Pne Ag · XETR:PNE3
Pne — PNE Wind — Q1 2014 Earnings Presentation
14 slides from Pne's earnings presentation, May 2014
Slide 1: PNE WIND AG First Quarter 2014 Webcast Presentation
PNE WIND AG First Quarter 2014 Webcast Presentation – 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: Q1 - Highlights
PNE WIND GROUP Q1 - HIGHLIGHTS • The first quarter of 2014 is characterized by 1) the continuation of our onshore development activities in Germany and abroad, 2) intense political debates concerning the future expansion of renewable energy in Germany 3) formation of a joint development agreement wi
Slide 4: PNE WIND & WKN Group
PNE WIND GROUP PNE WIND & WKN • PNE WIND GROUP consists of the companies PNE WIND AG and WKN AG • 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 ca
Slide 5: PNE Onshore Pipeline
PNE WIND GROUP PNE ONSHORE PIPELINE Land* I-II III IV Total MW • In Germany, Germany 888 152 60 1100 1. “Calau IIA” (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 300 0 0 300 3. Projects with 60 MW of n
Slide 6: WKN Onshore Pipeline
PNE WIND GROUP WKN ONSHORE PIPELINE Land I-II III IV Total MW • In Germany, 41 MW of projects which were sold in 2013 are now under construction – Germany 140 29 41 210 these projects fall under current EEG Italy 450 70 0 520 • In France, 12 MW wind farm under France 140 10 12 162 construction and a
Slide 7: Offshore Projects
PNE WIND GROUP OFFSHORE PROJECTS Project Phase WT Total MW • “Borkum Riffgrund I” (sold to DONG Borkum Riffgrund I * 6 77 277 Energy) under construction since mid 2013 Borkum Riffgrund II * 5 97 349 • “Gode Wind” (sold to DONG Energy) Gode Wind 1 * 6 54 324 scheduled to be operational in 2016 Gode W
Slide 8: Profit & Loss (IFRS)
PNE WIND GROUP PROFIT & LOSS (IFRS) • Group sales were generated from PNE WIND AG In €m 1Q14 1Q13 2013 projects “Calau IIA” and “Göricke Söllenthin” as well as Sales 32.9 12.2 144.0 WKN AG’s German projects “Kastorf” and “Kropp” and a 43.7 14.6 162.1 Total performance 12 MW project in France Cost of
Slide 9: Balance Sheet Assets (IFRS)
PNE WIND GROUP BALANCE SHEET ASSETS (IFRS) • Changes in balance sheet during the first three months of 2014, reflect negative earnings and ongoing investments in project pipeline which will drive future earnings • Cash position ends period at EUR 60.0 million underlining strong financial position of
Slide 10: Balance Sheet Liabilities (IFRS)
PNE WIND GROUP BALANCE SHEET LIABILITES (IFRS) • Equity decreases to EUR 145.2 million due to negative result recorded during the first quarter - equity ratio equates to 34% • The long term liabilities of EUR 180.0 million primarily represent corporate bond 2013/18 (gross proceeds of EUR 100 million
Slide 11: Cash Flow (IFRS)
PNE WIND GROUP CASH FLOW (IFRS) • Cash Flow (CF) from operating activities at EUR -19.9 In Mio. € 1Q-2014 1Q-2013 million results primarily from the negative result in first quarter combined with investments in working capital Net income -5.5 -4.0 Interest & tax (net) 3.8 1.1 • Working capital incre
Slide 12: EEG – Market Update
PNE WIND GROUP EEG – MARKET UPDATE • German government aims to double amount of renewable in the mix – from 25% today to 55-60% in 2035 • Onshore tariff to begins at EUR 89 per MWh (actual EEG EUR 92 per MWh) – length of initial tariff is based in part on relative strength of the wind per location •
Slide 13: Stock & Bonds
PNE WIND GROUP STOCK & BONDS AOJBPG / WKN Convertible bond 2009/2014 (WKN: A0Z1MR) DE000A0JBPG2 Coupon 7.0%, Strike price €2.50, 38,500 bonds placed @ €100 Number of shares 54,896,805 a piece (€ 3.8m open as per March 31, 2014) Market capitalization € 155.9m (May 9, 2014) Convertible bond 2010/2014
Slide 14: Thank You – Contact
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