Germany’s PNE AG (ETR:PNE3) today made projections for lower, but still positive earnings in 2020, despite investments in building up its wind power portfolio and the coronavirus situation.
The wind project developer expects positive earnings before interest, tax, depreciation and amortisation (EBITDA) between EUR 15 million (USD 16.5m) and EUR 20 million, while EBIT is seen in the range of EUR 5 million to EUR 10 million. For comparison, PNE’s EBITDA in 2019 amounted to EUR 31.6 million, while its operating profit was EUR 19 million.
Chief executive officer Markus Lesser commented that the latest guidance takes into consideration the company’s assumption that the COVID-19 pandemic could lead to shifts in its operating business when it comes to the sale of project rights and project implementation in 2020-2021 and 2021-2022.
“At this point in time, we assume that there should be no significant impact on our business in the medium to long term. The good liquidity position gives the company sufficient leeway to be able to cope well with longer-term restrictions," Lesser said.
PNE’s objective is to transfer up to 500 MW into the company’s own operations by the end of 2023, it noted. In 2019, it registered 450.8 MW of projects sold, commissioned or under construction, compared to 235.7 MW in 2018. The company estimates that last year it initiated investments of between EUR 631 million and EUR 811 million versus EUR 330 million-424 million in 2018.
At the end of 2019, the PNE group of companies was working on onshore wind projects totalling 5,235 MW, which are in different phases of development. It also has solar photovoltaic (PV) projects in Germany, Romania and the US totalling 123 MWp. As operations manager, the company is currently responsible for wind farms with a nominal capacity of more than 1,600 MW.
For 2019, PNE posted a net profit of EUR 0.7 million against a loss of EUR 1 million. More details are available in the table below.
| Figures in EUR million |
2019 |
2018 |
| Total aggregate output |
174 |
111.8 |
| Revenues |
132.8 |
91.4 |
| EBITDA |
31.6 |
16.5 |
| EBIT |
19 |
7.8 |
| Net profit (loss) |
0.7 |
(1) |
The board of management and the supervisory board propose to distribute a dividend of EUR 0.04 for the 2019 fiscal year.
(EUR 1.0 = USD 1.1)
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"Courtesy of PNE WIND AG"
