Germany's PNE returns to black in Q1 2019

"Courtesy of PNE WIND AG"

Germany’s PNE AG (ETR:PNE3) performed strongly across the board in the first quarter of 2019 with earnings before interest and taxes (EBIT) lifted to EUR 4.3 million (USD 4.8m) against a loss recorded in the same period last year.

The renewable energy group said Monday it had achieved its best quarterly result in years.

"I am very satisfied with the results of this first quarter. We are fully on plan with these figures," CEO Markus Lesser said. He added that the company confirms its objective of generating EBITDA of EUR 25 million-30 million and EBIT of EUR 15 million-20 million within the group in the entire year.

Details on PNE’s performance in the first quarter are presented in the table below:

Figures in EUR million	Q1 2019	Q1 2018
Total aggregate output	44.4	15.7
Revenues	28.0	10.9
EBITDA	6.9	2.1
EBIT (loss)	4.3	(0.2)
Net profit (loss)	1.6	(3.0)

During the quarter, PNE made progress on the so-called “portfolio 2020” which will consist of up to 200 MW of wind in Germany. Of the planned capacity, 64.8 MW is in operation, while the 6.5-MW Schlenzer wind farm is under construction. The company also completed the repowering of its Gerdau-Schwienau wind farm in Lower Saxony, raising the plant’s capacity to 21.6 MW.

Among the highlights outside Germany are the start of construction of a 42-MW wind farm in Poland and finalised projects of 44.4 MW in Sweden and France. In addition, PNE opened an office in Panama setting its sights on the country and other Latin American markets.

(EUR 1.0 = USD 1.12)

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