DGAP-News: PNE WIND AG presents the balance sheet for the first three quarters

DGAP-News: PNE WIND AG presents the balance sheet for the first three quarters

DGAP-News: PNE WIND AG / Key word(s): Quarter Results
PNE WIND AG presents the balance sheet for the first three quarters

11.11.2013 / 07:53


Cuxhaven, November 11, 2013 - For PNE WIND AG, the first nine months of the
2013 financial year were characterised by the setting of a decisive
operational course. This can be seen in the financial report on the first
nine months of 2013 published today. During this period the wind farm
project developer not only successfully concluded the biggest capital
transaction in the company's history (a bond issue amounting to EUR 100
million) but also laid the foundation for significant future growth
opportunities by taking over approximately 83 percent of WKN AG, which is
also active in wind farm project development. The PNE WIND Group is moving
towards a new company dimension.

In addition to considerable specialist competence, WKN AG (Husum) has a
well developed project pipeline with 1,700 MW under development. Together
with PNE WIND AGs 3,100 MW, the Group has substantial growth potential. The
PNE WIND Group companies are currently working on wind farm projects in 14

With PNE WIND AG's excellent reputation in the capital markets, which has
been strengthened through its strategic and operational development, the
company was able to fill-up the corporate bond to EUR 100 million in
September. The company will use this additional capital to strengthen its
market position in the development of wind farm projects still further. In
Germany alone the company is currently working on a portfolio of wind farm
projects with a nominal output of more than 180 MW.

In addition, PNE WIND AG was also able to extend its offshore project
pipeline significantly during the first nine months of 2013. With the
acquisition of the 'Atlantis' I to III wind farm projects, PNE WIND AG has
doubled the number of its own offshore projects. According to current
planning, up to a total of 240 offshore wind energy systems in the 5 MW
class can be erected in the three new offshore wind farm projects.

The three 'Gode Wind' wind farms provide evidence that PNE WIND AG is able
to create significant value using the expertise gained in the development
of offshore projects during recent years. From the sale of these offshore
projects to the Danish energy corporation, DONG Energy A/S, and subject to
the fulfilment of certain project development steps, PNE WIND AG
anticipates milestone payments up to EUR 70 million. Martin Billhardt,
Chairman of the Board of Directors of PNE WIND AG comments: 'We firmly
belief that DONG Energy will decide in favour of an investment in the 'Gode
Wind' projects this year. We would thus receive the major portion of the
outstanding milestone payments.'

During the first nine months of 2013, PNE WIND AG was able to complete the
onshore wind farms in Germany, 'Zernitz II' with 6 MW and 'Langwedel II'
with 8 MW. In the 'Calau II' wind farm, where wind energy turbines with a
total nominal output of 45 MW are to be constructed in three phases,
construction of the first 15 MW has begun. In addition, the
'Görike-Söllenthin' wind farm with 4 MW is also now under construction.

Due to start-up costs incurred in the wind farm projects and the expenses
associated with the WKN AG takeover, the PNE WIND Group recorded a negative
operating result. According to IFRS accounting rules, an EBIT of EUR -6.0
million was realised on Group sales of EUR 43.6 million during the first
nine months of 2013. 'Taking the above factors into account - which should
pay off in the short to long term - the results are within the expectations
of the Board of Directors' commented Martin Billhardt. Shareholder equity
was approximately EUR 98.5 million, thus being equivalent to an equity
quota - as the proportion of equity in the balance sheet total - of
approximately 26.1 percent.

Martin Billhardt summarises: 'Based on the positive prospects facing the
company and expectation to receive milestone payments from the offshore
segment, we reaffirm our EBIT forecast. Accordingly we plan for a
cumulative 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 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.
The WKN projects will be included in our forecast after the 2014 corporate
business plan has been approved by our Supervisory Board.'

The report covering the first nine months of 2013 can be downloaded from
our internet site, www.pnewind.com.

Company profile

With its headquarters in Cuxhaven, PNE WIND AG plans and realises 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 PNE company group has
already developed wind farms with a total nominal output amounting to
almost 2,000 megawatts.

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 in joint ventures and by subsidiary companies in
14 countries in Europe, Africa and North America. In these countries wind
farm projects with a nominal output of about 5,000 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.


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  
239001 11.11.2013                                                      
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