E PNE WIND GB2016 170330 INHALT.Indd
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WINDPOWER Annual Report 2016 SUMMARY The PNE WIND Group closed the 2016 fiscal year with The balance sheet structure has improved significantly the best financial results in its corporate history. The due to the successful sale of the wind farm portfolio. The main reasons were the successful sale of the wind farm 2016 financial statements show a distinct reduction of short portfolio established over several years and the continuous and long term financial liabilities as well as a decrease in development of wind farms. In the fiscal year 2016, we technical equipment and machinery, but also an increase in completed, started construction or sold project rights of liquidity. wind farms with a nominal capacity of 135,7 MW. In this The PNE WIND Group was also successful abroad and in way, the PNE WIND Group has again made a substantial the offshore sector: For several wind farms in France and contribution to a successful turnaround in energy policy and Poland, we concluded a framework agreement with the the expansion of safe, resource-saving and climate-friendly internationally renowned investor John Laing Investments. In electricity generation. the offshore segment, we obtained the planning permission In the 2016 fiscal year, PNE WIND successfully closed for the “Gode Wind 3” project at the end of 2016. the largest wind farm sale in its corporate history, which had been in preparation for several years. PNE WIND AG has retained a 20 percent stake in the entity and will be responsible for the operational management of the wind farms in the long term. Since 2014, PNE WIND has been investing in establishing the wind farm portfolio. AT A GLANCE PNE WIND AG group figures In million EUR 1.1.– 31.12.16 1.1.– 31.12.15 1.1.– 31.12.14 Total aggregate output 259,2 233,3 233,9 Revenues 248,6 109,5 211,3 Operating profit (EBIT) 97,0 9,8 2,7 Result before Taxes (EBT) 81,6 – 5,0 – 15,2 Net income 69,0 3,5 – 13,0 Basic earnings per share (euro) 0,90 0,05 – 0,22 Average number of shares (million 76,6 74,9 58,6 In million EUR 2016 2015 2014 Equity as at December 31 229,4 165,9 160,2 Equity ratio as at December 31 ( %) 53,1 34,0 38,4 Balance sheet total as at December 31 432,0 488,3 416,8 DESCRIPTION TO FRONT COVER PNE WIND is Germany’s most successful wind farm developer in the offshore area. The wind farm shown on the cover page is the “Gode Wind 1 and 2” project situated in the North Sea. INDEX 03 PNE WIND close-up 77 Consolidated financial statements 04 Foreword 79 Consolidated statement of comprehensive income 08 Report of the Supervisory Board 80 Consolidated statement of 12 Portrait of the PNE WIND Group financial position 20 Capital market information 82 Consolidated statement of cash flows 83 Consolidated statement of 25 Combined management and changes in equity Group management report 84 Consolidated schedule of fixed assets 26 Preface 88 Consolidated segment reporting 27 Market / overall general 90 List of the companies included in the economic conditions consolidated financial statements and list of shareholdings 28 General political conditions 98 Notes to the consolidated financial 32 Corporate structure statements 32 Organisation and employees 156 Independent Auditors‘ Report 32 Summary of business activity 157 Statement made by the legal representatives 41 Economic report 49 Transactions with closely related companies and persons 159 Financial statements of the AG 50 Sales and marketing 161 Profit and loss account 50 Development and innovations 162 Balance sheet 50 Intangible assets / 164 Statement of cash flows sustainable development 165 Development of shareholders‘ equity 52 Report of opportunities and risks 166 Schedule of fixed assets 58 Controlling system 168 Schedule of liabilities 59 Description of the key characteristics of ICS / RMS of the parent company and the 170 Independent Auditors‘ Report total Group 171 Statement made by the legal 63 Management declaration (Section 289a of representatives the German Commercial Code (HGB)) 63 Report of the Board Management on the 172 Glossary realtionships with affiliated companies 63 Supplementary information in accordance with Section 289 Paragraph 4 and Section 174 Imprint 315 Paragraph 4 of the German Commer- cial Code (HGB) (Acquisition Guideline law) 68 Remuneration report 73 Outlook / Forecast Köhlen wind farm Good reasons for successful growth The Köhlen wind farm in the district of Cuxhaven is one of Work began with identifying the location and covered the the most advanced wind farms in Germany. 16 wind power entire planning process – from wind analyses to fi nancing turbines were put into operation there in 2016. This wind farm to the selection of the suitable wind power turbine as well is a good example of how PNE WIND combines economic as the construction and commissioning of the wind farm. success and ecological responsibility. With many years of Finally, our wind farm interest was included in the large experience, technical competency and great passion, our wind farm portfolio. team, jointly with our partner EWE Erneuerbare Energien, realised a wind farm supplying about 41,000 households with environmentally friendly electricity. PNE WIND CLOSE UP 04 Forword 08 Report of the Supervisory Board 12 Portrait of the PNE WIND Group 20 Capital market information FOREWORD Successful sale of the wind farm portfolio leads to best result in history PNE WIND will also benefit from the portfolio in the medium and long term. We retained a stake of 20 percent in the wind farms, thus participating in the ongoing revenues. Our company will continue to be responsible for the operational management of these wind farms, which guarantees continuous income. These ongoing revenues strengthen our core business and compensate for the fl uctuations in the annual and quarterly results, which are inherent in the business of a project developer. Management Board of PNE WIND AG: In economic terms, the past financial year developed Jörg Klowat, Markus Lesser und Kurt Stürken (l. to r.) particularly positively as a whole. The high investments in the establishment of the wind farms paid off in the 2016 fi scal year. As at December 31, 2016, the Group achieved Dear Shareholders a total performance of euro 259.2 million (prior year: euro 233.3 million) and an operating profi t (EBIT) of euro This report presents the highly successful outcome of our 97.0 million (prior year: euro 9.8 million). The basic earnings 2016 fi scal year. And that is not all: We achieved the best per share amounted to euro 0.90 (prior year: euro 0.05). results in our corporate history. Owing to the continuity of our operational business, we were able to meet the Forecasts achieved forecasts both for the 2016 fi scal year and for the three- year period from 2014 to 2016. A major step towards Accordingly, we met our forecast of achieving a Group attaining these targets was the sale of an 80 percent stake EBIT in the area of up to euro 100 million in 2016. Our in our wind farm portfolio, which we have established over projections for the period from 2014 to 2016 were also met a period of three years, at the end of the fi scal year as with a cumulative Group EBIT of euro 109.5 million. planned. This portfolio bundles onshore wind farms with a nominal output of 142 MW, which were erected and Due to a change in the legislative situation in Poland commissioned at locations in Germany. (zoning regulation) and the fi ndings from the tender process in Italy, the Group made inventory adjustments of approx. This strategy has proved to be successful and it has paid euro 8.6 million. Without these adjustments, PNE WIND off. The expectation that the marketing of such a portfolio would have generated an adjusted Group EBIT of euro leads to higher revenues than the sale of individual wind 105.6 million in the 2016 fi scal year and a cumulative EBIT farms has been confi rmed. In addition, the sale of the of euro 118.1 million in the years 2014 to 2016. shares has significantly improved our balance sheet structure. 4 Capital market Group Consolidated Financial PNE WIND close up information management report financial statements statements of the AG | Foreword Dividend proposed High quality of wind farms According to the accounting principles of the German We also found a very renowned purchaser in a fund of Commercial Code (HGB), PNE WIND AG recorded a net Allianz Global Investors for the already mentioned wind income of euro 40.0 million (prior year: euro 10.3 million) farm portfolio. This has shown that the qualifications of and the retained earnings amounted to euro 107.5 million PNE WIND are recognised. We are able to develop the on December 31, 2016 (prior year: euro 70.5 million). On complex wind farm projects within the specified time the basis of these positive results of PNE WIND AG, the frame and the limits of projected costs and to issue Board of Management and the Supervisory Board intend to reliable forecasts for their operation. This high quality of submit a proposal to the general meeting of shareholders our wind farms is valued by the buyers. on May 31, 2017 to distribute a dividend of euro 0.04 and a special dividend of euro 0.08 per eligible share from the PNE WIND well prepared for industry-specific challenges retained earnings. In this way, we are continuing the We cannot and will not rest on our successes of the last dividend policy pursued over the last few years.