Pne Ag · XETR:PNE3
Pne — PNE Wind — H1 2013 Earnings Presentation
15 slides from Pne's earnings presentation, August 2013
Slide 1: Webcast Presentation: First six months of 2013
PNE WIND AG Webcast Presentation: First six months of 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 • The operational business of PNE WIND AG in the first half of 2013 was characterized by the development of projects at home and abroad and the acquisition of the wind farm developer WKN AG. • In Germany, two wind farm projects with 14 MW of nominal capacity were completed. Co
Slide 4: Onshore operational overview
PNE WIND AG Onshore operational overview • 14 MW of onshore projects constructed in the first six months of 2013. • 575 wind turbines in 100 wind farms with a nominal capacity of 828 MW installed. • First phase of a 45 MW wind farm currently under construction. • Contracts for 69 wind turbines with
Slide 5: Business model: Onshore projects
Business model Onshore projects Germany, South East Europe, North America and the United Kingdom Land I-II III IV Gesamt • UK pipeline extended to 750 Germany 903 189 8 1,100 MW, and holding increased to Bulgaria 121 0 0 121 90 percent from 67.5 percent. Romania 55 102 0 157 Turkey 300 0 0 300 • Pip
Slide 6: Business model: Offshore projects
Business model Offshore projects WT Total MW • EUR 27 million milestone payment Project Phase up to (up to)** received in beginning of 2013. Borkum Riffgrund I * 6 77 277 Borkum Riffgrund II * 4 97 349 • EUR 73 million in milestone Gode Wind I * 5 54 324 payments from “Gode Wind” still outstanding.
Slide 7: Successful bond placement; proceeds finance WKN AG acquisition
PNE WIND AG Successful bond placement; proceeds finance WKN AG acquisition • In May 2013, PNE WIND AG issued a corporate bond with a gross volume of approx. EUR 66.3 million. • Direct costs of approx. EUR 2.7 million; net amount EUR 63.6 million. • Coupon of 8%, semi-annual payment. • Duration of 5
Slide 8: PNE now holds approx. percent in WKN AG
PNE WIND AG PNE now holds approx. 84 percent in WKN AG • PNE WIND AG buys approx. 54 percent stake in WKN from Volker Friedrichsen Beteiligungs-GmbH • Purchase price is paid in cash and shares • Volker Friedrichsen Beteiligungs-GmbH purchased convertible bonds from Luxempart SA and following convers
Slide 9: WKN AG Overview
WKN AG Overview • WKN is active in Germany, France, Poland, Italy, USA, Sweden, South Africa, Ukraine and UK. • 1.131 MW realized projects in Germany, Poland, Spain, France, Italy and the USA. • 177 employees in Germany and abroad as at the end of 2012. • 1,700 MW in development. PNE WIND II 9
Slide 10: PNE Financial Statements: Profit and loss account (IFRS)
PNE Financial Statements Profit and loss account (IFRS) 1. Jan. bis 1. Jan. bis • Revenues primarily driven by sale of In EUR million 30. June. 2013 30. June. 2012 “Langwedel II” wind farm with 8 MW of Sales 21.737 12.259 nominal capacity. Total operating revenue 37.410 14.995 • Revenues from electr
Slide 11: PNE Financial Statements: Balance Sheet (IFRS)
PNE Financial Statements Balance Sheet (IFRS) • Rise in inventories reflect investments made in projects in development and currently under construction. • Cash of EUR 97.4 million reflects net bond proceeds of EUR 63.6 million. • Net debt amounted to EUR 45.2 million as compared to EUR 39.3 million
Slide 12: Financial Statements: Cash flow (IFRS)
Financial Statements Cash flow (IFRS) • Depreciation expense arises primarily from 1. Jan. bis 1. Jan. bis In EUR million 30.June. 2013 30.June. 2012 our own wind farm “Altenbruch II”. Net income -9.061 -8.811 • Change in working capital primarily Interest (net) and tax 0.671 -248 influenced by the
Slide 13: Stock and Convertible bond
PNE WIND AG Stock and Convertible bond The stock Convertible bonds WKN / ISIN AOJBPG / DE000A0JBPG2 Convertible bond 2009/2014 (WKN: A0Z1MR), Coupon 7.0%, Strike price 2.50 €, 38,500 bonds placed @ 100 € a piece Number of shares (August 8) 54,217,456 Market capitalization (August 8) 153.9 Mio. € Con
Slide 14: 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. • Significantly broader presence in foreign markets through the majority acquisition of WKN AG. • Onshore pipeline at two compani
Slide 15: 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