PNE AG - Der Hauptsitz des Unternehmens in Cuxhaven

PNE AG: Exceptional adverse impact on earnings resulting from adjustments on Offshore-Projects

Due to financial reassessments PNE AG is making valuation adjustments in an amount of approx. 10.8 million EUR in total on three of five Offshore-Companies, which are involved in a constitutional complaint (Verfassungsbeschwerde). In the expected success of the constitu-tional success PNE has a damage claim.  However, such damage claim cannot be balanced as stock value. According to these adjustments the Guidance for the group-EBITDA in a range between 20 and 26 million EUR and the Guidance for the group-EBIT in a range be-tween 10 and 16 million EUR cannot be achieved. In consideration of the adjustments PNE AG will report for the financial year 2018 a group-EBITDA of approximately 16.5 million EUR and a group-EBIT of approximately 7.8 Mio. EUR (preliminary figures). In the operating busi-ness (which means without the above-mentioned non-cash special effect) PNE AG exceeds the upper region of the Guidance for the group-EBITDA with approximately 27.2 million EUR as well as the upper region of the Guidance of the group-EBIT with approximately 18.5 million EUR.  

The stock value adjustments are made on the offshore-projects Jules Verne, Nautilus and Nemo in Zone 4 of Germany¬īs exclusive economic zone. The revaluation of this project stock value is based on the Land Development Plan 2019, which was discussed last on January 31, 2019.  According to the Land Development Plan 2019 Zone 3 shows in perspective additional developments of 2 GW beyond the 15 GW, which already specified. Furthermore, the Land Development Plan 2019 determines that additional extension of Offshore Energy, exceeding this 17 GW, shall be made primarily in Zone 3. Therewith, the realization of Project Atlantis II and Atlantis III remains likely. So far Zone 4 is not affected by the specifications in the Land Development Plan 19. Therefore, the realization of the offshore projects Jules Verne, Nautilus and Nemo has become less likely based on the current regulatory undertakings. This is the reason for the financial reassessment with a negative impact on earnings in an amount of approximately 10.8 Mio. EUR. Notwithstanding PNE AG expects the success of the constitu-tional complaint with respect to the involved five offshore projects. According to our current estimation PNE AG would have a damage claim in the amount of 10.8 million EUR regarding the three projects Jules Verne, Nautilus and Nemo in case of success of the constitutional complaint. However, the damage claim would be recognised in profit or loss after a valid final decision at the earliest.

PNE-Ansprechpartner Alexander Lennemann
Alexander Lennemann