Contact
QR code for the current URL

Press release Box-ID: 845348

PNE AG Peter-Henlein-Str. 2-4 27472 Cuxhaven, Germany http://www.pnewind.com
Contact Mr Mirko Koch +49 611 20585540
Company logo of PNE AG
PNE AG

PNE WIND closes the 2016 fiscal year with record results

(PresseBox) (Cuxhaven, )

Group EBIT of euro 97.0 million (prior year: euro 9.8 million)
Improved balance sheet structure: Distinct reduction of short and long term financial liabilities and increased liquidity
The basic earnings per share amounted to euro 0.90 (prior year: euro 0.05)


The PNE WIND Group closed the 2016 fiscal year with the best operating results in its corporate history. Due to the sale of wind farms, offshore milestone payments received and income from electricity generation, the wind power specialist increased its Group EBIT to euro 97.0 million (prior year: euro 9.8 million). Above all, the sale of the wind farm portfolio, which has been established over several years, in December last year contributed significantly to this success and was an important step to achieve the annual and the three-year guidance.

On the bottom line, the Group recorded a net income of euro 69.0 million (prior year: euro 3.5 million) with a total aggregate output of euro 259.2 million (prior year: euro 233.3 million) in 2016. The basic earnings per share amounted to euro 0.90 (prior year: euro 0.05). The equity ratio improved from 34.0 percent to 53.1 percent.

Markus Lesser, CEO of the PNE WIND Group, is delighted with this success: "We are extremely satisfied with these results, no question. However, the market will become more difficult due to regulatory changes, and we are expecting declining prices. This also applies if the expansion of renewable energies is growing at the international level. But now, we have the necessary resources to invest again in a project portfolio in the long term in order to strengthen our internal operations and to profitably use or expand our entire value chain."

According to the accounting principles of the German Commercial Code (HGB), the listed stock company PNE WIND AG generated a net income of euro 40.0 million (prior year: euro 10.3 million). On the basis of these positive results, the Board of Management and the Supervisory Board will propose to the general meeting of shareholders on May 31, 2017 to distribute a total dividend of euro 0.12, consisting of basic dividend of euro 0.04 and a special dividend of euro 0.08 per eligible share from PNE WIND AG's retained earnings. In this way, we want to consistently continue our dividend policy of recent years and enable shareholders to participate appropriately in the Company's success.

Liquidity serves to finance further growth

The financial situation and the balance sheet structure of PNE WIND improved significantly as a result of the sale of the wind farm portfolio. Previous project financing funds were eliminated from the balance sheet and sales proceeds were recognised. This led to a substantial decrease in short and long term financial liabilities and an improved liquidity position. Cash and cash equivalents increased to euro 147.7 million (prior year: euro 86.1 million). This means that the management has extensive resources to finance the further growth of the company.

Markus Lesser, CEO of PNE WIND AG comments: "The strategy of initially bundling wind farms after their completion has proven to be successful. The marketing of large portfolios provides higher sales proceeds than the sale of individual wind farms. We want to repeat this success and intend to build up additional electricity generation capacity, in particular through the development of a European portfolio of onshore wind farms up to 2019/2020."

The new portfolio will be realised through internally developed wind farm projects, the acquisition of existing wind farms for subsequent repowering and the increased acquisition of projects that are at a late stage of development. PNE WIND intends to retain a major share in the portfolio in connection with a future sale and to provide operational management services for the wind farms. Using this approach, PNE WIND ensures regular and stable revenue from the sale of electricity and from wind farm management. This strategy has already proved its worth upon the pro-rata sale of the wind farm portfolio in December 2016.

Outlook

Due to the changed market environment and the investments in the further expansion of the proven portfolio strategy, the Board of Management sees fiscal 2017 as a year of transition, in which the Group EBIT will range between euro 0 and 15 million. On an EBIT basis, PNE WIND continues to anticipate positive operating results in the area of euro 10 to 20 million for the 2017 financial year.

The 2016 financial report of PNE WIND AG is available on the company's website in the section "Investor Relations" as of today.

PNE AG

The PNE Wind Group, with its brands PNE WIND and WKN, is one of the leading German wind farm developers. With its approx. 360 employees, the PNE WIND Group has been offering services covering the entire added value chain ranging from the development, planning, realisation, financing, operation, marketing and repowering of wind farms in Germany and abroad from a single source for more than 25 years. Once the completed plants have been handed over to operators, the PNE WIND Group also offers technical and commercial management services, including regular maintenance, for the wind farms. The offshore wind farms at sea are developed up to the point where they are ready to be constructed and services are provided up to the operation of the wind farms. Alongside its business activities in the established domestic market in Germany, the PNE WIND Group is present at the international level in order to benefit from the tremendous growth potential of the global wind energy market and it is expanding into dynamic growth markets.

The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.
Important note:

Systematic data storage as well as the use of even parts of this database are only permitted with the written consent of unn | UNITED NEWS NETWORK GmbH.

unn | UNITED NEWS NETWORK GmbH 2002–2022, All rights reserved

The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.