PNE AG Cuxhaven, 23nd September 2014 - The wind farm project developer PNE WIND AG sees the new updated rating by Euler Hermes Rating GmbH from BBB- to BB+, which was published today, as a challenge.
The decisive factor for the downgrade, says Euler Hermes, is the specification of the project risks which had led to significant temporal delays in implementation and planned income, especially abroad. In Euler Hermes Rating GmbH's opinion, the capital measures currently being implemented - assuming successful placement - will increase liquidity and thus also the financial reserves for continuing the planned projects. However in the rating agency's opinion, the intended bundling of projects in a so-called yieldco with sales only being concluded after commissioning will in the midterm also lead to tying up a greater volume of funds until the sale of the yieldco shares. In Euler Hermes Rating's opinion, in addition to the challenges posed by the market environment and project management, the application of controlling instruments also have some optimisation opportunities.
Euler Hermes Rating has therefore downgraded its rating for PNE WIND AG to BB+ and, due to the continuing risks in the project pipeline, considers a further reduction of the rating possible.
PNE WIND AG regrets that the changes in project development that are typical for the project planning business and which can lead to delays but also to accelerations, have been regarded negatively. PNE WIND AG takes possible changes in project development into account in each of its EBIT forecasts over a period of three years as it does in its liquidity planning. Especially with the planned expansion of the business model to include a yieldco, positive effects are to be expected on the operational business and from the bundled sale of wind farms. PNE WIND AG will accept the challenge to provide proof of this. The Board also confirmed its forecast for consolidated EBIT for the financial years 2014 - 2016 of cumulated euro 110-130 million.
|
distributed by
|
