22.05.2015
ABO Wind AG DE0005760029
DGAP-News: ABO Wind AG: Net profit increases by 30 percent
DGAP-News: ABO Wind AG / Key word(s): Final Results/Market Report
ABO Wind AG: Net profit increases by 30 percent
22.05.2015 / 09:09
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The ABO Wind Group has achieved a satisfying net
profit of around EUR 5.3 million in fiscal 2014, thus increasing the solid
result of the previous year (EUR 4 million) by 30 percent. The total output
(turnover and changes in inventories) increased by 14 percent to EUR 107.6
million, exceeding the threshold of EUR 100 million for the first time.
ABO Wind is currently developing wind farms in six European countries and
in Latin America. Nearly 64 percent of the revenue were generated in the
German home market in 2014. "2014 was a turbulent year for our most
important market," summarizes board member Matthias Bockholt. The amendment
of the Renewable Energies Act (EEG) which was moved forward to 1 August
2014 resulted in a lowered profitability of some wind farms which were
commissioned in the fourth calendar quarter. "The result would have been
even better otherwise", says Bockholt. At the same time, he appreciates
that the law establishes a stable framework for the further expansion of
wind power in Germany. Starting in 2017, subsidies for electricity from
wind energy will be determined by tender. "We are confident that the
federal government will design the rules of the new compensation system in
a way that will not jeopardize the success of the energy transition," says
Bockholt.
1,000 megawatts connected to the grid - more than 300 employees
A few months ago, ABO Wind reached the milestone of 1,000 megawatts of
total installed capacity and is therefore among the few selected project
developers in Germany that have passed this mark.
"Our strong position in the market, our highly qualified and experienced
staff as well as our efficient corporate structures will help ABO Wind to
work successfully in the tendering procedures," says Bockholt.
The number of permanent employees of ABO Wind Group has further increased
to currently 305 (previous year: 285). 219 employees work in Germany, 86 in
other countries. Largest office locations are the company's headquarters in
Wiesbaden, and Heidesheim.
Expansion in France
Bockholt also sees good prospects in France, ABO Wind's second most
important market. 29 percent of the turnover were generated in Germany's
western neighbouring country that wants to reduce its dependency on nuclear
energy and is therefore pushing the expansion of wind energy.
In addition to acquiring new sites, in the past year ABO Wind has also
taken over some wind farm projects under development from a competitor who
discontinued their activities in France. "The odds are good that France
will continue to contribute largely to our company's success in the long
term," says Bockholt.
First Finnish wind farm under construction
While ABO Wind stopped activities in Bulgaria and Belgium in the past few
years, the market entry in Finland is already turning out well. In early
2014, ABO Wind opened an office in Helsinki with a staff of currently six
employees. The first wind farm (Haapajärvi in the region Northern
Ostrobothnia) received a building permit last summer. ABO Wind has started
construction of transport paths, cable routes, and foundations before the
start of the long Finnish winter, so that the commissioning of two turbines
of 3.3 megawatts each is to be expected in August 2015. In the meantime,
the Finnish subsidiary ABO Wind Oy has already obtained the next building
permit for a 27.6 megawatt project.
Write-downs reduce balance-sheet risks
Out of commercial caution ABO Wind has applied substantial write-downs.
Among other things, wind energy projects in Spain were written-off because
their implementation seems unlikely under current conditions. The amendment
of the German Renewable Energies Act came into effect earlier than
expected, which resulted in some depreciation in Germany. Additionally, the
economic conditions for some wind farms under development particularly in
Scotland had changed for the worse. "The write-downs reduce balance-sheet
risks and help to achieve good economic results in the long term," explains
Bockholt. The complete annual management report (in German) can be
downloaded under
http://www.abowind.com/de/unternehmen/geschaeftsberichte.html.
An English version will be available shortly under
http://www.abo-wind.com/com/the-company/annual-reports.html.
Annual shareholder's meeting on 2 July
The annual shareholder's meeting of ABO Wind AG takes place on 2 July at
4.30 pm at the Museum of Wiesbaden. The Management Board and the
Supervisory Board suggest a divident payout of EUR 0.22 per share, ten
percent more than in the previous year. Based on the current stock exchange
price of about 7 euros this corresponds to a dividend yield of 3.1 percent.
Good prospects for ABO Wind and for the energy transition
The new smaller business areas of Energy Contracting and the department of
Future Energy with a focus on energy storage projects are economically less
important for the company, but they complement the company's portfolio. "We
would like to fully contribute to the success of the energy revolution,"
says Bockholt. This includes the continued use of biogas. Since the
introduction of the amendment of the EEG there is no longer an economic
base for the development of new biogas projects. Therefore, ABO Wind is now
focusing on optimizing existing facilities. "Given the technical
complexity, there are many ways to benefit from the expertise of our
colleagues."
In the last quarter of 2014, ABO Wind has as well expanded its services to
include maintenance and incident management for wind turbines. In 2012 the
company started offering services in addition to operational management,
such as security audits, inspections of drive trains and gearbox services.
Many customers who have not signed a full operational management contract
with ABO Wind make use of these services. Technical services generated
around EUR 4.6 million euros of turnover, thus increasing their share of
the total Group turnover by ten percent. As an experienced wind energy
specialist independent of manufacturers, ABO Wind is in a good position to
gain additional market share in the field of technical services.
ABO Wind anticipates further growth of the wind energy sector for the
coming years. In 2014, ABO Wind has acquired sites for new wind farms with
a capacity of 830 megawatts and thus laid the foundation for many more
successful years to come. "We want to continue to play our part in the
transition towards a more sustainable energy supply by focusing on our core
business, wind energy," says Bockholt.
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22.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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