The PNE WIND Group significantly improves results In the first half 2015

• Sale of PNE WIND UK successfully completed – total sales price up to GBP 103 million
• Onshore projects commissioned and under construction
• Further expansion of YieldCo portfolio
• An invitation to the General Meeting - which could not be completed on June 16, 2015 – is being intensively prepared
• Forecast with positive outlook confirmed

Cuxhaven - The PNE WIND Group published the results for the second quarter and first half year of 2015 today. Investments made over the past few years have allowed the wind farm developer to significantly increase earnings. In the reporting period, the successful sale of our UK activities for up to GBP 103 million represents an important milestone in our company history. For the PNE WIND Group, this is the largest transaction since the sale of the Gode Wind Offshore projects.

The positive operational developments in the second quarter are reflected in the PNE WIND Group’s operating profit (EBIT) of euro 30.0 million (previous year: euro 3.6 million) and consolidated earnings per share of euro 0.37 (previous year: euro 0.05). The results primarily reflect the first positive effects of the sale of our UK subsidiary, which will also have a positive impact on the Group results in the coming years through future milestone payments.

In the first six months of 2015, the PNE WIND Group reported sales of euro 71.9 million (previous year: euro 117.9 million), an operating profit (EBIT) of euro 24.0 million (previous year: euro 2.8 million) and net income of euro 18.4 million (previous year: euro -2.4 million). This translates into consolidated earnings per share of euro 0.25 (previous year: euro -0.04).

The PNE WIND Group sold its shares in the British subsidiary PNE WIND UK and thus the entire project pipeline was sold in June. The purchase price - for 100% of the shares in the Company - totals up to GBP 103 million (approx. euro 141.5 million as at transaction date). Of this amount PNE WIND has already received GBP 38.3 million / approx. euro 52.8 million for its 90% holding in the company. When project development milestones are reached till 2020, the remaining amount will become due.

Martin Billhardt CEO of PNE WIND AG, “Over the past six years, we invested approx. euro 31.3 million in the development of our UK project pipeline. With the sale of our UK project pipeline, this investment is now paying off! With a shareholder equity ratio of 37 percent and cash balance of more than euro 105 million; we have built up a very solid foundation for our Group\".

During the quarter, the PNE WIND Group continued to build out its YieldCo business. YieldCo’s are companies which are comprised of completed wind farms bundled into a single portfolio that produce electricity and generate reliable income - via the feed-in-tariff system. As witnessed in the market today, there is the possibility to list the YieldCo on the stock market or alternatively in a private transaction. The YieldCo investors benefit from stable and attractive dividends and the PNE WIND Group would be able to further strengthen its competitive position as a leading developer of wind farms.

“Having initiated the YieldCo business and since established its framework, we are opening up additional sales and earnings potential. Just as we demonstrated with the sale of our UK subsidiary, we expect that the return on our YieldCo investments will be equally attractive for our shareholders” comments Martin Billhardt.

Two of the YieldCo wind farms are already under construction and another was recently granted planning permission. Construction activities on this project can begin shortly. Further projects are in the final stages of planning and the implementation of these projects will allow the YieldCo to start with approx. 150 MW of nominal output as scheduled.

“Naturally, the YieldCo will require continued investments up to the point of its entire or partial sale. The capital measures in October 2014 and May 2015 provided the necessary equity capital for this business development” comments Martin Billhardt optimistically about the future. With our well filled onshore and offshore project pipeline, we have made a good start to a highly promising 2015. Our successes in Germany and abroad as well as the continuous expansion of our YieldCo portfolio underline the sustainable and positive orientation of the entire Group.”

Reflecting on the positive business developments, we confirm our forecast of achieving a cumulative EBIT for the 2014 to 2016 fiscal years of euro 110 to 130 million and see the prospect of increasing our forecast upon the successful implementation of the YieldCo business. For fiscal 2015, we expect that the Group-EBIT will continue to develop positively and forecast that the consolidated EBIT should be in the range of euro 30 to 40 million per year end.

The financial report on the first six months of 2015 can be downloaded here.



Cuxhaven, August 10, 2015


Publication and Reprint free of charge; please send a voucher copy to
PNE WIND AG.


Attention editorial offices: For further questions please contact

PNE WIND AG
Rainer Heinsohn
Head of Company Communication
Phone +49 (0) 4721-718-453
Mobile +49 (0) 173-6009019
Fax +49 (0) 4721-718-373
E-Mail: rainer.heinsohn@pnewind.com


PNE WIND AG
Peter-Henlein-Str. 2 - 4
D-27472 Cuxhaven

Internet: http://www.pnewind.com

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