PNE WIND Significantly Extends Its Offshore Wind Project Pipeline in Q3

PNE WIND AG has issued its financial results for the first nine months of 2013, and stated that this period of the financial year was characterised by the setting of a decisive operational course.

During this period, the PNE WIND successfully concluded the biggest capital transaction in the company’s history with a bond issue amounting to EUR 100 million. In addition, the company laid the foundation for significant future growth opportunities by taking over approximately 83 percent of WKN AG, which is also active in wind farm project development.

The PNE WIND Group companies are currently working on wind farm projects in 14 countries.

The company was able to fill-up the corporate bond to EUR 100 million in September. It will use this additional capital to strengthen its market position in the development of further wind farm projects. In Germany alone the company is currently working on a portfolio of wind farm projects with a nominal output of more than 180 MW.

PNE WIND was also able to extend its offshore project pipeline significantly during the first nine months of 2013. With the acquisition of the “Atlantis” I to III wind farm projects, PNE WIND has doubled the number of its own offshore projects. According to current planning, up to a total of 240 offshore wind energy systems in the 5 MW class can be erected in the three new offshore wind farm projects.

From the sale of the three “Gode Wind” offshore projects to the Danish energy corporation, DONG Energy A/S, and subject to the fulfilment of certain project development steps, PNE WIND anticipates milestone payments up to EUR 70 million.

Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG comments: “We firmly belief that DONG Energy will decide in favour of an investment in the “Gode Wind” projects this year. We would thus receive the major portion of the outstanding milestone payments.”

Due to start-up costs incurred in wind farm projects and the expenses associated with the WKN AG takeover, the PNE WIND Group recorded a negative operating result. According to IFRS accounting rules, an EBIT of EUR -6.0 million was realised on Group sales of EUR 43.6 million during the first nine months of 2013.

“Taking the above factors into account – which should pay off in the short to long term – the results are within the expectations of the Board of Directors,” commented Martin Billhardt.

Shareholder equity was approximately EUR 98.5 million, thus being equivalent to an equity quota – as the proportion of equity in the balance sheet total – of approximately 26.1 percent.

Martin Billhardt summarises: “Based on the positive prospects facing the company and expectation to receive milestone payments from the offshore segment, we reaffirm our EBIT forecast. Accordingly we plan for a cumulative 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 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. The WKN projects will be included in our forecast after the 2014 corporate business plan has been approved by our Supervisory Board.” 

Press release, November 11, 2013; Image: BARD