PNE Wind AG looks back on a successful year 2012

Cuxhaven, Germany

This is clearly illustrated in the 2012 annual report published today and also reconfirms the figures published on 12th March 2013. PNE Wind AG realised an operational result (EBIT) amounting to 20.4 million Euro (previous year: 0.1 million Euro). The consolidated net income increased significantly from -3.9 million Euro in 2011 to 17.0 Million Euro. Due to the successful 2012 financial year, PNE Wind AGs Board of Directors and Supervisory Board propose to pay a dividend amounting to 0.08 Euro (previous year: 0.04 Euro) and a special dividend of 0.02 Euro for each participating share. The Annual General Meeting will pass a resolution on this motion on 22nd May 2013.

Tailwinds from the offshore sector The company experienced significant tailwinds from the offshore sector during 2012. The sale of the "Gode Wind" I to III projects to Dong Energy played a particularly large part in the positive business development. Against this background and a variety of other growth opportunities the Board of Directors reaffirm its forecast of realising a cumulative EBIT of 60 to 72 million Euro in the financial years from 2011 to 2013. The company also expects to achieve a total EBIT of 60 to 72 million Euro in the following two year period of 2014 and 2015 - thereby signalling an increase over its development so far. Martin Billhardt, Chairman of the Board of Directors commented on the gratifying business development: "The financial year 2012 was a special one in PNE Wind AGs history. The sale of the "Gode Wind" offshore wind farms was the biggest transaction since our foundation. The milestone payments already received amounting to 82 million Euro and additional outstanding payments of 75 million Euro will strengthen our capital base and expand our range of operational opportunities." PNE Wind to acquire onshore developer Beyond the growth opportunities contained within our current project pipeline, the company reviews opportunities on a regular basis to drive the business forward by means of potential acquisitions. "We are currently conducting exclusive negotiations with a target company which is active in the development of onshore wind farms in Germany and abroad", says Martin Billhardt. Here, PNE Wind AG is seeking to acquire more than 50% of the shares. The initial price indication for 100% of the target company shares amounts to 100 million Euro. For this purpose, as well as to financing the acquisition of projects in development at home and abroad and to provide equity for the 180 MW of German wind farm projects in development, PNE Wind AG plans to issue a corporate bond with a total volume up to Euro 100 million on the Prime Standard segment of the German stock exchange. "As with our shares we have chosen the segment, which has among the highest international transparency standards. We wish to gain investor trust by providing the maximum amount of information possible", explained Martin Billhardt.

Source: IWR Online, 28 Mar 2013