German wind farm developer PNEWIND AG has published its annual report for 2013, which turned out to be the most successful fiscal year in the company’s history. At the same time, the company has significantly expanded its operational activities in the first quarter of 2014.
“2013was not only an outstanding year financially for PNE WIND AG, but also a year in which we have laid the foundations for further development ,” said the company’s Chairman of the Board Martin Billhardt.
In 2013, PNE WIND greatly expanded its operations with the acquisition of wind project developer WKN AG and three offshore projects in the planning stage. Acquisitions were financed through the successful placement of a corporate bond with gross proceeds of EUR 100 million.
Operations performed well in 2013, with the Group completing or beginning construction on 43 MW in Germany. PNE WIND started 2014 with nearly 100 MW of permitted German projects, which are scheduled to be completed in the coming months.
Internationally, the Group sold a 12 MW project in France, received permits for a 66 MW project in the UK and a 32 MW project in Poland.
In the offshore sector, a EUR 45 million payment was received at the end of 2013. Six offshore projects were sold with a total nominal capacity of up to 2,104 MW.
Borkum Riffgrund I, under construction since mid-2013, was sold to DONG Energy. Also, Final Investment Decision (FID) was taken by DONG for Gode Wind I and II offshore wind farms.
Atlantis offshore projects were acquired in September 2013, bringing the total planned output of PNE WIND’s six own projects to 2,640 MW.
Financially, PNE WIND recorded its best ever year with an EBIT of EUR 45 million and an EPS of EUR 0.86. With a 3 year cumulative EBIT of EUR 65.5million during the 2011-2013 time period, the Group fulfilled its guidance of EUR 60-72million in EBIT.
PNE WIND now intends to raise the dividend to EUR 0.10 + special dividend of EUR 0.05 per share.The Group forecasts a 3 year cumulative EBIT of EUR 110-EUR 130million for the 2014-2016 period.
Offshore WIND Staff, March 31, 2014; Image: PNE WIND