Renewable-Energy-Industry.com

Business World of Renewable Energy

IWR Reuters News Center RTL 103 0347 1280 256

PNE Wind AG more than doubles EBIT-figures for the first nine months of 2015

Cuxhaven, Germany - The wind farm project developer, PNE Wind AG published its financial report for the third quarter and the first nine months of 2015.

The operational business of the PNE WIND Group was characterized by the implementation of projects in Germany as well as the continued progress in the development of wind farms at home and abroad. At the end of the third quarter 2015, wind farms with approx. 119.8 MW of nominal output were under construction (46.2 MW) or commissioned (73.6 MW), of which 57.6 MW were transferred to the YieldCo after the wind farm was commissioned.

During the first nine months of the financial year, the Group generated a total performance of euro 189.5 million (previous year: euro 201.5 million), an operating profit (EBIT) of euro 16.7 million (previous year: euro 7.7 million) and basic earnings per share of euro 0.13 (previous year: euro 0.00). Despite the high level of investments being made in our YieldCo projects, the results benefited from the first positive effects out of the sale of our UK subsidiary. Earnings before tax from YieldCo projects in 2015 totalling approx. euro 17.1 million are not included in the reported EBIT figure and will be first reported as earnings when the shares in the YieldCo are sold.

In the third quarter 2015, the Group reported a total performance euro 99.7 million (previous year: euro 66.8 million), an operating profit (EBIT) of euro -7.3 million (previous year: euro 4.9 million). The decrease compared to the same period in 2014 can mainly be attributed to the Group's internal development of YieldCo projects.

The positive earnings development in the first nine months of 2015, were primarily driven by the sale of our subsidiary PNE WIND UK and its project development pipeline. In the coming years, we expect our Group results to be positively influenced by milestone payments. Till 2020, total milestone payments could add up to approx. euro 86.4 million.

The sale of our subsidiary in the United Kingdom represents a very successful transaction. The investments made in the development of the projects in the UK are now paying off. Looking to the future, the Group aims to further optimise its international activities. In attractive markets, activities will be strengthened while in less promising markets the value already created in our developed projects will be secured and realised.

The YieldCo will have up to approx. 150 MW when completed and it represents a core development of our operations and is central to the strategic development of the PNE WIND Group. Currently wind farms with 93.9 MW are already in operation or are under construction. The YieldCo requires major investments and as at September 30, 2015, the company had already invested approx. euro 54.8 million of its own funds. In the reporting period, the



Source: IWR Online, 11 Nov 2015

 


Companies