PresseBox
Pressemitteilung BoxID: 590164 (PNE AG)
  • PNE AG
  • Peter-Henlein-Str. 2-4
  • 27472 Cuxhaven
  • http://www.pnewind.com
  • Ansprechpartner
  • Janis Fischer
  • +49 (611) 205855-64

PNE WIND AG purchases approx 54 percent of WKN AG

(PresseBox) (Cuxhaven, ) PNE WIND AG, Cuxhaven, purchases approx. 54 percent of the shares in the wind farm development specialist, WKN AG, Husum from the former majority shareholder, Volker Friedrichsen Beteiligungs-GmbH. The share purchase contract was signed today. The purchase price is based on a company valuation amounting to approx. EUR 93 million and will be paid by PNE WIND AG with cash funds and shares. PNE WIND AG shares in the amount of 3,074,209, which were recently bought back at an average share price of Euro 2.66 will be used for this purpose. The Volker Friedrichsen Beteiligungs GmbH has informed PNE WIND AG that it, upon completion of the transaction, will purchase 168,680 convertible bonds issued in 2010 by PNE WIND AG from Luxempart SA, the current owner of the convertible bonds. The Volker Friedrichsen Beteiligungs-GmbH has also announced that they will exercise the conversion right of these convertible bonds into 7,667,272 shares upon completion of the transaction and will then hold approximately 20 percent of the expected number of outstanding PNE WIND AG shares.

PNE WIND AG plans to issue company bonds to the value of EUR 100 million to finance the takeover and other activities.

PNE WIND AG and WKN AG have both been active in the project development of wind farms for about 20 years and have conducted this business both in Germany and internationally. The wind farm projects which are being developed complement each other and synergies can be achieved through joint purchasing and sales activities. While PNE WIND AG is active in Germany, Hungary, Rumania, Bulgaria, Turkey, Great Britain, USA and Canada, WKNs experts work on projects in Germany, France, Poland, Italy, USA, Sweden, South Africa, Ukraine and Great Britain.

According to IFRS accounting rules, PNE WIND AG realised turnover of EUR 84.4 million, an operative result (EBIT) of EUR 20.4 million and a net income of EUR 17.0 million in the financial year 2012. In comparison, WKN AG realised a turnover of EUR 44.4 million, earnings before tax (EBT) of EUR 9.1 million and a net income of EUR 6.6 million according to its annual accounts audited in accordance with HGB (German Commercial Code).

Including the sales of project rights, WKN AG has realized wind projects with more than 1,100 MW of nominal capacity - in comparison, PNE WIND AG has realised approx. 820 MW. WKN is currently processing further national and international projects totalling more than 1,700 MW. PNE WIND AG is currently processing onshore projects with about 3,100 MW in Germany and its foreign markets. Additionally, PNE WIND AG is active in the development of offshore wind farms.

The contract is concluded subject to the approval of the governing bodies, an audit by the cartel authorities and other conditions. A subsequent increase in the WKN AG stake to over 80 percent by purchasing a further stake from an industrial investor is possible (Mitveräußerungsrechts).