Germany: Windreich’s Subsidiary Achieves around EUR 36 Million Profit in 2012

Germany: Windreich Subsidiary Achieves around EUR 36 Million Profit in 2012

The principal subsidiary of Windreich, FC Windenergy achieves an operating profit of around EUR 36 million even in the difficult setting. FC Windenergy is mainly engaged in project development and project sales.

The Windreich group generates a total asset of EUR 567 million due to the preliminary figures for 2012, a balance sheet total of EUR 567 million and an overall performance of around EUR 101 million. The revenue primarily consists of the sale of investments of on- and offshore wind farms. Electricity revenues from wind farms in own holdings as well as service contracts of Natenco GmbH amounted to only about EUR 7 million due to the weak onshore wind year 2012. A significant amount of offshore electricity revenues will be added in the future from 14% participation in the multi-award-winning 400MW wind park “Global Tech 1”. After full operation, gross electricity revenue of approx. EUR 50 million will be produced.

Dipl.-Wirt.-Ing. (FH) Willi Balz, founder and sole shareholder of Windreich GmbH: “I´m satisfied with our results and it makes me very confident regarding the future. Last year was characterized by extreme challenges and uncertainty. On the other hand, there were significant investments in our future projects. EUR 119 million have been invested, alone in the 400 MW project “MEG I”. We did not stray away from the right direction; we have maintained our high speed and project quality. We did not make any compromise especially in competence and performance with our German suppliers. It is no fortune that Windreich projects are market leader in every relation, because we cooperate well with TenneT among other reasons and have grid connections to our disposal. Today our long project construction experience and the farsighted project preparedness are paying off, in the future financially, too.”

Fixed assets of the Windreich Group amounts to approximately EUR 114 million (previous year: EUR 171.6 million). These are mainly from intangible assets in the in the amount of EUR 43 million (previous year: EUR 8.5 million), from tangible fixed assets in the amount of EUR 34 million (previous year: EUR 44.4 million) and from investments of around EUR 38 million (previous year: EUR 88.7 million). Liquid assets amounted in 2012 to approximately EUR 435 million (previous year: EUR 412.3m). The result from ordinary activities increased from EUR 2 million from the previous year to EUR 10 million.

Financial debts towards banks, bondholders and investors decreased in the financial year 2012 to approximately EUR 300 million (previous year: EUR 331 million). This was possible through the sale of onshore wind farms and holdings in offshore wind farms, as well as through cost-efficient development of future projects. The staff costs in the financial year 2012 amounted to € 10 million (previous year: EUR 9.6 million). The equity ratio remains at around 25%, which corresponds to the equity of EUR 141 million.

The Windreich Group achieved a net profit of EUR 2 million despite one-time write-off of total participation at Fuhrländer AG with EUR 21 million after EUR 11,9 million in 2011, in fiscal year 2012 a net profit of EUR 2 million.

[mappress]

Press release, August 16, 2013

 

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