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PNE WIND AG takes over the majority of shares in WKN AG
PNE WIND AG plans to issue company bonds to the value of EUR 100 million to finance the takeover and other activities. WKN AG with its headquarters in Husum will continue in business as an independent brand.
Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG is delighted: "In many respects, the companies complement each other excellently - nationally as well as internationally. PNE WIND can furthermore consolidate its turnover and income by means of this takeover. With the joint projects we have a significant volume of wind farm projects, of which the first will already be completed in this year."
PNE WIND AG and WKN AG have both been active in the project development of wind farms for about 20 years and have carried out this business both in Germany and internationally. Because the markets in which wind farm projects are developed complement each other, synergies can be achieved through joint purchasing and sales activities. While PNE WIND AG is active in Germany, Hungary, Rumania, Bulgaria Turkey, Great Britain, USA and Canada, WKNs experts work on projects in Germany, France, Poland, Italy, USA, Sweden, South Africa, Ukraine and Great Britain.
According to IFRS accounting rules, PNE WIND AG realised a corporate turnover of EUR 84.4 million, an operative result (EBIT) of EUR 20.4 million and an annual surplus of EUR 17.0 million in the financial year 2012. In comparison, WKN AG realised a turnover of EUR 44.4 million, earnings before tax (EBT) of EUR 9.1 million and an annual surplus of EUR 6.6 million according to its annual accounts audited in accordance with HGB (German Commercial Code).
Including sales of project rights, WKN AG has realised more that 1,100 MW of wind energy output - PNE WIND AG has realised about 820 MW. WKN is currently processing further national and international projects totalling more than 1,700 MW. PNE WIND AG is currently processing onshore projects with about 3,100 MW in Germany and its foreign markets. Additionally, PNE WIND AG is active in the development of offshore wind farms.
Markus Lesser, Chief Operating Officer (COO): "Together, we can drive the expansion of wind energy forward more rapidly both on land and offshore. In doing so, the long experience of WKNs and PNE WINDS project developers provide synergies which allow both companies to be even more active in the market. And we are making an even greater contribution to the energy revolution in Germany."
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