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Annual Report 2017

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Annual Report 2017 Kapitalmarkt- Lage und Konzernabschluss Abschluss der AG PNE WIND hautnah Informationen Konzernlagebericht New Energy Solutions Annual Report 2017 1 Summary PNE WIND can look back on a successful fi nancial In addition, the project rights for an offshore wind farm year 2017 – both from a fi nancial point of view and with a planned capacity of 584 MW were sold. The “Gode from a strategic point of view. The Company has begun Wind 3” offshore project in the North Sea, which was to implement a strategic optimisation of its proven developed and already sold by PNE WIND, was awarded business model. PNE WIND is developing from one of a contract in the fi rst tender round for offshore wind the leading wind farm project developers into a “Clean energy. Energy Solution Provider”. In addition to wind energy, For the 142 MW project portfolio, of which an 80 percent photovoltaics, storage and power-to-gas technology with stake was sold at the end of 2016, the Company succeeded a focus on hydrogen will become part of our operational in optimising the project fi nancing of the wind farms in business. Apart from the established markets in Europe 2017. At the end of 2017, the remaining 20 percent of the and North America, we will in future also focus on portfolio shares were also sold. emerging markets such as in Latin America as well as in the Middle and Far East. With respect to its strategic realignment, PNE WIND also continues to rely on its core competence: project The basis for strategic optimisation is our successful development. In this context, the Company plans to build business model: In 2017, PNE WIND completed, started up the new European 2020 wind farm portfolio, in which construction or sold project rights of wind farms with projects of around 200 MW are to be bundled. a nominal capacity of 233.6 MW in Germany, France, Sweden and the USA. At a glance PNE WIND AG group fi gures In million EUR 1.1.–31.12.17 1.1.–31.12.16 1.1.–31.12.15 Total aggregate output 186.9 259.2 233.3 Revenues 114.1 248.6 109.5 Operating profi t (EBIT) 23.1 97.0 9.8 Result before Taxes (EBT) 14.1 81.6 -5.0 Net income 17.1 69.0 3.5 Basic earnings per share (euro) 0.22 0.90 0.05 Average number of shares (million) 76.6 76.6 74.9 Im million EUR 31.12.2017 31.12.2016 31.12.2015 Equity as at December 31 235.2 229.4 165.9 Equity ratio as at December 31 (%) 47.7 53.1 34.0 Balance sheet total as at December 31 493.3 432.0 488.3 Index 02 PNE WIND close-up 78 Consolidated financial statements 04 Foreword 80 Consolidated statement of comprehensive income 08 Report of the Supervisory Board 82 Consolidated statement of 12 Portrait of the PNE WIND Group financial position 20 Capital market information 84 Consolidated statement of cash flows 85 Consolidated statement of changes in equity 24 Combined management and 86 Consolidated schedule of fixed assets Group management report 90 Consolidated segment reporting 26 Market / overall general 92 List of the companies included in the consolidated economic conditions financial statements and 27 General political conditions list of shareholdings 31 Corporate structure 100 Notes to the consolidated financial statements 32 Organisation and employees 156 Independent Auditors’ Report 32 Overview of business activity 166 Statement made by the legal representatives 39 Economic report 50 Transactions with closely related companies and persons 168 Financial statements of the AG 50 Sales and marketing 171 Profit and loss account 50 Development and innovations 172 Balance sheet 50 Intangible assets / 174 Statement of cash flows sustainable development 175 Development of shareholders’ equity 52 Report of opportunities and risks 176 Schedule of fixed assets 60 Controlling system 178 Schedule of liabilities 61 Description of the key characteristics of ICS / RMS of the parent company and the total 180 Independent Auditors’ Report Group 186 Statement made by the legal representatives 65 Management declaration (Section 289a of the German Commercial Code (HGB)) 65 Report of the Board Management on the 188 Glossary realtionships with affiliated companies 192 Imprint 65 Supplementary information in accordance with Section 289 Paragraph 4 and Section 315 Paragraph 4 of the German Commercial Code (HGB) (Acquisition Guideline law) 71 Remuneration report 75 Outlook / Forecast 1 “Kührstedt / Alfstedt” wind farm: progress with the construction of the new 200 MW portfolio With the “Kührstedt / Alfstedt” wind farm, PNE WIND AG has been put into operation, PNE WIND AG has also has successfully completed a first major step benefited from the sale of climate-friendly electricity towards the construction of the new European wind generated there. In this regard, the Company can farm portfolio: The “Kührstedt / Alfstedt” wind farm rely on its many years of experience as a wind farm (43.2 MW) was fully put into operation by the end of 2017 operator. At present, PNE WIND AG operates wind and has been feeding electricity to the grids since then. farms with a total nominal output of about 69 MW in its This wind farm is part of the European portfolio (2020 own portfolio. Some of these wind farms are intended wind farm portfolio), which is intended to combine for repowering with the aim of modernisation and of German and French wind farms with approx. 200 MW increasing efficiency. by 2020. Since the “Kührstedt / Alfstedt” wind farm 22 PNE WIND CLOSE-UP 04 Foreword 08 Report of the Supervisory Board 12 Portrait of the PNE WIND Group 20 Capital market information 3 Foreword Dear Shareholders portfolio’s value and to receive a subsequent purchase price payment due to fixed regulations in the purchase PNE WIND ended the 2017 fiscal year with success agreement. At the end of 2017, the remaining 20 percent both in operational and in financial terms. At the same of the portfolio shares was sold as well. time, we also began to strategically expand our proven business model with the aim of opening up new areas of We started building up the new European 2020 wind business and thus adequately meeting the challenges of farm portfolio, in which projects with around 200 MW international and national markets. We are developing will be bundled. The first wind farm “Kührstedt / Alfstedt” from one of the leading wind farm project developers (approx. 43 MW) intended for this portfolio was put into into a “Clean Energy Solution Provider”. In addition to operation in 2017. wind energy, photovoltaics, storage and power-to-gas technology with a focus on hydrogen should become Good start to 2018 part of our operational business. At the beginning of the new fiscal year, wind farms with a total capacity of approx. 51.9 MW were under Successes in 2017 construction in Germany, France and Sweden. After we The basis of our strategic expansion is our successful were awarded the contract for a 71 MW wind farm project business model: Internationally operating PNE WIND in Turkey at the end of 2017, we were also awarded a is one of the most experienced project developers in contract in the first German tender for onshore wind the field of onshore and offshore wind farms. In fiscal farms in 2018. We were successful with the repowering 2017, the operational business was characterised by project “Windpark Gerdau”. In repowering, we replace the development and realisation of onshore wind farm older wind power turbines by modern and more efficient projects, project sales and business success in the ones. In the case of the “Windpark Gerdau” project, new offshore wind energy segment. In 2017, PNE WIND wind power turbines with a nominal capacity of 21.6 MW completed, started construction or sold project rights have been planned and approved. They are planned to of wind farms with a nominal capacity of 233.6 MW in be erected during this year. Our core business of wind Germany, France, Sweden and in the USA. In addition, farm project planning is successful and forms the basis project rights for an offshore wind farm with a planned for the strategic expansion of our business model. capacity of 584 MW were sold. The “Gode Wind 3” North Sea project, which was developed and already sold by us, was awarded a contract in first tender round for “ The basis for our offshore wind energy. strategic enlargement For the 142 MW project portfolio, of which an 80 percent is our successful stake was sold at the end of 2016, we succeeded in business model. ” optimising the project financing of the wind farms in 2017. Following refinancing, PNE WIND was able to achieve a considerable increase in the project 4 Capital market Group Consolidated Financial PNE WIND close up information management report financial statements statements of the AG | Foreword — Management Board of PNE WIND AG: Jörg Klowat, Markus Lesser and Kurt Stürken (l. to r.) Forecast reached Progress in designing the Group’s financing structure In economic terms, the past financial year developed PNE WIND has good liquidity after the successful positively. As at December 31, 2017, the Group generated transactions of the past years. The corporate bond with a total aggregate output of euro 186.9 million (prior a volume of euro 100 million will be repaid as planned year: euro 259.2 million) and operating profit (EBIT) of in mid-2018. This offers the opportunity of placing euro 23.1 million (prior year: euro 97.0 million). The corporate financing on a more favourable foundation.
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