- First quarter results on target
- Goals for the entire year confirmed
Cuxhaven, May 13, 2020 - PNE AG, which is internationally active in the development and operation of renewable energy projects, has made a dynamic start to the 2020 fiscal year. This is shown by the statement published today about the course of the first quarter. Even though the first few months have already shown very clearly that 2020 will not be a normal year in view of global developments and the effects of the Corona crisis, the Board of Management nevertheless looks to the year as a whole with cautious optimism.
Dynamic start to 2020
In the first quarter, the Company started the construction of three further wind farms in Germany with a total nominal capacity of 38.5 MW, of which 4.2 MW in the form of a "citizen wind park”. Simultaneously, the construction of wind farms on behalf of customers in Sweden and Poland has been continued. One project in Poland was completed and put into operation. In total, PNE managed around 284 MW of projects under construction for its own account and for its customers at the end of the first quarter.
PNE currently operates wind farms with an installed nominal capacity of 130.1 MW in its own portfolio. The plans are to expand the portfolio of internally operated projects, primarily in Germany, to up to 500 MW by the end of 2023.
There was also progress in the first quarter in the development of photovoltaic projects. In this area, the “pipeline" of projects in progress was expanded to 132 MWp.
First quarter results on target
On the basis of these business developments, the PNE Group generated in the reporting period sales revenues of euro 15.7 million (prior year: euro 28.0 million), total aggregate output of euro 25.1 million (prior year: euro 44.4 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 6.4 million (prior year: euro 6.9 million), operating profit (EBIT) of euro 2.3 million (prior year: euro 4.3 million) and undiluted earnings per share of euro 0.00 (prior year: euro 0.02). The results in the individual segments “project development”, “service products” and “electricity generation” have developed as planned in the first quarter.
Accordingly, the Board of Management confirms the target for the year as a whole of achieving EBITDA of euro 15 to 20 million and EBIT of euro 5 to 10 million for the Group, despite investments in the development of wind farms in the Company's own portfolio.
Good operative position
The "pipeline" of onshore wind energy projects in the various phases of project development still comprises more than 5,100 MW. This is a very good basis for the PNE Group to continue its positive development in the future.
Conversions due to the Corona pandemic
CEO Markus Lesser: "For us, this first quarter was one of the best in recent years, although it faded a little behind the exceptionally good first quarter of the previous year. Traditionally, we generate a large part of our earnings in the fourth quarter. In the first months of this year, we had to prepare for the Corona pandemic and the associated restrictions. We have reacted consistently to this, and the majority of our staff have worked from home. That this has worked is shown, among other things, by the fact that we were able to complete preparations for the final applications for approval of three wind farm projects and to start construction of three further wind farm projects in the first quarter. Meanwhile we are working under normal operational conditions again.“