PNE operating profit (EBIT) rose over 280% in the first half of 2021, compared with the corresponding period in 2020.
EBIT stood at €2.3m in the first six months of this year, up from €600,000 last year, the company said.
The German wind farm developer recorded total aggregate output of €93.9m (2020: €77m) and EBITDA of €13.3m (2020: €9m).
The rise was due to the expansion of PNE’s internally operated wind farm portfolio.
The Group’s segments “project development” and “service products” showed high growth rates in total aggregate output and EBITDA compared to the same period of the previous year, PNE said.
In the “electricity generation” segment, total aggregate output and EBITDA were negatively affected by the weak wind conditions in the first half of the year.
In addition, PNE said it has created “hidden reserves” that are not immediately apparent.
As a result of the investments in PNE’s own projects, pre-tax profits totalling €100.3m were eliminated at Group level, of which €18.7m in the first half of 2021 (2020: €6.9m).
In spite of the “hidden reserves”, the Group reported equity of €197.8m as at June 30, 2021 (31 December 2020: €200.6m) and an equity ratio of 27.1% (31 December 2020: 30.2%).
Chief executive Markus Lesser (pictured) said: “The results of the first six months are very pleasing, especially against the background of the investments in our own portfolio.
“We are thus fully on target and reconfirm our goal for the year as a whole: We will make further upfront investments for the strategic expansion of the business model and invest significantly in the further expansion of our own portfolio of wind farms.
“Nevertheless, we are expecting Group EBITDA of €24 to €32m in respect of our guidance for the 2021 fiscal year.”
On 30 June, PNE had wind energy projects with a total capacity of 259.5MW under construction for its own account and for customers, including seven wind farms in Germany with a nominal output of 128MW.
PNE completed two wind farms with 17MW for its internally operated wind farm portfolio.
In Sweden, the construction of a wind farm on behalf of an unnamed customer was completed, and the project was put into operation.
In Poland, a project was commissioned in spring, and the construction of two further wind farms has continued.
In the first half of the year, PNE was successful with two recently approved projects totalling 30.4MW in tenders in Germany.
Construction of these projects has already begun.
In addition, PNE obtained approvals for two further projects (16.8 MW) in France.