Pne Ag · XETR:PNE3
Pne — PNE Wind — Q1 2015 Earnings Presentation
20 slides from Pne's earnings presentation, May 11, 2015
Slide 1: PNE WIND AG Webcast Presentation
PNE WIND AG Webcast Presentation May 11, 2015 Windpark Windpark Buchholz Buchholz
Slide 2: 1Q 2015 – Highlights
PNE WIND GROUP 1Q 2015 – HIGHLIGHTS • The first quarter of 2015 was characterized by – 1. the continuation of our on and offshore development activities in Germany and abroad, 2. the construction of wind farms in Germany 3. the continued development of our new YieldCo business model • 95 MW of Germa
Slide 3: Legal Update
PNE WIND GROUP LEGAL UPDATE • Proposal to Annual General Meeting on June 16 to dismiss three Supervisory Board members Mr Volker Friedrichsen, Ms Astrid Zielke, Mr Peter Baron von le Fort • PNE WIND’s claim against Volker Friedrichsen Beteiligungs-GmbH in connection with the WKN AG acquisition leads
Slide 4: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS YIELDCO OVERVIEW 1. STRUCTURE 2. TRANSACTIONS 3. OPPORTUNITY STOCK AND BOND CHARTS PNE WIND II company presentation II 05 2015 4
Slide 5: At a Glance
PNE WIND GROUP AT A GLANCE • Development and implementation of wind farm projects in Germany and abroad, both onshore and offshore • Active in 14 different countries • More than 400 employees • Onshore: wind farms with a nominal capacity of approx. 6,000 MW in development • Offshore: 13 projects wit
Slide 6: Core Competencies
PNE WIND GROUP CORE COMPETENCIES • Development, financing and construction of wind farms • Direct sales channels to infrastructure funds and utilities • New sales channel targeted with advent of YieldCos • After-sales support through commercial and technical management services * Actual time to deve
Slide 7: O&M Services
PNE WIND GROUP O&M SERVICES • Operation and Maintenance (O&M) services organized within energy consult GmbH • Focus on yield optimization and reduction of downtime and operating costs • Services cover wind turbines from AN Bonus / Siemens, DeWind, Enercon, Fuhrländer, Nordex / Südwind and Vestas • A
Slide 8: PNE Onshore Pipeline
PNE WIND GROUP PNE ONSHORE PIPELINE Country* I-II III IV Total MW • In Germany, Chransdorf (57.6 MW) and Waldfeucht (12 MW) under construction Germany 972 80 70 1,122 Bulgaria 121 0 0 121 • In the UK, Romania 55 102 0 157 1. Tralorg project awarded in tender as part of CfD government program Turkey
Slide 9: WKN Onshore Pipeline
PNE WIND GROUP WKN ONSHORE PIPELINE Country* I-II III IV Total MW • In Germany, Germany 162 34 25 219 1. Looft II (10.2 MW) and Siebenbäumen Italy 510 0 0 510 (6.2 MW) and Nentzelsrode (6.9 MW) under construction France 178 88 0 266 2. These projects sold at end of 2014 to Poland 243 42 0 285 KGAL a
Slide 10: Offshore Projects
PNE WIND GROUP OFFSHORE PROJECTS Project Phase WEA Total MW Borkum Riffgrund I * 7 78 312 • Borkum Riffgrund and Gode Wind sold to Borkum Riffgrund II * 5 97 349 DONG Energy Gode Wind 1 * 7 55 330 1. Borkum Riffgrund I & Gode Wind 1 & 2 are under construction Gode Wind 2 * 7 42 252 2. From Gode Wind
Slide 11: Profit & Loss (IFRS)
PNE WIND GROUP PROFIT & LOSS (IFRS) • Group sales were primarily generated by German In EURm 1Q2015 1Q2014 2014 onshore projects (Siebenbäumen, Looft II) and electricity Sales 15.2 32.9 211.3 generation (EUR 4.2 million). Total performance 23.6 43.7 233.9 • EBIT at EUR -6.0 million down from EUR -0.
Slide 12: Balance Sheet Assets
PNE WIND GROUP BALANCE SHEET ASSETS (IFRS) • Property, Plant and Equipment of EUR 73.2 million – main items include technical equipment (wind and solar projects) and land and buildings • Inventories of EUR 183.1 million include German and international onshore projects under development. Rise in inv
Slide 13: Balance Sheet Liabilities
PNE WIND GROUP BALANCE SHEET LIABILITES (IFRS) • Equity at EUR 152.9 million represents an equity ratio of 34% – decrease in equity mainly results from net loss for the period (EUR -9.2 million) • The long term liabilities of EUR 150.2 million primarily represent corporate bond 2013/18 (EUR 96.4 mil
Slide 14: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS YIELDCO OVERVIEW 1. STRUCTURE 2. TRANSACTIONS 3. OPPORTUNITY STOCK AND BOND CHARTS PNE WIND II company presentation II 05 2015 14
Slide 15: YieldCo Structure
PNE WIND GROUP YIELDCO STRUCTURE PNE WIND AG Investors 100 % Shares • PNE WIND AG and YieldCo represent two separate business – Management Services • PNE WIND focused on wind farm PNE WIND AG development and O&M • YieldCo is asset manager– earnings from x% YieldCo wind farms distributed to its inves
Slide 16: Yield Co/IPP – Peer Group
PNE WIND GROUP YIELD CO/IPP – PEER GROUP Funds Assets Development Management • Investors looking for yield are backing raised partner Team renewable IPPs/YieldCos with a number of TRIG £300m 276 MW RES InfraRed IPO transactions taking place; over Green coats £260m 126 MW None Climate C. Capital £2.5
Slide 17: Opportunity
PNE WIND GROUP OPPORTUNITY • Dividend yields range on publically traded companies from 2.6% to 7.0% • Dividend required follows closely with portfolio size and growth prospects • This compares to current sales channel which target a return on equity on 10-12% PNE WIND II company presentation II 05 2
Slide 18: Table of Contents
PNE WIND GROUP TABLE OF CONTENTS PNE WIND GROUP 1. AT A GLANCE 2. CORE COMPETENCIES 3. FINANCIALS YIELDCO OVERVIEW 1. STRUCTURE 2. TRANSACTIONS 3. OPPORTUNITY STOCK AND BOND CHARTS PNE WIND II company presentation II 05 2015 18
Slide 19: Stock & Bonds Outstanding
PNE WIND GROUP STOCK & BONDS OUTSTANDING AOJBPG / WKN / ISIN Corporate bond 2013/2018 (WKN: A1R074) DE000A0JBPG2 Coupon 8%, Prime Standard, Total volume EUR 100m Number of shares 71,974,939 Market capitalization EUR 159.1 m (5 May 2015) Convertible bond 2014/2019 (WKN: A12UMG) Free Float Approx. 84%
Slide 20: Thank You – Contact
THANK YOU CONTACT Rainer Heinsohn Head of Communication Tel: +49 (0) 47 21 – 7 18 - 453 Fax: +49 (0) 47 21 – 7 18 - 373 E-mail: [email protected] Scott McCollister Head of Investor Relations Tel: +49 (0) 47 21 – 7 18 - 454 Fax: +49 (0) 47 21 – 7 18 - 373 E-mail: [email protected]