PNE: Positive Company Developments in Q1 2013 (Germany)

Wind farm project developer PNE WIND AG continued to ensure positive company developments in the first quarter of 2013. With the planned acquisition of the majority of the shares in WKN AG and the completed bond issue, the company is focused on creating future growth opportunities.

“Our intention to acquire the majority of WKN AG will allow us to reach a new corporate dimension. Together with the experts of WKN we will jointly develop projects in Germany, France, UK, Poland, South East Europe, Turkey, South Africa and North America. We expect significant growth opportunities by entering these new markets”, said Martin Billhardt, CEO of PNE WIND AG.

To finance this step and the desired future growth, PNE WIND AG has issued a corporate bond in the previous week.

In addition, PNE WIND AG was able to report further successes in its operations during the first three months of 2013. With the completion and handover of offshore studies, the scheduled milestone payments amounting to EUR 27 million from the sale of the “Gode Wind“ I, II and III wind farms to the Danish company, DONG Energy Power A/S were received. Further milestone payments amounting up to EUR 73 million are still expected in connection to this transaction, which marked the biggest in our corporate history.

PNE WIND AG is not only experiencing tailwinds from the open sea but also in the onshore sector. The “Zernitz II” wind farm with 6 MW of nominal output has been completed and the “Langwedel II” wind farm with 8 MW of nominal output is currently under construction, which requires advance financing. Further wind farm projects are to be constructed and commissioned in the short term.

Due to the schedule upfront investments made in our wind farm project development both onshore and offshore, PNE WIND AG generated sales of EUR 12.2 million (previous year: EUR 9.0 million) and an operating profit (EBIT) of EUR -2,5 million (previous year: EUR -1.1 million) in the first three months of 2013. This corresponds to earnings per share of EUR -0.09 after EUR -0.05 in the previous year. Despite the increase project development expenses, PNE WIND AG maintained a strong financial foundation for the company’s further growth with cash and equivalents standing at EUR 43.0 million (31 December 2012: EUR 36.6 million).

 “Based on our prospects, we confirm our forecast of a cumulated EBIT of EUR 60 to 72 million for the years from 2011 to 2013 and, based on our well filled project pipeline, we also anticipate high income levels from our project development work beyond this time period. Our outlook for the coming two financial years, 2014 and 2015, represents a cumulated EBIT of EUR 60 to 72 million excluding WKN AG”, concludes Martin Billhardt on the business development.

[mappress]

Press release, May 13, 2013; Image: pnewind