Germany

Germany

PNE announces EUR 5.6 million 1H loss

GERMANY: German wind developer PNE Wind clocked up an operating loss (EBIT) of EUR 5.6 million on revenues of EUR 21.7 million in the first half year of 2013.

The loss compared with a negative EBIT of EUR 6.3 million and EUR 12.3 millionin revenues for the first half of 2012 — due to upfront investments in its project development business and costs arising from acquisition of German wind developer WKN.

Earlier this year, PNE Wind acquired 83% in WKN, financing the deal with the help of the largest fund raising (EUR 66.3 million) in the company's history, shares from the PNE's buyback program and existing cash reserves.

WKN has a pipeline of 1.7GW of wind projects in Germany, France, Italy, Poland, Sweden, South Africa and Ukraine, the non German countries being markets in which PNE was previously not active.

Despite the current negative EBIT, the company expects to achieve a total EUR 60-72 million for the 2011-2013 period, and EUR 60-72 for 2014-2015, thanks to anticipated income from offshore projects and onshore wind projects at home and abroad.

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