The company attributes this growth to the completion and sale of various wind farm projects.
With new permits for projects being issued, the realisation of wind farms will continue intensively in the future, it said.
During the first half year of 2014, which in contrast to the same period last year now includes WKN AG and its subsidiary companies, the Group realised revenues amounting to €117.9 million (compared to €21.7 million last year), an operating result (EBIT) of €2.8 million (previous year: € -5.6 million) and an undiluted result per share of € -0.04 (previous year: euro -0.21).
"We made considerable progress during the first half year, particularly in the area of onshore wind power," said Martin Billhardt, Chairman of the Board of Directors (CEO) of PNE WIND AG.
"Both at home and internationally, we received a number of building permits, constructed numerous wind farms and sold various projects," Billhardt continued. "We continue to profit from our majority shareholding in WKN AG, which has significantly strengthened our Group and has reduced our dependence on individual markets. We anticipate that it will continue to make positive contributions to turnover and our results in the future.”
During the first half year, the PNE WIND Group commenced construction on wind farms in Germany with approx. 128 MW of nominal output. Of these, six projects with a cumulative nominal output of approx. 57.3 MW have already been completed. Further wind farm projects, representing approx. 70 MW of nominal output, have been issued building permits. One project, on which construction is about to begin, is the "Chransdorf" wind farm in Brandenburg. With 57.6 MW, it will be the largest German onshore project in our company's history.
The most recent wind farm sales provide evidence of the quality of the PNE WIND Group's work. The 15.4 MW "Calau II A" wind farm in Brandenburg, which was sold in December 2013, was commissioned and handed over to the Hamburger Beteiligungsgesellschaft CEE in the first quarter of 2014. The "Calau II C and D" wind farms, with a combined nominal output of 30.8 MW, were sold to Allianz. The "Calau II C" was completed during the first half year and "Görike-Söllenthin" (6 MW), another wind farm in Brandenburg, was sold to EnBW Energie Baden-Württemberg AG in April. Our customers are very experienced infrastructure investors who place a high value on the quality of our projects.
The Group expanded its international activities in parallel: In France, a previously sold 12 MW wind farm was completed at the end of July 2014. In the USA, a wind farm (with up to 153 MW in several project phases) continued to be developed. Additional projects in France (10 MW), Italy (30 MW), Great Britain (38 MW), Hungary (78 MW), Romania (102 MW) and Poland (32 MW) are now permitted.
Currently, the PNE WIND Group has a domestic and international onshore project pipeline with more than 5,000 MW of nominal output in various stages of project development.
Offshore, our project development pipeline is well filled and PNE WIND AG is currently working on 13 projects.
"We are now harvesting the fruit of our rigorous project development work in recent years," Billhardt said. "The increased implementation of wind farms ensures continuous returns and we confirm our forecast of achieving a cumulative EBIT of EUR 110 to 130 million for the financial years 2014 to 2016."
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