Sale of the "Gode Wind" projects makes significant contributions to turnover and results----- Forecast for the financial years 2011 to 2013 confirmed: Cumulative EBIT amounting to between EUR 60 and 72 million
Cuxhaven, 5th November 2012 – The wind farm project developer, PNE WIND AG (ISIN DE000A0JBPG2), achieved an excellent result for the first nine months of the 2012 financial year. During this period, the company realised a turnover amounting to EUR 80.9 million (previous year: EUR 33.1 million). The EBIT increased very significantly to EUR 24.9 million (previous year: EUR -0.7 million). This corresponds to earnings per share of EUR 0.48. The balance sheet profit increased the company's equity ratio to 49 percent as at 30 September 2012 from about 39 percent as at 31 December 2011. This information was published in the PNE WIND AG quarterly report today. At the same time the Board of Directors confirms its forecast; for the financial years 2011 to 2013 a cumulative operating result (EBIT) of EUR 60 to 72 million.
The sale of the "Gode Wind" I to III projects to DONG Energy in the third quarter of 2012, together with other operational achievements, formed the basis of this very positive business development. PNE WIND AG has received the first installment from DONG Energy amounting to approximately EUR 57 million for the shares in the "Gode Wind" I and II, inclusive project development costs. During the coming two to three years, PNE WIND AG expects to receive an additional EUR 100 million in milestone payments. These will become due upon the completion of specified project development steps. In addition, PNE WIND AG will support DONG Energy during the coming five years as a service provider to the projects.
Intensive project development the in on and offshore projects characterized our activities during the reporting period. In addition to our successes in the offshore sector, PNE WIND AG was able to make progress in the onshore sector. After the successful completion of the repowering project, "Kemberg II", an additional wind farm is now under construction in Germany.
Further projects will follow at home and abroad: PNE WIND AG is compiling a portfolio of wind farms to be completed during the coming years in Germany and Great Britain with a total nominal output amounting to 180 MW. This package of projects will be offered to investors for purchase in the first half of 2013 and will ensure additional contributions to turnover and profits.
Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG, commented on current developments: "By selling our "Gode Wind" projects, we have significantly strengthened our capital base, which can be seen in our excellent nine month figures. We will use the payments received and those to come for the further development of our on and offshore project pipeline. Our stronger financial base also strengthens our ability to increase our dividend."
The nine months report can be downloaded from the website under www.pnewind.com.