (prior year: EUR 70.5 million).

Progress in the operational business was made especially in the offshore projects. While the offshore wind farm, “Gode Wind II” is progressing towards readiness for construction, the approval for the neighbouring project, “Gode Wind I” was extended and DONG Energy Power, as the owner, took the decision to invest in “Borkum Riffgrund I”, for which PNE WIND AG is the service provider.

A significant increase in the number of wind farm projects being processed at home and abroad secures the medium and long term development. Currently, wind farm projects with up to about 5,000 MW of nominal output are being developed in the onshore sector.

Martin Bilhardt, Chairman of the Executive Board of PNE WIND AG, commented on the positive annual accounts: “Due to the gratifying 2010 result, we will be able to propose the payment of a dividend amounting to EUR 0.04 per participating share to our shareholders at the annual general meeting in May. For the future, we see significant revenue potential, both in our offshore wind farms and also in our onshore projects at home and abroad. During the coming three years from 2011 to 2013, we therefore expect to see an increase in the cumulative EBIT to between EUR 60 and 72 million. In particular, the significant progress made in the realisation of the offshore wind farm, “Gode Wind II”, shows that PNE WIND is continuing to make use of its tailwind to push forward. The future belongs to renewable energies and wind energy in particular will make a continuously increasing contribution to a secure and sustainable mix of energies during the coming decades.”

(pnewind)

[mappress]

Source: pnewind, March 30, 2011