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PNE WIND profit up 22% in H1 2010

PNE WIND AG has reported a 22% increase in first half (H1) profits in 2010 to €6 million.

The wind company’s EBIT rose 2.5% to €8.2m, despite a 58% dip in revenues to €41.1m.

PNE WIND did, however conduct a capital increase and issued a convertible loan which resulted in a total of €28.5m gross for the company. PNE WIND also saw a €18.7m investment from independent holding company Luxempart S.A.

“In particular, the significant progress in the realisation of the Gode Wind II offshore wind farm and the strengthened financial and equity base provide a solid foundation for the further expansion of the company in the highly attractive wind energy markets in Germany and abroad,” the company said in a statement.

Martin Billhardt, Chairman of PNE WIND AG's Board of Management, says: "We are continuing to pick up speed and are therefore satisfied with the results for the first half year of 2010. As regards the realisation of the Gode Wind II offshore wind farm, we took important steps for readiness for construction with the successfully completed building ground survey and the integration of internationally renowned companies.

“Since our company again owns 100% of the Gode Wind I project, we are expecting to realise high synergy effects for our further activities regarding these two offshore projects. In addition, we were able to hand over additional onshore wind farms to EnBW as contractually agreed and to expand our international project development, which in our opinion will have a positive impact on the future development.”

Outlook

PNE WIND maintains its outlook of an EBIT amounting to “at least €42 to 52m” over 2010 to 2012.

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