PNE Wind Upbeat Despite Posting Q3 Loss

German wind farm project developer PNE Wind AG is optimistic about the future on the account of a well-filled development pipeline for offshore and onshore wind projects, Markus Lesser, the company’s Interim CEO and COO, said in the company’s financial report for the quarter ended September 30.

At the end of the third quarter 2015, the Cuxhaven-based company had wind farms with approx. 119.8 MW of nominal output either under construction (46.2 MW) or commissioned (73.6 MW).

In the third quarter of 2015, the company reported a total revenue of EUR 99.7 million, compared to EUR 66.8 million in revenue in the third quarter of 2014. However, despite increasing its operating results, the company posted EUR 7.3 million net loss for the third quarter of 2015, as compared to EUR 4.9 million operating profit reported in Q3 2014. The loss was attributed to the upfront investments in the company’s YieldCo onshore projects.

During the first nine months of the financial year, PNE Wind generated a total revenue of EUR 189.5 million, compared to EUR 201.5 million reported in the first three quarters of 2014. The revenue was affected by YieldCo projects, but somewhat offset by the sale of the company’s UK-based subsidiary, PNE Wind UK, and its project development pipeline.

The company managed to increase its operating profit (EBIT) to EUR 16.7 million, as compared to EUR 7.7 million reported in for the first nine months of 2014.

PNE Wind has confirmed the previous forecast of achieving a cumulative EBIT for the 2014 to 2016 fiscal years of EUR 110 to 130 million. For fiscal 2015, PNE Wind expects its consolidated EBIT to be in the range of EUR 30 to 40 million.

“The business is developing positively and we are optimistic about the future. With an equity ratio of 35 percent, the Group has a solid foundation on which to grow the business. Our development pipeline is well filled with onshore and offshore projects.” Lesser said.

Image: PNE Wind