30.03.2017
PNE WIND AG DE000A0JBPG2
DGAP-News: PNE WIND AG: PNE WIND closes the 2016 fiscal year with record results
DGAP-News: PNE WIND AG / Key word(s): Final Results
PNE WIND AG: PNE WIND closes the 2016 fiscal year with record results
30.03.2017 / 08:00
The issuer is solely responsible for the content of this announcement.
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Corporate News
PNE WIND closes the 2016 fiscal year with record results
- Group EBIT of euro 97.0 million (prior year: euro 9.8 million)
- Improved balance sheet structure: Distinct reduction of short and long
term financial liabilities and increased liquidity
- The basic earnings per share amounted to euro 0.90 (prior year: euro 0.05)
Cuxhaven, March 30, 2017 - The PNE WIND Group closed the 2016 fiscal year
with the best operating results in its corporate history. Due to the sale of
wind farms, offshore milestone payments received and income from electricity
generation, the wind power specialist increased its Group EBIT to euro 97.0
million (prior year: euro 9.8 million). Above all, the sale of the wind farm
portfolio, which has been established over several years, in December last
year contributed significantly to this success and was an important step to
achieve the annual and the three-year guidance.
On the bottom line, the Group recorded a net income of euro 69.0 million
(prior year: euro 3.5 million) with a total aggregate output of euro 259.2
million (prior year: euro 233.3 million) in 2016. The basic earnings per
share amounted to euro 0.90 (prior year: euro 0.05). The equity ratio
improved from 34.0 percent to 53.1 percent.
Markus Lesser, CEO of the PNE WIND Group, is delighted with this success:
"We are extremely satisfied with these results, no question. However, the
market will become more difficult due to regulatory changes, and we are
expecting declining prices. This also applies if the expansion of renewable
energies is growing at the international level. But now, we have the
necessary resources to invest again in a project portfolio in the long term
in order to strengthen our internal operations and to profitably use or
expand our entire value chain."
According to the accounting principles of the German Commercial Code (HGB),
the listed stock company PNE WIND AG generated a net income of euro 40.0
million (prior year: euro 10.3 million). On the basis of these positive
results, the Board of Management and the Supervisory Board will propose to
the general meeting of shareholders on May 31, 2017 to distribute a total
dividend of euro 0.12, consisting of basic dividend of euro 0.04 and a
special dividend of euro 0.08 per eligible share from PNE WIND AG's retained
earnings. In this way, we want to consistently continue our dividend policy
of recent years and enable shareholders to participate appropriately in the
Company's success.
Liquidity serves to finance further growth
The financial situation and the balance sheet structure of PNE WIND improved
significantly as a result of the sale of the wind farm portfolio. Previous
project financing funds were eliminated from the balance sheet and sales
proceeds were recognised. This led to a substantial decrease in short and
long term financial liabilities and an improved liquidity position. Cash and
cash equivalents increased to euro 147.7 million (prior year: euro 86.1
million). This means that the management has extensive resources to finance
the further growth of the company.
Markus Lesser, CEO of PNE WIND AG comments: "The strategy of initially
bundling wind farms after their completion has proven to be successful. The
marketing of large portfolios provides higher sales proceeds than the sale
of individual wind farms. We want to repeat this success and intend to build
up additional electricity generation capacity, in particular through the
development of a European portfolio of onshore wind farms up to 2019/2020."
The new portfolio will be realised through internally developed wind farm
projects, the acquisition of existing wind farms for subsequent repowering
and the increased acquisition of projects that are at a late stage of
development. PNE WIND intends to retain a major share in the portfolio in
connection with a future sale and to provide operational management services
for the wind farms. Using this approach, PNE WIND ensures regular and stable
revenue from the sale of electricity and from wind farm management. This
strategy has already proved its worth upon the pro-rata sale of the wind
farm portfolio in December 2016.
Outlook
Due to the changed market environment and the investments in the further
expansion of the proven portfolio strategy, the Board of Management sees
fiscal 2017 as a year of transition, in which the Group EBIT will range
between euro 0 and 15 million. On an EBIT basis, PNE WIND continues to
anticipate positive operating results in the area of euro 10 to 20 million
for the 2017 financial year.
The 2016 financial report of PNE WIND AG is available on the company's
website in the section "Investor Relations" as of today.
About the PNE WIND Group
The PNE Wind Group, with its brands PNE WIND and WKN, is one of the leading
German wind farm developers. With its approx. 360 employees, the PNE WIND
Group has been offering services covering the entire added value chain
ranging from the development, planning, realisation, financing, operation,
marketing and repowering of wind farms in Germany and abroad from a single
source for more than 25 years. Once the completed plants have been handed
over to operators, the PNE WIND Group also offers technical and commercial
management services, including regular maintenance, for the wind farms. The
offshore wind farms at sea are developed up to the point where they are
ready to be constructed and services are provided up to the operation of the
wind farms. Alongside its business activities in the established domestic
market in Germany, the PNE WIND Group is present at the international level
in order to benefit from the tremendous growth potential of the global wind
energy market and it is expanding into dynamic growth markets.
Contacts for enquiries
PNE WIND AG
Rainer Heinsohn
Head of Corporate Communications
Tel: +49(0) 4721 718 453
Fax: +49(0) 4721 718 373
Rainer.Heinsohn(at)pnewind.com
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30.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: PNE WIND AG
Peter-Henlein-Straße 2-4
27472 Cuxhaven
Germany
Phone: 04721 / 718 - 06
Fax: 04721 / 718 - 200
E-mail: [email protected]
Internet: http://www.pnewind.com
ISIN: DE000A0JBPG2, DE000A1R0741, , DE000A12UMG0,
WKN: A0JBPG, A1R074, , A12UMG,
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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559829 30.03.2017
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