PNE Makes a Successful Start to The New Year - Forecast For The 2024 Fiscal Year Confirmed
Cuxhaven, Germany - PNE AG has made a good start to the new fiscal year. The high number of projects under construction and in preparation for construction pave the way for a successful year as a whole, the company announced. The Board of Management confirms the forecast for 2024.
First quarter of 2024: earnings at the previous year's level - project pipeline on record course
For the first three months of 2024, the PNE Group reports total aggregate output of euro 57.0 million (Q1 2023: euro 45.3 million), revenues of euro 31.4 million (Q1 2023: euro 32.2 million), operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 8.5 million (Q1 2023: euro 8.6 million) and basic earnings per share of euro -0.06 (Q1 2023: euro -0.08).
At 19.8 GW, the project pipeline is still on course for record growth. At the end of March 2024, ten wind farms (276 MW) were under construction in Germany and France (Q1 2023: nine wind farms with 201 MW). PNE AG has wind farms and PV systems with a capacity of 826 MW in these two countries in the approval process.
PNE encountered problems during realisation due to transport permits being issued too late and capacity bottlenecks at suppliers and grid operators. The weather also made construction more difficult, partly due to wet soils.
CEO Markus Lesser very satisfied with the first quarter of 2024
"We are very satisfied with the results of the first three months of this year," says Markus Lesser, CEO of PNE AG. "We are looking forward to a very successful full year with the large number of projects currently under construction, in construction preparation and in the approval process. The pace of project implementation is increasing. These are the best prerequisites for achieving the goal of our “Scale up 2.0 strategy, which consists in having our own wind farms and photovoltaic plants with an output of 1,500 MW/MWp in operation or under construction by the end of 2027.“
PNE AG's project pipeline has increased significantly compared to the same quarter of the previous year. The pipeline for wind and PV projects currently comprises 19,805 MW (Q1 2023: 13,814). Onshore wind projects account for 9,784 MW and offshore wind projects for 2,500 MW. The solar pipeline climbed from 5,400 to 7,511 MW.
PNE slightly expands own operations - forecast for fiscal year 2024 confirmed
PNE's own wind farm portfolio totalled approx. 370 MW at the end of the first quarter of 2024 (Q1 2023: 321 MW). The generation of electricity in own wind farms and with own photovoltaic systems is an essential pillar of the corporate strategy "Scale up 2.0".
In addition to own operations, the expansion of the service business is contributing to steady earnings.
The order volume managed in operations management grew to over 2,900 MW (Q1 2023: 2,400 MW). It now comprises more than 1,000 wind power turbines from various manufacturers.
Overall, the PNE Board of Management believes that the company is well on track to achieve its targets for 2024."We confirm our guidance for the 2024 fiscal year with positive EBITDA for the Group in the range of euro 40 to 50 million", says Markus Lesser.
Source: IWR Online, 08 May 2024