German renewables developer PNE AG (ETR:PNE3) booked a net loss of EUR 14.1 million (USD 15.5m) in the first half of 2023, compared to a EUR-10.4-million profit a year ago, in spite of an increase in aggregate output.
The negative result reflects extraordinary interest expenses of EUR 7.6 million, versus interest income of EUR 23 million last year, according to the company’s interim report today. The interest expenses are due to the subsequent valuation of the company’s interest rate swaps and loan liabilities.
Total aggregate output increased to EUR 116.7 million from EUR 105.2 million in the same period of 2022, with revenues expanding to EUR 57.1 million from EUR 52.1 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at EUR 18.1 million and also exceeded the prior-year level of EUR 17.5 million, in spite of lower electricity prices and lower wind supply, the company said.
“We are well on track with the strategic expansion of our three business segments “Project Development”, “Power Generation” and “Services” despite the strong increase in material prices and extended supply chains,” chief executive Markus Lesser commented, adding that the company also managed to increase its project pipeline to a new record level of 16,590 MW, including onshore wind, solar and offshore wind projects.
PNE expects most of the revenues in the “Project Development” segment to occur in the second half of the year and confirmed its guidance for full-year EBITDA in the range of EUR 30 million to EUR 40 million.
(EUR 1 = USD 1.097)