Pne Ag · XETR:PNE3
Pne — PNE Wind — FY2014 Earnings Presentation
19 slides from Pne's earnings presentation, Mar 31, 2015
Slide 1: PNE WIND AG Webcast
PNE WIND AG Webcast March 31, 2015 Windpark Windpark Buchholz Buchholz
Slide 2: 2014 - Highlights
PNE WIND GROUP 2014 - HIGHLIGHTS • The financial year 2014 was characterized by – 1. the continuation of our on and offshore development activities in Germany and abroad, 2. the construction of wind parks in Germany and France 3. the expansion of our business model with the formation of a YieldCo 4.
Slide 3: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS YIELDCO OVERVIEW 1. STRUCTURE 2. TRANSACTIONS 3. CHANCEN MARKET & STRATEGY 1. WORLD INSTALLATION 2. REGULATORY 3. STOCK AND BOND CHARTS PNE WIND II company presentation II 03 2015 4
Slide 4: 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. 6,000 MW in development • Offshore: 13 projects wit
Slide 5: Core Competencies
PNE WIND GROUP CORE COMPETENCIES • Development, financing and construction of wind farms • Direct sales channels to infrastructure funds and utilities • New sales channel targeted with advent of Yieldcos • After-sales support through commercial and technical management services * Actual time to deve
Slide 6: PNE Onshore Pipeline
PNE WIND GROUP PNE ONSHORE PIPELINE Country* I-II III IV Total MW • In Germany, Germany 972 80 70 1,122 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)
Slide 7: WKN Onshore Pipeline
PNE WIND GROUP WKN ONSHORE PIPELINE Country* I-II III IV Total MW • In Germany, Germany 155 54 7 216 1. Kropp (18.5), Kastorf (15.4 MW), Italy 510 0 0 510 Ebersgrün (8 MW), Weidehof (18 MW) handed over France 82 88 0 170 2. Nentzelsrode (6.9 MW) under Poland 243 42 0 285 construction UK 0 66 0 66 3.
Slide 8: Offshore Projects
PNE WIND GROUP OFFSHORE PROJECTS Project Phase WEA Total MW Borkum Riffgrund I * 7 78 312 • Borkum Riffgrund and Gode Wind sold to Borkum Riffgrund II * 5 97 349 DONG Energy Gode Wind 1 * 7 55 330 1. Borkum Riffgrund I & Gode Wind 1 & 2 are under construction Gode Wind 2 * 7 42 252 2. From Gode Wind
Slide 9: O&M Services
PNE WIND GROUP O&M SERVICES • Operation and Maintenance (O&M) services organized within energy consult GmbH • Yield optimization and reduction of downtime and operating costs • Currently wind turbines from AN Bonus / Siemens, DeWind, Enercon, Fuhrländer, Nordex / Südwind, Vestas in care • Approx. 70
Slide 10: Profit & Loss (IFRS)
PNE WIND GROUP PROFIT & LOSS (IFRS) • Group sales were primarily generated at the onshore In EURm 2014 2013 projects Calau II, Görike-Söllenthin, Kastorf, Kropp, Sales 211.3 144.0 Sontra, Kemberg III and Weidehof in Germany as well as Total performance 233.9 160.6 Dargies in France Cost of materials
Slide 11: Balance Sheet Assets (IFRS)
PNE WIND GROUP BALANCE SHEET ASSETS (IFRS) • Property, Plant and Equipment of EUR 73.6 million - main items include technical equipment (wind and solar projects) and land and buildings • Inventories of EUR 152.4 million include - onshore projects in development, projects currently under construction
Slide 12: Balance Sheet Liabilities (IFRS)
PNE WIND GROUP BALANCE SHEET LIABILITES (IFRS) • Equity at EUR 160.1 million representing an equity ratio of 38% - Increase in equity results from conversion of bonds (EUR 7.4 million), issuance of new shares (EUR 31.8 million net), dividend payment (EUR - 8.2 million) and net loss (EUR -13.0 millio
Slide 13: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS YIELDCO OVERVIEW 1. STRUCTURE 2. TRANSACTIONS 3. OPPORTUNITY MARKET & STRATEGY 1. WORLD INSTALLATION 2. REGULATORY 3. STOCK AND BOND CHARTS PNE WIND II company presentation II 03 2015 14
Slide 14: YieldCo Structure
PNE WIND GROUP YIELDCO STRUCTURE PNE WIND AG Investors 100 % Shares • PNE WIND AG and YieldCo represent two separate business – Management Services • PNE WIND focused on wind farm PNE WIND AG development and O&M • YieldCo is asset manager– earnings from x% YieldCo wind farms distributed to its inves
Slide 15: YieldCo/IPP Peer Group
PNE WIND GROUP YIELD CO/IPP – PEER GROUP Funds Assets Development Management • Investors looking for yield are backing raised partner Team renewable IPPs/Yieldcos with a number of TRIG £300m 276 MW RES InfraRed IPO transactions taking place; over £2.5 Green coats £260m 126 MW None Climate C. Capital
Slide 16: Opportunity
PNE WIND GROUP OPPORTUNITY • Dividend yields range on publically traded companies range from 2.6% to 7.0% • Dividend required follows closely with portfolio size and growth prospects • This compares to current sales channel which target a return on equity on 10-12% PNE WIND IIII company presentation
Slide 17: Perspectives
PNE WIND GROUP PERSPECTIVES Cash profile of wind farm - IRR on equity • As return expectation (IRR on equity) contracts from 8% to 5%, PNE WIND‘s earnings potential climbs in stable price per MWh environment • Beginning in 2017, the introduction of the tender system will likely result in lower price
Slide 18: 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 (26.01.2015) 71,974,939 Market capitalization EUR 161.9 m (27 March 2015) Convertible bond 2014/2019 (WKN: A12UMG) Free F
Slide 19: Q&A Contact
Q&A 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.com PNE