PNE Balance Sheet Q1 2023: Sales up - Earnings Down - Falling Electricity Prices Weigh on Results

Cuxhaven, Germany - Cuxhaven-based clean energy solutions provider PNE has presented its figures for the first quarter of 2023. While sales have increased, earnings have been impacted by falling electricity prices and a lower wind supply.

PNE AG increased sales by around 9 percent in the first three months of fiscal year 2023. In contrast, operating earnings (EBITDA) fell by almost 50 percent. At the bottom line, PNE posted a slight loss per share. Overall, however, the company sees itself on track for fiscal year 2023 and confirms its guidance.

Positive development in permits and tenders - electricity prices and lower wind supply weigh on results

PNE AG generated sales of euro 32.2 million in the first quarter. Compared to the same period last year, this is an increase of 9 percent (Q1 2022: euro 29.5 million). By contrast, earnings before interest, taxes, depreciation and amortization (EBITDA) fell by around 46 percent to EUR 8.6 million (Q1 2022: EUR 15.8 million). On balance, a loss per share of euro -0.08 (Q1 2022: euro 0.13) remains.

Although PNE has started dynamically into fiscal year 2023 in operational terms with a high number of permits (67 MW in Germany and 12 MW in France) and tenders won (96 MW). However, the first quarter was characterized by falling electricity prices and a lower wind supply compared to the previous year, so that earnings declined. In addition, the electricity price brake impacted EBITDA, PNE said.

Wind and PV project pipeline almost doubled - expansion of own operations continues

In the first quarter of 2023, PNE expanded its wind and photovoltaic project pipeline by approximately 90 percent compared to the same period last year, from 7,201 MW/MWp to 13,814 MW/MWp. Onshore wind energy projects account for 8,414 MW. The pipeline for PV projects reached 5,400 MWp. In Germany alone, the PNE Group had wind farms with a nominal output of around 2,349 MW (in the previous year: 1,957 MW) in progress.

The wind farm portfolio in PNE's own operations stood at 321 MW at the end of the first quarter. Meanwhile PNE expanded the own-operation portfolio to 349.5 MW with the commissioning of another wind farm. Furthermore, 178.5 MW for own operation are currently under construction or in preparation for construction, so that PNE expects to commission further wind farms for its own portfolio this year. The approval procedures for further projects are underway.

PNE optimistic for 2023 as a whole - guidance confirmed

"We were very successful as regards permits for new wind farms and tenders in the first three months of this year. We have also increased our project pipeline significantly to a record level," said Markus Lesser, CEO of PNE AG", said Markus Lesser, CEO of PNE AG. The expansion of PNE's business is thus proceeding according to plan.

„The results of the first quarter provide a good basis for the rest of the fiscal year. In particular, the status of permits and successful tenders give rise to optimism. Accordingly, we confirm our guidance for the 2023 fiscal year with positive EBITDA for the Group in the range of euro 30 to 40 million“, Lesser continued.

Source: IWR Online, 09 May 2023