PNE AG Cuxhaven, March 27, 2015 - The Board of Management and the Supervisory Board of PNE WIND AG decided today to propose to the Annual General Meeting that no dividend be paid for the 2014 fiscal year. PNE WIND AG's financial statements relevant for the dividend, which have been prepared pursuant to HGB accounting standards and were given an unqualified auditor's opinion, showed retained earnings of euro 63.3 million and an operating result (EBIT) of euro 11.6 million. The IFRS consolidated financial statements, which received a qualified auditor's opinion due to outstanding subsequent audits at WKN AG, disclosed a positive operating result (EBIT) of euro 2.7 million and a consolidated net loss of euro -13.0 million. The reason for the Group result arises from the so called YieldCo and the negative impact on earnings in connection with the majority holding in WKN AG, which in particular affected the consolidated financial statements. With the YieldCo, projects are being, as planned, initially realised for our own portfolio. The results from these project sales are therefore being delayed into the future. Moreover, due to delays in project sales abroad, revenue and earnings contributions from the relevant projects are also postponed. Since the YieldCo project leads to a higher volume of own funds being tied up until its planned sale, the Board of Management and the Supervisory Board have come to the conclusion that enhancing shareholders' equity should be given preference over distributing a dividend for the prior fiscal year.
Based on the current level of knowledge, the Board of Management confirms the published guidance, which forecasts the cumulative group EBIT totalling euro 110 to 130 million during the 2014 to 2016 fiscal years.
PNE WIND AG published its full audited 2014 annual accounts and management report on its internet page: www.pnewind.com.
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