PNE WIND AG Achieved EBIT of 7.9 Million Euros (Germany)

The wind farm developer, PNE WIND AG, continued on its successful course during the first nine months of the 2010 financial year. The company was able to increase the operating result (EBIT), the definitive key value for the wind farm project developer, to 7.9 million euros after having posted an EBIT of 5.1 million euros in the corresponding period of the previous financial year.

PNE WIND AG also significantly exceeded the result before tax (EBT) at 4.2 million euros in comparison with the 2.2 million euros of the first nine months of 2009. Per 30th September 2010, the corporate result was 4.3 million euros (previous year: 1.3 million euros). This is equivalent to an undiluted result of 0.09 euros per share (previous year: 0.03 euros). In the first nine months of the 2010 financial year, the company’s total aggregate output for the first nine months of the 2010 financial year was 69.4 million euros (previous year: 100.2 million euros).

The operative activities in the first nine months were dominated by the successfully completed onshore wind farm projects, which were handed over to our contract partner, EnBW Erneuerbare Energien GmbH. As agreed, PNE WIND AG will also take over the operational management of these wind farms during the coming ten years. At the same time significant progress has also been made in the development of the “Gode Wind II” offshore wind farm. Thus for example, the geological building site survey has been successfully completed. In addition, due to the equity measures undertaken during the first half year of 2010, PNE WIND AG has a sound equity base upon which to continue its expansion in the highly attractive wind energy markets at home and abroad.

As at the reporting date, the equity ratio was about 39 percent. As at 30th September 2010, PNE WIND AGs liquid funds were about 43.2 million euros. In particular, these funds will be used to drive international expansion forward. Thus for example, areas totalling 12,821 hectares have been secured for the realisation of various wind farm projects with a capacity of up to 3,450 MW.

Commenting on the nine month result, Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG, says: “Our company’s operational development is progressing according to plan. Four offshore wind farms have already been handed over to our contract partner, EnBW, and a further wind farm will shortly be handed over. In addition, PNE WIND AG successfully completed its second repowering project. We see a great potential for our company in this area. The development of our offshore projects is also progressing as planned.” The Board of Directors therefore confirmed its already published forecast; that PNE WIND AGs cumulated EBIT for the years 2010 to 2010 will amount to at least 42 to 54 million euros.

The 9 month 2010 report published today provides a comprehensive overview of PNE WINDs business results and is available at in the Investor Relations area.

Company profile

PNE WIND AG with its headquarters in Cuxhaven develops and implements wind farm projects on land (onshore) and at high sea (offshore). Its core competence is the development, planning, implementation and financing of wind farms and their operation or sale including subsequent service. So far, the company has set up 96 wind farms with 548 wind energy systems and a total nominal output of 792 MW.

Alongside its business activities in the established German home market, PNE WIND AG is also increasingly investing in dynamic growth markets and has subsidiaries and representations via joint ventures in Hungary, Bulgaria, Romania, Turkey, the UK, USA and Canada. Wind farm projects with a nominal output of about 3,450 MW are currently being processed in these countries and are to be implemented in the medium term. In Germany (onshore) currently wind farm projects with a nominal output of more than 800 MW are being processed.

Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.


Source: pnewind, November 08, 2010