PNE books op profit in H1, reiterates full-year guidance

"Courtesy of PNE WIND AG"

August 10 (Renewables Now) - German renewables project developer PNE (ETR:PNE3) returned to an operating profit of EUR 4.1 million (USD 4.7m) in the first half of 2018 but saw its sales drop to EUR 28.4 million.

The company, which recently changed its name from PNE Wind amid plans to become a clean energy solutions provider, said on Thursday that its positive results for the six months were achieved thanks to earnings from the implementation of its strategy for developing a 200-MW pipeline of European wind projects, mainly in Germany and France, by 2020 and a milestone payment for the 110-MW Gode Wind 3 offshore wind project, which it sold to Denmark's Ørsted A/S (CPH:ORSTED) in 2016.

In the first half of 2017, PNE’s operating loss, or loss before interest and tax (EBIT) amounted at EUR 5 million.

The German firm booked a net loss of EUR 300,000 for January-June, narrowing from EUR 6.5 million a year back. Earnings before interest, taxes, depreciation and amortisation (EBITDA) came at EUR 8.7 million, as compared to a loss of EUR 1.8 million.

First-half sales totalled EUR 28.4 million, down from EUR 39.5 million, of which power generation sales accounted for EUR 7 million.

PNE had around 66 MW of wind parks under construction in Germany, France and Sweden at the end of June. It noted it brought online about 37.5 MW of plants in Germany and France and secured contracts for 49.1 MW of projects in Germany’s onshore wind power auctions, as well as permission for a 14.1-MW project in France.

“The international business is becoming increasingly important for the PNE Group. This is the basis on which we are strategically developing into a Clean Energy Solution Provider,” said CEO Markus Lesser. He added that the company will seek to expand its services into new technologies and markets.

For 2018, PNE Wind confirmed its forecast for EBIT of between EUR 10 million and EUR 16 million and EBITDA of EUR 20 million-26 million.

(EUR 1.0 = USD 1.153)

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