PNE WIND AG presents the annual report for the most successful year to date and has significantly expanded its operational business in 2014

(PresseBox) ( Cuxhaven, )
With its annual report for 2013, the wind farm project developer PNE WIND AG presented today the most successful financial year in its corporate history. Furthermore, the company has already significantly expanded its operational activities during the first quarter of 2014.

"2013 was not only an exceptional year for PNE WIND AG in financial terms but it was also a year in which we laid the foundation for further development. The successful placement of our EUR 100 million corporate bond listed on the Prime Standard provided us with the opportunity to take over approx. 83 percent of the shares in WKN AG as well as acquire three offshore projects currently in the development stages" summarised Martin Billhardt, Chairman of the Board of Directors.

The Group, represented by PNE WIND AG and WKN AG, now develops wind farms in 14 countries and our dependence on individual markets has therefore been greatly reduced. In the offshore sector, PNE WIND AG is currently developing six of its own projects and continues down its successful path forward.

According to IFRS accounting standards, the Group operating income (EBIT) - the key metric for our project development business - amounted to EUR 45.0 million (previous year: EUR 20.4 million). PNE WIND AG generated a cumulated EBIT of EUR 65.5 million in the financial years from 2011 to 2013 and therefore fulfilled its forecast of EUR 60 to 72 million during this period. For the financial years from 2014 to 2016, management expect to achieve a cumulated operating income of EUR 110 to 130 million.

Revenues increased from EUR 84.4 million to EUR 144.0 million in 2013. Earnings before tax (EBT) amounted to EUR 35.8 million (previous year: EUR 15.1 million). The undiluted earnings per share (EPS) amounted to EUR 0.86 (previous year: EUR 0.37) and the diluted earnings per share was EUR 0.81 (previous year: EUR 0.31). The Group's total performance increased to EUR 162.1 million (previous year: EUR: 94.3 million).

During the financial year 2013, the balance sheet total increased to EUR 434.9 million (previous year: EUR 182.5 million). As at December 31, 2013, shareholder equity amounted to EUR 150.6 million (previous year: EUR 84.6 million), representing an equity ratio of 34.6 percent (previous year: 47.5 percent). Cash amounted to EUR 77.4 million (previous year: EUR 36.6 million) and net debt amounted to EUR 134.1 million (previous year: EUR 39.3 million) as at December 31, 2013.

According to HGB (German Commercial Code), PNE WIND AG achieved a net income of EUR 36.6 million (previous year: EUR 34.4 million) and retained earnings increased to EUR 67.6 million as at December 31, 2013.

In operational terms, the PNE WIND Group began the 2014 financial year on a strong note. While wind farms with a total nominal output of 43 MW were either completed or under construction at the end of 2013, wind farms with a total nominal output of 100 MW are currently under construction in Germany. These wind farms are to be commissioned under the current EEG (German Renewable Energies Law) and further wind farm projects are currently in the approval process in Germany.

Internationally, wind farms in the USA (up to 153 MW) and France (12 MW) are under construction. In addition, major wind farm projects have been issued permits in the United Kingdom (20 MW), Hungary (78 MW), Romania (102 MW) and Poland (32 MW).

Today, PNE WIND AG published its full audited 2013 annual accounts and management report on its internet page: www.pnewind.com.
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