Germany: 2012 Successful Year for PNE WIND
With a successful financial year 2012, the wind farm project developer, PNE WIND AG, has laid the foundation for continued positive developments. This is clearly illustrated in the 2012 annual report published today and also reconfirms the figures published on 12th March 2013.
PNE WIND AG realised an operational result (EBIT) amounting to EUR 20.4 million (previous year: EUR 0.1 million). The consolidated net income increased significantly from EUR -3.9 million in 2011 to EUR 17.0 Million.
Due to the successful 2012 financial year, PNE WIND AGs Board of Directors and Supervisory Board propose to pay a dividend amounting to EUR 0.08 (previous year: EUR 0.04) and a special dividend of EUR 0.02 for each participating share. The Annual General Meeting will pass a resolution on this motion on 22nd May 2013.
The company experienced significant tailwinds from the offshore sector during 2012. The sale of the “Gode Wind” I to III projects to DONG Energy played a particularly large part in the positive business development. Against this background and a variety of other growth opportunities the Board of Directors reaffirm its forecast of realising a cumulative EBIT of EUR 60 to 72 million in the financial years from 2011 to 2013. The company also expects to achieve a total EBIT of EUR 60 to 72 million in the following two year period of 2014 and 2015 – thereby signalling an increase over its development so far.
Martin Billhardt, Chairman of the Board of Directors commented on the gratifying business development: “The financial year 2012 was a special one in PNE WIND AGs history. The sale of the “Gode Wind” offshore wind farms was the biggest transaction since our foundation. The milestone payments already received amounting to EUR 82 million and additional outstanding payments of EUR 75 million will strengthen our capital base and expand our range of operational opportunities.”
Looking forward, the company intends to achieve positive developments in all business sectors. The basis for this is supported by our project pipeline which has significant potential at home in Germany and in our international markets. “In the onshore sector alone our team is currently working on projects with a total nominal generating capacity of over 3,000 MW. We are also expecting additional contributions to our results from our offshore activities in the medium and long term,” said Markus Lesser, Chief Operating Officer.
Beyond the growth opportunities contained within our current project pipeline, the company reviews opportunities on a regular basis to drive the business forward by means of potential acquisitions. “We are currently conducting exclusive negotiations with a target company which is active in the development of onshore wind farms in Germany and abroad,” says Martin Billhardt. Here, PNE WIND AG is seeking to acquire more than 50% of the shares. The initial price indication for 100% of the target company shares amounts to EUR 100 million.
For this purpose, as well as to financing the acquisition of projects in development at home and abroad and to provide equity for the 180 MW of German wind farm projects in development, PNE WIND AG plans to issue a corporate bond with a total volume up to EUR 100 million on the Prime Standard segment of the German stock exchange. “As with our shares we have chosen the segment, which has among the highest international transparency standards. We wish to gain investor trust by providing the maximum amount of information possible,” explained Martin Billhardt.
Press release, March 27, 2013; Image: pnewind