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PNE WIND AG publishes 2011 half year results
- Offshore business drives company development forward
- Significant progress achieved abroad
- Forecast for financial years 2011 to 2013 confirmed
The wind farm developer PNE WIND AG (ISIN DE000A0JBPG2) has completed the first half year of 2011 successfully. The operating result (EBIT), the fundamental key value for the entrepreneurial success of a wind farm developer, lay at about EUR 0.9 million (previous year: EUR 8.2 million). The positive result is particularly due to the successful further development of the offshore projects. In addition, the company realised a turnover amounting to EUR 16.6 million at corporate level for the first six months of 2011. The drop in comparison to the previous year's period, in which EUR 41.1 million was turned over, is the result of the planned lower number of onshore wind farms realised.
In comparison with the previous year, cash flow from current business activities increased and amounted to EUR 6.6 million (previous year: EUR -3.7 million). This positive cash flow is mainly due to a milestone payment of about EUR 6.7 million from the Danish energy corporation, DONG Energy Power A/S, for the offshore project "Borkum Riffgrund I".
Despite the slight decline in the shareholders' equity - primarily due to the dividend payment - the equity ratio remained at a continuing high level of about 41 percent (December 31, 2010: about 41 percent). With liquid funds of EUR 36.2 million at the half year (December 31, 2010: EUR 39.2 million), PNE WIND AG continues to assert a strong position for the further development of offshore projects and international expansion.
Significant progress was made in project development - above all in the offshore segment - during the first half year. Thus PNE WIND AG received the unconditioned approval for the grid connection of the "Gode Wind II" offshore wind farm from the responsible transmission grid operator TenneT. The company was also able to gain the interest of ten European banks in financing this wind farm. In general, offshore wind energy is seen as a growth driver for the national and international wind energy markets. PNE WIND AG will rigorously exploit this potential.
In the onshore sector, significant progress was made in the international development and marketing of wind farm projects. Amongst other measures, extensive investment in Great Britain is planned. An office was opened in Edinburgh in order to drive this forward in a targeted manner. The company also broke into the North American market by means of a sales agreement for a 20 MW wind farm in South Dakota (USA). Approval for a 36 MW wind farm in Hungary was also finally obtained. PNE WIND AG therefore sees attractive international growth prospects.
Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG, draws a positive conclusion from the first half year of 2011: "Our result for the first six months is fully as planned. Significant progress has been achieved in both our offshore and foreign activities. Despite the high preliminary costs for the establishment of our projects both in Germany and abroad, we were able to achieve a positive operational result for the half year." Martin Billhardt is also optimistic for the future: "We expect to see significant progress in the coming years, especially in the offshore wind energy sector. We are therefore convinced that, with our six own wind farm projects in the North Sea PNE WIND is well positioned for further company growth." Based on the half year result, the Board of Directors confirms its forecast whereby PNE WIND AG's EBIT will grow to a cumulative value of at least EUR 60 to 72 million during the financial years from 2011 to 2013.
The report on the first half year of 2011, which is published today, provides a comprehensive overview of PNE WIND AG's business results and is available in the internet at www.pnewind.com
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