PNE WIND AG publishes its report on the first quarter of 2014

(PresseBox) ( Cuxhaven, )
The wind project developer PNE WIND AG published today its report for the first quarter of the fiscal year 2014. A near breakeven operating income was achieved, despite having made significant upfront payments for the 100 MW of projects currently under construction.

In the first quarter of 2014, which - in contrast to the same period in the previous year - now also includes WKN AG and its subsidiary companies, the Group realised sales amounting to euro 32.9 million (previous year: euro 12.2 million), an operating income (EBIT) of euro -0.8 million (previous year: euro -2.5 million) and an undiluted result per share of euro -0.09 (previous year: euro -0.09).

Martin Billhardt, Chairman of the Management Board (CEO) of PNE WIND AG comments, "this year the onshore wind power segment is a major source of the gratifying operational business events. Furthermore, it is clear that our strengthened international presence - above all as a result of the acquisition of WKN AG - has provided our business model with an even broader foundation. This will pay dividends in the future."

In Germany, the PNE WIND Group is currently constructing wind farms with approx. 100 MW of nominal output. Additional wind farm projects have already been approved (23 MW) or are currently in the approval process. During the first quarter, PNE WIND AG commissioned the Brandenburg located "Calau IIA" 15.4 MW wind farm and handed it over to CEE, a Beteiligungsgesellschaft based in Hamburg. A further wind farm also located in Brandenburg, "Görike-Söllenthin" with 6 MW of nominal capacity was sold to EnBW Energie Baden-Württemberg AG in April.

In parallel, the Group continues to increase its international activities. Currently, wind farms are under construction in the USA (up to 153 MW) and France (12 MW). Additional projects have already been approved in France (10 MW), Italy (30 MW), United Kingdom (20 MW), Hungary (78 MW), Rumania (102 MW) and Poland (32 MW). In Turkey, PNE WIND AG will be co-operating with STEAG GmbH, an energy provider based in Essen which has many years of experience in Turkish energy projects. In the newly founded joint company, wind farm projects will be developed together in preparation for the upcoming tenders.

Our onshore and offshore project pipelines are full and promise continuous returns in view of the increase in the number of projects currently being implemented. On this basis we look to the future with optimism and confirm our forecast for the Group, including WKN AG. We expect a cumulative EBIT of euro 110 to 130 million in the financial years from 2014 to 2016.

PNE WIND AG published today its report on the first quarter of 2014 on its internet webpage www.pnewind.com.
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