DGAP-News: PNE WIND AG publishes first half yearly report

DGAP-News: PNE WIND AG publishes first half yearly report

DGAP-News: PNE WIND AG / Key word(s): Half Year Results
PNE WIND AG publishes first half yearly report

12.08.2013 / 08:20


Cuxhaven, 12 August 2013 - The wind farm developer PNE WIND AG (ISIN:
DE000A0JBPG2) published its financial report on the first half year of 2013

'The first half of 2013 marks a special period in the history of PNE WIND
AG: We completed the largest fund raising in the company's history and then
laid the foundation for significant growth opportunities with the majority
acquisition of WKN AG after the end of the reporting period. The PNE WIND
Group has now grown into a new business size. WKN AG brings many new
people, projects and ideas into our business.  The two companies complement
each other perfectly, invite synergies and bring together the best of both
companies into one group,' comments CEO Martin Billhardt on the strategic
development of the company.

PNE WIND AG now holds approx. 83 percent of WKN AG's shares. The
acquisition of the majority stake in WKN AG was paid with the bond
proceeds, shares from our buyback program and our existing cash reserves.

The former majority shareholder of WKN AG, represented by the Volker
Friedrichsen Beteiligungs-GmbH, informed PNE WIND AG that it has purchased
168,680 convertible bonds issued in 2010 by PNE WIND AG from Luxempart SA
and has exercised the conversion right of these bonds into 7,667,265 shares
on August 7, 2013. The conversion of the bonds reduces our financial
liabilities by approx. EUR 16.9 million and interest payments by approx.
EUR 1.5 million. The Volker Friedrichsen Beteiligungs-GmbH now holds
approx. 20% of the 54.2 million PNE WIND AG shares outstanding.

Being active in the market for over 20 years, WKN AG has proven itself as a
successful wind farm developer with great expertise. The company has a
well-developed project pipeline representing 1,700 MW of projects in
Germany as well as in France, Italy, Poland, Sweden, South Africa and the
Ukraine. These international countries represent markets in which we are
not active.

At the operational level, we continue to be on the right track during the
first half of 2013. The 'Gode Wind' I, II and III offshore wind farm sale
to DONG Energy A/S (Denmark) brought in milestone payments totalling EUR 27
million in 2013. From this sale, we expect up to EUR 73 million in
additional milestone payments. According to a joint press release from DONG
Energy and Siemens, the Siemens 6 MW turbine was selected for the 'Gode
Wind' projects. This announcement confirms our expectation that DONG Energy
will make a positive investment decision in the near future.

In the onshore area, we have been able to report successes in the recent
months.  In Germany, the wind farms 'Zernitz II' with 6 MW and 'Langwedel
II' with 8 MW were competed. The 'Langwedel II' project is our 100th wind
farm completed and will be handed over turnkey running to KGAL GmbH & Co.
KG, an investment manager for long-term real capital investments.  Wind
farm number 101, a 45 MW wind farm to be constructed in three phases, is
already under construction.

In the future our pace will continue: Our onshore and offshore development
pipeline is well filled and promises with the implementation of additional
wind farms continuous returns in the coming years.  For the 180 MW
portfolio of onshore wind projects in Germany in which we are currently
working, the project companies have now been included in the Group
structure. In order to be able to realise onshore wind farm projects in
Germany as soon as possible after approval, PNE WIND AG placed orders for a
total of 69 wind energy systems (WES) with a total nominal output of 189 MW
since the end of 2012. The turbine supply contracts are with the well
established German manufacturers Enercon, Repower und Nordex and the well
established Danish manufacturer Vestas. The turbines will be installed in
projects which are already permitted or are in the permitting stage. Long
term maintenance contracts have, for the most part also been concluded with
the manufacturers.

Due to the upfront investments made in our project development business and
the additional costs arising from the acquisition of WKN AG, PNE WIND AG
reported a negative operating result.  In the first half of 2013,
consolidated sales totalled EUR 21.7 million with an EBIT of EUR -5.6
million.  Shareholder equity amounted to approx. EUR 64.9 million,
representing - as a proportion of equity to total assets - an equity ratio
of 28.0 percent.

Based on the prospects illustrated above, we confirm our forecast of a
cumulated EBIT of EUR 60 to 72 million for the years from 2011 to 2013 and,
based on our well filled project pipeline, we also anticipate high income
levels from our project development work beyond this time period. Our
outlook for the coming two financial years, 2014 and 2015, represents a
cumulated EBIT of EUR 60 to 72 million (excluding WKN AG). The first
consolidation of WKN AG took place with the fulfilment of various
conditions in July 2013. A forecast estimating the effects on PNE WIND AG's
consolidated financial statements for December 31, 2013 will take place in
the coming months.

The half year report on 2013 can be downloaded from the website

Company profile

PNE WIND AG with its headquarters in Cuxhaven plans and realizes wind farm
projects on land (onshore) and on the high seas (offshore). In doing so,
its core competence lies in the development, project planning, and
financing of wind farms and in their operation and sales respectively with
the provision of subsequent service. To date, the company has constructed
100 wind farms with 575 wind energy plants and a total nominal output of
828 MW. In Germany (onshore), wind farm projects with around 1,100 MW of
nominal output are currently being developed.

In addition to its business activities in the established German home
market, PNE WIND AG is increasingly expanding into dynamic growth markets
and is already represented through joint ventures and subsidiary companies
in Southeast Europe, Great Britain, USA and Canada. In these countries wind
farm projects with a nominal output of more than 2,000 MW are currently
being developed and are to be completed in the medium term.
In addition, PNE WIND AG is developing offshore wind farm projects, of
which four major projects in German waters have already been approved. An
entry into promising international offshore wind markets is also being


Rainer Heinsohn
Head of Corporate Communication
Tel:  +49(0) 47 21 - 7 18 - 453
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: Rainer.Heinsohn@pnewind.com

Investor Relations
Scott McCollister
Tel:  +49(0) 47 21 - 7 18 - 454
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: Scott.McCollister@pnewind.com

Investor Relations
cometis AG
Ulrich Wiehle / Janis Fischer
Tel:  +49(0) 611 - 205855-64
Fax: +49(0) 611 - 205855-66 
E-mail: fischer@cometis.de

End of Corporate News


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Language:    English                                               
Company:     PNE WIND AG                                           
             Peter-Henlein-Straße 2-4                              
             27472 Cuxhaven                                        
Phone:       04721 / 718 - 06                                      
Fax:         04721 / 718 - 200                                     
E-mail:      info@pnewind.com                                      
Internet:    http://www.pnewind.com                                
ISIN:        DE000A0JBPG2, DE000A0B9VG7, , DE000A1EMCW3, ,         
             DE000A0Z1MR2, , DE000A1R0741                          
WKN:         A0JBPG, A0B9VG, , A1EMCW, , A0Z1MR, , A1R074          
Listed:      Regulierter Markt in Frankfurt (Prime Standard);      
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,  
End of News    DGAP News-Service  
225213 12.08.2013                                                      
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