PNE Wind AG increases dividend proposal on higher 2013 earnings

Cuxhaven, Germany - Due to the successful 2013 financial year, the Supervisory Board of the wind farm project developer PNE Wind AG resolved to accept the recommendation of the Management Board to propose to the Annual General Meeting a dividend amounting to EUR 0.10 (previous year: EUR 0.08) and a special dividend amounting to EUR 0.05 (previous year EUR 0.02) for each share which is entitled to dividends. The Annual General Meeting is to vote on this resolution on June 4, 2014.

The basis for this dividend proposal is the improved earnings achieved during the 2013 financial year. According to IFRS accounting rules, PNE WIND AG achieved an operating income (EBIT) - the key metric for the project development business - of EUR 45.0 million (previous year: EUR 20.4 million). PNE WIND AG has thus fulfilled its 3 year cumulative EBIT guidance of EUR 60 to 72 million having achieved a cumulative EBIT of EUR 65.5 million for the 2011-13 periods. This guidance was first given in 2011 and maintained since then.

The Supervisory Board also approved today a new earnings forecast. The Management Board expects to achieve a cumulative group EBIT, including WKN AG, totalling EUR 110 to 130 million during the 2014 to 2016 financial years.

Revenues increased from EUR 84.4 million to EUR 144.0 million in 2013. The earnings before tax (EBT) amounts to EUR 35.8 million (previous year: EUR 15.1 million). The undiluted earnings per share (EPS) amounted to EUR 0.86 (previous year: EUR 0.37) and the diluted earnings per share was EUR 0.81 (previous year: EUR 0.31). The total corporate performance increased to EUR 162.1 million (previous year: EUR: 94.3 million).

According to HGB (German Commercial Code), PNE WIND AG achieved an annual net income of EUR 36.6 million (previous year: EUR 34.4 million). PNE WIND AGs balance sheet profit according to HGB as at December 31, 2013 amounted to EUR 67.6 million.

PNE WIND AG will publish its fully audited annual accounts and management report for 2013 on March 31, 2014.

Source: IWR Online, 20 Mar 2014