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Investor RelationsPresentation
March 2019
2PNE AG II Investor Relations Presentation II March 2019
Disclaimer
This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of
PNE AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This
presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person in whole or in
part.
All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness.
The information contained in this presentation is subject to amendment, revision and updating. Certain statements contained in this presentation
may be statements of future expectations and other forward-looking statements that are based on the company's current views and assumptions
and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements
as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management
of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The
Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should
inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable
Securities Laws.
3PNE AG II Investor Relations Presentation II March 2019
Agenda
I.
II.
III.
Company Profile & Business Model
Operational Highlights & Financials
4
13
30
IV. Project Pipeline 36
V. Stock & Bonds 39
4PNE AG II Investor Relations Presentation II March 2019
Who we are
5PNE AG II Investor Relations Presentation II March 2019
• PNE Group, consisting of the companies PNE AG
and WKN GmbH, is a leading wind farm developer
located in Northern Germany
approx. 2,700 MW realised onshore
• Germany’s most successful
project developer with
8 Offshore projects
sold totaling 2,852 MW
• Active in 14 countries
on 3 continents
• Nr. 2 player in operations &
management in Germany with
>1,500 MW under
management
• > € 10bn Euros of
investment done or initiated
…with a strong market position – nationally and internationally
Who we are
We are a leading developer of wind energy projects…
6PNE AG II Investor Relations Presentation II March 2019
Who we are
We have a dedicated & experienced management team
• Seasoned wind energy pioneers with strong industry knowledge and large network
• CEO since May 2016
• COO 2011 - 2016
• Industry experience since 2000
• Sales, M&A, Procurement,
Offshore, Human Resources,
Communication
• CFO since April 2011
• Industry experience since 1999
• Finance and Accounting,
Controlling, Risk Management,
Legal
• COO since September 2016
• Industry experience since 1995
• Project Development,
Implementation, International
Markets
Jörg KlowatChief Financial Officer (CFO)
Markus LesserChairman of the
Board (CEO)
Kurt StürkenChief Operating Officer (COO)
7PNE AG II Investor Relations Presentation II March 2019
• Acquisition of
the site
• Wind analysis
• Selection of
equipment
• Permits
• Financial
analysis
• Legal concept
• Sales/
marketing
• Project financing
• Grid connection
• Infrastructure
• Assembly
• Start-up of
operations
• IPP
• Utility
• Infrastructure
fund
• Insurance
companies
• Technical and
commercial
management
Premium, bankable
projects with high certainty
of realization
Covering the entire value
chain – from a single source
Development, planning,
construction and operation
of wind farms onshore,
offshore and photovoltaics
Development ServiceIPP
Financing ConstructionSale
What we do
We have a successful business model
8PNE AG II Investor Relations Presentation II March 2019
SalesVATTENFALLALLIANZINVESTORSDONG
Track Record
Major deals in recent years
2018
ONSHORE
FRANCE
POLAND
Atlantis I ~584 MW
• Low double
digit € m payment
• Further milestone
payments expected
2017
OFFSHORE
ATLANTIS IWind farm
portfolio
2016-17
ONSHORE
142 MW of projects
• Enterprise value
(EV) > €330m
• Sales price in 2016
€103m for 80%
• Subsequent sales
price of €21m in
2017 and increase
of EV to > €360m
through optimiza-
tion of financing
2012-15
ONSHORE
Various
Project sales
• KGAL
• CEE
• CHORUS
• ALLIANZ
• ENBW
• ENEL
• JOHN LAING
2012
OFFSHORE
GODE WIND
Pipeline Deal
Gode Wind
~ 924 MW
• Payments of
€142m received
• Up to €15m due
as milestone
payments
B. Riffgrund
~ 760 MW
• Projects with 235.7
MW sold,
commissioned or
under construction
• Investments of
around euro 330 to
424 million initiated
• International
business, including
France, Sweden,
Poland and Italy
has continued to
grow
9PNE AG II Investor Relations Presentation II March 2019
EBITDA: € 16.5m EBITDA adj.*: € 27.2m
EBIT: 7.8m EBIT adj.*: € 18.5m
2018 EBITDA: € 20 – 26m
EBIT: € 10 – 16m
€ 64m
€ 110m
€ 23.1m
2011 – 2013
2014 – 2016
2017
EBIT: € 60 – 72m
EBIT: € 110 – 130m
EBIT: € 17 – 23m (old: 0 – 15m)
GOALGUIDANCE ACHIEVED
0
10
20
30
40
50
60
70
80
90
100
2011 2012 2013 2014 2015 2016 2017 2018
What we achieved
We generated strong earnings from 2012 – 2018…
Ø EBIT of € 29.4m - In average, an EBIT of € 29.4m
was achieved per year
Ø EPS of € 0.31- In average, an EPS of € 0.31 was achieved
over the last seven years
Ø Dividend of € 0.08/share- An average dividend of € 0.08/share
was paid per year
Average EBIT 2011-2018
Annual EBIT
in €
m.
…and consistently delivered on our targets
* Adjusted for impairment on inventories
10PNE AG II Investor Relations Presentation II March 2019
0
20
40
60
80
100
120
140
160
180
200
in €
Mio
.
Cash
0
10
20
30
40
50
60
70
80
90
100
in €
Mio
.
EBIT
EBIT 3-Jahres-Durchschnitt
48%
34%38%
34%
53%
48%48%
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
300
350
in €
Mio
.
Eigenkapital
What we achieved
✓ Equity increased by € 130m
✓ Solid equity ratio despite volatile
earnings
Equity Output & Earnings Liquidity
✓ Total output clearly increased
✓ Ø EBIT of more than € 29m
between 2012 and 2018
✓ Cumulative EBIT of ca. € 128m
over the last three years
✓ Liquidity increased by € 92m
✓ Liquidity position remains on
high level after pay back of
€ 100m corporate bond in 2018
Financials improved significantly since 2012
Equity Equity ratio
EBIT three
year average
EBIT Cash
11PNE AG II Investor Relations Presentation II March 2019
Where we are heading
We want to increase and stabilise returns…
…and substantially reduce volatility in the future
• By 2023, we target
• an EBIT increase of 30-50% compared to the average EBIT of the period 2011-2016
• accompanied by a significant reduction of volatility
Average EBIT
2011-2016
Annual EBIT
EBIT volatility*
* no guidance for
individual years
12PNE AG II Investor Relations Presentation II March 2019
Agenda
I.
II.
III.
Market & Strategy
Operational Highlights & Financials
4
13
30
IV. Project Pipeline 36
V. Stock & Bonds 39
13PNE AG II Investor Relations Presentation II March 2019
Market & Growth Drivers
Markets are becoming more integrated…
Source: e/m/w 2017, PNE AG
Battery storageBattery storage
Power gridPower gridWind
Power-to-heat
Pump
and
compressed
air storage
Households, businesses, industry
Power grid
E-Mobility
Electrolysis
Natural gas drive
MethanationPower gridWind Electrolysis MethanationPower gridWind Electrolysis Methanation Gas grid
Gas and steam power plants
Cogeneration power plants
Electricity flow
Hydrogen
Artificial natural gas
(generated through
green electricity)
Heat supply
CO2
Solar PV
Hydrogen drive
14PNE AG II Investor Relations Presentation II March 2019
Challenges in the current market
• Regulatory uncertainties
• Auctions for grid connections and tariffs
• Growth (in MW) in established markets is stagnating, returns are decreasing
Market & Growth Drivers
Auction systems become the norm…
Global overview of renewable energy auctions
Chile (2016) $29.1/Mwh
Chile (2016) $21.9/Mwh
Peru (2016) $37.2/Mwh
Mexico (2016) $21.04/Mwh
Mexico (2016) $35.85/Mwh
Canada (2017) $85.94/Mwh
Argentinia (2016) $59/Mwh
Argentinia (2016) $49/Mwh
South Africa (2016) $38.32/Mwh
Zambia (2016) $60.2/Mwh
Abu Dhabi (2016) $24.2/Mwh
India (2017) $37.24/Mwh
Dubai (2016) $30/Mwh
Marokko (2016) $30/Mwh
UK (2015) $69.35/Mwh
Germany (2017) 60 €/Mwh
Germany (2017) 42 €/Mwh
Italy (2016) 58 €/MwhSpain (2017) 39 €/Mwh
Egypt (2016) $29.1/Mwh
Countries with auctions or renewable energy tenders in use or planned
Onshore wind bids
Solar PV bids
Source: Bloomberg New Energy Finance
15PNE AG II Investor Relations Presentation II March 2019
Market & Growth Drivers
… and are significantly impacting project pricing
• Increasing market competition, also between various technologies in the renewable energy sector
• Fast decreasing tariffs in auctions – Solar PV is catching up
• Current price trends in tender markets partly anticipate future technological developments and cost
reduction effects
• Larger projects require higher security deposits and greater need for pre-financing
0
20
40
60
80
100
120
140
160
180
2012 2013 2014 2015 2016 2017 2018 2019 2020
US
D/M
Wh
Onshore wind average auction price
Solar PV average auction price
Source: Renewables 2017, IEA
Announced wind and solar PV auction prices by commissioning date
Onshore wind average auction price
Solar PV average auction price
16PNE AG II Investor Relations Presentation II March 2019
Market & Growth Drivers
…But growth drivers are fully intact
Minimum prices for CO2
emissions
17PNE AG II Investor Relations Presentation II March 2019
0
10
20
30
40
50
60
70
80
90
100
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
EPEX Day Ahead EPEX Baseload EEG Auction historical Auction modelled
Market & Growth Drivers
Electricity prices will increase
Electricity prices Germany
• Electricity prices will increase as nuclear power plants will go offline in Germany and France
• Prices of CO2 certificates will increase
• This will open up new business opportunities (e.g. project sold in Sweden relies solely
on forecasted energy pricing)
Source: PNE AG
Modelled / AuctionedHistorical
EU
R/M
Wh
2022 2023
November 2017, 3,82 ct/kWh
Mai 2017, 5,78 ct/kWh
August 2017, 4,29 ct/kWh
Februar 2018, 4,73 ct/kWh
Mai 2018, 5,73 ct/kWh
August 2018, 6,16 ct/kWh
18PNE AG II Investor Relations Presentation II March 2019
Market & Growth Drivers
While established markets are stagnating,
growth will be mainly driven by emerging markets
Source: Bloomberg New Energy Finance, Make Consulting, Baringa Analysis
WEAKEST WEAK STRONG STRONGEST
• By 2020 more than 40 countries could
each install >1GW of wind energy
• Diverse development stages
in the different markets offer
different risk / reward profiles
• Emerging markets will experience
a strong increase in energy demand
due to growing populations und
economies
• Ca. 7,200 GW are necessary by 2040
to meet increasing electricity demand
and planned power plant shutdowns
19PNE AG II Investor Relations Presentation II March 2019
Market & Growth Drivers
Growth trend of renewable energies remains unbroken
and will continue in the future
0
10
20
30
40
50
60
70
2015 2020 2025 2030 2035 2040 2045 2050
PW
h/y
r
Solar PV
Offshore Wind
Onshore Wind
Hydro
Other
Gas-fired
Nuclear
Oil-fired
Coal-fired
• Wind and Solar PV will grow significantly and offer huge market potential in the short, mid and long term
• Will increasingly replace electricity generation from conventional energy sources
Source: DNV GL 2017
Solar PV
Offshore Wind
Onshore Wind
Global electricity production by generation type
Ma
rket p
ote
ntial
Hydro
Other
Gas-fired
Nuclear
Oil-fired
Coal-fired
20PNE AG II Investor Relations Presentation II March 2019
We are developing
into a Clean Energy
Solution Provider
Strategy
We are setting the course for the future:
21PNE AG II Investor Relations Presentation II March 2019
Strategy
We are expanding our business:
We develop and implement
wind farms onshore as
well as offshore.
CLEAN ENERGY
SOLUTION PROVIDERPROJECT
DEVELOPER
We develop and implement projects
and solutions for the planning,
construction and operation of
renewable energy power plants.
SOLUTIONS
CORE
ADAPT
LEVERAGE
EXPAND
Provide clean energy solutions
Grow our core business
Optimize our structures
Leverage our expertise
Expand along the value chain
22PNE AG II Investor Relations Presentation II March 2019
Strategic Portfolio
• Build-up of an onshore project
portfolio of ca. 200 MW in
Europe by end of 2020
• Optimization and sale – partially
or completely
• Acquisition of existing wind farms
over 15 years old for repowering
and acquisition of already well
developed projects
Strategy
We capitalize on our core competencies…
…to open up further elements of the value chain
Services
• Grow O&M business to >2200 MW
under operational management
• Start smart energy supply
management
• Expand consulting solutions and
deliver everything necessary
around operation and optimization
for wind farms
Project development
• Will remain core business
• Significant volume increase above
400 MW p.a. across various
technologies in the mid term
• International markets will drive growth
• Combination of new technologies and
markets creates huge market potential
23PNE AG II Investor Relations Presentation II March 2019
Strategy
We will drive down costs…
• Reduction of personnel costs
• Reduction of other expenses
• Procurement synergies
• Strengthening of core processes
• New IT solutions to improve efficiency
and communication
Reduction of Overhead costs
1. Economies of Scale
• Increase development output to
400 MW p.a. across all technologies
• Increase Strategic Portfolio size
to 200MW
• Increase MW under operational
management to >2,200
2. Cost Reductions
• e.g. through cooperations with wind
turbine manufacturers
• DEVEX
• CAPEX
• OPEX
3. Higher Energy Output
• More efficient wind turbines
Reduction of Project costs
24PNE AG II Investor Relations Presentation II March 2019
• Optimisation of financing structure
• € 100m corporate bond (8% coupon) paid
back successfully
• € 50m growth financing secured through
successful placement of new corporate bond
with 4% coupon
• This results in a reduction of financing costs
of € 6m
• € 25m <4% additionally secured for wind
farm equity
• Increase of recurring revenue basis,
leading to improved credit terms
• Higher margin potential in emerging
markets, especially with government
funding and loans (EKF, KfW, Hermes,
EIB, Weltbank, IPEX etc.)
• Partnering / Cooperations with partners
who guarantee low refinancing costs
Smart Capital Allocation
Strategy
…and invest to increase our competitiveness
Investment of € 10m p.a. on average for:
• Acquisitions of companies at attractive
multiples before synergies
• Acquisition of project rights to expand the
pipeline
• Investment in high potentials
and experts in markets
and technologies
• Investment in additional (regional) offices
and equipment
Additional Investment:
• Acquisition of projects as a basis for
repowering
• Participation in citizen wind energy
projects
Investment
25PNE AG II Investor Relations Presentation II March 2019
Strategy
Scale Up Milestones
2017
2018
2019
2020
• Start of ramp-up
phase
• Structures /
People /
Processes
• Implement Smart
Development
Team Hamburg
• Start build-up of
200MW portfolio
• Completion of
ramp-up phase
• First new
products/services
available
• First revenues
with new products
and services
• Partnering
• Improvement of
financing structure
• Development of
project pipeline in
the 1st new
market
• 1st PV project in
development
• Provide additional
services and
expand consulting
solutions
• Expansion of
Offshore
Development
• Sale of 200MW
portfolio share
• Completion and
sale of 1st
developed project
in new markets
• 1st PPA (Power
Purchase
Agreement) in
foreign markets
• Market entrance
2nd market
• Sale of 1st Hybrid
project
…
• Add further new
products/services
• Product range
of different Hybrid
Power Plants is in
place
• Start the build-up
of next portfolio
• Market entrance
3rd market
• Identify remaining
white spots in
regions, value
chain and
products
2023
• Finalisation of
SCALE UP
26PNE AG II Investor Relations Presentation II March 2019
Newly defined product range:
• Project development:
− Wind onshore
− Wind offshore
− Photovoltaics (new)
− Hybrid Solutions (new)
• Service products:
− Financial services (new)
− Construction management (new)
− Operational management
− Energy supply services (new)
− Wind planning solutions (new)
• Power generation
First revenues generated with new products:
• In the Service segment: e.g. Construction management and
Financial services in the Wangerland project
Takeovers strengthen competence in services:
• MEB Safety Services: safety technology for wind energy
and industrial plants
• Argus GmbH: of on-demand night-time marking systems
Backup
Implementation of Scale Up – Progress and successes I
Milestones 2017/2018
• First new products /
services available
• First revenues with new
products / services
• Partnering
Progress and successes
27PNE AG II Investor Relations Presentation II March 2019
Organisational framework created:
• Increase of WKN stake to 100% and transformation from
AG to GmbH
• Implementation of Smart Development Team Hamburg
• Adaptation of the organisational structure and processes to
the new, market oriented product structure (in progress)
• Change of name in PNE AG / Rebranding almost
completed
Optimisation of financing structure:
• € 100m / 8% corporate bond paid back
• € 50m / 4% corporate bond placed
• Interest payments decrease by € 6m p.a.
Build-up of 200 MW Portfolio according to plan:
• 71.3 MW already in operation or under construction
Market entry in Panama:
• Hub for Latin America
• Five advanced projects with a potential of approx. 400 MW
taken over
• Great potential for wind and PV
Backup
Implementation of Scale Up – Progress and successes II
Milestones 2017/2018
• Structures / People /
Processes
• Improvement of financing
structure
• Start of 200 MW portfolio
build-up
• Development of project
pipeline in the 1st new
market (2019)
Progress and successes
28PNE AG II Investor Relations Presentation II March 2019
Strategy
Wind Farm Portfolio 2020 – Development according to plan
• Portfolio currently consists of 71.3 MW of projects which are in operation or under construction
• Kührstedt-Alfstedt (43.2 MW, Lower Saxony) entered operations in Q4 2017
• Gerdau-Repowering (21.6 MW, Lower Saxony) in operation since Q1 2019
• Schlenzer (6.5 MW, Brandenburg) under construction – completion in coming weeks
• Remaining projects to bring portfolio to target size of up to 200 MW are already identified within
our project pipeline and are in different development stages
• Earnings accrued in the „Wind farm portfolio 2020“ to date (as of December 31, 2018) – which have not
been realised yet – amount to approx. € 21.0m (thereof approx. € 8.7m in FY 2018)
• Power generation EBITDA grows to € 4.1m in Q4 2018 (Q4 2017: € 1.8m) and € 13.2m in FY 2018
(FY 2017: € 4.2m)
0
1
2
3
4
5
in €
m
EBITDA Electricity generation(per quarter)
0
5
10
15
20
25in
€ m
Accrued earnings(cumulative)
29PNE AG II Investor Relations Presentation II March 2019
Agenda
I.
II.
III. Operational Highlights & Financials
4
13
30
IV. Project Pipeline 36
V. Stock & Bonds 39
30PNE AG II Investor Relations Presentation II March 2019
Current Business Development
Operational Highlights FY 2018
Successes in the onshore business – Internationalisation pays off
Scale Up – Implementation fully on track
Successes in the offshore business – Milestone payments received
Wind Farm Portfolio 2020 – Progress as scheduled
• PNE completed, sold or started construction of 235.7 MW of projects (2017: 233.6 MW)
• Initiated investment volume of € 330 - 424m (2017: € 327 – 420m)
• Of this figure, 152.1 MW were international projects in France, Poland or Italy
• At the end of the year, 93.2 MW of projects were under construction
• Tender wins amounted to 222.8 MW in Germany and Poland
• Total MW in pipeline increased by 142 MW to 4,883 MW, Phase III increased by 238 MW to 1,096 MW
• Milestone payments of approx. € 8m in total for Borkum Riffgrund 2 and Gode Wind 3 received
• Gode Wind 4: Ørsted successful in German Offshore tender in 2018
• Project Gerdau-Repowering (21.6 MW) completed
• Wind farm Schlenzer (6.5 MW) under construction
• PNE WIND became PNE – Pure New Energy
• Newly defined product range presented to market
• New organisational framework created - additional synergies and productivity increases expected
• Service business strengthened with new products and acquisition of MEB Safety Services
31PNE AG II Investor Relations Presentation II March 2019
• Gross cash position at € 129.1m
• Equity ratio very solid at 48%
• Equity of € 216.3m corresponds to book value of € 2.83 per share
• € 50m corporate bond successfully placed in the market at an attractive coupon of 4%
• € 100m / 8% corporate bond paid back on June 1
Impairment on offshore inventories burdens otherwise strong operating performance
Current Business Development
Financial Highlights FY 2018
• EBIT of € 15-20m, EBITDA of € 25-30m expected
• EBITDA at € 16.5m (2017: € 28.6m), EBIT at € 7.8m (2017: € 23.1m)
• Earnings impacted by impairment on offshore inventories (€ 10.8m)
• Adjusted for the impairment, earnings (EBITDA adj. € 27.2m, EBIT adj. € 18.5m) would have exceeded the upper
end of guidance (EBITDA € 20-26m, EBIT € 10-16m)
• Earnings accrued in the „Wind farm portfolio 2020“ – which have not been realised yet – amount to € 8.7m in FY 18
Financial basis remains strong
Successful refinancing
Positive outlook for FY 2019
• Continuation of established dividend strategy
Dividend of € 0.04/share proposed
32PNE AG II Investor Relations Presentation II March 2019
Financials
Income Statement FY 2018 (FY 2017)
In € m FY 2018 FY 2017
Sales 91.4 114.1
Work in progress 15.1 63.3
Other income 5.3 9.5
Total output 111.8 186.9
Cost of materials -36.7 -108.4
Personnel -27.8 -25.8
Others -20.1 -24.1
Impairment on inventories -10.8 0
EBITDA 16.5 28.6
Depreciation -8.7 -5.5
EBIT 7.8 23.1
Financial result -9.8 -9.1
EBT -2.0 14.1
Taxes -0.4 0.2
Non-controlling interests -1.4 -2.8
Net income -1.0 17.1
EPS (in €) -0.01 0.22
EPS (in €) Diluted -0.01 0.22
FY 2018 Highlights:
• Impairment on offshore inventories burdens
otherwise strong operating performance
• Adjusted for impairments on inventory (€ 10.8m),
earnings would have exceeded the guidance
• EBITDA adj. € 27.2m (guidance: € 20-26m)
• EBIT adj. € 18.5m (guidance: € 10-16m)
• Operating performance and earnings driven by:
• Ongoing project development business and strong
Q4 project sales
• Milestone payments for Borkum Riffgrund 2 and
Gode Wind 3 (approx. € 4m each)
• Build-up of the „Wind farm portfolio 2020“ which is
expected to be sold until 2020
• Earnings accrued in the „Wind farm portfolio 2020“
to date – which have not been realised yet – amount to
approx. € 21.0m (thereof approx. € 8.7m in FY 2018)
• Power generation EBITDA grows to € 13.2m (€ 4.2m)
33PNE AG II Investor Relations Presentation II March 2019
Financials
Balance Sheet FY 2018 (IFRS)
FY 2018 Highlights:
• Property, Plant and
Equipment at € 96.1m
• Transformer stations
€ 13.2m
• Land and building € 11.4m
• Own wind farms € 60.9m
• Inventories at € 117.3m
• Offshore € 15.1m
• Onshore Germany € 37.1m
• Onshore International
€ 37.8m
• Strong liquidity position
at € 129.1m
• Strong basis to fund
implementation of Scale Up
strategy 129.1 (194.0) 94.3
(179.2)
25.1(26.8)
142.0 (78.9)
117.3(86.4)
216.3 (235.2)
19.9(15.4)
96.1(103.9)
65.1(66.8)
Assets Equity andLiabilities
in € m as of December 31, 2018 (as of December 31, 2017)(rounding differences possible)
452.6 (493.3) 452.6 (493.3)
• Equity at € 216.3m
• Equity ratio very solid at 48%
(48% as of 31 December 2017)
• Book value of € 2.83 per share
• Non-current debt at € 142.0m
• New corporate bond 2018/23
(€ 50m, 4%) successfully
placed in April
• Liabilities to banks € 86.1m,
which is mainly project
financing (non recourse)
• Current liabilities at € 94.3m
• 2013/18 corporate bond
(€ 100m, 8%) paid back on
June 1
• 2014/19 convertible bond
€ 6.5m
• Liabilities to banks € 18.3m,
which is mainly project
financing (non recourse)
Intangible Assets
Property, plant and
equipment
Other
Inventories
Cash
Receivables and
other assets
Equity
Non-current debt
Current liabilities
Assets Equity and
Liabilities
34PNE AG II Investor Relations Presentation II March 2019
Onshore wind power
Outlook
Outlook – Promising start to the year
Scale up
Offshore wind power
• Development of project pipeline in the 1st new market Panama
• Examination of entrance into further new markets: e.g. PV Germany and international
• 1st PV project in development: PV projects started in Germany, USA and Romania
• Additional services and consulting solutions introduced
• Ongoing consultant agreements with Ørsted and Vattenfall
• Explore new markets (e.g. USA)
• Promising outlook due to well-filled project pipeline in Germany and France with a total of 349 MW in Phase III
• Continue build-up of Wind Farm Portfolio 2020
• Continue ongoing sales processes in international markets (e.g. Poland, Sweden)
Positive outlook for FY 2019
• EBIT of € 15-20m, EBITDA of € 25-30m expected
• New segment reporting to be introduced in coming quarters
35PNE AG II Investor Relations Presentation II March 2019
Agenda
I.
II.
III. Operational Highlights & Financials
4
13
30
IV. Project Pipeline 36
V. Stock & Bonds 39
36PNE AG II Investor Relations Presentation II March 2019
Current Business Development
Wind Onshore
Phase I – II = Exploration & Development
Phase III = Planning
Phase IV = Implementation till handover
Land I-II III IV Total MW
Germany 1,407 200 49 1,656
Bulgaria 121 0 0 121
France 355 149 0 504
United Kingdom 43 0 0 43
Italy 70 14 0 84
Canada 505 0 0 505
Poland 92 132 0 224
Romania 54 102 0 156
South Africa 230 30 0 260
Sweden 0 158 0 158
Turkey 629 71 0 700
Hungary 0 42 0 42
USA 232 198 0 430
Total 3,738 1,096 49 4,883
As of December 31, 2018
• Germany – Good activity despite delays in
permitting process
• Projects Looft (16.5 MW) and Wangerland (10.7 MW)
completed as service provider
• Projects Gerdau-Repowering (21.6 MW), Kittlitz
(21 MW) and Schlenzer (6.5 MW) successful in
German onshore tender in 2018
• Projects are under construction (Gerdau-Repowering
completed at beginning of 2019)
• Project Groß Niendorf (7.6 MW) completed and sold
• France – Strong momentum continues
• Wind farm Saint-Martin-L’Ars (10.25 MW) put in
operation
• 3 wind farm projects (27 MW) sold to Quaero
European Infrastructure Fund (Dameraucourt,
Puchot, Maisonnais)
• 19.2 MW project under construction
• Sweden – Project completed
• Project Laxaskogen (25.2 MW) under construction
(completed in Q1 2019)
• Poland – Success in tender
• 2 projects with 174 MW successful in tender
• Barwice (42 MW) sold to Wirtgen Invest Energy
37PNE AG II Investor Relations Presentation II March 2019
Current Business Development
Wind Offshore
Phase 2 = Application conference held, 3 = Hearing held,
4 = Approval granted, 5 = Grid connection, 6 = Investment decision,
7 = Under construction, 8 = In operation
• Milestone payments of approx. € 8m received
• Milestone payments of approx. € 4m each received for
Borkum Riffgrund 2 and Gode Wind 3
• Gode Wind 4
• Ørsted successful in German offshore tender in 2018
• Active as service provider for projects sold
• Consultant agreements in place with Ørsted & Vattenfall
• Further milestone payments expected
• Up to € 15m from Gode Wind 4
• Regulatory changes
• According to WindSeeG all projects in Zone 3 to 5 will
be brought into the “Central Model” to be tendered off by
the government
• As legal opinions conclude that parts of WindSeeG
are unconstitutional, a constitutional complaint has been
filed in July 2017 together with others
• An impairment on 3 out of 5 projects was made
amounting to € 10.8m (cash-neutral) in 2018
• The impairment was caused by the latest discussion of
the land development plan for offshore as well as by
accounting requirements
• Our expectation of a successful outcome of the
constitutional complaint and claim for damages remains
unchanged
Zone Sold projects Phase #WEA Total MW Sold to
1 Borkum Riffgrund 1 8 78 312 Ørsted (DONG)
1 Borkum Riffgrund 2 6 56 448 Ørsted (DONG)
1 Gode Wind 1 & 2 8 / 8 55 + 42 582 Ørsted (DONG)
1 Gode Wind 3 & 4 5 / 5 30 242 Ørsted (DONG)
2 Atlantis I 3 73 584 Vattenfall
4 HTOD5 (Nautilus II) 2 68 476 Ventizz/Hochtief
Total 402 2,644
Atlantis I*
Atlantis II
Atlantis III
Nemo
Nautilus I
Jules Verne
Gode Wind 1*
Gode Wind 2*
Gode Wind 3*
Gode Wind 4*
Nautilus II*
Borkum Riffgrund I*
Borkum Riffgrund II*
* Project sold, PNE
act as service provider
1
2
3
4
5
6
7
8
9
10
11
12
13
38PNE AG II Investor Relations Presentation II March 2019
Agenda
I.
II.
III. Operational Highlights & Financials
4
13
30
IV. Project Pipeline 36
V. Stock & Bonds 39
39PNE AG II Investor Relations Presentation II March 2019
PNE AG
Stock & Bonds
Calendar
WKN / ISIN AOJBPG / DE000A0JBPG2
Number of shares
(22 March 2019)76,557,803
Market capitalization
(22 March 2019)€ 179m
Free Float Approx. 76%
Market segment Prime Standard
Indices CDAX Technology, ÖkoDAX
Designated Sponsors /
Market MakerCommerzbank, ODDO Seydler Bank
Reuters / Bloomberg PNEGn / PNE3
Corporate bond 2018/2023
(WKN: A2LQ3M)Coupon 4%
Total volume € 50m
Convertible bond 2014/2019
(WKN: A12UMG)
Coupon 3.75%
Strike price € 2.9971
Total volume € 6.6m
Publication of Quarterly Statement Q1 May 13, 2019
Annual General Meeting May 22, 2019
Publication of H1 report August 8, 2019
Publication of Quarterly Statement Q3 November 7, 2019
Analyst Conference November 2019
1,5
1,7
1,9
2,1
2,3
2,5
2,7
2,9
3,1
3,3
3,5
PNE AG Aktie
2
2,5
3
3,5
4
4,5
5
85
90
95
100
105
110
115
Anleihe 2018/2023
Wandelanleihe 2014/2019
PNE AG Shares Corporate bond 2018/2023
Convertible bond 2014/2019
40PNE AG II Investor Relations Presentation II March 2019
CONTACT
Rainer Heinsohn
Head of Communication
Tel: +49 (0) 4721 – 718 - 453
Fax: +49 (0) 4721 – 718 - 373
E-mail: [email protected]
Christopher Rodler
Head of Investor Relations
Tel: +49 (0) 40 879 331 14
Fax: +49 (0) 4721 – 718 - 373
E-mail: [email protected]
www.pne-ag.comHarnessing the power of the wind means for us
connecting environmental responsibility with
corporate success
PNE AG