PNE WIND has a good start to the 2017 fiscal year
- First quarter of 2017 characterised by a number of successes
- All significant financial figures of the first three months of 2017 above the previous year’s values
Cuxhaven, May 10, 2017 – The wind farm developer PNE WIND started the new year with strong tailwinds. In particular, in the offshore segment, the Company achieved important successes in the first quarter of 2017. In addition to the sale of the “Atlantis 1” project to the Swedish energy group Vattenfall, the “Gode Wind 3” offshore wind farm developed by PNE WIND was one of only four offshore wind farms that received an award in the first German wind farm tender.
Markus Lesser, Chief Executive Officer of the PNE WIND Group, comments: “The success in the tender process is proof of the high quality of our projects and demonstrates that we, as a globally operating enterprise, can benefit from experience gained with this system in other countries. PNE WIND had a positive start to 2017, which we see as a year of transition. We will undertake significant investments in the upcoming months to lay the cornerstone for long-term positive development.”
Business is also doing well in the onshore segment: Currently PNE WIND is constructing wind farms with a total capacity of 91 MW. Of these, wind farms with a nominal capacity of 59 MW were under construction at the end of the first quarter in Germany. In France wind farms with a nominal capacity of approx. 32 MW are being erected for the internationally renowned investor John Laing Investments.
Results of the first quarter 2017 and outlook
In the first three months of 2017, the PNE WIND Group generated sales of euro 20.4 million (prior year: euro 11.9 million), total aggregate output of euro 24.6 million (prior year: euro 21.1 million), operating profit (EBIT) of euro 0.3 million (prior year: euro 0.2 million) and undiluted earnings per share of euro -0.03 (prior year: euro -0.05). With an equity ratio of 55.1 percent, PNE WIND has the necessary solid financial basis to realise all planned business activities.
Markus Lesser: “In addition to the planned investments in the expansion of our business model, we are currently working intensively on reducing the project costs. First discussions, inter alia, with manufacturers of wind power turbines have been very promising. We are expecting progress in this respect and think that our group of companies is, as a whole, in a good position. Against this backdrop, we confirm our Group EBIT guidance for 2017 in the range of between euro 0 and 15 million.”
Meanwhile, the management has specified the further growth strategy in more detail. For example, the management plans to build up a European wind farm portfolio with a nominal capacity of more than 200 MW by 2019/2020. The relevant projects are situated primarily in Germany and France. In this way, the Company will be able to benefit from regular income from electricity generated by the wind farms under operation. The advantage: PNE WIND secures a stable basis of income in addition to the high-margin project development business. The next goal is to consolidate the earnings.
Apart from an intensified internal operation of wind farms, PNE WIND intends to expand its range of services. With a high level of liquidity of euro 146.8 million at the end of the first quarter, the management has sufficient funds to finance these measures.