DGAP-News: PNE AG / Keyword(s): Annual Report/Dividend
30.03.2022 / 08:00
The issuer is solely responsible for the content of this announcement.
PNE AG: again on track for a successful 2021 financial year
– Record year in view of the development and completion of projects
– Target figures achieved and exceeded
– Head wind for 2022
Cuxhaven, March 30, 2022 – PNE AG closed the 2021 financial year very successfully. The group’s 2021 annual report, published today, indicates a total total production of 252.0 million euros (previous year: 151.7 million euros) thanks to successful operational developments. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 32.7 million (previous year: EUR 26.3 million) and operating profit (EBIT) to EUR 9.3 million. euros (previous year: 8.2 million euros). Basic earnings per share amounted to 0.33 euro (previous year: 0.02 euro). This means that the Group’s EBITDA forecast of 24 to 32 million euros was slightly exceeded.
Successful operation in Germany and abroad
In the development of projects, the PNE Group was able to make excellent progress despite some delays due to the COVID-19 pandemic. The Company obtained other approvals, obtained contracts in the context of calls for tenders, commissioned wind farms and began the construction of other wind farms. During the 2021 financial year, the PNE group completed, sold or started the construction of wind and photovoltaic farm projects with approx. 1,076.1 MW/MWp (previous year wind power only: 461.2 MW). This figure is thus more than double that of the previous year, and an unprecedented level in the history of the Company has been reached.
Markus Lesser, CEO of PNE AG, comments on the excellent business results: “2021 was an exceptionally successful year for PNE AG, both financially and operationally. We increased production, i.e. projects wind and photovoltaic projects sold, completed or under construction, at more than 1,000 MW/MWp and we sold more projects than ever before, including the first photovoltaic projects, at 773 MW/MWp In addition, we continued to invest significantly in our own wind farm portfolio and have significantly expanded it. And despite project sales and completions, our project pipeline has again been significantly increased by almost 1,000 MW/MWp.”
Expansion of internally operated wind farms is progressing
Due to the completion and acquisition of other wind farms, the nominal capacity of the wind farms operated by the Company has increased from 134.8 MW to 233.2 MW. Other wind farms for PNE’s own portfolio are under construction and in the process of being approved. The portfolio of projects completed or under construction in the Company’s own portfolio, mainly in Germany, will be extended up to 500 MW by the end of 2023.
“Hidden reserves” created with the constitution of the portfolio of wind farms
With the development of its own portfolio of wind farms, the PNE Group has created “hidden reserves”, which are not immediately recognizable. As a result of investments in PNE’s own projects, pre-tax profits totaling €134.6 million were eliminated at Group level at the end of 2021, of which €53.0 million during the financial year 2021 (previous year: 50.0 million euros).
The project pipeline is growing
At the end of 2021, the companies of the PNE group were working on onshore wind farm projects with more than 5,706 MW of nominal power to be installed (previous year: 5,405 MW). This means that the project portfolio, i.e. the portfolio of projects under development, has been further expanded. It should also be noted the high number of projects with approx. 751 MW (previous year: 642 MW) of planned nominal capacity, which is currently in the approval phase in Germany and France. This means that the high volume of projects in the final stages of project development has increased compared to the previous year.
Significant progress has also been made in the development of photovoltaic projects. Here, the pipeline has more than doubled in one year: from projects with a planned capacity of 548 MWp at the end of 2020 to 1,210 MWp at the end of 2021. The markets of Germany, Italy, Romania and the USA are now joined by France, Canada, Poland and South Africa.
Service company on track
Once again, the PNE group has further expanded its skills in wind turbine-related services and is widely positioned in the market in the fields of safety technology for wind turbines and industrial installations, aerial obstacle beacons for wind turbines and rope access technology. With wind farm operating management contracts in Germany, France, Poland and Sweden, the PNE group is also well established internationally in this area. In total, the volume of orders managed has been extended to cover wind farms with a nominal capacity of more than 2,000 MW.
Markus Lesser: “The operational development of the PNE Group shows it: in the 2021 financial year, we again made good progress in implementing our strategic expansion to become a clean energy supplier thanks to our “Scale up” and we can now reap the first fruits. We are on a good and fruitful path.”
For the 2021 financial year, the Management Board and the Supervisory Board propose that a dividend of 0.04 euro as well as an exceptional dividend of 0.04 euro for each share without par value entitled to the dividend for the financial year 2021 be distributed by PNE Retained earnings of AG amounting to 231,127,360.22 euros. The remaining retained earnings will be carried over to a new account.
Tail wind for 2022
Markus Lesser, CEO of PNE AG: “The PNE Group is well positioned for further development. The successful closing of the 2021 financial year bears witness to this. The course for the coming years is clear: we will continue to strengthen the core business of project development and internal operations while constantly pursuing the expansion of services, technologies and markets In fiscal 2022, we We will have initial expenses in the mid-single-digit million range for the strategic expansion of the business. We expect Group EBITDA of €20-30 million against our guidance for fiscal year 2022.”
About the PNE Group
The internationally operating PNE Group with its PNE and WKN brands is one of the most experienced project developers of onshore and offshore wind farms. Building on this success, the Group has become a “provider of clean energy solutions”. From initial site exploration and implementation of approval procedures through financing and turnkey construction to operation and repowering, the company’s services encompass all phases of development and operation of the project. In addition to wind energy, the company’s range of offerings includes photovoltaics, electricity storage, service products and the supply of clean electricity. PNE also focuses on the development of power-to-X solutions.
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