DGAP-News: PNE AG
/ Key word(s): Annual Results
PNE AG: 2019 fiscal year closed very successfully
- Operating performance increased significantly
- Upper end of the guidance reached
- Positive outlook to 2020
Cuxhaven, March 31, 2020 - PNE AG closed the year 2019 very successfully in operational terms. This is the result of the annual report published today. With 450.8 megawatts (MW) of projects sold, commissioned or under construction, the previous year's level (235.7 MW) was exceeded significantly. Based on an assumed average investment volume of around euro 1.4 to 1.8 million per MW of installed nominal capacity, PNE has initiated investments of around euro 631 to 811 million in 2019 (prior year: euro 330 to 424 million).
In the 2019 fiscal year, the PNE Group generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of approx. euro 31.6 million and operating profit (EBIT) of approx. euro 19.0 million. This means that the upper end of the guidance for EBITDA of euro 25 to 30 million and for EBIT of euro 15 to 20 million was achieved in the 2019 fiscal year. The earnings per share amounted to euro 0.01. The equity ratio was 38.8 percent as at December 31, 2019. The available liquidity remains high: At the end of 2019, the Group had liquidity from cash and cash equivalents totalling euro 111.9 million.
CEO Markus Lesser: "2019 was a good year for the PNE Group, which we concluded with a very good result. Operationally, we have been successful in various markets including Sweden and Poland. Strategically, we have consistently developed further in line with the "Scale up" concept."
Profitable despite increased investing activities
Project pipeline expanded further
There has also been progress in the development of photovoltaic (PV) projects. In this area, a pipeline with PV projects in Germany, Romania and the USA totalling 123 MWp can be reported for the first time at the end of 2019.
Expansion of the service business
By concluding the first contracts for operations management of wind farms in France, Poland and Sweden, the PNE Group succeeded in opening up additional markets and significantly expanding its international business in 2019. In total, PNE currently manages wind farms with a nominal capacity of more than 1,600 MW as operations manager.
Positive outlook to the year 2020
CEO Markus Lesser: Despite our investments in building up our own portfolio, we are expecting positive EBITDA of euro 15 to 20 million and EBIT of euro 5 to 10 million for the Group's defined guidance for the 2020 fiscal year."
Although there is justified optimism, PNE sees possible consequences for society and the market resulting from the spread of the COVID-19 virus. PNE responds to this threat with a large number of measures to protect employees, but also to safeguard the implementation of projects as well as supplies.
Markus Lesser: "At present, we assume that there may be shifts in our operating business as regards the sale of project rights and project implementation from 2020 to 2021 and from 2021 to 2022 due to the current developments concerning the spread of the COVID-19 virus. This has already been taken into account in the guidance. At this point in time, we assume that there should be no significant impact on our business in the medium to long term. The good liquidity position gives the Company sufficient leeway to be able to cope well with longer-term restrictions."
About the PNE Group
Contacts for enquiries
31.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Phone:||04721 / 718 - 06|
|Fax:||04721 / 718 - 200|
|ISIN:||DE000A0JBPG2, DE000A2LQ3M9, , DE000A12UMG0,|
|WKN:||A0JBPG, A2LQ3M, , A12UMG,|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1010543|
|End of News||DGAP News Service|