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    PNE3   DE000A0JBPG2

PNE AG

(PNE3)
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Quarterly statement Q3 2021

11/10/2021 | 03:25am EST

QUARTERLY STATEMENT 2021

PNE AG

3 | 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. - 30.9.

1.1. - 30.9.

in million EUR

2021

2020

Total aggregate output

134.6

90.7

Revenues

54.2

73.9

Earnings before interest, taxes,

depreciation and amortisation (EBITDA)

12.7

9.2

Operating profit (EBIT)

-4.3

-3.5

Earnings before taxes (EBT)

-5.4

-11.0

Result for the period

-8.5

-9.4

Basic earnings per share (euro)

-0.11

-0.12

Average number of shares (million)

76.3

76.3

in million EUR

30.9.2021

31.12.2020

Equity on the reporting date

189.1

200.6

Equity ratio on the reporting date (%)

24.4

30.2

Balance sheet total on the reporting date

774.7

663.8

PNE QUARTERLY STATEMENT 3 | 2021

1

FOREWORD OF THE BOARD OF MANAGEMENT

FOREWORD OF

THE BOARD OF

MANAGEMENT

DEAR SHAREHOLDERS

The pleasing developments in the realisation of wind energy and photovoltaic projects, in the expansion of our own wind farm portfolio as well as in the service sector continues. We are making further progress on the way on rapidly implementing the goals of our strategic ­orientation according to the "Scale up" concept.

Dynamic course of project development

The first nine 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.

262.9 megawatt (MW) under construction for our own account and for customers, including eight wind farms in Germany with a nominal output of approx. 130.9 MW. We were able to

complete­ two wind farms with approx. 17 MW for our own wind farm portfolio in this fiscal year. In Sweden, the construction of a wind farm on behalf of a customer was completed in the current year, and the project was put into operation. In Poland, we commissioned a project already sold in the spring and continued the construction of two further wind farms, which were sold after the end of the reporting period.

As in the first half of the year, we were successful in the third quarter in Germany in the tendering process for wind energy projects. In the September tender, we received awards for two projects with a total volume of 60.9 MW, which are expected to be realised in the fourth quarter.

Successful project sales

AWe were able to continue our sales successes achieved in the first half of the year. In the third quarter, the rights to a 140 MW wind farm project were sold in South Africa. From this trans- action, we expect milestone payments as the project progresses and we will remain active as a service provider for the project.

In Romania, three wind farm projects with a nominal capacity of up to 221 MW were sold during the first half of the year. 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 the first quarter, PNE started the construction of a previously sold wind farm in Sweden with a nominal capacity of approx. 60 MW. In France, PNE completed the sale of a wind farm project with approx. 13 MW, which is now under construction.

2 PNE QUARTERLY STATEMENT 3 | 2021

FOREWORD OF THE BOARD OF MANAGEMENT

In the first nine months of the 2021 fiscal year, we succeeded in selling wind farm projects with a nominal capacity of approx. 434 MW to be erected.

Shortly after the end of the reporting period, we achieved another success in Poland: two wind farms with a nominal capacity of 58.8 MW, which were already under construction, were sold to an internationally operating investor. Due to the timing of the sale in October, the earnings from the sale will be included in the consolidated figures in the fourth quarter of 2021. With these results, we will make a good contribution to achieving our targeted annual results. After the commissioning of these two wind farms, we will continue to provide operational management services for the buyer.

Internal operations strengthened

The wind farm portfolio operated by PNE was increased to 173.1 MW by the acquisition of a wind farm. Further wind farms with approx. 130.9 MW for PNE's own portfolio are under ­construction. In the fourth quarter, we expect to start the construction of further wind farms with 60.9 MW, which have recently received awards in tenders. 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.

Strong wind and PV project pipeline

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 maintained at 5,652 MW in spite of the continuous realisation and sale of projects. This is a very good basis for the PNE Group to continue its positive development in the future.

We also see good prospects in the development of photovoltaic projects. In this field, we have a pipeline of projects in progress of 794 MWp. This, too, is an important component of our strategic further development.

PNE QUARTERLY STATEMENT 3 | 2021

3

FOREWORD OF THE BOARD OF MANAGEMENT

Results for the first nine months on target

On the basis of these business developments, the Group generated in the reporting period total aggregate output of euro 134.6 million (prior year: euro 90.7 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 12.7 million (prior year: euro

9.2 million), operating profit (EBIT) of euro -4.3 million (prior year: euro -3.5 million) and undi- luted earnings per share of euro -0.11 (prior year: euro -0.12).

Due to the expansion of our own wind farm portfolio, the total aggregate output is significantly higher than in the same period of the previous year. Group results, such as EBITDA or EBIT, are influenced by the establishment of the wind farm portfolio operated by PNE. 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 101.4 million were eliminated at Group level, of which euro 19.7 million in the reporting period (prior year: Euro 18.2 million).

In spite of weak wind months, the Group results for the first nine months of the fiscal year are thus on target.

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. PNE recorded an increasing number of external orders.

In the "electricity generation" segment, current business activities have not developed as planned due to weak wind months in the first three quarters. 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.

Disclaimer

PNE AG published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 08:24:04 UTC.


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Sales 2021 137 M 153 M 153 M
Net income 2021 -3,63 M -4,05 M -4,05 M
Net Debt 2021 350 M 390 M 390 M
P/E ratio 2021 -273x
Yield 2021 0,49%
Capitalization 626 M 699 M 698 M
EV / Sales 2021 7,13x
EV / Sales 2022 7,34x
Nbr of Employees 475
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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