11.08.2016
PNE WIND AG DE000A0JBPG2
DGAP-News: PNE WIND AG: PNE WIND Group fulfils prerequisites for a record year in the first half of 2016
DGAP-News: PNE WIND AG / Key word(s): Half Year Results/Forecast
PNE WIND AG: PNE WIND Group fulfils prerequisites for a record year in the
first half of 2016
11.08.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Corporate News
PNE WIND Group fulfils prerequisites for a record year in the first half of
2016
- Significant progress in the realization of onshore and offshore wind
farm projects in Germany and abroad
- Portfolio of internally held projects increased to 142.5 MW - Wind
Farm-Portfolio sales transaction to be completed this year
- Board of Management confirms EBIT forecast of up to euro 100 million
this year
Cuxhaven, August 11, 2016 - The PNE WIND Group has successfully brought its
core business of wind farm development forward in the first half of 2016.
In this period, the PNE WIND Group commissioned, started construction on or
sold wind farms with a total nominal capacity of 97.8 MW. The onshore wind
farms "Westerengel" and "Apensen II" were completed and commissioned. The
wind farms "Köhlen", "Holzthaleben" and "Altenbruch Repowering" are under
construction.
The Wind Farm-Portfolio of internally held projects which are already
commissioned or under construction has increased to 142.5 MW. Accordingly,
PNE WIND has reached the prerequisites for the planned sales transaction.
For the offshore project "Borkum Riffgrund II", which PNE WIND continues to
support as a service provider, DONG Energy decided in June of this year to
finance and construct the project. PNE WIND will not only receive a
milestone payment from this, but it also gains a further reference
highlighting its expertise in the development of offshore projects.
Furthermore, PNE WIND is preparing the "Atlantis I" project for the
upcoming offshore tender in 2017.
Internationally, the operational activities have been consistently
developed. At the beginning of the year, PNE WIND concluded a framework
agreement with John Laing Investments Limited for wind farms in France and
Poland. The construction of the first wind farm under this agreement with a
nominal output of 21.6 MW is expected to begin by the end of 2016. In
Sweden, Poland and France, PNE WIND has received important permits for its
projects under development.
The high expenses related to the construction of the wind farms, which
first need to be sold before they can be recognized as earnings, had a
negative impact on the results during the first six months of the year.
When compared to the first half of 2015, which was very successful due to
the sale of the UK business, the results are now significantly lower. For
this reason, a comparison based solely on the half year results provides
limited insight into developments. In the first six months of 2016, the
Group generated sales of euro 44.8 million (prior year: euro 71.9 million),
a total aggregate output of euro 61.1 million (prior year: euro 89.8
million), an operating profit (EBIT) of euro -1.4 million (prior year: euro
24.0) and undiluted earnings per share of euro -0.10 (prior year: euro
0.25).
After the period under review, the amended EEG 2017 and the new Offshore
Wind Energy Act (WindSeeG) were passed. In the future, wind farms in
Germany will first need to be successful in a tender process in order to
receive a feed-in tariff. Although the market remains attractive with a set
number of MWs being auctioned each year, PNE WIND is critical of the new
regulatory framework for both onshore and offshore wind farms. The Group is
preparing itself for these regulatory changes, as well as other market
developments and will adapt its strategy accordingly.
In July 2016, the PNE WIND Group has concluded a new syndicated loan
agreement with a volume of euro 30 million and a credit guarantee facility
with a volume of euro 10 million with a consortium consisting of several
banks and an insurance company under the leadership of Commerzbank AG.
On July 29, 2016, the Supervisory Board resolved to extend the contract of
the Chief Financial Officer Jörg Klowat by three years up to March 31,
2020.
Markus Lesser, CEO of PNE WIND AG, commented to the results for the first
six months of the year: "With a solid financial basis and an equity ratio
of 32 percent, we can quickly bring our business activities forward. Our
objectives for the current year remain unchanged. As planned, we intend to
sell our Wind Farm-Portfolio, which we have built up in the last few years,
via an IPO or through a direct sale. In the offshore sector, we look
forward to the upcoming tender and last but not least, we will continue to
expand our international activities. Provided that the sale of our Wind
Farm-Portfolio can be realised as planned, we confirm the Group EBIT
forecast of in the area of up to euro 100 million this year."
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 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. 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 huge growth potential
of the global wind energy market and it is expanding into dynamic growth
markets.
Contacts for queries
PNE WIND AG PNE WIND AG Rainer Heinsohn Scott McCollister Head of Corporate Communications Head of Investor Relations Tel.: +49(0) 47 21 - 7 18 - 453 Tel.: +49(0) 47 21 - 7 18 - 454 Fax: +49(0) 47 21 - 7 18 - 373 Fax: +49(0) 47 21 - 7 18 - 373 Rainer.Heinsohn(at)pnewind.com Scott.McCollister(at)pnewind.com--------------------------------------------------------------------------- 11.08.2016 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- 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, DE000A0B9VG7, , DE000A1R0741, , DE000A12UMG0 WKN: A0JBPG, A0B9VG, , 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 --------------------------------------------------------------------------- 491343 11.08.2016
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