PNE AG With A Strong Tailwind - Shares Take Off
Cuxhaven, Germany - The wind farm developer PNE AG has closed the first three quarters of 2022 very successfully in operational terms. The high electricity prices are able to compensate for the additional expenditure on materials, and the PNE share is flying high.
Strong increase in sales and earnings after nine months
For the first nine months of 2022, the PNE Group reports total revenues of euro 152.1 million (previous year: euro 134.6 million) and sales revenues of euro 76.7 million (previous year: euro 54.2 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 66 percent to 21.1 million euros (previous year: 12.7 million euros). Basic earnings per share increased to 0.09 euros (previous year: -0.11 euros).
"We have completed the first nine months very successfully. Our project pipeline is well filled, the expansion of our own portfolio is progressing according to plan, and we have significantly expanded our activities in the "service products" segment", said PNE CEO Markus Lesser.
Boost: Own Plant Operation and High Electricity Prices - Growing Project Pipeline
The "Power Generation" segment contributed to the positive development, as the higher number of wind power turbines in operation in combination with the high electricity prices were able to compensate for the additional expenses for increased material costs.
The combined project pipeline for wind and photovoltaic projects also increased strongly by 4,984 MW to 11,430 MW in the first nine months of 2022 compared to the same period last year. PNE was able to increase the pipeline of onshore wind energy projects to 7,381 MW (previous year: 5,652 MW) despite the continuous realisation of wind farms.
Photovoltaics also developed positively. The pipeline of projects in progress climbed to 4,049 MWp (previous year: 794 MWp). With the acquisition of a majority stake of 51 percent in Coliaenergia ESPAÑA, S.L. (KOLYA) in July 2022 and the increases in the first nine months of 2022, the company's PV project pipeline has gained fivefold compared to the same time in the previous year. In addition, PNE continues to build wind farms on behalf of customers in Sweden, Poland and France and is developing further projects nationally and internationally.
PNE expands its own plant portfolio - growing service business
In the first nine months of this year, PNE commissioned three wind farms, "Wahlsdorf", "Gnutz I" and "Kuhstedt II", thus increasing the wind farm portfolio in own operation to around 283 MW. Further wind farms are to be connected to the grid by the end of the year. In total, PNE currently has 102 MW under construction for its own operation, so that the Group is coming ever closer to its goal of expanding its own operation to up to 500 MW by the end of 2023.
The expansion of the service business contributes to further increasing the share of steady earnings. The international business of operational management as well as technical inspections and tests was expanded in the first nine months in Sweden and Poland with additional services and extended to include the Lithuanian market. As a result, the order volume managed by PNE in operations management was once again significantly increased to over 2,200 MW.
PNE Board confirms annual forecast for 2022
With regard to the annual forecast for 2022, Markus Lesser explains: "We are very satisfied with this year so far, the strategy implementation is going well, and we also see ourselves well prepared for the coming period. At present, it should be taken into account that the interventions planned by the EU Commission and the German government to skim off "windfall profits" have not yet been defined. Based on the results in the first nine months of 2022, we confirm our target for the full year: we expect Group EBITDA of euro 20 to 30 million in respect of our guidance for the 2022 fiscal year."
The PNE share has climbed 145 percent from euro 8.75 to currently euro 21.40 since the beginning of 2022 alone.
Source: IWR Online, Nov 11 2022