EANS-News: PNE WIND AG publishes nine-month figures 2011
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quarterly report
Subtitle: Successful further development of project pipeline at home and
abroad
Forecast for fiscal year 2011 to 2013 confirmed
Cuxhaven (euro adhoc) - 7 November 2011 - Today, the wind farm project developer
PNE WIND AG (ISIN DE000A0JBPG2) submitted the report on the development of the
first nine months of fiscal year 2011. The company development is characterised
by activities in the offshore area as well as the further development of the
project pipeline of wind farms in Germany and abroad.
This is connected with considerable inputs. Because of these input costs for
future income-generating wind farm projects, PNE WIND AG closed the first nine
months of 2011 with an operating result (EBIT) of EUR -0.7 million (previous
year: EUR 7.9 million). As short-term and medium-term positive results,
especially from the offshore area, are expected, PNE WIND AG maintained the
prediction that the operating result (EBIT) in fiscal years 2011 to 2013 will be
total of at least EUR 60 to 72 million.
Due to a lower number of wind farms built onshore, strongly fluctuating revenues
with one project planner fell at the Group level from EUR 56.2 million to EUR
33.1 million. Besides activities in the offshore sector, the Kemberg II wind
farm which is under construction, as well as revenues in the power generation
segment, is reflected here. The windy third quarter, among other things, ensured
a high level of power generation in our own operated wind farms.
Compared with the previous year, cash flows from current business activities
significantly improved and is now EUR 2.8 million following EUR -8.4 million in
the period under comparison. The positive cash flow is mainly due to the
decrease in receivables and other assets from the receipt of a milestone payment
from the Danish energy company DONG Energy Power A/S for the offshore project
"Borkum Riffgrund I". With cash and cash equivalents of EUR 26.8 million (31
December 2010: EUR 39.2 million), PNE WIND AG has a strong basis for the further
development of wind farm projects in Germany and abroad. Furthermore, a
consistently high equity ratio of around 40 percent (31 December 2010: around 41
percent) is a stable financial foundation of the Group.
An important factor for the company development in the first nine months of the
fiscal year was the offshore department. Offshore wind power is becoming
increasingly seen as a supporting pillar in the energy mix of the future and is
supported by the federal government accordingly. PNE WIND AG is benefiting from
this, as a project developer with more than a decade of experience in this area
and six own offshore projects, two of which have already been approved, they are
excellently positioned in the market.
This is how PNE WIND also made significant progress in the last nine months with
the furthest developed own offshore project "Gode Wind II". Both the contracts
on the delivery of 84 wind turbines with the manufacturer Vestas and also the
preliminary agreements for all additional components, have been signed. The
unconditional approval for the grid connection by the network operator TenneT is
available. With the completion of the negotiations with the equity investors,
which are in the decisive, exclusive phase, the project is just about to enter
the construction phase.
Martin Billhardt, Chairman of the Management Board of PNE WIND AG: "The Group
result of the first nine months reflects our efforts in future projects - this
particularly applies to the expansion of the offshore area. The planned
implementation of the project "Gode Wind II" will enable us to reap the fruits
of our labour. We therefore maintain our forecast, which, according to the EBIT
of PNE WIND AG, will amount to at least EUR 60 to 72 million in the fiscal years
2011 to 2013."
The nine-month financial report which was published today, as well as the report
on the third quarter of 2011, which is available on the website under
www.pnewind.com, offers a full overview of the business results of PNE WIND AG.
Company profile
PNE WIND AG, which is headquartered in Cuxhaven, plans and implements wind farm
projects on land (onshore) and at high sea (offshore). Core competencies are in
the development, planning, implementation and financing of wind farms, as well
as their operation and sales with associated service. So far, the company has
installed 97 wind farms with 563 wind power plants and a total capacity of 804
MW.
Besides business activities in the established German domestic market, PNE WIND
AG is increasingly expanding into dynamic growth markets and is already
represented through joint ventures and subsidiaries in Hungary, Bulgaria,
Romania, Turkey, United Kingdom, USA and Canada. In these countries, wind farm
projects with a capacity of up to 3,725 MW are currently being implemented for
the medium term. In Germany (onshore) wind farm projects with a nominal capacity
of more than 1,100 MW are currently in progress.
Furthermore, PNE Wind AG develops offshore wind farm projects, of which three
major projects in German waters have already been approved. Entry into promising
foreign markets will also be examined for the offshore area.
Further inquiry note:
PNE WIND AG
Press and Public Relations
Rainer Heinsohn
Tel: +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73
E-mail: info@pnewind.com
Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel: +49(0)611 - 205855-64
Fax: +49(0)611 - 205855-66
E-mail: fischer@cometis.de
end of announcement euro adhoc
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company: PNE WIND AG
Peter-Henlein-Str. 2-4
D-27472 Cuxhaven
phone: +49(0)4721 718 06
FAX: +49(0)4721 718 373
WWW: http://www.pnewind.com
sector: Alternative energy
ISIN: DE000A0JBPG2, DE000A0B9VG7 DE000A0Z1MR2 DE000A1EMCW3
indexes: CDAX, Prime All Share, Technology All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English