EANS-News: PNE WIND AG closed the first half year of 2009 with good operating results

• Eight wind farms with 56 wind power turbines and a total nominal output of 120 MW installed • EBIT of € 8.0 million achieved • Consolidated net profit of € 4.9 million generated

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finances/Half year report 2009

Cuxhaven (euro adhoc) - Cuxhaven, August 10, 2009 - The wind farm project planning company PNE WIND AG further expanded its strong operating position in the international wind market in the first half of 2009. Eight wind farms with a total nominal output of about 120 MW were set up by the company. 56 wind power turbines were installed at these sites. The success of these projects is also reflected in the operating results of the first half of 2009.

In the first six months of the current fiscal year, PNE WIND AG generated a total aggregate output of approximately EUR 94.7 million, which corresponds to a plus of 41.7 % compared to EUR 66.8 million in the previous year. The operating profit (EBIT), the decisive figure for a wind farm project planning company, amounted to EUR 8.0 million (previous year: EUR 25.9 million). The fact that the EBIT of the previous year were influenced positively by an amount of EUR 26 million resulting from the sale of the shares in the Danish rotor blade manufacturer SSP Technology A/S is to be taken into account. Earnings before taxes totalled EUR 5.7 million in the first half of 2009 following EUR 24.4 million in the previous year. The consolidated profit before non-controlling interests amounted to about EUR 4.9 million as at June 30, 2009 (previous year: EUR 21.7 million). Accordingly, the earnings per share were EUR 0.12 (undiluted).

Martin Billhardt, the Chairman of PNE WIND AG's Board of Management strikes a positive semi-annual balance: "We attained our operating objectives. Eight wind farms in six months - this figure emphasizes our strong position in the market. The revised Renewable Energies Law (EEG) gave us a further tail wind in this respect." In addition, the Chairman outlines the progress made in the electricity generation segment and in respect of international expansion: "PNE WIND AG will operate the Altenbruch II wind farm as the owner and strengthen significantly its position as an independent power producer. At the same time, we have taken the first step towards opening up a further, highly promising market of the future by establishing a joint venture company in Canada. However, we regret having to find a new partner for the Gode Wind I project, since the former partner, the Dutch group Econcern, went bankrupt in the second quarter."

The successful development of the first half of 2009 has been confirmed by the permit for the "Gode Wind II" offshore wind farm after the end of the reporting period. Now, PNE WIND AG is the only project planning company that has obtained a permit for three offshore wind farms in German waters. CEO Martin Billhardt regards this as proof of the unequalled expertise of the company: "Our project pipeline includes a total of seven offshore wind farms off the coast of Germany with a total volume of 2,416 MW, of which 1,077 MW have already been approved. We are thus is an excellent position to benefit in the long term from future increasing significance of offshore wind power."

Corporate profile

PNE WIND AG with its headquarters in Cuxhaven plans and implements wind-farm projects on land (onshore) and at high sea (offshore). The central competence is the development, projecting, implementation and financing of wind-farms as well as their operation or sale with subsequent service. Up to now, the company has built 92 wind-farms with 535 wind-energy systems and a total nominal output of 770 MW.

Alongside the business activity on the established German home market, PNE WIND AG is increasingly expanding into dynamic growth markets and is already represented by joint ventures in Hungary, Bulgaria, Turkey, Great Britain, Ireland, Romania and Canada. In these countries, wind-farm projects with a nominal output of up to 1,800 MW are being processed and are to be implemented in the medium term. In addition, a subsidiary has been founded in the USA. In Germany (onshore), wind-farm projects with more than 300 MW of nominal output are in the processing phase.

In addition, PNE WIND AG develops offshore wind-farm projects, of which three major ones in German waters have already been approved. Entry into promising foreign markets is also being examined for this offshore area.

end of announcement                               euro adhoc

Further inquiry note:

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

Investor Relations
cometis AG
Ulrich Wiehle / Dirk Stauer
Tel: +49(0)611 - 205855-11
Fax: +49(0)611 - 205855-66

Branche: Alternative energy
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Frankfurt / regulated dealing/prime standard
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Original-Content von: PNE WIND AG, übermittelt durch news aktuell

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