• First six months closed with a positive EBIT and forecast confirmed
• Wind farms with 66 MW under construction in Germany, France and Sweden.
• Service business strengthened

Cuxhaven, August 9, 2018 – The internationally operating project developer PNE is well on target at the end of the first half year of 2018, both in operational and in financial terms. This has resulted from the report on the first half year, published today by the Group.

Successful in wind energy project development 
In Germany, France and Sweden, wind farms with approx. 66 MW were under construction on June 30, 2018, including a project (25.2 MW) which is managed by the PNE Group as a service provider. Wind farms in Germany and France with a nominal output of approx. 37.5 MW were completed and commissioned in the first half of 2018, including two wind farms (27.2 MW), which were managed by the PNE Group as a service provider.

New permits and successful tenders for onshore and offshore projects
In the first six months of 2018, PNE was awarded contracts for projects developed by it with a nominal capacity of 49.1 MW as part of the tenders for German onshore wind energy projects. In the second quarter of this year, PNE received the necessary permits for another wind farm in France with a nominal output of 14.1 MW. This means that the French wind energy market continues to develop very pleasingly for PNE.

Furthermore, the “Gode Wind 4” project developed by PNE also received an award in the second German tender for offshore wind farms in 2018 as one of six projects.

Solid basis for the strategic further development 
Markus Lesser, CEO of PNE AG: “These data show how well we are positioned in our core business, i.e. the development of wind farm projects on land and at sea. The international business is becoming increasingly important for the PNE Group. This is the basis on which we are strategically developing into a Clean Energy Solution Provider. In this way, we are specifically expanding our service sector and expanding our services to include new technologies and markets.”

Positive effects from new corporate financing
With the placement of a new corporate bond with a volume of euro 50 million in April and the scheduled repayment of the corporate bond with a volume of euro 100 million at the end of the second quarter, PNE succeeded in significantly reducing both the liabilities and the future interest charges. This has created the foundation for implementation of the “Scale Up” strategy including the construction of the “2020 wind farm portfolio”, in which primarily German and French wind farms with approx. 200 MW will be bundled by 2020.

First half results on target
The implementation of the strategy and construction of the 2020 wind farm portfolio are connected with advance payments, since success needs investment. The key figures of the first half year of 2018 must also be seen in the context of these general conditions. During this period, the Group generated sales of euro 28.4 million (prior year: euro 39.5 million), total aggregate output of euro 38.2 million (prior year: euro 50.0 million) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 8.7 million (prior year: euro -1.8 million), operating profit (EBIT) of euro 4.1 million (prior year: euro -5.0 million) and undiluted earnings per share of euro 0.00 (prior year: euro -0.08).

Unrealised gains from the 2020 wind farm portfolio are growing continuously
Since 2017, we have also created values which are not readily apparent. This relates to the establishment of the “2020 wind farm portfolio”. The earnings before tax accrued in this portfolio to date – not yet realised at the Group level – amount to approx. euro 18.8 million since 2017 (of which approx. euro 6.5 million in the first half year of 2018). With a portfolio of company-owned projects, complete or partial sales to third parties outside the Group are postponed, and thus also the Group’s earnings from these sales. The fixed assets and the liabilities to banks from project financing within the Group will increase up to the complete or partial sale of the “2020 wind farm portfolio”.

Outlook confirmed
Markus Lesser: “The key indicators of the first half year are well on target and show that we generate positive results even during the investment phase. Accordingly, we can confirm our forecast of generating clearly positive EBIT in the range of euro 10 to 16 million and EBITDA in the range of euro 20 to 26 million within the Group in 2018.

The financial report on the first half year 2018 is available on the website www.pne-ag.com as of today.