Germany: PNE WIND Announces Q1 Figures

Developments progressed as expected for the wind farm project developer, PNE WIND AG, during the first quarter of the financial year 2012. Consequently, the company was already able to conclude a successful transaction in the sale and handover of the “Kemberg II” onshore wind farm during the first three months of the year.

Due to the usual advance costs incurred in the project development business and particularly so in the promising area of offshore project development, PNE WIND AG recorded a negative operational result. Because the company is expecting additional contributions to profits from the sale and further development of offshore wind farm projects during the 2012 financial year, it reaffirms its forecast of achieving a cumulative EBIT amounting to EUR 60 to 72 million during the financial years 2011 to 2013.

At EUR -1.1 million, the operational result (EBIT) was negative in the first quarter of 2012 (previous year: EUR 2.5 million), due to the advance costs for the wind farm projects under development in Germany and abroad. The corporate result was EUR -2.7 million (previous year: EUR 1.7 million), which is equivalent to an undiluted result per share amounting to EUR 0.05 (previous year: EUR 0.04). . However, PNE WIND AG expects that the investments made, especially in the offshore sector, will bear fruit as early as this year.

The search for a new purchaser for the “Gode Wind II” project is also making progress. Thus PNE Wind AG is currently in negotiations for the sale of the project. Due to the considerable interest being shown, the company is confident of being able to conclude the sale this year.

In the onshore sector, an additional repowering project in the sale of the “Kemberg II” wind farm to EnBW Energie Baden-Württemberg AG was concluded successfully. Here, five older wind energy plants were replaced by modern, more efficient ones. PNE WIND AG will continue to support the purchaser with its know-how in his business operations and, as a result, expects continuing contributions to turnover and results.

Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG: “Due to the diverse positive prospects in offshore project development as well as in repowering and in the international business of onshore wind farms, we are confirming our EBIT forecast of a cumulative EUR 60 to 72 million for the financial years 2011 to 2013. In addition, we are expecting to receive significant contributions to results from the sale of our furthest developed offshore project, “Gode Wind II”. Because offshore wind energy plays a significant role in the expansion of regenerative energy production in Germany, we are confident of having created substantial value in this sector, which will have positive effects on PNE WIND AGs results in the future.”

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Offshore WIND staff, May 07, 2012; Image: pnewind