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    PNE3   DE000A0JBPG2

PNE AG

(PNE3)
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PNE : Q2 report 2021

08/11/2021 | 07:57am EST

REPORT ON THE FIRST HALF YEAR

AND ON THE SECOND QUARTER OF 2021

PNE AG

2 | 2021



THE PNE GROUP

AT A GLANCE

The PNE Group is a leading developer of renewable energy projects. From this strong ­position, the PNE Group continues to develop into a "Clean Energy Solution Provider".

PNE Group key figures

1.1. - 30.6.

1.1. - 30.6.

in million EUR

2021

2020

Total aggregate output

93.9

77.0

Revenues

40.7

62.4

Earnings before interest, taxes,

depreciation and amortisation (EBITDA)

13.3

9.0

Operating profit (EBIT)

2.3

0.6

Earnings before taxes (EBT)

2.1

-5.8

Result for the period

1.0

-5.3

Basic earnings per share (euro)

0.01

-0.07

Average number of shares (million)

76.3

76.3

in million EUR

30.6.2021

31.12.2020

Equity on the reporting date

197.8

200.6

Equity ratio on the reporting date (%)

27.1

30.2

Balance sheet total on the reporting date

731.0

663.8

PNE REPORT ON THE FIRST HALF YEAR AND ON THE SECOND QUARTER OF 2021

1

FOREWORD OF THE BOARD OF MANAGEMENT

FOREWORD OF

THE BOARD

OF MANAGEMENT

DEAR SHAREHOLDERS

This year, we have experienced a pleasing tailwind in the development and realisation of wind energy and photovoltaic projects, in the expansion of our own wind farm portfolio as well as in the service sector. We are thus continuing to work on rapidly implementing the goals of our strategic orientation according to the "Scale up" concept.

DYNAMIC COURSE OF PROJECT DEVELOPMENT

The first six months of the 2021 fiscal year showed a dynamic course of project development.

At the end of the reporting period, we had wind energy projects with a total capacity of approx.

259.5 megawatts (MW) under construction for our own account and for customers, includ- ing seven wind farms in Germany with a nominal output of approx. 128 MW. We were able to complete two wind farms with approx. 17 MW for our own wind farm portfolio. In Sweden, the construction of a wind farm on behalf of a customer was completed and the project was put into operation. In Poland, a project already sold was put into operation in spring, and the construc- tion of two further wind farms has been continued.

In the first half of the year, we were successful with two recently approved projects (30.4 MW) in the tender in Germany. In addition, we obtained approvals for two further projects (16.8 MW) in France.

SUCCESSFUL PROJECT SALES

In Romania, three wind farm projects with a nominal capacity of up to 221 MW were sold at the end of the reporting period. PNE will participate in the further development of these wind farms up to the buyer's financing decision within the framework of a development cooperation arrangement. In France, PNE completed the sale of a wind farm project with approx. 13 MW, which is now under construction.

In the USA, Poland and South Africa, we are in sales processes for wind energy projects that are already well developed, some of which are expected to be completed this year.

2 PNE REPORT ON THE FIRST HALF YEAR AND ON THE SECOND QUARTER OF 2021 FOREWORD OF THE BOARD OF MANAGEMENT

INTERNAL OPERATIONS STRENGTHENED

The wind farm portfolio operated by PNE was increased to 151.6 MW by the end of the second quarter. Further wind farms with approx. 128 MW for PNE's own portfolio are under construc- tion. This brings us step by step closer to our goal of expanding our own operations to up to 500 MW by the end of 2023. We expect to be able to commission further wind farms for our own portfolio this year.

In addition to expanding the service business, we want to make a further contribution to ­reducing the volatility of results as well as to stabilising earnings and revenues at a high level with our own operations. During the current construction phase, however, the investments will have an initial impact, which will only be offset by steady earnings over a longer period after commissioning.

WIND AND PV PROJECT PIPELINE CONTINUES TO GROW

We see ourselves well positioned for the further progress in our core business of project ­development and operation. The pipeline of onshore wind energy projects that we are currently working on in the various phases of project development was expanded to 5,679 MW despite the continuous realisation of wind farms. This is a very good basis for the PNE Group to continue its positive development in the future.

We also made further progress during the reporting period in the development of photovoltaic projects. In this field, we were able to expand our "pipeline" of projects in progress to 794 MWp. This, too, is an important component of our strategic further development.

FIRST HALF RESULTS ON TARGET

On the basis of these business developments, the Group generated in the reporting period total aggregate output of euro 93.9 million (prior year: euro 77.0 million), sales revenues of euro 40.7 million (prior year: euro 62.4 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 13.3 million (prior year: euro 9.0 million), operating profit (EBIT) of euro 2.3 million (prior year: euro 0.6 million) and undiluted earnings per share of euro 0.01 (prior year: euro -0.07).

Due to the expansion of our own wind farm portfolio, the total aggregate output is significantly higher than last year. Revenues decreased, among other things, because there were fewer external sales of projects. The, to date, weak wind year also had an impact on revenues.

The consolidated results, such as EBITDA or EBIT, are influenced by the establishment of our own wind farm portfolio. As profits from projects owned by the Company are eliminated at Group level, the consolidated results in the Group do not show a complete picture of the performance of the enterprise. With the establishment of our own wind farm portfolio, "hidden reserves" were created that are not immediately recognisable. As a result of the investments in PNE's own projects, pre-tax profits totalling euro 100.3 million were eliminated at Group level, of which euro 18.7 million in the reporting period (prior year: Euro 6.9 million).

In spite of weaker than expected wind months, the consolidated results of the first half year are thus on target.

PNE REPORT ON THE FIRST HALF YEAR AND ON THE SECOND QUARTER OF 2021

3

FOREWORD OF THE BOARD OF MANAGEMENT

DEVELOPMENT OF SEGMENTS

A look at the individual segments shows the current development.

In the "project development" segment, the preparations for the realisation of economically larger wind farms intended for PNE's own portfolio showed their effects.

In the "service products" segment, the expansion of the service strategy and the necessary investments in equipment had an impact on the results. The Company recorded an increasing number of external orders.

In the "electricity generation" segment, current business activities have not developed as expected due to weak wind months in the first half of the year. This fact and a scheduled longer standstill of the Silbitz biomass power plant due to the required ten-year maintenance had a negative impact on the segment's results. In addition, depreciation on wind turbines is carried out on a periodic basis and has a corresponding effect on the results in quarters with weak wind.

We can confirm our goals for the entire year: In fiscal 2021, we will have further upfront expenditure in the low single-digit million range for the strategic expansion of the business model and will expand our own portfolio of wind farms. We expect Group EBITDA of euro 24 to 32 million in respect of our guidance for the 2021 fiscal year.

DEALING WITH THE CORONA PANDEMIC

The first half of 2021 was still marked by the COVID-19 pandemic and its effects. We have ­already made preparations for this development in the previous year with concepts adapted to the respective markets. The bottom line continues to be encouraging: projects were further developed, tenders won and the construction of further projects started.

It has paid off for us that we developed our internal processes and the organisational structure to a high level in recent years as part of our "Scale up" programme. In this way, we have remained fully operational in the PNE Group at all times. We would like to take this opportunity to pay tribute to the commitment of our employees.

The consequences of the pandemic for the economy as a whole cannot yet be conclusively assessed. This includes possible effects on delivery routes and suppliers. Among other things, the delivery times for wind turbines have been extended. The sometimes slower processing on the part of the approval authorities can lead to delays in project development. In the service area, there were restrictions during the lockdown phase, including with regard to our training portfolio. We also assume that the global hunger for energy and the will to drive forward CO2 reduction and thus climate protection will make it necessary to expand renewable energies even after the current crisis.

Disclaimer

PNE AG published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 07:25:22 UTC.


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Managers and Directors
Markus Lesser Chief Executive Officer
J÷rg Klowat Chief Financial Officer
Per Hornung Pedersen Chairman-Supervisory Board
Marcel Egger Member-Supervisory Board
Florian M. Schuhbauer Member-Supervisory Board