The wind farm project developer, PNE WIND AG has published the results for the second quarter and first half year of 2014.
The rate of growth achieved represents an increase over the first three months of the year and was driven with the completion and sale of various wind farm projects. With new permits for projects being issued, the realisation of wind farms will continue intensively in the future. Despite the considerable amount of preliminary work, the operating result (EBIT) increased in the second quarter.
During the first half year of 2014, which in contrast to the same period last year now includes WKN AG and its subsidiary companies, the Group realised revenues amounting to euro 117.9 million (previous year: euro 21.7 million), an operating result (EBIT) of euro 2.8 million (previous year: euro -5.6 million) and an undiluted result per share of euro -0.04 (previous year: euro -0.21).
Martin Billhardt, Chairman of the Board of Directors (CEO) of PNE WIND AG , comments: “We made considerable progress during the first half year, particularly in the area of onshore wind power. Both at home and internationally, we received a number of building permits, constructed numerous wind farms and sold various projects. We continue to profit from our majority shareholding in WKN AG, which has significantly strengthened our Group and has reduced our dependence on individual markets. We anticipate that it will continue to make positive contributions to turnover and our results in the future.”
During the first half year, the PNE WIND Group commenced construction on wind farms in Germany with approx. 128 MW of nominal output.
The Group expanded its international activities in parallel: In France, a previously sold 12 MW wind farm was completed at the end of July 2014. In the USA, a wind farm (with up to 153 MW in several project phases) continued to be developed. Additional projects in France (10 MW), Italy (30 MW), Great Britain (38 MW), Hungary (78 MW), Romania (102 MW) and Poland (32 MW) are now permitted.
Currently, the PNE WIND Group has a domestic and international onshore project pipeline with more than 5,000 MW of nominal output in various stages of project development.
Offshore, PNE WIND’s project development pipeline is well filled and the company is currently working on 13 projects.
In addition, an independent power producer (so-called IPPs) business may become a new pillar of the PNE WIND Group. “We observe with interest that new IPPs have been raising capital in the marketplace in recent months. With our majority shareholding in WKN, the business volume of the Group has now reached the size and scope required to consider entering into such a business. We are therefore considering the establishment of an IPP / Yieldco for our onshore projects which are about to be constructed and mostly representing German wind farms,” said Billhardt commenting on new market opportunities.
CEO Martin Billhardt looks optimistically into the future: “We are now harvesting the fruit of our rigorous project development work in recent years. The increased implementation of wind farms ensures continuous returns and we confirm our forecast of achieving a cumulative EBIT of EUR 110 to 130 million for the financial years 2014 to 2016.”