Germany: PNE Wind Ends 2011 with Stable Results
The wind farm project developer, PNE WIND AG confirms its EBIT forecast and again proposes a dividend payment amounting to EUR 0.04 per share.
In the previous financial year, the company recorded a positive result at corporate level (EBIT) amounting to EUR 0.1 million (prior year: EUR 9.5 million). This is reflected in the 2011 Annual Accounts. Although the planned sale of the “Gode Wind II” offshore project has not yet been completed as originally envisaged, nevertheless the sales negotiations emphasise the fact that the offshore projects being developed by the company have a high value and can contribute significantly to profits in the short and medium term. The Board of Directors therefore confirms its EBIT forecast of a cumulative EUR 60 to 72 million for the financial years 2011 to 2013.
The result of normal business activity (EBT) amounted to EUR -4.9 million in the financial year 2011 (previous year: EUR 5.4 million) and overall performance was about EUR 53.9 million as compared with EUR 80 million in the previous year. The corporate deficit was about EUR -3.9 million after a profit of EUR 7.9 million in the previous year. This produced an undiluted result per share amounting to EUR -0.09 (previous year: EUR 0.17). According to HGB accounting, PNE WIND AG reported a balance sheet profit of EUR 2.5 million (previous year: EUR 4.1 million). The Board of Directors and the Supervisory Board have therefore again decided to propose a dividend payment of EUR 0.04 per share to the shareholders at the Annual General Meeting.
During the past financial year in particular PNE WIND has made significant progress in its operational business, which will make future contributions to turnover and profits possible. Currently, four of the offshore projects developed by PNE WIND in Germany have been approved by the Bundesamt für Seeschifffahrt und Hydrographie (BSH) (German Federal Maritime and Hydrographic Agency). In December 2011 the offshore wind farm, “Borkum Riffgrund II”, which was already sold in 2009, was approved initiating another payment to the company from the purchaser, DONG Energy, during the first half year of 2012. In addition, PNE WIND was able to sell the “Nautilus II” offshore project and will also continue to support this project in future as service provider. Overall, PNE WIND AG is currently developing projects at home and abroad with a total output of about 3,200 MW in the onshore sector and 3,307 MW in the offshore sector. This represents a solid basis for further company growth.
Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG, is satisfied with business development in 2011: “For us, the financial year 2011 was characterised by many positive developments. Our many successful years of project work have borne fruit in the completion of “Gode Wind II” to the point of readiness for construction. We are confident that we will soon find a partner for the construction of the wind farm because “Gode Wind II” is one of few projects, which already have a secure grid connection – an important aspect for German offshore wind farms.” Martin Billhardt adds: “We are therefore pleased to be able to propose a dividend of EUR 0.04 per share again this year to our shareholders in the Annual General Meeting. We are also maintaining our EBIT forecast of a cumulative EUR 60 to 72 million for the financial years 2011 to 2013. In this way, income from offshore projects and various onshore wind farms at home and abroad will ensure that we continue to drive company growth forward.”
Offshore WIND staff, April 04, 2012; Image: pnewind