PNE Wind with progresses in the first quarter 2018
- Successful placement of new corporate bond with attractive coupon of 4%
- National and international successes in tenders and approvals
- Advancement to a Clean Energy Solution Provider and building up of “wind farm portfolio 2020” as planned
Cuxhaven, May 9, 2018 – The first quarter of 2018 was operationally and strategically successful for the PNE WIND Group. The group made significant operational progress with our projects on the German market and internationally. With the placement of a new corporate bond with a volume of euro 50 million and a coupon of 4.0 percent in April, PNE WIND succeeded in significantly reducing both the liabilities and the long-term interest charges for PNE WIND AG in the future. This lays the foundation for implementing our “Scale up” strategy and building up our 2020 portfolio.
On course in Germany
The Looft repowering project (16.5 MW) in Schleswig-Holstein was completed and commissioned on schedule at the end of the first quarter. In Lower Saxony, the Company started the construction of the Gerdau-Schwienau repowering wind farm (21.6 MW), which was successful in the first tender round in 2018. Pleasing progress was also made in other projects. The Kittlitz project (Brandenburg) received approval for a total nominal output of 21 MW. In Wangerland, Lower Saxony, the planned construction of a community wind farm with 34 MW is underway. Here, the PNE WIND Group is providing services in the areas of project development, construction management and financing.
The business of international project planning of wind farms also developed well. Progress was made, in particular, in projects in France and Sweden. While in France the St. Martin-L’Ars wind farm (10.3 MW) is about to go into operation, approval was granted for another project, the Dargies 2 wind farm (7.05 MW). In Sweden, PNE WIND is in charge of the construction of the Laxaskogen wind farm (25.5 MW), which has already been sold.
Development into a Clean Energy Solution Provider
Markus Lesser, CEO of PNE WIND AG: “We started as planned into 2018. The current successes confirm our strategy of further expanding our recognised qualifications in wind energy in various countries as well as in new markets. On this successful foundation, we continue to develop. As a Clean Energy Solution Provider, we want to extend our expertise to other international markets in the future. Furthermore we are investing into the building up of the “wind farm portfolio 2020”.”
First quarter results on target
The results of the first quarter of 2018 must also be seen in the context of these general conditions. During this period, the Group generated sales of euro 10.9 million (prior year: euro 20.4 million), total aggregate output of euro 15.7 million (prior year: euro 24.6 million) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 2.1 million (prior year: euro 1.7 million), operating profit (EBIT) of euro -0.2 million (prior year: euro 0.3 million) and undiluted earnings per share of euro -0.04 (prior year: euro -0.03). The results of the first quarter are on target. Accordingly, we also confirm our goal of generating clearly positive EBIT in the range of euro 10 to 16 million and EBITDA in the range of euro 20 to 26 million within the Group in 2018.
In addition, since 2017, values have also been created which, however, are not readily apparent. This relates to the establishment of our “2020 wind farm portfolio”. The earnings before tax accrued in this portfolio to date – eliminated at the Group level – amount to approx. euro 16.1 million since 2017 (of which about euro 3.7 million in 2018). With such a portfolio of company-owned projects, complete or partial sales to third parties outside the Group, and accordingly the earnings in the Group from these projects, are postponed. Fixed assets and liabilities to banks from project financing within the Group will increase up to the complete or partial sale of the “2020 wind farm portfolio”.