PNE Wind’s H1 op loss widens on growing project costs

Image from PNE Wind financial report at www.pnewind.com.

Aug 11 (Renewables Now) - German wind farm developer PNE Wind AG (ETR:PNE3) saw its operating loss expand to EUR 5 million (USD 5.9m) in the first half of 2017, as costs related to the company’s European wind farm portfolio increased.

For comparison, in January-June 2016 PNE Wind’s loss before interest and tax (LBIT) amounted to EUR 1.4 million. The German company explained on Tuesday that investment in its European wind farms creates values “that will only later have a positive impact on earnings”.

Net loss for the first half arrived at EUR 6.5 million, narrowing from EUR 7.8 million a year ago. PNE Wind booked an undiluted loss per share of EUR 0.08, against a loss of EUR 0.10 per share.

During the six months, the firm generated sales of EUR 39.5 million, down from EUR 44.8 million, with total aggregate output falling to EUR 50 million from EUR 61.1 million.

Significant progress has been made with projects both on- and offshore and PNE Wind achieved positive operational results both in Germany and abroad. Development of its onshore wind parks is on schedule, it added.

PNE confirmed its forecast for operating profit, or earnings before interest and tax (EBIT) for 2017, seeing that at between breakeven and EUR 15 million. It noted that perspectives for the second half of 2017 are positive and in line with corporate plans. The company anticipates to book a bonus payment in the low two-digit million euro amount in the third quarter, in addition to contributions from project planning and realisation.

The German company plans to build up an European wind farm portfolio with a nominal capacity surpassing 200 MW by 2019-2020, with plants mainly in Germany and France. Its liquidity, with a level of EUR 122.1 million at the end of June, will help it realise its strategy.

At present, PNE Wind is building about 94 MW of wind power facilities in France and Germany. At the end of June there were also 738 MW of onshore projects in planning and 4,013 in exploration and development.

"We plan to further strengthen our competitiveness and that of our projects in the upcoming months. Another objective is to develop new, promising markets in growth regions," said CEO Markus Lesser.

(EUR 1.0 = USD 1.177)

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Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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