Pne Ag · XETR:PNE3
Pne — PNE Wind — Debt Investor Presentation (April 2013)
18 slides from Pne's debt investor presentation, April 2013
Slide 1: PNE WIND AG Presentation – April 2013
PNE WIND AG Presentation – April 2013 Windpark Windpark Buchholz Buchholz
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of PNE WIND AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Thi
Slide 3: Highlights
PNE WIND AG Highlights • Successful wind project developer based in Germany with operations in the United Kingdom, North America and select South East European countries • Stable balance sheet with a cash position of 36 Mio. € and a shareholder equity ratio of 47% per 31 December 2012 • Guidance of
Slide 4: Overview
PNE WIND AG Overview • Development and implementation of wind farm projects in Germany and abroad, both onshore and offshore • Onshore: 571 wind turbines in 99 wind farms with a nominal capacity of 820 MW installed • Offshore: 9 projects with a total nominal capacity of 3,579 MW in development of wh
Slide 5: Bond overview
Bond overview Bond and use of proceeds PNE WIND AG intends to place a corporate bond amounting to 100 Mio. € in the first half of 2013, in the Prime Standard of the German stock exchange Uses of proceeds: • Expansion of market position through strategic partnerships or acquisitions • Provide interim
Slide 6: Bond
Bond Conditions of the bond issue Volume 100 Mio. € Denomination 1,000 € Coupon Not yet determined Financial Covenant If the equity ratio falls below [●]%, Interest Step-up to [●] bps Duration 5 years Rating Corporate rating BBB- by Euler Hermes, the bond is unrated Deutsche Börse segment Prime Stan
Slide 7: WKN AG Purchase transaction
WKN AG Purchase transaction • 54 percent of the shares of WKN AG purchased from controlling shareholder Volker Friedrichsen • An extensive due diligence review on WKN AG was carried out • The purchase price, which is based on value of € 93 million for 100% of the WKN AG shares, will be paid in cash
Slide 8: WKN AG Overview
WKN AG Overview • Purchase contract for 54 % in the shares of WKN AG signed at 19th April 2013 • WKN founded in1990 with headquarters in Husum* • Wind farm project developer in Germany and abroad* • WKN is active in Germany, France, Poland, Italy, USA, Sweden, South Africa, Ukraine and UK* • 1.131 M
Slide 9: WKN AG Management and shareholder structure
WKN AG Management and shareholder structure Martinus Scherweit • CEO of WKN AG since 2004 • Many years of working experience in the wind energy business Michael Ostwald • CFO of WKN AG since 2007 • Initially worked as manager of the BGZs fund management since 2004, before he became procurist at WKN
Slide 10: WKN AG Onshore projects in development
WKN AG Onshore projects in development Germany, Italy, France, Poland, UK, South Africa, Sweden und Ukraine I II III IV Total • Total pipeline at approx.1,700 MW Germany 95 94 25 0 214 • The categorization of the projects in the Italy 0 520 0 0 520 phases is preliminary France 80 52 22 0 154 • WKN A
Slide 11: WKN Financial Statements
WKN Financial Statements Profit and loss account (HGB)* € 000 FY10 FY11 FY12 • Positive annual results achieved on a Revenue 61,094 49,561 44,402 continual basis Gain or loss on sales of investments 18,141 2,151 150 Revenue incl. sales of investments 79,235 51,712 44,552 • The total output consists
Slide 12: WKN Financial Statements – Assets
WKN Financial Statements Assets _ Balance Sheet – (HGB) € 000 FY10 FY11 FY12 • Inventories consist of capitalized project Intangible assets 895 688 502 development costs (€ 35m) and general Property, plant and equipment 34,338 25,918 20,593 contractor contracts (€ 19m) Financial assets 7,888 13,232
Slide 13: WKN Financial Statements – Liabilities
WKN Financial Statements Liabilities _ Balance Sheet – (HGB)* € 000 FY10 FY11 FY12 • WKN AG has several long-term loans, which Equity 53,960 63,729 67,032 are used for project-financing, the financing Provisions 8,724 8,566 7,457 of company-owned buildings and working Participation certificates 7,21
Slide 14: PNE Financial Statements
PNE Financial Statements Profit and loss account (IFRS) 1. Jan. bis 1. Jan. bis • The "Gode Wind" family sale as well as in € million 31. Dec. 2012 31. Dec. 2011 onshore projects in progress lay the Revenue 84.4 48.6 foundation for achieving guidance Total operating revenue 94.3 53.9 Cost of materia
Slide 15: PNE Financial Statements
PNE Financial Statements Balance Sheet (IFRS) • Own wind farm "Altenbruch II" has a total capacity of 25.8 MW • Receipt of milestone payment in the amount of 27.0 Mio. € from DONG Energy to reduce accounts receivables position • Inventories reflect investments in the development of our projects • Ne
Slide 16: Financial Statements
Financial Statements Cash flow (IFRS) 1. Jan. bis 1. Jan. bis in € million 31. Dec. 2012 31. Dec. 2011 • Cash flow from operating activities affected by the "Kemberg", "Riffgrund II" and "Gode 15.3 -5.1 Consolidated earnings Wind" projects Amortization/Depreciation 5.4 5.2 • Cash flow from investing
Slide 17: SWOT-Analysis
PNE WIND AG SWOT-Analysis Strengths Weaknesses • Established business model - onshore & offshore, • Volatility in cash flows / earnings domestic & foreign • High customer concentration • Strong customer loyalty • Dependence on a single technology • Milestone payments enable good planning of short an
Slide 18: Contact
Contact PNE WIND AG Rainer Heinsohn Head of Corporate Communication Tel: +49 (0) 47 21 – 7 18 - 453 Fax: +49 (0) 47 21 – 7 18 - 373 E-Mail: rainer.heinsohn@pnewind.com Scott McCollister Head of Investor Relations Tel: +49 (0) 47 21 – 7 18 - 454 Fax: +49 (0) 47 21 – 7 18 - 373 E-Mail: scott.mccollist