(Wiesbaden, May 24th, 2013) ABO Wind continues its winning ways. The project developer with its headquarters in Wiesbaden has published excellent figures for the business year. In 2012, the ABO Wind group generated an annual net profit of 9 million euro after taxes (prev. year: 4.2 million euro). The overall performance – turnover proceeds plus change in stock – amounted to 81.8 million euro (prev. year: 64.4 million euro). The consolidated financial statement is available for download online.
Never before has the company brought as many wind farms online as in 2012: Europe-wide, ABO Wind connected 70 turbines with a nominal capacity of 157.6 megawatts to the grid. The newly erected wind farms produce climate-friendly energy in Germany, Spain, France, Bulgaria, and Ireland. Since its foundation in 1996, the company has built a total of 387 wind turbines with a nominal capacity of 711 megawatts. The annual energy generation of these turbines is equivalent to the average energy consumption of 450,000 German households.
ABO Wind strengthened its international business and erected wind farms in more countries than ever before. At the same time, it was possible to increase the market share in Germany. During the past year, of the 2,415 megawatts erected in Germany, ABO Wind was responsible for 83 megawatts. This is equivalent to a 3.4 percent market share. Board member Dr. Jochen Ahn attributes this success to the fact that ABO Wind, as a Wiesbaden-based company, was active in the middle and South of Germany from the very beginning. “While many areas in Northern Germany are already intensively making use of wind power, states like Rhineland-Palatinate, Hesse, Bavaria, and Baden-Wuerttemberg are now becoming increasingly active. As a result, ABO Wind is currently growing even faster than the industry itself.” The progressive development of wind power technology, with higher towers and larger rotor blades, now allows for the economic use of locations with mediocre wind speeds, for example in the South of Germany. The good reputation, which ABO Wind enjoys in these regions, makes the acquisition of such locations easier for the company.
Parallel to the growth in turnover, ABO Wind increased the number of its employees – particularly at the German locations. Throughout Europe and in Argentina, currently 239 salaried colleagues work for the company. That is 51 more than in the previous year. 110 colleagues are employed at the headquarters in Wiesbaden and 50 in Heidesheim near Mainz. Additionally there are planning offices in Berlin and Saarbrücken as well as new offices in Nuremberg and Hannover. There is also a new office in Inverness, Scotland, which was opened a few weeks ago. The largest of ABO Wind’s international subsidiaries is France with currently 35 employees.
Business in France is developing pleasantly. Currently construction-ready projects with a nominal capacity of 58 megawatts are available and scheduled to be operational in 2014. The many construction permits obtained in France have positively contributed to the annual result in 2012. In Bulgaria on the other hand, the prospects of business have tarnished throughout the past year. Shortly after ABO Wind brought the first 4 megawatt wind farm online in the Balkan Mountains, legislation reduced the guaranteed feed-in tariff for future projects by more than 20 percent. ABO Wind is working on more than half a dozen projects together with local partners. As it stands, there seems to be no economic base for these projects since the change in legislation. It is expected that conditions will improve at some point in the future but out of commercial prudence, the projects currently under development have been written off in the balance sheet.
Currently more than 22 percent of all generated energy in Germany comes from regenerative sources. As a result, intelligent grids and storage technologies gain significance in the quest to further reduce the dependence on fossil fuels. Since the middle of 2012, a small department at ABO Wind is specifically addressing the conversion from a conventional to a regenerative energy economy. Among the main focus points are the modeling of energy production systems with an increasing share of renewables as well as storage technologies in order to compensate for fluctuations, both throughout the day and throughout the year. ABO Wind wishes to contribute towards the energy transition in this manner as well as potentially explore new fields of business.
From two capital increases, ABO Wind received 11.7 million euro during the past year. These funds, along with the good annual result, strengthened the equity base and allow for continued growth. With the Frankfurt-based utility Mainova, which purchased 10 percent of shares, a strategically attractive partner is now within the circle of shareholders. As one of the large municipal utilities, Mainova is vigorously contributing towards the energy transition. Through the use of a joint subsidiary, ABO Wind and Mainova furthermore acquire new locations for wind farms together.
During the past year, the value of ABO Wind shares (ISIN: DE0005760029) has more than doubled. Being previously listed at the private securities trading house Valora, the quotation at the open market of the Düsseldorf stock exchange has considerately improved the share’s tradability. Per share, the consolidated profit of last year amounted to 1.19 euro. Considering the current share value of 9 euro, this results in a continuously attractive price-earning ratio of 7.6.
The shareholder’s meeting of ABO Wind AG will take place on Thursday, June 20th at the museum in Wiesbaden and will begin at 4:30 pm. Among other topics, a decision will be made on the use of retained profits of ABO Wind AG, amounting to around 5.5 million euro. The board and board of directors suggest the declaration of a 0.20 euro per share dividend. Based on the current share value of 9 euro, this is equivalent to a dividend yield of 2.2 percent. Roughly 4 million euro of the retained profits is to be allocated towards the reserve in order to further strengthen the company’s equity base. The agenda and all disbursable documents are available online. Shareholders are kindly asked to register for the meeting through their bank.
At the beginning of 2013, fractions within politics brought unrest into the industry by blaming renewable energies for rising energy costs. ABO Wind board member Dr. Jochen Ahn instead wishes that the responsible parties make active contributions in the structuring of the energy transition, which has been agreed upon and which is both ecologically and economically sensible. “The staged outrage at the rising renewable energies levy distorts the facts.”
Actually, the rising amount of wind and solar energy is beating down the price at the Leipzig energy exchange. On the one hand this results in advantages, on the other it contributes towards an increase in the renewable energies levy. Currently important is a sensible reform of the energy market. “On-shore wind power is by far the most feasible technology when producing electricity from regenerative sources,” Dr. Ahn emphasises. Even compared to conventional sources of energy production, wind power has long been competitive. “This would be even more obvious, if costs of the climate-change and the storage of nuclear waste would be factored into the calculation of conventional energy sources.”
Europe-wide, ABO Wind acquired projects with a total capacity of 620 megawatts throughout the past year and therefore created a basis for further growth. Particularly successful were the efforts in Germany, where the planning pipeline has grown by 9 projects with a total capacity of nearly 350 megawatts. Throughout Europe and Argentina, ABO wind is currently working on new projects with a total capacity of more than 2,000 megawatts. Furthermore, the company is currently planning to become active in Finland and Sweden. In Germany, France, Ireland, and Great Britain the perspectives for ABO Wind are positive in the short- and mid-term. In Spain, the entire industry is waiting for the passing of a new feed-in tariff legislation in autumn of 2013. Then business there would take off again as well, particularly considering that ABO Wind acquired a good reputation through their commissioning of a 50 megawatts wind farm in Andalusia in 2012. “We are expecting to soon bring more wind farms online throughout Europe than in 2012,” board member Dr. Ahn summarises the outlook.
Contact
ABO Wind AG, Kathrin Dorscheid, Unter den Eichen 7, 65195 Wiesbaden, Germany
Phone: +49 (0) 611 267 65–531, fax: +49 (0) 611 267 65–599, presse@abo-wind.de
A new office opened in Inverness today (Friday, April 26th 2013) will spearhead a £390 million investment programme in the Highlands by ABO Wind, one of Europe’s most experienced wind energy developers.
The new office, located at the Green House, Beechwood Park North in Inverness was opened officially by Fergus Ewing MSP, the Scottish Government minister for Energy, Enterprise and Tourism in a ceremony attended by business, energy, political and academic leaders.
Originating in Germany, ABO Wind first entered the UK market in 2006, establishing an office in Livingston, West Lothian. Now, ABO Wind plans to bring forward an initial five wind farm projects in the Highlands over the next three years. Details on the first two projects will be announced later this year.
The successful development of the ABO Wind Highlands programme will involve a total investment of £390 million, with the company’s management highlighting at the opening ceremony, significant beneficial impacts on the Highlands economy, local supply chains and local communities across the area, including the potential for £32.5 million in Community Benefit support, as well as local ownership potential into these projects.
The company’s Inverness office is projected to employ up to six staff within the next two years, covering design engineering, operations and maintenance support and project development, as well as supporting local employment in the supply chain. A programme for work experience placements and internships will also be launched, aimed at local graduates.
ABO Wind has already developed one wind farm in the Highlands, near Lairg in Sutherland, where three wind turbines, located on the common grazings of the Lairg Estate, have been operational since January 2012. The company is also currently pursuing wind farm developments in North Lanarkshire, the Borders, Argyll, Perth and Kinross and Devon.
Minister for Energy, Enterprise and Tourism Fergus Ewing said, “In Scotland we have set ourselves the challenging target to generate the equivalent of 100 per cent of electricity demand from renewable energy by 2020 with the interim target of 50 per cent by 2015. With the expansion of companies like ABO Wind in Scotland it gives a clear message of the development and pledge to invest in renewable energy.
"Today it has been a pleasure to meet with staff at ABO and to open their new office in Inverness. ABO Wind AG is one of Europe’s most experienced onshore wind energy developers and their commitment to community development, community land ownership and community wind energy development and investment in projects is to be commended."
Matt Braund, Project development Manager, ABO Wind said, "This is an exciting time in the development of ABO Wind and we are especially grateful to Fergus Ewing for his support in performing the official opening of our new Inverness office. Based on our successful experience developing the Lairg wind farm, we believe there is excellent potential for further developments in the Highlands, provided they are carefully located and well designed, with a high level of local business and community involvement."
Contact
ABO Wind AG, Alexander Koffka, Unter den Eichen 7, 65195 Wiesbaden, Germany
Phone: +49 (0) 611 267 65–515, fax: +49 (0) 611 267 65–599, presse@abo-wind.de
