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09.05.2011 – 08:02


EANS-News: PNE Wind AG Offshore sector boosts operating business

• Operational development as planned in 1st quarter 2011 • Further EBIT contributions expected from offshore projects in fiscal year 2011 • Forecast for fiscal year 2011 to 2013 confirmed

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quarterly report

Subtitle: • Operational development as planned in 1st quarter 2011 • Further EBIT contributions expected from offshore projects in fiscal year 2011 • Forecast for fiscal year 2011 to 2013 confirmed

Cuxhaven (euro adhoc) - May 9, 2011 - The first quarter of fiscal year 2011 ended positively for the wind farm developer PNE WIND AG (ISIN DE000A0JBPG2). An operating result (EBIT), which is a crucial figure for a wind farm project developer, of Euro 2.5 million was achieved (previous year: Euro 10.2 million). When making comparisons with the previous year, it should be remembered that in the 1st quarter of 2010, other operating revenue of Euro 11.2 million from the consolidation of the project company "Gode Wind I" had contributed to the positive quarterly result. Based on the current results for the first three months, PNE WIND AG reiterates the forecast of achieving a cumulative EBIT of Euro 60 to 72 million in fiscal years 2011 to 2013.

With earnings before taxation (EBT) of Euro 1.8 million, PNE WIND AG reached a positive result (previous year: Euro 9.3 million). The consolidated result as of March 31, 2011 was about Euro 1.7 million (previous year: Euro 9.3 million), which corresponds to an undiluted earnings per share of Euro 0.04 (previous year: Euro 0.21). The earnings figures in the 1st quarter of 2011 were primarily due to the good development in the offshore sector, as important milestones were achieved.

Operating business in the reporting period continued to develop. In 2011, business activities focussed, above all, on the offshore sector. PNE WIND AG is currently working on six of its own projects in this sector in different phases of project development. Of these projects, "Gode Wind" I and II have already been approved by the Federal Maritime and Hydrographic Agency (BSH). In addition, the company is a service provider at two offshore wind farm projects from DONG Energy Power A/S. After the energy group recently took the decision to invest in "Borkum Riffgrund I", the preparations for construction started and a further milestone payment of Euro 6.7 million could be booked in the 1st quarter of 2011. Further payments are due when the next targets of this project are met.

PNE WIND AG also made considerable progress in the financing of the offshore wind farm "Gode Wind II". There are a total of 13 Letters of Support from well-known banks for financing the wind farm. In addition, PNE WIND AG could expand by further offshore wind farms through its cooperation with the wind turbine producer Vestas. Building on the successful cooperation in the offshore wind farm "Gode Wind II", the projects "Gode Wind" I and III are also being jointly developed.

Operating business on land is also expanding. All the necessary permits have been obtained for two onshore wind farms in Germany. Internationally, the company achieved important interim results. The first projects in the USA were developed as planned and it should be possible to implement them in 2012. Furthermore, PNE WIND UK was selected by the Scottish Forestry Commission as the preferred partner for the development of wind farms in Central Scotland. PNE WIND will determine suitable locations for wind farms by October 2011.

Martin Billhardt, Chairman of the Management Board of PNE WIND AG: "Due to the current debate on the expansion of offshore wind energy in particular, with six of our own offshore projects at the moment, we see ourselves as well positioned to profit from future market developments. We assume that the changed political situation has provided impulse for our new business model. We see further potential in the internationalisation of our project development competencies, particularly in the USA and Great Britain."

Company profile

PNE WIND AG with its headquarters in Cuxhaven develops and implements wind farm projects on land (onshore) and at high sea (offshore). Its core competence is the development, planning, implementation and financing of wind farms and their operation or sale including subsequent service. So far, the company has set up 97 wind farms with 563 wind energy systems and a total nominal output of 804 MW.

Alongside its business activities in the established German home market, PNE WIND AG is also increasingly investing in dynamic growth markets and has subsidiaries and representations via joint ventures in Hungary, Bulgaria, Romania, Turkey, the UK, USA and Canada. Wind farm projects with a nominal output of about 3,725 MW are currently being processed in these countries and are to be implemented in the medium term. In Germany (onshore) currently wind farm projects with a nominal output of more than 1.150 MW are being processed.

Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.

end of announcement                               euro adhoc

Further inquiry note:

Press und Public Relations
Rainer Heinsohn
Tel: +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73

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Ulrich Wiehle / Alexandra Edinger
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Fax: +49(0)611 - 205855-66

Branche: Alternative energy
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