Investor Relations · PNE AG IIInvestor Relations Presentation May 2019 3 Agenda I. II. III....

Investor RelationsPresentation

May 2019

2PNE AG II Investor Relations Presentation II May 2019

Disclaimer

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All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness.

The information contained in this presentation is subject to amendment, revision and updating. Certain statements contained in this presentation

may be statements of future expectations and other forward-looking statements that are based on the company's current views and assumptions

and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements

as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management

of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The

Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future

events or otherwise.

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Securities Laws.


Agenda

I.

II.

III.

Company Profile & Business Model

Operational Highlights & Financials

4

13

30

IV. Project Pipeline 37

V. Stock & Bonds 40


Who we are


• PNE Group, consisting of the companies PNE AG

and WKN GmbH, is a leading wind farm developer

located in Northern Germany

> 2,900 MW realised onshore

• Germany’s most successful

project developer with

8 Offshore projects

sold totaling 2,852 MW

• Active in 14 countries

on 3 continents

• Nr. 2 player in operations &

management in Germany with

>1,500 MW under

management

• > € 10bn Euros of

investment done or initiated

…with a strong market position – nationally and internationally

Who we are

We are a leading developer of wind energy projects…


Who we are

We have a dedicated & experienced management team

• Seasoned wind energy pioneers with strong industry knowledge and large network

• CEO since May 2016

• COO 2011 - 2016

• Industry experience since 2000

• Sales, M&A, Procurement,

Offshore, Human Resources,

Communication

• CFO since April 2011


• Finance and Accounting,

Controlling, Risk Management,

Legal

• COO since September 2016


• Project Development,

Implementation, International

Markets

Jörg KlowatChief Financial Officer (CFO)

Markus LesserChairman of the

Board (CEO)

Kurt StürkenChief Operating Officer (COO)


• Acquisition of

the site

• Wind analysis

• Selection of

equipment

• Permits

• Financial

analysis

• Legal concept

• Sales/

marketing

• Project financing

• Grid connection

• Infrastructure

• Assembly

• Start-up of

operations

• IPP

• Utility

• Infrastructure

fund

• Insurance

companies

• Technical and

commercial

management

Premium, bankable

projects with high certainty

of realization

Covering the entire value

chain – from a single source

Development, planning,

construction and operation

of wind farms onshore,

offshore and photovoltaics

Development ServiceIPP

Financing ConstructionSale

What we do

We have a successful business model


VATTENFALLALLIANZBROOKFIELD INVESTORSDONG

Track Record

Major deals in recent years

2017

OFFSHORE

ATLANTIS I

Atlantis I ~584 MW

• Low double

digit € m payment

• Further milestone

payments expected

2016-17

ONSHORE

Wind farm

portfolio

142 MW of projects

• Enterprise value

(EV) > €330m

• Sales price in 2016

€103m for 80%

• Subsequent sales

price of €21m in

2017 and increase

of EV to > €360m

through optimiza-

tion of financing

UK

Pipeline Deal

2015

ONSHORE

PNE WIND UK ~

1,200 MW of

projects

• GBP 40m upfront

payment

• Up to GBP 63m

in milestones

possible till 2021

2012-18

ONSHORE

Various

international

project sales

• KGAL

• CEE

• CHORUS

• ALLIANZ

• ENBW

• ENEL

• JOHN LAING

2012

OFFSHORE

GODE WIND

Pipeline Deal

Gode Wind

~ 924 MW

• Payments of

€142m received

• Up to €15m due

as milestone

payments

B. Riffgrund

~ 760 MW


EBITDA: € 16.5m EBITDA adj.*: € 27.2m

EBIT: 7.8m EBIT adj.*: € 18.5m

2018 EBITDA: € 20 – 26m

EBIT: € 10 – 16m

€ 64m

€ 110m

€ 23.1m

2011 – 2013

2014 – 2016

2017

EBIT: € 60 – 72m

EBIT: € 110 – 130m

EBIT: € 17 – 23m (old: 0 – 15m)

GOALGUIDANCE ACHIEVED

0

10

20

30

40

50

60

70

80

90

100

2011 2012 2013 2014 2015 2016 2017 2018

What we achieved

We generated strong earnings from 2012 – 2018…

Ø EBIT of € 29.4m - In average, an EBIT of € 29.4m

was achieved per year

Ø EPS of € 0.31- In average, an EPS of € 0.31 was achieved

over the last seven years

Ø Dividend of € 0.08/share- An average dividend of € 0.08/share

was paid per year

Average EBIT 2011-2018

Annual EBIT

in €

m.

…and consistently delivered on our targets

* Adjusted for impairment on inventories


0

20

40

60

80

100

120

140

160

180

200

in €

Mio

.

Cash

0

10

20

30

40

50

60

70

80

90

100

in €

Mio

.

EBIT

EBIT 3-Jahres-Durchschnitt

48%

34%38%

34%

53%

48%48%

0%

10%

20%

30%

40%

50%

60%

0

50

100

150

200

250

300

350

in €

Mio

.

Eigenkapital

What we achieved

✓ Equity increased by € 130m

✓ Solid equity ratio despite volatile

earnings

Equity Earnings Liquidity

✓ Ø EBIT of more than € 29m

between 2012 and 2018

✓ Cumulative EBIT of approx.

€ 128m over the last three

years (adjusted for the offshore

impairment ca. € 139m)

✓ Liquidity increased by € 92m

✓ Liquidity position remains on

high level after redemption of

€ 100m corporate bond in 2018

Financials improved significantly since 2012

Equity Equity ratio

EBIT three

year average

EBIT Cash


Where we are heading

We want to increase and stabilise returns…

…and substantially reduce volatility in the future

• By 2023, we target

• an EBIT increase of 30-50% compared to the average EBIT of the period 2011-2016

• accompanied by a significant reduction of volatility

Average EBIT

2011-2016

Annual EBIT

EBIT volatility*

* no guidance for

individual years


Agenda

I.

II.

III.

Market & Strategy

Operational Highlights & Financials

4

13

30


V. Stock & Bonds 40


Market & Growth Drivers

Markets are becoming more integrated…

Source: e/m/w 2017, PNE AG

Battery storageBattery storage

Power gridPower gridWind

Power-to-heat

Pump

and

compressed

air storage

Households, businesses, industry

Power grid

E-Mobility

Electrolysis

Natural gas drive

MethanationPower gridWind Electrolysis MethanationPower gridWind Electrolysis Methanation Gas grid

Gas and steam power plants

Cogeneration power plants

Electricity flow

Hydrogen

Artificial natural gas

(generated through

green electricity)

Heat supply

CO2

Solar PV

Hydrogen drive


Challenges in the current market

• Regulatory uncertainties

• Auctions for grid connections and tariffs

• Growth (in MW) in established markets is stagnating, returns are decreasing


Auction systems become the norm…

Global overview of renewable energy auctions

Chile (2016) $29.1/Mwh

Chile (2016) $21.9/Mwh

Peru (2016) $37.2/Mwh

Mexico (2016) $21.04/Mwh

Mexico (2016) $35.85/Mwh

Canada (2017) $85.94/Mwh

Argentinia (2016) $59/Mwh

Argentinia (2016) $49/Mwh

South Africa (2016) $38.32/Mwh

Zambia (2016) $60.2/Mwh

Abu Dhabi (2016) $24.2/Mwh

India (2017) $37.24/Mwh

Dubai (2016) $30/Mwh

Marokko (2016) $30/Mwh

UK (2015) $69.35/Mwh

Germany (2017) 60 €/Mwh

Germany (2017) 42 €/Mwh

Italy (2016) 58 €/MwhSpain (2017) 39 €/Mwh

Egypt (2016) $29.1/Mwh

Countries with auctions or renewable energy tenders in use or planned

Onshore wind bids

Solar PV bids

Source: Bloomberg New Energy Finance



… and are significantly impacting project pricing

• Increasing market competition, also between various technologies in the renewable energy sector

• Fast decreasing tariffs in auctions – Solar PV is catching up

• Current price trends in tender markets partly anticipate future technological developments and cost

reduction effects

• Larger projects require higher security deposits and greater need for pre-financing

0

20

40

60

80

100

120

140

160

180

2012 2013 2014 2015 2016 2017 2018 2019 2020

US

D/M

Wh

Onshore wind average auction price

Solar PV average auction price

Source: Renewables 2017, IEA

Announced wind and solar PV auction prices by commissioning date

Onshore wind average auction price

Solar PV average auction price



…But growth drivers are fully intact

Minimum prices for CO2

emissions


0

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

EPEX Day Ahead EPEX Baseload EEG Auction historical Auction modelled


Electricity prices will increase

Electricity prices Germany

• Electricity prices will increase as nuclear power plants will go offline in Germany and France

• Prices of CO2 certificates will increase

• This will open up new business opportunities (e.g. project sold in Sweden relies solely

on forecasted energy pricing)

Source: PNE AG

Modelled / AuctionedHistorical

EU

R/M

Wh

2022 2023

November 2017, 3,82 ct/kWh

Mai 2017, 5,78 ct/kWh

August 2017, 4,29 ct/kWh

Februar 2018, 4,73 ct/kWh

Mai 2018, 5,73 ct/kWh

August 2018, 6,16 ct/kWh



While established markets are stagnating,

growth will be mainly driven by emerging markets

Source: Bloomberg New Energy Finance, Make Consulting, Baringa Analysis

WEAKEST WEAK STRONG STRONGEST

• By 2020 more than 40 countries could

each install >1GW of wind energy

• Diverse development stages

in the different markets offer

different risk / reward profiles

• Emerging markets will experience

a strong increase in energy demand

due to growing populations und

economies

• Ca. 7,200 GW are necessary by 2040

to meet increasing electricity demand

and planned power plant shutdowns



Growth trend of renewable energies remains unbroken

and will continue in the future

0

10

20

30

40

50

60

70

2015 2020 2025 2030 2035 2040 2045 2050

PW

h/y

r

Solar PV

Offshore Wind

Onshore Wind

Hydro

Other

Gas-fired

Nuclear

Oil-fired

Coal-fired

• Wind and Solar PV will grow significantly and offer huge market potential in the short, mid and long term

• Will increasingly replace electricity generation from conventional energy sources

Source: DNV GL 2017

Solar PV

Offshore Wind

Onshore Wind

Global electricity production by generation type

Ma

rket p

ote

ntial

Hydro

Other

Gas-fired

Nuclear

Oil-fired

Coal-fired


We are developing

into a Clean Energy

Solution Provider

Strategy

We are setting the course for the future:


Strategy

We are expanding our business:

We develop and

implement wind farms

onshore as well as

offshore.

CLEAN ENERGY

SOLUTION PROVIDERPROJECT

DEVELOPER

We develop and implement projects

and solutions for the planning,

construction and operation of

renewable energy power plants.

SOLUTIONS

CORE

ADAPT

LEVERAGE

EXPAND

Provide clean energy solutions

Grow our core business

Optimize our structures

Leverage our expertise

Expand along the value chain


Strategic Portfolio

• Build-up of an onshore project

portfolio of ca. 200 MW in

Europe by end of 2020

• Optimization and sale – partially

or completely

• Acquisition of existing wind farms

over 15 years old for repowering

and acquisition of already well

developed projects

Strategy

We capitalize on our core competencies…

…to open up further elements of the value chain

Services

• Grow O&M business to >2200 MW

under operational management

• Start smart energy supply

management

• Expand consulting solutions and

deliver everything necessary

around operation and optimization

for wind farms

Project development

• Will remain core business

• Significant volume increase above

400 MW p.a. across various

technologies in the mid term

• International markets will drive growth

• Combination of new technologies and

markets creates huge market potential


Strategy

We will drive down costs…

• Reduction of other expenses

• Procurement synergies

• Strengthening of core processes

• New IT solutions to improve efficiency

and communication

Reduction of Overhead costs

1. Economies of Scale

• Increase development output to

400 MW p.a. across all technologies

• Increase Strategic Portfolio size

to 200MW

• Increase MW under operational

management to >2,200

2. Cost Reductions

• e.g. through cooperations with wind

turbine manufacturers

• DEVEX

• CAPEX

• OPEX

3. Higher Energy Output

• More efficient wind turbines

Reduction of Project costs


• Optimisation of financing structure

• € 100m corporate bond (8% coupon) paid

back successfully

• € 50m growth financing secured through

successful placement of new corporate bond

with 4% coupon

• This results in a reduction of financing costs

of € 6m

• € 25m <4% additionally secured for wind

farm equity

• Increase of recurring revenue basis,

leading to improved credit terms

• Higher margin potential in emerging

markets, especially with government

funding and loans (EKF, KfW, Hermes,

EIB, Weltbank, IPEX etc.)

• Partnering / Cooperations with partners

who guarantee low refinancing costs

Smart Capital Allocation

Strategy

…and invest to increase our competitiveness

Investment of € 10m p.a. on average for:

• Acquisitions of companies at attractive

multiples before synergies

• Acquisition of project rights to expand the

pipeline

• Investment in high potentials

and experts in markets

and technologies

• Investment in additional (regional) offices

and equipment

Additional Investment:

• Acquisition of projects as a basis for

repowering

• Participation in citizen wind energy

projects

Investment


Strategy

Scale Up Milestones

2017

2018

2019

2020

• Start of ramp-up

phase

• Structures /

People /

Processes

• Implement Smart

Development

Team Hamburg

• Start build-up of

200MW portfolio

• Completion of

ramp-up phase

• First new

products/services

available

• First revenues

with new products

and services

• Partnering

• Improvement of

financing structure

• Development of

project pipeline in

the 1st new

market

• 1st PV project in

development

• Provide additional

services and

expand consulting

solutions

• Expansion of

Offshore

Development

• Sale of 200MW

portfolio share

• Completion and

sale of 1st

developed project

in new markets

• 1st PPA (Power

Purchase

Agreement) in

foreign markets

• Market entrance

2nd market

• Sale of 1st Hybrid

project

…

• Add further new

products/services

• Product range

of different Hybrid

Power Plants is in

place

• Start the build-up

of next portfolio

• Market entrance

3rd market

• Identify remaining

white spots in

regions, value

chain and

products

2023

• Finalisation of

SCALE UP


Newly defined product range:

• Project development:

− Wind onshore

− Wind offshore

− Photovoltaics (new)

− Hybrid Solutions (new)

• Service products:

− Financial services (new)

− Construction management (new)

− Operational management

− Energy supply services (new)

− Wind planning solutions (new)

• Power generation

First revenues generated with new products:

• In the Service segment: e.g. Construction management and

Financial services in the Wangerland project

Takeovers strengthen competence in services:

• MEB Safety Services: safety technology for wind energy

and industrial plants

• Argus GmbH: on-demand night-time marking systems

Strategy

Implementation of Scale Up – Progress and successes I

Milestones

• First new products /

services available

• First revenues with new

products / services

• Partnering

Progress and successes


Organisational framework created:

• Increase of WKN stake to 100% and transformation from

AG to GmbH

• Implementation of Smart Development Team Hamburg

• Adaptation of the organisational structure and processes to

the new, market oriented product structure (in progress)

• Change of name in PNE AG / Rebranding almost

completed

Optimisation of financing structure:

• € 100m / 8% corporate bond paid back

• € 50m / 4% corporate bond placed

• Interest payments decrease by € 6m p.a.

Build-up of 200 MW Portfolio according to plan:

• 71.3 MW already in operation or under construction

Market entry in Panama:

• Hub for Latin America

• Five advanced projects with a potential of approx. 400 MW

taken over

• Great potential for wind and PV

Strategy

Implementation of Scale Up – Progress and successes II

Milestones

• Structures / People /

Processes

• Improvement of financing

structure

• Start of 200 MW portfolio

build-up

• Development of project

pipeline in the 1st new

market

Progress and successes


Strategy

Wind Farm Portfolio 2020 – Development according to plan

• Portfolio currently consists of 71.3 MW of projects which are in operation or under construction

• Kührstedt-Alfstedt (43.2 MW, Lower Saxony) entered operations in Q4 2017

• Gerdau-Repowering (21.6 MW, Lower Saxony) in operation since Q1 2019

• Schlenzer (6.5 MW, Brandenburg) under construction – completion in coming weeks

• Remaining projects to bring portfolio to target size of up to 200 MW are already identified within

our project pipeline and are in different development stages

• Earnings accrued in the „Wind farm portfolio 2020“ to date (as of March 31, 2019) – which have not

been realised yet – amount to approx. € 24.6m (thereof approx. € 3.6m in Q1 2019)

• Power generation EBITDA grows to € 4.1m in Q1 2019 (Q1 2018: € 2.9m)

0

1

2

3

4

5

in €

m

EBITDA Electricitygeneration (per quarter)

0

5

10

15

20

25in

€ m

Accrued earnings(cumulative)


Agenda

I.

II.

III. Operational Highlights & Financials

4

13

30


V. Stock & Bonds 40


Current Business Development

Operational Highlights Q1 2019

Successes in the onshore wind business – nationally and internationally

Scale Up – Implementation fully on track

Successes in the offshore business

Wind Farm Portfolio 2020 – Progress as scheduled

• Projects completed: Gerdau-Repowering (21.6 MW), Laxaskogen (25.2 MW), Laperrière (19.2 MW)

• 44.4 MW of project rights sold in Italy

• 27.2 MW of projects under construction in Germany

• Tender win of 4.7 MW in Germany

• New permits in Germany received for 30.6 MW

• Total MW in pipeline increased by 321 MW to 5,204 MW

• Borkum Riffgrund 2 put into operation by Ørsted

• 4 offshore wind farms, which were developed by PNE, with output of 1,344 MW now in operation

• Project Gerdau-Repowering (21.6 MW) completed

• Wind farm Schlenzer (6.5 MW) under construction

• Service business strengthened with new products and acquisition of Argus GmbH

• Successful market entry in Panama


• Gross cash position at € 125.4m

• Equity increases slightly to € 218.2m; corresponds to book value of € 2.85 per share

• Decrease of equity ratio due to first time application of “IFRS 16 Leases”; remains still solid at 44%

• Corporate rating of BB with a positive outlook was confirmed by Creditreform

• New segment structure: “Project development” / “Service” / “Electricity generation”

• Former segment “Project development” was split up into “Project development” and “Service”

Best Q1 result since 2010


Financial Highlights Q1 2019

• EBIT of € 15-20m, EBITDA of € 25-30m

• EBITDA at € 6.9m (Q1 2018: € 2.1m), EBIT at € 4.3m (Q1 2018: € -0.2m)

• Earnings driven by strong operating performance

• Earnings accrued in the „Wind farm portfolio 2020“ – which have not been realised yet – amount to € 3.6m in Q1 19

Financial basis remains strong

New segment reporting introduced

Positive outlook for FY 2019 confirmed


Financials

Income Statement Q1 2019 (Q1 2018)

In € m Q1 2019 Q1 2018

Sales 28.0 10.9

Work in progress 15.1 4.2

Other income 1.4 0.6

Total output 44.4 15.7

Cost of materials -26.9 -3.7

Personnel -6.5 -5.6

Others -4.2 -4.2

EBITDA 6.9 2.1

Depreciation -2.6 -2.3

EBIT 4.3 -0.2

Financial result -1.9 -3.7

EBT 2.3 -3.9

Taxes -0.7 0.5

Non-controlling interests 0.1 -0.4

Net income 1.6 -3.0

EPS (in €) 0.02 -0.04

EPS (in €) Diluted 0.02 -0.04

• Best Q1 result since 2010 due to strong operating

performance

• Operating performance and earnings driven by:

• Milestone payments for projects which were sold end

of 2018 and results from Power Generation

• Build-up of the „Wind farm portfolio 2020“ which is

expected to be sold until 2020

• Earnings accrued in the „Wind farm portfolio 2020“

to date – which have not been realised yet – amount to

approx. € 24.6m (thereof approx. € 3.6m in Q1 2019)


Financials

Segment results Q1 2019

0

2

4

6

8

10

12

Q1 2018 Q1 2019

in E

uro

mill

ion

0

2

4

6

8

10

12

Q1 2018 Q1 2019

in E

uro

mill

ion

Total output* EBITDA* EBIT*

0

5

10

15

20

25

30

35

40

45

50

Q1 2018 Q1 2019

in E

uro

mill

ion

ProjectDevelopment

Services

ElectricityGeneration

* excl. consolidation


Financials

Balance Sheet Q1 2019 (IFRS)

• Property, Plant and

Equipment at € 118.3m

• Transformer stations

€ 13.4m

• Land and building € 11.3m

• Own wind farms € 87.1m

• Rights of use € 36.5m

• First time application of

“IFRS 16 Leases”

• Inventories at € 96.6m

• Offshore € 15.4m

• Onshore Germany € 32.5m

• Onshore International

€ 33.1m

• Strong liquidity position

at € 125.4m

• Strong basis to fund

implementation of Scale up

125.4 (129.1) 96.4

(94.3)

33.9(26.5)

181.1 (142.0)

96.6(117.3)

218.2 (216.3)

20.0(18.5)

36.5(0.0)

118.3(96.1)

65.0(65.1)

Assets Equity andLiabilities

in € m as of March 31, 2019 (as of December 31, 2018)(rounding differences possible)

495.8 (452.6) 495.8 (452.6)

• Equity at € 218.2m

• Equity ratio solid at 44% (48%

as of 31 December 2018)

• Book value of € 2.85 per share

• Non-current debt at € 181.1m

• Corporate bond 2018/23

(€ 50m, 4%)

• Liabilities to banks € 89.0m,

which is mainly project

financing (non recourse)

• Liabilities from leasing

contracts (rights of use)

€ 34.6m

• Current liabilities at € 96.4m

• 2014/19 convertible bond

€ 6.5m

• Liabilities to banks € 27.6m,

which is mainly project

financing (non recourse)

• Liabilities from leasing

contracts (rights of use)

€ 2.0m

Intangible Assets

Property, plant and

equipment

Rights of use

Inventories

Cash

Receivables and

other assets

Equity

Non-current debt

Current liabilities

Assets Equity and

Liabilities

Other


Onshore wind power

Outlook

Outlook – Promising start to the year

Scale up

Offshore wind power

• Development of project pipeline in the 1st new market Panama

• Examination of entrance into further new markets: e.g. PV international

• 1st PV project in development: PV projects started in Germany and international markets

• Additional services and consulting solutions introduced

• Ongoing consultant agreements with Ørsted and Vattenfall

• Explore new markets (e.g. USA)

• Sale of project Jasna (132 MW) - Poland and sale project rights of Burleigh (298 MW) – USA in Q2/2019

• Promising outlook due to well-filled project pipeline in Germany and France with a total of 357 MW in Phase III

• Continue build-up of Wind Farm Portfolio 2020

• Continue ongoing sales processes in international markets

Positive outlook for FY 2019 confirmed

• EBIT of € 15-20m, EBITDA of € 25-30m


Agenda

I.

II.


4

13

30


V. Stock & Bonds 40



Wind Onshore

Phase I – II = Exploration & Development

Phase III = Planning

Phase IV = Implementation till handover

Land I-II III IV Total MW

Germany 1,402 208 27 1,637

Bulgaria 121 0 0 121

France 373 149 0 522

United Kingdom 43 0 0 43

Italy 40 0 0 40

Canada 505 0 0 505

Panama 352 0 0 352

Poland 92 132 0 224

Romania 54 102 0 156

South Africa 230 30 0 260

Sweden 0 170 0 170

Turkey 629 71 0 700

Hungary 0 42 0 42

USA 232 200 0 432

Total 4,073 1,104 27 5,204

As of March 31, 2019

• Germany – Good activity despite delays in

permitting process

• Project Gerdau-Repowering (21.6 MW) completed

• Kittlitz (21 MW) under construction

• Schlenzer (6.5 MW) under construction

• Klein Büllesheim (4.7 MW) successful in tender

• New permits for Willerstedt (13.8 MW) and

Wölsickendorf (16.8 MW)

• France – Strong momentum continues

• Project Laperrière (19.2 MW) completed

• Sweden – Project completed

• Project Laxaskogen (25.2 MW) completed

• Poland – Project sold

• Construction management for Barwice (42 MW)

• Jasna (132 MW) sold to Stadtwerke München [Q2]

• Panama – Pipeline acquired

• 5 projects with approx. 352 MW

• USA – Project sold

• Burleigh sold to Burke Wind, LLC [Q2]



Wind Offshore

Phase 2 = Application conference held, 3 = Hearing held,

4 = Approval granted, 5 = Grid connection, 6 = Investment decision,

7 = Under construction, 8 = In operation

• Borkum Riffgrund 2 put into operation by Ørsted

in Q1 2019

• Active as service provider for projects sold

• Consultant agreements in place with Ørsted &

Vattenfall

• Further milestone payments expected

• Up to € 15m from Gode Wind 4

• Regulatory changes

• According to WindSeeG all projects in Zone 3 to 5

will be brought into the “Central Model” to be

tendered off by the government

• As legal opinions conclude that parts of WindSeeG

are unconstitutional, a constitutional complaint has

been filed in July 2017 together with others

• Our expectation of a successful outcome of the

constitutional complaint and claim for damages

remains unchanged

Zone Sold projects Phase #WEA Total MW Sold to

1 Borkum Riffgrund 1 8 78 312 Ørsted (DONG)

1 Borkum Riffgrund 2 8 56 448 Ørsted (DONG)

1 Gode Wind 1 & 2 8 / 8 55 + 42 582 Ørsted (DONG)

1 Gode Wind 3 & 4 5 / 5 30 242 Ørsted (DONG)

2 Atlantis I 3 73 584 Vattenfall

4 HTOD5 (Nautilus II) 2 68 476 Ventizz/Hochtief

Total 402 2,644

Atlantis I*

Atlantis II

Atlantis III

Nemo

Nautilus I

Jules Verne

Gode Wind 1*

Gode Wind 2*

Gode Wind 3*

Gode Wind 4*

Nautilus II*

Borkum Riffgrund I*

Borkum Riffgrund II*

* Project sold, PNE

act as service provider

1

2

3

4

5

6

7

8

9

10

11

12

13


Agenda

I.

II.


4

13

30


V. Stock & Bonds 40


1,5

1,7

1,9

2,1

2,3

2,5

2,7

2,9

3,1

3,3

3,5 PNE AG Aktie

2

2,5

3

3,5

4

4,5

5

85

90

95

100

105

110

115

Anleihe 2018/2023

Wandelanleihe 2014/2019

PNE AG

Stock & Bonds

Calendar

WKN / ISIN AOJBPG / DE000A0JBPG2

Number of shares

(3 May 2019)76,557,803

Market capitalization

(3 May 2019)€ 190m

Free Float Approx. 76%

Market segment Prime Standard

Indices CDAX Technology, ÖkoDAX

Designated Sponsors /

Market MakerCommerzbank, Baader Bank

Reuters / Bloomberg PNEGn / PNE3

Corporate bond 2018/2023

(WKN: A2LQ3M)Coupon 4%

Total volume € 50m

Convertible bond 2014/2019

(WKN: A12UMG)

Coupon 3.75%

Strike price € 2.9971

Total volume € 6.6m

Annual General Meeting May 22, 2019

Publication of H1 report August 8, 2019

Publication of Quarterly Statement Q3 November 7, 2019

Analyst Conference November 2019

PNE AG Shares

Corporate bond 2018/2023

Convertible bond 2014/2019


• Build up of the Wind Farm Portfolio 2020 progresses as scheduled

• Strategy is tailored to address the significantly changing market conditions,

generate new margin potential and reduce the volatility of earnings driven by a

substantial expansion of the service business

• Great experience and know-how exist in the company

• Shareholder Value is central to all activities

• High cash position, secured financing and strong project pipeline back up the

implementation of the strategy

• Strategic development into a Clean Energy Solution Provider through the Scale

Up programme is progressing according to plan

Summary

Investment Highlights

• Markets are changing, but underlying growth drivers are fully intact


CONTACT

Rainer Heinsohn

Head of Communication

Tel: +49 (0) 4721 – 718 - 453

Fax: +49 (0) 4721 – 718 - 373

E-mail: [email protected]

Christopher Rodler

Head of Investor Relations

Tel: +49 (0) 40 879 331 14

Fax: +49 (0) 4721 – 718 - 373

E-mail: [email protected]

www.pne-ag.comHarnessing the power of the wind means for us

connecting environmental responsibility with

corporate success

PNE AG

Investor Relations · PNE AG IIInvestor Relations Presentation May 2019 3 Agenda I. II. III....

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