PNE WIND AG publishes 2009 annual report

The wind farm developer PNE WIND AG (ISIN: DE000A0JBPG2) has today published the certified figures for the past year together with the 2009 business report.

According to IFRS accounting principles the company has generated an annual result of 10.1 million euros. Unlike the previous year’s amount of 17.1 million euros, the result for the business year 2009 was generated largely from the project planning of wind farms.

Martin Billhardt, Chairman of PNE WIND AG, sees this as proof of the operational strength of the company: “The result generated in 2009 comes primarily from our core business, which is to say project planning, implementation and the subsequent sale of wind farms“. He says that the positive annual result has further strengthened the capital base and has led to the first balanced net result for the year, according to the German Commercial Code, since six years ago.

Against the background of the company’s promising competitive position in the still growing market for wind energy, the executive board is assuming that PNE WIND AG will continue to develop positively. Due to imponderables such as approval procedures and weather conditions, and the fact that the complete project planning for a wind park lasts an average of three to five years, the board is providing a rough framework for the prospects for business development. The board is confident that the EBIT in the next three years will be at least 14 to 18 million euros per year on average and/or 42 to 54 million euros over the whole period.“ The board sees particular opportunities for the company in offshore business and growing foreign activities.

WIND AG is at the moment involved in the development of three approved offshore wind farm projects in German waters. Entering promising foreign markets is also being examined for the offshore area.

The 2009 annual report, which gives a complete summary of the past year and future prospects, became available for download today at www.pnewind.com in the “Investor Relations“ section.

[mappress]

Source: pnewind, 30March, 2010,