DGAP-News: PNE AG / Key word(s): 9 Month figures
PNE AG with successful operational development in the first nine months of 2020
- Results after nine months on target
- Guidance for the entire year confirmed again
Cuxhaven, November 11, 2020 - PNE AG, which is internationally active in the development and operation of renewable energy projects, is on target after the first nine months of the 2020 fiscal year. This is shown by the statement published today about the course of the first nine months.
"The first nine months of the 2020 fiscal year were characterised by different developments. On the one hand, we made good progress operationally, obtained further approvals, won tenders, started building further wind farms, expanded the project pipelines for wind and photovoltaics and positioned ourselves even more strongly in the service sector. On the other hand, the unpredictable general conditions, particularly in connection with the COVID-19 pandemic, challenged us," said Markus Lesser, CEO of PNE AG, summarising the course of business.
Successful operative development
In the first nine months of the fiscal year, PNE was successful in tenders in Germany with three previously approved wind farms (39.0 MW) and was awarded contracts. In October, a further contract was awarded for a wind farm with 21.6 MW.
Expansion of internally operated wind farms makes progress
Project pipeline strengthened
The pipeline for the development of photovoltaic projects was also significantly expanded. In this field, projects with a nominal capacity of 476 MWp are under development in Germany, Romania and the USA.
Offshore projects in Germany
Irrespective of the error corrections necessary in this connection, PNE AG feels validated, in particular by the Senate order of the Federal Constitutional Court of August 20, 2020, in its assessment that parts of the WindSeeG are unconstitutional. With the implementation of the ruling of the Federal Constitutional Court by the legislator, PNE expects reimbursements for project planning services already provided, which will have a correspondingly positive effect on the Group's figures in the future.
Results for the first nine months on target
The investments in our own projects had a particular impact since there were no sales of projects. Because of these investments in our own projects, pre-tax profits of euro 19.8 million were eliminated at Group level in the first nine months (prior year: euro 4.9 million).
Dealing with the Corona pandemic
However, the consequences of the pandemic are being felt. Approval procedures drag on and projects are postponed. At the same time, manufacturers of wind power turbines report longer delivery times. The development of electricity prices in international markets, which is currently difficult to forecast due to the pandemic, may lead to delays in sales processes and postponed realisation.
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