DGAP-News

PNE WIND AG presents its report for the first nine months of 2015

DGAP-News: PNE WIND AG / Key word(s): 9-month figures/Quarter Results
PNE WIND AG presents its report for the first nine months of 2015

09.11.2015 / 07:40

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Corporate News

PNE WIND AG presents its report for the first nine months of 2015

- Strong earnings growth reported during the first nine months of 2015

- YieldCo - a core development of our operations and central to strategic
development

- Well filled on and offshore project development pipeline

Cuxhaven, November 9, 2015 - The wind farm project developer, PNE WIND AG
published its financial report for the third quarter and the first nine
months of 2015 today. The operational business of the PNE WIND Group was
characterized by the implementation of projects in Germany as well as the
continued progress in the development of wind farms at home and abroad. At
the end of the third quarter 2015, wind farms with approx. 119.8 MW of
nominal output were under construction (46.2 MW) or commissioned (73.6 MW),
of which 57.6 MW were transferred to the YieldCo after the wind farm was
commissioned.

During the first nine months of the financial year, the Group generated a
total performance of euro 189.5 million (previous year: euro 201.5
million), an operating profit (EBIT) of euro 16.7 million (previous year:
euro 7.7 million) and basic earnings per share of euro 0.13 (previous year:
euro 0.00). Despite the high level of investments being made in our YieldCo
projects, the results benefited from the first positive effects out of the
sale of our UK subsidiary. Earnings before tax from YieldCo projects in
2015 totalling approx. euro 17.1 million are not included in the reported
EBIT figure and will be first reported as earnings when the shares in the
YieldCo are sold.

In the third quarter 2015, the Group reported a total performance euro 99.7
million (previous year: euro 66.8 million), an operating profit (EBIT) of
euro -7.3 million (previous year: euro 4.9 million). The decrease compared
to the same period in 2014 can mainly be attributed to the Group's internal
development of YieldCo projects.

The positive earnings development in the first nine months of 2015, were
primarily driven by the sale of our subsidiary PNE WIND UK and its project
development pipeline. In the coming years, we expect our Group results to
be positively influenced by milestone payments. Till 2020, total milestone
payments could add up to approx. euro 86.4 million.

The sale of our subsidiary in the United Kingdom represents a very
successful transaction. The investments made in the development of the