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    DGAP-News  284  0 Kommentare 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
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    DGAP-News 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 --------------------------------------------------------------------- PNE WIND AG sees the new rating …

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