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Germany

Germany

Developer adopts survival strategy

Renewable energy developer P&T Technology of Germany is selling some its wind power development portfolio in a bid for survival. The company, on the brink of financial collapse after reporting a pre-tax loss of EUR 19.8 million for the first nine-months of 2002, is offloading projects in Greece, Turkey, Poland, South Korea, the Philippines and the USA.

"A basic requirement for the continuation of the company is the sale of wind projects, which is already underway," says the management board. Insisting the company "will continue to exist," it argues the sale of the wind projects will "ensure the short-term survival of the company." P&T will now concentrate on business in Germany, France, Spain and Italy.

P&T has been struggling for some time. In September, its founders, chairman Jens Peters and board member Wolfgang Trüschel, were ousted and the management board restructured to "enable a strategic reorientation of the company." But publication of accounts for the first nine month of 2002 have revealed the depth of the crisis. Turnover was just EUR 21.2 million compared to EUR 129.6 million for the same period in 2001. The pre-tax loss of EUR 19.8 million compares to a pre-tax profit of EUR 5.4 million in the first nine months of 2001.

The company, based in Hamburg, blames the crisis on the company's failure to complete foreign projects on schedule and on the discontinuation and postponement of German wind projects, partly caused by problems within the permitting process. In contrast, P&T's wind financing company, EECH performed well. It contributed results of EUR 1 million in the first nine months of its first complete financial year.

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