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Reported by PNE on 8 August 2019

PNE AG achieves very strong improved results in the first half of the year

  • Total aggregate output of euro 85.6 million (prior year: euro 38.2 million)
  • Operating profit (EBIT) tripled to euro 12.9 million (prior year: euro 4.1 million)
  • Forecast for the entire year confirmed

(Courtesy of PNE AG)

Cuxhaven, August 8, 2019 – In the first half of 2019, the PNE Group, which is internationally active in project development and the provision of services for wind and PV projects, continued to develop in operational and strategic terms. PNE has put wind farm projects with around 404 MW into operation or has started their construction – more than ever before in a half-year. This is also reflected in a tripled operating profit (EBIT), as shown in the half-year report published today.

Sales successes reflected in first-half results
Driven by sales successes, the Group generated in the reporting period revenues of euro 65.6 million (prior year: euro 28.4 million), total aggregate output of euro 85.6 million (prior year: euro 38.2 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to euro 18.5 million (prior year: euro 8.7 million) and the operating profit (EBIT) euro 12.9 million (prior year: euro 4.1 million). This results in undiluted earnings per share of euro 0.05 (prior year: euro 0.00).

Markus Lesser, CEO of PNE AG: "This is a very pleasing outcome, and the figures confirm the positive development of the Group. PNE is thus well on target for the year as a whole. Accordingly, we also confirm our goal of generating EBITDA in the range of euro 25 to 30 million and EBIT in the range of euro 15 to 20 million within the Group in the entire year."

International progress
International operating activities have developed very positively and are the basis for the very strong operating profit. In the second quarter of 2019, PNE sold two further projects (245 MW) in Poland and Sweden. As with other projects, PNE will take over the construction management for these and, after completion, support them during the operating phase. This will further strengthen the services we offer. In the USA, the rights to the "Burleigh" project were sold in the second quarter.

Projects developed by PNE in Sweden and France (44.4 MW) were completed. In Poland, construction began on a wind farm (42 MW) developed and sold by PNE, for which PNE has taken over construction management and which PNE will subsequently also manage when in operation.

PNE already entered another international market in the first quarter of 2019: Panama. Five already partially developed projects were taken over there, which are now being further managed and optimised. PNE has opened an office in Panama for this purpose. Starting from Panama, PNE also sees good opportunities to enter into additional markets in Latin America.

Operational figures in Germany according to plan
Further progress has been made in building up the "wind farm portfolio 2020", in which wind farms with a nominal capacity of up to 200 MW will be bundled. In the first half of the year, the projects "Gerdau-Repowering" (21.6 MW, Lower Saxony) and "Schlenzer" (6.5 MW, Brandenburg) were put into operation. This means that wind farms with a capacity of 95.7 MW are already in operation (71.3 MW) or under construction ("Neuenwalde" wind farm, 7.2 MW, Lower Saxony, and "Kittlitz" wind farm, 17.2 MW, Brandenburg). Additional projects are at the approval stage at present.

Development is progressing
Markus Lesser, CEO, comments: "We are well positioned in operational terms at the national and international level. At the same time, we are also developing new solutions and products for our customers. Internally, we have adapted structures to this development. This means that the PNE Group is well equipped to meet the challenges of the market and to continue its positive development."

References

[1]

PNE AG. Press release - PNE AG achieves very strong improved results in the first half of the year. URL: https://www.pne-ag.com/en/newsroom/news/article/pne-ag-achieves-very-strong-impr.... [Date Accessed: 08/08/2019].

[2]

PNE WIND AG. Newsroom > Images. https://www.pnewind.com/en/newsroom/images/. [Date Accessed: 28/03/2018].

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