Pne Ag · XETR:PNE3
Pne — PNE Wind — Q3 2014 Earnings Presentation
21 slides from Pne's earnings presentation, Nov 12, 2014
Slide 1: PNE WIND AG Webcast Presentation 3Q14
PNE WIND AG Webcast Presentation 3Q14 November 12, 2014 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: 9M Highlights
PNE WIND GROUP 9M - HIGHLIGHTS • The first nine months of 2014 are characterized by – 1) the continuation of our on and offshore development activities in Germany and abroad, 2) an amendment of EEG in Germany - results better than feared & framework now in place as of August 1 3) Completion of capit
Slide 4: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS CAPITAL MEASURE OVERVIEW 1. USE OF PROCEEDS 2. YIELDCO PEER GROUP MARKET & STRATEGY 1. EEG LEGISLATION 2. STOCK AND BOND CHARTS PNE WIND II company presentation II 11 2014 4
Slide 5: At a Glance
PNE WIND GROUP AT A GLANCE • Development and implementation of wind farm projects in Germany and abroad, both onshore and offshore • Active in 14 different countries • More than 400 employees • Onshore: wind farms with a nominal capacity of approx. 5,200 MW in development • Offshore: 13 projects wit
Slide 6: PNE Onshore Pipeline
PNE WIND GROUP PNE ONSHORE PIPELINE Land* I-II III IV Total MW • In Germany, Germany 920 92 84 1.096 1. Calau II A (15.4 MW) handed over to Bulgaria 121 0 0 121 infrastructure investor CEE Romania 55 102 0 157 2. Görike-Söllenthin (6 MW) sold to EnBW Turkey 700 0 0 700 3. Calau II C & D (30.8 MW) so
Slide 7: WKN Onshore Pipeline
PNE WIND GROUP WKN ONSHORE PIPELINE Land* I-II III IV Total MW • In Germany, Germany 152 27 25 206 1. Kropp (18.5), Kastorf (15.4 MW), Italy 450 70 0 520 Ebersgrün (8 MW) handed over France 160 10 0 170 2. Repowering project Weidehof (18 MW) and Nentzelsrode (6.9 MW) under Poland 250 32 0 282 constr
Slide 8: Offshore Projects
PNE WIND GROUP OFFSHORE PROJECTS • 7 offshore projects sold with a total nominal capacity of up to 2,061 MW • Borkum Riffgrund and Gode Wind projects sold to DONG Energy – first turbines installed • Total output of 6 own projects in planning 2,640 MW • PNE WIND remains as service provider for projec
Slide 9: Offshore Projects
PNE WIND GROUP OFFSHORE PROJECTS Project Phase WT Total MW • Borkum Riffgrund and Gode Wind sold to Borkum Riffgrund I * 7 78 312 DONG Energy Borkum Riffgrund II * 5 97 349 1. Borkum Riffgrund I & Gode Wind 1 & 2 Gode Wind 1 * 7 55 330 are under construction Gode Wind 2 * 7 42 252 2. From Gode trans
Slide 10: Profit & Loss (IFRS)
PNE WIND GROUP PROFIT & LOSS (IFRS) • Group sales were primarily generated at the onshore In EURm 9M14 9M13 2013 projects Calau II, Görike-Söllenthin, Kastorf, Kropp, Sales 184.1 43.6 144.0 Sontra and Kemberg III in Germany as well as Dargies in Total performance 201.5 60.2 162.1 France Cost of mate
Slide 11: Balance Sheet Assets (IFRS)
PNE WIND GROUP BALANCE SHEET ASSETS (IFRS) • Property, Plant and Equipment amounts to EUR 74.2 million; main items include technical equipment (wind and solar projects) and land and buildings • Inventories of EUR 173.1 million reflect investments made in onshore projects in development and currently
Slide 12: Balance Sheet Liabilities (IFRS)
PNE WIND GROUP BALANCE SHEET LIABILITES (IFRS) • Equity at EUR 145.7 million representing an equity ratio of 34% - Decrease in equity primarily driven by dividend payment of EUR 8.2 million • The long term liabilities of EUR 167.7 million primarily represent corporate bond 2013/18 (gross proceeds of
Slide 13: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS CAPITAL MEASURE OVERVIEW 1. USE OF PROCEEDS 2. YIELDCO PEER GROUP MARKET & STRATEGY 1. EEG LEGISLATION 2. STOCK AND BOND CHARTS PNE WIND II company presentation II 11 2014 13
Slide 14: Use of Proceeds
PNE WIND GROUP USE OF PROCEEDS The gross proceeds of the combined offering totaled EUR 40 million - 13.9 million shares placed at EUR 2.40 and 2014/19 convertible bond 3.75% (Strike price EUR 3.30, Total volume EUR 6.6 million) 1. The funds will primarily be used to fund the equity requirements of a
Slide 15: Yield Co/IPP – Peer Group
PNE WIND GROUP YIELD CO/IPP – PEER GROUP IPP/Yielco Funds Current Assets Year of Location • Investors looking for yield are backing raised at Dividend IPO renewable IPPs/Yieldcos with a number of IPO Yield* IPO transactions taking place; over £2.0 TRIG £300m 5,8% 276 MW 2013 UK billion raised (UK; E
Slide 16: Opportunity: Dividend Yield Curve
PNE WIND GROUP OPPORTUNITY Dividend Yield curve • Dividend yields range on publically traded 0,07 companies range from 2.7% to 7.0% 0,06 Diviend yield % • Dividend required follows closely with 0,05 portfolio size and growth prospects 0,04 • PNE WINDs closest peers TRIG & 0,03 Greencoats trade at di
Slide 17: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS CAPITAL MEASURE OVERVIEW 1. USE OF PROCEEDS 2. YIELDCO PEER GROUP MARKET & STRATEGY 1. EEG LEGISLATION 2. STOCK AND BOND CHARTS PNE WIND II company presentation II 11 2014 17
Slide 18: EEG – Market Update
PNE WIND GROUP EEG – MARKET UPDATE • German government aims to double amount of renewable electricity in the mix – from 25 % today to 55-60 % in 2035 • Government targets between 2,400 - 2,600 MW per year – this target range has only been exceeded one time in past 8 years • Capacity removed as part
Slide 19: EEG – Market Update
PNE WIND GROUP EEG – MARKET UPDATE Calculation to determine length tariff • Effects of new legislation result in approx. 1. Reference value manufactuer 9.508.188 = 100,00% 10% reduction in length of time Chransdorf Forecasted energy production 8.042.709 = 84,59% project is eligible for the beginning
Slide 20: Stock & Bonds Outstanding
PNE WIND GROUP STOCK & BONDS OUTSTANDING AOJBPG / WKN / ISIN Corporate bond 2013/2018 (WKN: A1R074) DE000A0JBPG2 Coupon 8%, Prime Standard, Total volume EUR 100m Number of shares (06.10.2014) 70,289,733 Market capitalization EUR 170.6 m (10.November 2014) Convertible bond 2014/2019 (WKN: A12UMG) Fre
Slide 21: Thank You
THANK YOU CONTACT Rainer Heinsohn Head of 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.mccollister@pnewind.c