DGAP-News: PNE AG successfully closes challenging first half of 2020 in operational and financial terms
DGAP-News: PNE AG
/ Key word(s): Half Year Results
Corporate News PNE AG successfully closes challenging first half of 2020 in operational and financial terms - First-half results are on target - Guidance for the entire year confirmed Cuxhaven, August 12, 2020 - PNE AG, which is internationally active in the development and operation of renewable energy projects, closed the first half of 2020 successfully and according to plan. This shows the half-yearly report published today. "Due to the Corona pandemic, the first half of the 2020 fiscal year was one of the most challenging and unusual in the Company's history. However, we have successfully managed this situation, made further operational progress and performed well financially," concludes Markus Lesser, CEO of PNE AG, summing up the first half of the year. First-half results on target In the first half of 2020, investments in the Company's own projects had a particular impact, since, contrary to the same period last year, no projects have been sold to date. The half-year results are on target. Therefore, the Board of Management confirms the forecast for the entire year. Despite the investments in building up the Company's portfolio of internally held wind farms, PNE is expecting EBITDA of euro 15 to 20 million and EBIT of euro 5 to 10 million for the Group in fiscal 2020. Dealing with the Corona pandemic It has paid off that internal processes, the organisational structure and the communication technology have been developed to a high level in recent years as part of the "Scale up" programme. Successful operative development At the end of the first half of the year, PNE thus had a total of approx. 293.7 MW of wind energy projects under construction on its own account and for customers. Further projects may follow, since PNE was successful with two projects (13.9 MW) in the tender in Germany. The Company was also able to obtain approval for a further project (25.1 MW), which was awarded a contract in the tendering round in July. Expansion of internally operated wind farms makes progress Project pipeline strengthened Progress was also made in the development of photovoltaic projects. In this area, the "pipeline" of projects in progress was expanded to 232 MWp. General political conditions Nevertheless, CEO Markus Lesser also sees positive aspects: "It is pleasing that the German government has discussed these problems and has held out the prospect of changes. We are also pleased with the decision to phase out coal, the increase in targets for the expansion of offshore wind energy and the planned "Green Deal" of the European Union. This will strengthen the shift to renewable energy sources and related solutions such as the use of hydrogen." The financial and operational developments are presented in detail in the half-yearly report, which was published today and is available on the website www.pne-ag.com.
Contacts for enquiries
12.08.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | PNE AG |
Peter-Henlein-Straße 2-4 | |
27472 Cuxhaven | |
Germany | |
Phone: | 04721 / 718 - 06 |
Fax: | 04721 / 718 - 200 |
E-mail: | [email protected] |
Internet: | http://www.pne-ag.com |
ISIN: | DE000A0JBPG2, DE000A2LQ3M9, , DE000A12UMG0, |
WKN: | A0JBPG, A2LQ3M, , A12UMG, |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1115231 |
End of News | DGAP News Service |
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1115231 12.08.2020
PNE AG Stock
Currently there is a rather positive sentiment for PNE AG with 3 Buy predictions and 0 Sell predictions.
With a target price of 20 € there is a hugely positive potential of 54.56% for PNE AG compared to the current price of 12.94 €.