Wind Energy

PNE WIND AG reports financial results

Compared to the same period of the previous year, the total aggregate output was increased by 22.5% to 100.2 million euro from 81.8 million euro. This sharp increase was due to the high number of completed wind farms: so far, the company has successfully completed eight projects with a total installed nominal output of 119.8 MW in 2009.

During the first nine months of this fiscal year, PNE WIND AG achieved a result of operations (EBIT) amounting to 5.1 million euro (previous year: 24.1 million euro; including the EBIT from the sale of the share in SSP Technology A/S of 26 million euro). Taking into account the special effect in the previous year, the result of operations obtained in the first three quarters of 2009 underlines the positive business development and shows a strong increase of the operating income in comparison to the previous year. All in all, the consolidated profit as of 30 September 2009 amounts to approximately 1.3 million euro following 18.8 million euro in the previous year. This corresponds to an undiluted result per share of 0.03 euro (previous year: 0.46 euro).

Martin Billhardt, Chairman of the Board of Management of PNE WIND AG, says about the business development: "We made operating progress in all business segments. We were able to significantly extend our wind farm project planning core business both nationally and internationally, on land (onshore) and at high sea (offshore)." With respect to the further course of the year, Billhardt is confident: "PNE WIND AG has started the construction of three additional onshore wind farms with a future nominal output of 18 MW in the fourth quarter, and our project pipeline continues to be well fed. Thus, we still have wind in our sails." Therefore, the Board of Management confirms the forecast published for this fiscal year, according to which an EBIT in the range of 5 to 7 million euro is expected.

For a comprehensive overview of the financial results of PNE WIND AG, please refer to the nine months´ report 2009, which has been published today and is available under www.pnewind.com in the Investor Relations area.

PNE WIND AG with its headquarters in Cuxhaven plans and implements wind farm projects on land (onshore) and at high sea (offshore). Its core competence is the development, planning, implementation and financing of wind farms and their operation or sale including subsequent service. So far, the company has set up 92 wind farms with 535 wind energy systems and a total nominal output of 770 MW.

Alongside its business activities in the established German home wind power market, PNE WIND AG is also increasingly investing in dynamic growth markets and has representations via joint ventures in Hungary, Bulgaria, Turkey, the UK, Ireland, Rumania and Canada. Wind farm projects with a nominal output of up to 1,400 MW are currently being processed in these countries and are to be implemented in the medium term. In addition, a subsidiary has been founded in the USA. In Germany (onshore), wind farm projects with a nominal output of more than 300 MW are currently being processed.

Furthermore, PNE WIND AG develops offshore wind farm projects, three of which have already been approved in German waters. Entering promising foreign markets is also being examined for the offshore area.

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