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21
PNE WIND AG Presentation | August 8, 2011 Results of the first half year 2011 Buchholz wind farm

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PN

E W

IND

AG

Pre

sent

atio

n | A

ugus

t 8, 2

011

Res

ults

of t

he fi

rst h

alf y

ear 2

011

Buc

hhol

z w

ind

farm

Age

nda

1. P

NE

WIN

D A

G a

t a g

lanc

e

2. F

inan

cial

s &

out

look

3. O

pera

tive

deve

lopm

ent 1

st h

alf o

f 201

1

4. P

NE

WIN

D A

G s

hare

5. In

vest

men

t hig

hlig

hts

Lang

wed

el w

ind

farm

PN

E W

IND

II

3

PN

E W

IND

AG

at a

gla

nce

Ove

rvie

w

•D

evel

opm

ent a

nd im

plem

enta

tion

of w

ind

farm

pro

ject

s in

Ger

man

y an

d ab

road

, bo

th o

nsho

re a

nd o

ffsho

re

•C

ore

com

pete

nce:

dev

elop

men

t, pr

ojec

t pl

anni

ng, i

mpl

emen

tatio

n an

d fin

anci

ng o

f w

ind

farm

s

•S

ale

with

afte

r-sa

les

tech

nica

l and

co

mm

erci

al s

uppo

rt se

rvic

e

•C

ompa

ny b

ased

in C

uxha

ven,

16

2 em

ploy

ees

as a

t Jun

e 30

, 201

1

•C

umul

ativ

e E

BIT

fore

cast

incr

ease

d to

at

leas

t €60

to 7

2 m

illion

for f

isca

l yea

rs

2011

to 2

013

PN

E W

IND

II

4

Age

nda

1. P

NE

WIN

D A

G a

t a g

lanc

e

2. F

inan

cial

s &

out

look

3. O

pera

tive

deve

lopm

ent 1

st h

alf o

f 201

1

4. P

NE

WIN

D A

G s

hare

5. In

vest

men

t hig

hlig

hts

Lang

wed

el w

ind

farm

PN

E W

IND

II

5

Fina

ncia

ls

Key

per

form

ance

indi

cato

rs

Firs

t hal

f yea

r 201

1•

As

plan

ned,

firs

t hal

f yea

r 201

1 be

low

H1

2010

as

less

win

d fa

rms

wer

e re

aliz

ed

•C

ost o

f mat

eria

ls s

trong

ly re

duce

d du

e to

lo

wer

num

ber o

f win

d fa

rms

•P

erso

nnel

exp

ense

s in

crea

sed

due

to

high

er h

eadc

ount

(162

em

ploy

ees)

, as

num

ber o

f pro

ject

s in

crea

ses

•P

ositi

ve o

pera

ting

resu

lt of

€0.

9 m

illion

, es

peci

ally

due

to s

ucce

ssfu

l dev

elop

men

t of

offs

hore

pro

ject

s

in €

mill

ion

Jan.

1 to

Ju

ne 3

0 20

11Ja

n. 1

to

June

30

2010

Rev

enue

16.6

41.1

Tota

l ope

ratin

g re

venu

e19

.953

.6C

ost o

f mat

eria

ls-5

.7-3

2.3

Pers

onne

l exp

ense

s-6

.2-4

.9

Oth

er-7

.0-8

.2

EBIT

0.9

8.2

Inte

rest

inco

me

0.7

0.2

Inte

rest

and

sim

ilar

expe

nses

-2.7

-2.4

EBT

-1.1

6.0

Net

inco

me

-0.8

6.0

EPS

(in €

)-0

.02

0.13

PN

E W

IND

II

6

Fina

ncia

ls

Key

bal

ance

she

et ra

tios

•In

tang

ible

ass

ets

of €

39.9

milli

on m

ainl

y co

nsis

t of c

ompa

ny v

alue

for t

he s

egm

ent

win

d fa

rm p

roje

ctin

g an

d pr

ojec

t rig

hts

from

the

first

con

solid

atio

n of

PN

E G

ode

Win

d I G

mbH

•E

quity

low

er a

t €78

.4 m

illion

, mai

nly

due

to d

ivid

end

dist

ribut

ion

for b

usin

ess

year

20

10 a

mou

ntin

g to

€1.

8 m

illion

•E

quity

ratio

of a

bout

41

% a

nd s

trong

ca

sh p

ositi

on (€

36.2

milli

on) f

orm

sol

id

foun

datio

n fo

r fur

ther

gro

wth

and

in

tern

atio

naliz

atio

n

PN

E W

IND

II

7

Fina

ncia

lsC

ash

flow

Firs

t hal

f yea

r 201

1

in €

mill

ion

Jan.

1 to

Ju

ne 3

0 20

11Ja

n. 1

to

June

30

2010

Con

solid

ated

net

loss

/inco

me

for t

he p

erio

d-1

.25.

9

Am

ortiz

atio

n/D

epre

ciat

ion

2.5

2.5

ΔPr

ovis

ions

-0.8

-0.3

ΔN

on-c

ash

expe

nses

/inco

me

-0.2

-11.

0

ΔW

orki

ng c

apita

l6.

3-0

.8

Cas

h flo

w fr

om o

pera

ting

activ

ities

6.6

-3.7

Cas

h flo

w fr

om in

vest

ing

activ

ities

-4.9

-11.

4

Cas

h flo

w fr

om fi

nanc

ing

activ

ities

-4.6

-25.

0

Cas

h an

d ca

sh e

quiv

alen

ts –

end

of p

erio

d36

.251

.5

•C

ash

flow

from

ope

ratin

g ac

tiviti

es

posi

tivel

y in

fluen

ced

thro

ugh

mile

ston

e pa

ymen

t of „

Bor

kum

Riff

grun

dI“

•S

trong

fluc

tuat

ion

in w

orki

ng c

apita

l is

typi

cal f

or w

ind

farm

dev

elop

ers,

it v

arie

s in

re

latio

n to

pro

ject

real

izat

ion

and

hand

over

of

a c

ompl

eted

win

d fa

rm

•In

vest

men

ts in

furth

er d

evel

opm

ent o

f of

fsho

re p

roje

cts

wer

e fin

ance

d fro

m P

NE

W

IND

’sow

n fu

nds

•C

ash

flow

from

fina

ncin

g ac

tiviti

es in

clud

es

cred

it re

dem

ptio

n as

wel

l as

divi

dend

pa

ymen

ts

•C

ash

and

cash

equ

ival

ents

rem

ain

high

PN

E W

IND

II

8

Fina

ncia

lsFo

reca

st

Buch

holz

win

d fa

rm

Fina

ncia

ls

•S

usta

inab

le le

vel o

f EB

IT a

ntic

ipat

ed

•In

the

shor

t and

med

ium

term

, sig

nific

ant i

ncom

e ef

fect

ing

EB

IT fr

om o

ffsho

re p

roje

cts

•C

umul

ativ

e E

BIT

of a

t lea

st €

60 to

72

milli

on

expe

cted

for f

isca

l yea

rs 2

011

to 2

013

Ope

rativ

e

•Fu

rther

ope

ratio

nal i

mpr

ovem

ent p

lann

ed in

com

ing

year

s du

e to

ext

ensi

ve p

ipel

ine

•O

nsho

re o

utlo

ok: n

atio

nal a

nd in

tern

atio

nal m

ediu

m

term

targ

et o

f 10,

000

MW

•O

ffsho

re o

utlo

ok: m

ediu

m te

rm ta

rget

5,0

00 M

W

PN

E W

IND

II

9

Age

nda

1. P

NE

WIN

D A

G a

t a g

lanc

e

2. F

inan

cial

s &

out

look

3. O

pera

tive

deve

lopm

ent 1

st h

alf o

f 201

1

4. P

NE

WIN

D A

G s

hare

5. In

vest

men

t hig

hlig

hts

Lang

wed

el w

ind

farm

PN

E W

IND

II

10

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Proj

ect p

ipel

ine

Ons

hore

•N

atio

nal a

nd in

tern

atio

nal t

otal

of

arou

nd 4

,800

MW

und

er d

evel

opm

ent

Offs

hore

•P

roje

cts

with

tota

l of 2

,651

MW

cu

rrent

ly u

nder

dev

elop

men

t

•A

ppro

vals

hav

e be

en g

rant

ed fo

r ar

ound

800

MW

•O

ffsho

re b

usin

ess

is g

row

th d

river

of

the

futu

re

PN

E W

IND

II

11

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Win

d fa

rmde

velo

pmen

tin

Ger

man

y (o

nsho

re)

Win

d fa

rms

with

tota

l cap

acity

of a

bove

1,1

00 M

W u

nder

de

velo

pmen

t

•O

vera

ll ab

ove

1,10

0 M

W u

nder

dev

elop

men

t as

at J

une

30, 2

011

•A

ppro

vals

requ

ired

for c

onst

ruct

ion

for t

hree

win

d fa

rms

with

a

nom

inal

out

put o

f 20

MW

had

bee

n ob

tain

ed

•A

dditi

onal

app

rova

ls fo

r con

stru

ctio

n of

ons

hore

win

d fa

rms

in

Ger

man

y ar

e ex

pect

ed o

n sh

ort n

otic

e

PN

E W

IND

II

12

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Cur

rent

pro

ject

s –

Ger

man

y

Offs

hore

pro

ject

s –

Ger

man

y

Proj

ect

Phas

eLo

catio

nW

Tup

toTo

tal M

W(u

p to

)N

omin

al c

apac

itype

r tur

bine

Bor

kum

Riff

grun

d I *

4N

orth

Sea

77-8

9 Si

emen

s27

7-32

03.

6 M

W

Bor

kum

Riff

grun

d II

*3

Nor

th S

ea84

-96

Siem

ens

302-

346

3.6

MW

God

eW

ind

I4

Nor

th S

ea77

Ves

tas

231

3.0

MW

God

eW

ind

II4

Nor

th S

ea84

Ves

tas

252

3.0

MW

God

eW

ind

III1

Nor

th S

ea15

Ves

tas

105

7.0

MW

**

Nem

o2

Nor

th S

ea80

480

6.0

MW

**

Nau

tilus

2N

orth

Sea

8048

06.

0 M

W**

Jule

s Ve

rnes

2N

orth

Sea

8048

06.

0 M

W**

Tota

l:58

92,

651

Pha

se 1

= P

roje

ct id

entif

icat

ion

phas

ePh

ase

3 =

Hea

ring

held

Pha

se 2

= A

pplic

atio

n co

nfer

ence

hel

dPh

ase

4 =

App

rova

l gra

nted

* P

NE

WIN

D A

G a

cts

as s

ervi

ce p

rovi

der

** e

xpec

ted

PN

E W

IND

II

13

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Cur

rent

offs

hore

proj

ects

in G

erm

any

Offs

hore

win

d fa

rm

Bor

kum

Riff

grun

dI +

II

•P

NE

WIN

D A

G re

ceiv

ed n

ext m

ilest

one

paym

ent o

f €6.

7 m

illion

by

DO

NG

Ene

rgy

for p

repa

ratio

n fo

r the

con

stru

ctio

n of

“Riff

grun

d”

•C

onst

ruct

ion

of“R

iffgr

und

I”ex

pect

edin

201

3

•P

NE

WIN

D A

G a

ctin

g as

ser

vice

pro

vide

r

•“R

iffgr

und

II”w

ill be

join

tly d

evel

oped

God

eW

ind

I + II

•P

NE

WIN

D A

G h

olds

100

% in

tere

st in

bot

h pr

ojec

ts

•B

uild

ing

perm

it gr

ante

d by

Ger

man

aut

horit

ies

in A

ugus

t 200

6 (G

ode

Win

d I)

and

July

200

9 (G

ode

Win

d II)

•S

eabe

d fo

unda

tions

insp

ectio

n fo

r all

plan

ned

win

d en

ergy

turb

ines

an

d th

e tra

nsfo

rmer

sta

tion

of “G

ode

Win

d II”

com

plet

ed in

201

0

PN

E W

IND

II

14

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Cur

rent

offs

hore

proj

ects

in G

erm

any

•P

roje

ct M

anag

emen

t

•Fi

nanc

ing:

Gre

en G

iraffe

Ene

rgy

Ban

kers

(deb

t adv

isor

s), A

ugus

ta &

Co.

(equ

ity p

lace

men

t ad

viso

rs)

•O

ther

pro

vide

rs: K

2 M

anag

emen

t A/S

(tec

hnic

al a

dvis

ors)

, NW

Ass

ekur

anz

(insu

ranc

e),

Wat

son,

Far

ley

& W

illiam

s (le

gal a

dvis

ors)

•Th

e do

cum

enta

tion

requ

ired

for t

he b

indi

ng a

gree

men

t to

the

grid

conn

ectio

n ha

s be

en s

ubm

itted

in

Febr

uary

201

1 to

the

trans

mis

sion

grid

ope

rato

r Ten

neT:

•S

uppl

y co

ntra

ct fo

r 84

Ves

tas

type

V11

2 w

ind

ener

gy s

yste

ms

•P

relim

inar

y co

ntra

cts

for t

he s

uppl

y of

84

mon

opile

foun

datio

ns b

y M

T H

øjga

ard

A/S

, the

inte

rnal

w

ind

farm

cab

ling

by D

raka

Nor

skK

abel

AS

and

the

win

d fa

rm's

tran

sfor

mer

sta

tion

by A

LSTO

M

Grid

Gm

bH

•Th

e bi

ndin

g co

mm

itmen

t for

the

grid

con

nect

ion

has

been

in la

te J

une

2011

from

Ten

neT

rece

ived

God

eW

ind

II

PN

E W

IND

II

15

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Cur

rent

offs

hore

proj

ects

in G

erm

any

•P

roje

ct

•A

ppro

val g

rant

ed, f

urth

er

tech

nica

l dev

elop

men

t

•V

esta

s: w

ind

turb

ine

supp

lier

•P

NE

WIN

D: C

ompo

nent

s,

trans

form

er s

tatio

n, p

ark

desi

gn,

finan

cing

stra

tegy

God

eW

ind

I

•P

roje

ct

•P

roje

ct id

entif

icat

ion

phas

e

•15

win

d tu

rbin

es p

ossi

ble

•R

efer

ence

are

a fo

r new

Ves

tas

offs

hore

turb

ine

(exp

ecte

d: 7

MW

)

God

eW

ind

III

•D

evel

opm

ent p

artn

ersh

ip V

esta

s/ P

NE

WIN

D fo

r bot

h pr

ojec

ts

•B

ased

on

the

succ

essf

ul d

evel

opm

ent o

f the

offs

hore

win

d fa

rm

“God

eW

ind

II”

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xclu

sive

par

tner

ship

PN

E W

IND

II

16

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hore

proj

ects

–in

tern

atio

nal

Ope

rativ

e de

velo

pmen

t 1st

hal

f of 2

011

Cur

rent

proj

ects

–in

tern

atio

nal

244

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oman

ia6

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5No.

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Num

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17

Age

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NE

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G s

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vest

men

t hig

hlig

hts

Lang

wed

el w

ind

farm

PN

E W

IND

II

18

PN

E W

IND

AG

sha

rePr

ice

and

key

data

Key

dat

a (a

s at

Aug

ust 1

, 201

1)

€92

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ion

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man

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elop

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Ger

man

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PN

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IND

II

19

Age

nda

1. P

NE

WIN

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