PNE WIND AG makes a successful start to the 2010 business year
- EBIT in first quarter improved to 10.2 million Euros (previous year: 7.2 million Euros)
- Profit per share increased to 0.21 Euros (previous year: 0.12 Euro)
The wind farm developer PNE WIND AG has successfully completed the first quarter of the 2010 business year, in particular as a result of the acquisition of all shares in the offshore "Gode Wind I" wind farm project. The company achieved an operating profit (EBIT), the crucial key figure for a wind farm developer, of 10.2 million Euros in comparison with 7.2 million Euros in the same period of the previous year. As a result, PNE WIND AG generated a pretax income (EBT) of 9.3 million Euros and was able to considerably exceed the previous year's profit of 5.3 million Euros. The corporation's profit as of 31st March 2010 was about 9.3 million Euros (previous year: 5.2 million Euros). This corresponds to an undiluted profit per share of 0.21 Euros (previous year: 0.12 Euros). The total operating performance in the first quarter of 2010 was 28.6 million Euros. The downturn in comparison with the previous year of 88.9 million Euros is the result of the record number of onshore wind farms, which were put into operation in the previous year supported by the EEC amendment at that time.
The positive profit development in the first quarter of 2010 was essentially made possible by advances in the offshore segment. In February 2010, PNE WIND AG acquired all shares of the offshore "Gode Wind I" wind farm project. In the course of consolidating the project corporation, special operational profit of 11.2 million Euros was recorded, which is reflected in the consolidated profit and in an increase of intangible assets. This results from the difference between the lowcost acquisition of the shares and the actual value of the project right.
Martin Billhardt, chairman of PNE WIND AG, is upbeat about the interim balance sheet of the first quarter. "We have made a successful start to 2010. We have achieved important advances in the offshore sector. In addition we have worked intensively on the realisation of the projects we sold to EnBW in December 2009 and increased our projectpipeline in Germany and abroad." In view of the business development, the chairman substantiates the published prognosis, "that the cumulative EBIT of PNE WIND AG between 2010 and 2012 will be at least 42 to 54 million Euros," explains Martin Billhardt.
The report published today about the first quarter of 2010 provides an extensive overview of the business results of PNE WIND AG. It can be found at www.pnewind.com in the Investor Relations section.
About PNE WIND AG
PNE WIND AG with its headquarters in Cuxhaven develops and implements wind farm projects on land (onshore) and at high sea (offshore). Its core competence is the development, planning, implementation and financing of wind farms and their operation or sale including subsequent service. So far, the company has set up 93 wind farms with 536 wind energy systems and a total nominal output of 772 MW.
Alongside its business activities in the established German home market, where currently wind farm projects with a nominal output of more than 300 MW are being processed, PNE WIND AG is also increasingly investing in dynamic growth markets and has subsidiaries and representations via joint ventures in Hungary, Bulgaria, Romania, Turkey, the UK, USA and Canada. Wind farm projects with a nominal output of about 1,700 MW are currently being processed in these countries and are to be implemented in the medium term.
Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.