PNE Wind AG recorded a negative operational result in Q1 2012

Cuxhaven, Germany

Consequently, the company was already able to conclude a successful transaction in the sale and handover of the "Kemberg II" onshore wind farm during the first three months of the year. Due to the usual advance costs incurred in the project development business and particularly so in the promising area of offshore project development, PNE Wind AG recorded a negative operational result. Because the company is expecting additional contributions to profits from the sale and further development of offshore wind farm projects during the 2012 financial year, it reaffirms its forecast of achieving a cumulative EBIT amounting to EUR 60 to 72 million during the financial years 2011 to 2013. At EUR -1.1 million, the operational result (EBIT) was negative in the first quarter of 2012 (previous year: EUR 2.5 million), due to the advance costs for the wind farm projects under development in Germany and abroad. The corporate result was EUR -2.7 million (previous year: EUR 1.7 million), which is equivalent to an undiluted result per share amounting to EUR 0.05 (previous year: EUR 0.04). . However, PNE Wind AG expects that the investments made, especially in the offshore sector, will bear fruit as early as this year. The search for a new purchaser for the "Gode Wind II" project is also making progress. Thus PNE Wind AG is currently in negotiations for the sale of the project. Due to the considerable interest being shown, the company is confident of being able to conclude the sale this year.

In the onshore sector, an additional repowering project in the sale of the "Kemberg II" wind farm to EnBW Energie Baden-W

Source: IWR Online, 07 May 2012