PNE WIND Group presents report on the 2014 financial year
(DGAP-Media / 27.03.2015 / 13:02)
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PNE WIND Group presents report on the 2014 financial year
Cuxhaven, March 27, 2015 - The 2014 fiscal year was very eventful for the
PNE WIND Group and our operations reported many successes. Rarely before in
our company history were we able to complete or start construction on such
a high volume of onshore wind farms within one year. The financial figures
will, however, only reflect these developments fully in the coming years.
The PNE WIND Group achieved an EBIT of euro 2.7 million, with turnover of
euro 211.3 million. The Group reported consolidated undiluted earnings per
share of -0.22 euro. In 2013, the Group realised revenues of euro 144.0
million, an operating result (EBIT) of euro 43.6 million and undiluted
earnings per share of euro 0.80. Although a much higher number of onshore
projects were realised in 2014 -134 MW vs. 32 MW in the previous year - the
2014 results were below those of the prior year owing largely to the
results in 2013 being very positively influenced by the receipt of
milestone payments from the offshore business totalling euro 45 million.
According to accounting principles of the German Commercial Code (HGB), PNE
WIND AG recorded a net income of euro 4.0 million (prior year: euro 36.6
million) and the retained earnings amounted to euro 63.3 million on
December 31, 2014.
The reason for the Group result arises from the so called YieldCo and the
negative impact on earnings in connection with the majority holding in WKN
AG, which in particular affected the consolidated financial statements.
With the YieldCo, projects are being, as planned, initially realised as a
single portfolio which will be sold upon commissioning. The results
achieved from the individual projects sales are therefore being delayed
into the future.
Despite the unplanned write-down, the PNE WIND Group remains well
positioned for the future. At the end of the year, 77 MW of projects were
under construction, one of which is the "Chransdorf" wind farm in
Brandenburg with 57.6 MW. This wind farm will represent an essential part
of the newly formed YieldCo's initial portfolio.
We are also expanding our international activities and in France, a 12 MW
wind farm was completed and handed over. Further projects in France (10
MW), the United Kingdom (38 MW), USA (183 MW), Romania (102 MW) and Poland
(32 MW) are permitted. In the United Kingdom, the PNE WIND Group was
recently successful in a tender process for one of our wind parks and we
Cuxhaven, March 27, 2015 - The 2014 fiscal year was very eventful for the
PNE WIND Group and our operations reported many successes. Rarely before in
our company history were we able to complete or start construction on such
a high volume of onshore wind farms within one year. The financial figures
will, however, only reflect these developments fully in the coming years.
The PNE WIND Group achieved an EBIT of euro 2.7 million, with turnover of
euro 211.3 million. The Group reported consolidated undiluted earnings per
share of -0.22 euro. In 2013, the Group realised revenues of euro 144.0
million, an operating result (EBIT) of euro 43.6 million and undiluted
earnings per share of euro 0.80. Although a much higher number of onshore
projects were realised in 2014 -134 MW vs. 32 MW in the previous year - the
2014 results were below those of the prior year owing largely to the
results in 2013 being very positively influenced by the receipt of
milestone payments from the offshore business totalling euro 45 million.
According to accounting principles of the German Commercial Code (HGB), PNE
WIND AG recorded a net income of euro 4.0 million (prior year: euro 36.6
million) and the retained earnings amounted to euro 63.3 million on
December 31, 2014.
The reason for the Group result arises from the so called YieldCo and the
negative impact on earnings in connection with the majority holding in WKN
AG, which in particular affected the consolidated financial statements.
With the YieldCo, projects are being, as planned, initially realised as a
single portfolio which will be sold upon commissioning. The results
achieved from the individual projects sales are therefore being delayed
into the future.
Despite the unplanned write-down, the PNE WIND Group remains well
positioned for the future. At the end of the year, 77 MW of projects were
under construction, one of which is the "Chransdorf" wind farm in
Brandenburg with 57.6 MW. This wind farm will represent an essential part
of the newly formed YieldCo's initial portfolio.
We are also expanding our international activities and in France, a 12 MW
wind farm was completed and handed over. Further projects in France (10
MW), the United Kingdom (38 MW), USA (183 MW), Romania (102 MW) and Poland
(32 MW) are permitted. In the United Kingdom, the PNE WIND Group was
recently successful in a tender process for one of our wind parks and we
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