THEOLIA : 2012 annual revenue in line with the strategy - Steady growth in the Sales of electricity for own account activity - Commissioning of a 10 MW wind farm in Italy

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  • 5% increase in the Sales of electricity for own account activity, which accounts for 73% of the consolidated revenue
  • Commissioning of a new wind farm for own account in Italy

I. 2012 annual revenue
 

THEOLIA's consolidated annual revenue amounted to 67.7 million euros in 2012. This revenue, similar to the one of 2011, includes an increase in the Sales of electricity for own account activity. The sale of the Gargouilles wind farm (18.4 MW in France) to THEOLIA Utilities Investment Company ("TUIC") is not recognized as revenue.

WIND ACTIVITIES Non-wind activity (1) Consolidated total
(in thousand euros) Sales of electricity for own account Operation Development, construction, sale
FY 2012 49,314 6,260 10,786 1,376 67,736
FY 2011 47,109 6,243 12,563 1,564 67,480
Change +5% - -14% -12% -
  • Excluding Environment activities.
  • The revenue from the Sales of electricity for own account activity reached 49.3 million euros in 2012. Despite the sale of a few wind turbines to third parties in Germany and less favorable wind conditions over the second half of 2012, the Sales of electricity for own account activity keeps growing. Its revenue increased by + 5% in 2012 compared to 2011.

    The implementation of the co-investment strategy through TUIC enabled the Group to quickly commission (in late November 2012) the Magremont wind farm (15 MW in France), which electricity production will contribute to the increase in the 2013 revenue.

    The Sales of electricity for own account activity, which relies on 15- to 20-year electricity buy-back contracts, benefits from a predictable and recurring revenue, as well as from significant margins over the long term. This secure activity accounts for 73% of the 2012 consolidated revenue.

    The revenue from the Operation activity amounted to 6.3 million euros in fiscal year 2012, at the same level as in 2011. The effect of the increase in capacities managed for third parties in France, namely the operation of the Gargouilles and Magremont wind farms for TUIC, was offset by the impact of less favorable wind conditions in Germany in 2012 than in 2011.

    The revenue for the Development, construction, sale activity reached 10.8 million euros in 2012. During the year, THEOLIA sold 5.2 installed MW in Germany (of which 2.9 MW during the fourth quarter), whereas in 2011, the Group had sold a 4 MW wind farm in Germany and a 12 MW wind project in France. The fees for developing and constructing wind farms for third parties in France are similar in 2011 and 2012.

    The Non-wind activity registered a revenue of 1.4 million euros in 2012, produced by the solar park in Germany.

    The consolidated revenue registered for fiscal year 2012 is in line with the strategy implemented by the Group, which is based on:

    • a co-investment strategy, which enables to boost the pace of commissioning, directly benefitting to the Sales of electricity for own account and Operation activities;
    • geographical spread, which contributes to reducing the impact of possible variations in local weather conditions;
    • a controlled policy of disposals, which generates cash according to the needs and enables to allocate funds to investments with more added value.

    Therefore, in 2012, the decline in the Development, construction, sale activity, due to the reduction of disposals, was offset by a 5% increase in the Sales of electricity for own account activity.

    It should be noted that the consolidated annual revenue disclosed in this press release does not integrate the recent acquisition of the control of the Breeze Two Energy German company, which has only been consolidated in THEOLIA's financial statements since January 31, 2013.

    II. Commissioning of a 10 MW wind farm for own account in Italy
     

    Located in the Puglia region in Italy, on the territory of the Bovino locality, this wind farm includes 5 Enercon E70 wind turbines, for an installed capacity of 10 MW.

    It is entirely held by THEOLIA and has been producing electricity for own account since January 2013.

    The wind farm benefits today from a mixed regime based on purchase of electricity and green certificates and will benefit from a feed-in tariff as from 2016.

    Thanks to this commissioning, the installed capacity operated by the Group for own account now reaches 644 MW, including Breeze Two Energy.


    About THEOLIA
     

    THEOLIA is an independent producer of wind energy, active over the entire wind value chain. The Group develops, builds and operates wind farms in four countries: France, Germany, Italy and Morocco. In total, the Group operates 1,269 MW for its own account and for third parties.

    CONTACT

    Elodie Fiorini
    Communications & Investor Relations
    Tel: +33 (0)4 42 906 596
    elodie.fiorini@theolia.com

    THEOLIA
    French Société anonyme (public limited company with Board of Directors) with a share capital of ¤90,846,215.60
    Registered office: 75 rue Denis Papin - BP 80199 - 13795 Aix-en-Provence Cedex 3 - France
    Tel: +33 (0)4 42 904 904 - Fax: +33 (0)4 42 904 905 - www.theolia.com
    THEOLIA is listed on the compartment C of NYSE Euronext Paris, code: TEO
     

    APPENDIX

    WIND ACTIVITIES Non-wind activity (1) Consolidated total
    (in thousand euros) Sales of electricity for own account Operation Development, construction, sale    
    First quarter
    2012 14,734 2,062 2,875 250 19,921
    2011 11,236 1,612 796 244 13,888
    Change + 31% + 28% + 261% + 2% + 43%
    Second quarter
    2012 11,585 1,385 2,444 487 15,900
    2011 10,567 1,384 947 608 13,506
    Change + 10% - + 158% - 20% + 18%
    Third quarter
    2012 9,176 1,088 1,002 510 11,776
    2011 9,887 1,330 882 526 12,625
    Change - 7% - 18% + 14% - 3% - 7%
    Fourth quarter
    2012 13,819 1,724 4,466 130 20,139
    2011 15,419 1,917 9 939 186 27,461
    Change - 10% - 10% - 55% - 30% - 27%
    Annual total
    2012 49,314 6,260 10,786 1,376 67,736
    2011 47,109 6,243 12,563 1,564 67,480
    Change + 5% 0% - 14% - 12% 0%
  • Excluding Environment activities.
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