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PNE WIND AG sees the new rating by Euler Hermes Rating GmbH as a challenge
DGAP-News: PNE WIND AG / Key word(s): Miscellaneous
PNE WIND AG sees the new rating by Euler Hermes Rating GmbH as a
challenge
23.09.2014 / 16:17
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PNE WIND AG sees the new rating by Euler Hermes Rating GmbH as a challenge
Cuxhaven, 23nd September 2014 - The wind farm project developer PNE WIND AG
sees the new updated rating by Euler Hermes Rating GmbH from BBB- to BB+,
which was published today, as a challenge.
The decisive factor for the downgrade, says Euler Hermes, is the
specification of the project risks which had led to significant temporal
delays in implementation and planned income, especially abroad. In Euler
Hermes Rating GmbH's opinion, the capital measures currently being
implemented - assuming successful placement - will increase liquidity and
thus also the financial reserves for continuing the planned projects.
However in the rating agency's opinion, the intended bundling of projects
in a so-called yieldco with sales only being concluded after commissioning
will in the midterm also lead to tying up a greater volume of funds until
the sale of the yieldco shares. In Euler Hermes Rating's opinion, in
addition to the challenges posed by the market environment and project
management, the application of controlling instruments also have some
optimisation opportunities.
Euler Hermes Rating has therefore downgraded its rating for PNE WIND AG to
BB+ and, due to the continuing risks in the project pipeline, considers a
further reduction of the rating possible.
PNE WIND AG regrets that the changes in project development that are
typical for the project planning business and which can lead to delays but
also to accelerations, have been regarded negatively. PNE WIND AG takes
possible changes in project development into account in each of its EBIT
forecasts over a period of three years as it does in its liquidity
planning. Especially with the planned expansion of the business model to
include a yieldco, positive effects are to be expected on the operational
business and from the bundled sale of wind farms. PNE WIND AG will accept
the challenge to provide proof of this. The Board also confirmed its
forecast for consolidated EBIT for the financial years 2014 - 2016 of
cumulated euro 110-130 million.
Company profile
PNE WIND AG
With its headquarters in Cuxhaven, PNE WIND AG plans and realises wind farm
projects on land (onshore) and on the high seas (offshore). In doing so,
its core competence lies in the development, project planning, and
Cuxhaven, 23nd September 2014 - The wind farm project developer PNE WIND AG
sees the new updated rating by Euler Hermes Rating GmbH from BBB- to BB+,
which was published today, as a challenge.
The decisive factor for the downgrade, says Euler Hermes, is the
specification of the project risks which had led to significant temporal
delays in implementation and planned income, especially abroad. In Euler
Hermes Rating GmbH's opinion, the capital measures currently being
implemented - assuming successful placement - will increase liquidity and
thus also the financial reserves for continuing the planned projects.
However in the rating agency's opinion, the intended bundling of projects
in a so-called yieldco with sales only being concluded after commissioning
will in the midterm also lead to tying up a greater volume of funds until
the sale of the yieldco shares. In Euler Hermes Rating's opinion, in
addition to the challenges posed by the market environment and project
management, the application of controlling instruments also have some
optimisation opportunities.
Euler Hermes Rating has therefore downgraded its rating for PNE WIND AG to
BB+ and, due to the continuing risks in the project pipeline, considers a
further reduction of the rating possible.
PNE WIND AG regrets that the changes in project development that are
typical for the project planning business and which can lead to delays but
also to accelerations, have been regarded negatively. PNE WIND AG takes
possible changes in project development into account in each of its EBIT
forecasts over a period of three years as it does in its liquidity
planning. Especially with the planned expansion of the business model to
include a yieldco, positive effects are to be expected on the operational
business and from the bundled sale of wind farms. PNE WIND AG will accept
the challenge to provide proof of this. The Board also confirmed its
forecast for consolidated EBIT for the financial years 2014 - 2016 of
cumulated euro 110-130 million.
Company profile
PNE WIND AG
With its headquarters in Cuxhaven, PNE WIND AG plans and realises wind farm
projects on land (onshore) and on the high seas (offshore). In doing so,
its core competence lies in the development, project planning, and
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