- Total aggregate output and EBITDA increased significantly
- Portfolio of internally operated wind farms further expanded
- Guidance for the entire year confirmed again
Cuxhaven, November 10, 2021 – PNE AG, which is internationally active in the development and operation of renewable energy projects, was able to continue the positive development in the realisation of wind energy and photovoltaic projects, the expansion of the internally managed wind farm portfolio as well as in the service sector and is on target after the first nine months of the 2021 fiscal year. This is shown by the statement published today about the course of the first nine months.
Dynamic course of project development
The first nine months of the 2021 fiscal year showed a dynamic course of project development. At the end of the reporting period, there were wind energy projects with a total capacity of approx. 262.9 MW under construction for our own account and for customers, including eight wind farms in Germany with a nominal output of approx. 130.9 MW. For its internally operated portfolio, PNE has already completed two wind farms with approx. 17 MW in this fiscal year. In Sweden, the construction of a wind farm on behalf of a customer was completed in the current year, and the project was put into operation. In Poland, PNE commissioned a previously sold wind farm in the spring and continued the construction of two further wind farms, which were sold after the end of the reporting period.
As in the first half of the year, PNE was again successful in the third quarter in Germany in the tendering process for wind energy projects. In the September tender, the Company was awarded contracts for two projects with a combined capacity of 60.9 MW, the implementation of which is expected to start in the current fourth quarter.
Successful project sales
PNE was also able to build on the sales successes of the first half of the year. In the third quarter, the rights to a 140 MW wind farm project were sold in South Africa. With the wind farm projects in Romania, Sweden and France already sold in the first half of the year, wind farm projects with a nominal capacity of approx. 434 MW to be installed were successfully sold in the first nine months of the 2021 fiscal year.
In addition, another sales success was achieved shortly after the end of the reporting period: two wind farms in Poland with a nominal capacity of 58.8 MW, which were already under construction, were sold to an internationally operating investor. Due to the timing of the sale in October, the earnings from the sale will be included in the consolidated figures in the fourth quarter of 2021.
Markus Lesser, CEO of PNE AG: "The earnings from the successful sale in Poland at the beginning of the fourth quarter will contribute a good part to achieving our planned annual results. After the commissioning of these two wind farms, we will continue to provide operational management services for the buyer."
Internal operations strengthened
The wind farm portfolio operated by PNE was increased to 173.1 MW by the acquisition of a wind farm. Further wind farms with approx. 130.9 MW are under construction for PNE's own portfolio, and construction is expected to start in the fourth quarter for further wind farms with 60.9 MW that have recently been successful in the tender. This brings us step by step closer to our goal of expanding our own operations to up to 500 MW by the end of 2023. Markus Lesser: "We expect to be able to commission further wind farms for our own portfolio this year."
Strong wind and PV project pipeline
The basis for future development is the pipeline of projects, which are processed in various phases of project development. The pipeline of onshore wind energy projects that PNE is currently working on in the various phases of project development was maintained at 5,652 MW in spite of the continuous realisation and sale of projects. The outlook regarding the development of photovoltaic projects is also encouraging. Here, the pipeline of projects in process included 794 MWp.
Results for the first nine months on target
For the first nine months of the fiscal year, the Group recorded total aggregate output of euro 134.6 million (prior year: euro 90.7 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 12.7 million (prior year: euro 9.2 million), operating profit (EBIT) of euro -4.3 million (prior year: euro -3.5 million) and undiluted earnings per share of euro -0.11 (prior year: euro -0.12).
Due to the intense expansion of PNE's internally operated wind farm portfolio, the total aggregate output is significantly higher than last year. The Group's segments "project development" and "service products" showed high growth rates in total aggregate output and EBITDA compared to the same period of the previous year. In the "electricity generation" segment, total aggregate output and EBITDA were negatively affected by the weak wind conditions in the reporting period.
"Hidden reserves" created with the establishment of the wind farm portfolio
The results are strongly influenced by the development of the internally operated wind farm portfolio. PNE has created "hidden reserves" that are not immediately apparent. As a result of the investments in PNE's own projects, pre-tax profits totalling euro 101.4 million were eliminated at Group level, of which euro 19.7 million in the reporting period (prior year: Euro 18.2 million).
Goal for the entire year confirmed
Markus Lesser, CEO of PNE AG: "The results of the first nine months of the fiscal year are very pleasing, especially against the background of the investments in our own portfolio. This means that we are fully on target despite weak wind months and confirm our target for the entire year: we continue to expect EBITDA in the Group of euro 24 to 32 million for our guidance for the 2021 fiscal year."