THEOLIA : Half yearly financial statements of Theolia as at 30 june 2007: strong increase in turnover and profitability

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Net Income (¤000)
2007 6,277
2006 -4,125

Turnover (¤000)
2007 51,024
2006 4,809
+960%

THEOLIA's board of directors, on 1st of October 2007, with Mr Jean-Marie Santander as Chairman, approved the consolidated financial statements of THEOLIA for the first half of 2007.

Jean-Marie SANTANDER, CEO of THEOLIA commented:

« The results of this first half of 2007 underline THEOLIA's strategy. NATENCO's arrival within the group structure has been reflected in the results. By contrast, the results do not include the new wind farms acquired in Germany amounting to an installed capacity of 165 MW, as the general meeting of shareholders convened to approve this transaction was held at the end of June.

NATENCO has been successfully integrated within the Group. Now and as was my intention when I set up the Group, the sale of wind farms to third parties is highly successful.

The results for the whole financial year should show further substantial progress as the sale of wind farms to third parties is weighted towards the second half of the year, so the Group makes most of its turnover and profit in the second half. Furthermore, the portfolio of wind farms held by the Group (238 MW at the end of June) and those which will be commissioned or acquired in the second half should also contribute to an increase in consolidated turnover and profitability.

This performance has enabled us to meet our objectives».

1- Financial highlights

Turnover (¤000) Operating income (¤000) Net income (¤000)
2007 51,024 2007 3,585 2007 6,277
2006 4,809 2006 -5,085 2006 -4,125

For the 2007 financial year, THEOLIA's consolidated half-yearly financial statements show substantial progress. This underlines the maturity of the Group as well as the success of its strategy.

Turnover has increased by almost 1,000% compared to 2006 and the Group has moved into profitability.

Because of the seasonal bias of the sale of wind farms to third parties, the turnover of 51 million Euros only includes the sale of wind farms for an installed capacity of c. 10 MW (i.e. a turnover of c. 16 million Euros). THEOLIA remains on target to achieve 150 MW sold to third parties by the end of the financial year. The turnover should thus show even stronger growth in the second half.

THEOLIA moved strongly into profitability, with the net consolidated income (Group share) going from -4 million Euros to just over 6 million Euros.

The capacity of 165 MW acquired in Germany at the end of June will have a positive impact on the end-of-year statements thanks to its second half contribution.

Statement (¤000) June 2007 June 2006 Change
Turnover 51,024 4,809 961 %
Operating income 3,585 - 5,085
Consolidated net income 6,277 - 4,125

Balance Sheet (¤000) June 2007 Dec 2006 Change
Non current assets 309,768 290,482 6%
Current assets 146,625 153,679 -4%
Of which cash 47,235 65,509 -28%
Shareholders' Equity 260,041 171,421 52%
Non current liabilities 78,600 90,833 -13%
Current liabilities 117,752 181,907 -35%

Cash flow ... (¤000) June 2007 Dec 2006 Change
... from operating activities -36,302 - 4,298  744 %
... from investing activities - 64,233 - 117,862 - 45%
... from financing activities + 82,628 166,007 - 50%
Change in cash - 17,893 43,847 - 140%

The working capital requirement increased by 29 million Euros between 1 January and 30 June 2007. This marked increase reflects NATENCO's activity and heavy use of working capital.

Capital expenditure for more than 23 million Euros was financed up c. 20 million Euros by debt called 'Projects', i.e. without calling on the parent company.

The acquisition of NATENCO and in particular the payment of the balance of the price of securities (c. 37 million Euros) was funded with equity.

Equity increased by 89 million Euros going from 171 to 260 million Euros, mainly due to a share capital increase linked to the Share Option Financing (PACEO) programme.

2 - THEOLIA's wind portfolio as at 30 June 2007

Wind portfolio (in MW) June 2007
In operation for own account 238 MW
In operation for third parties 177 MW
Under construction 205 MW
Permits obtained 114 MW
Permits deposited 548 MW
Own development 1,272 MW
Total 2,554 MW

The portfolio of wind farms as at 30 June 2007 shows THEOLIA's strong potential and remains on target for 2,000 MW at the end of 2011.

3 - Key facts

3-1 During the first half of 2007

The general meeting of shareholders held on 29 June 2007 approved the acquisition of several German wind farms with a capacity of 165 MW in exchange for 5,250,000 new shares in THEOLIA.

The subsidiary THEOLIA Benelux, renamed THENERGO, which produces energy from biogas and natural gas, was listed on Alternext of Euronext Paris. At the same time, it raised 65 millions Euros, placed with qualified investors. THEOLIA's stake in THENERGO went from 91% to around 35%.

On 29 June 2007, THEOLIA signed an agreement to acquire an Italian developer. Once the current due diligence procedures are complete, THEOLIA will have a 21 MW wind farm, due to become operational by the end of the year, as well as several developments representing capacity of around 75 MW that should receive authorisation in the near future, with a further 220 MW under development.

On 29 June 2007, an agreement was entered into with FC Holding (former owner of NATENCO). As per such agreement, FC Holding undertook to acquire 45 MW for an agreed turnover of 67 million Euros.

At the outset, the annual sales target for wind farms to third parties was set at 70 MW with NATENCO. Because of the Group's strong financial position and of the commitment of THEOLIA's management, this target was raised initially to 100 MW, then to 125 MW by the end of June (for 2007).

3-2 Since the half-year end

At the time of the NATENCO acquisition, it was involved in:

  • The sale and management of wind farms on behalf of third parties and the management of farms held on own account in Germany. These activities were regrouped within NATENCO GmbH
  • the development, sale and management of wind farms on behalf of third parties in India, Central and Eastern Europe and Brazil.

During the process of intregrating NATENCO within THEOLIA, and in order to optimise its exposure to emerging markets, THEOLIA decided to regroup all its emerging assets under the new subsidiary THEOLIA Emerging  Markets.

This subsidiary, set up in Casablanca and launched on 20 September 2007, acts as a hub for the management of the activities in India, South America, Central and Eastern Europe and Africa. Several transactions are underway in these regions.

THEOLIA is buying the wind farm from the Compagnie Eolienne du Détroit (CED) in Morroco. This wind farm with a capacity of over 50 MW enjoys ideal wind conditions; the number of equivalent operating hours (EOH) (based at 100) is over 3,500. The transaction should be completed by the end of November 2007 subject to formal procedures.

4 - Outlook

The Group maintains its target of 2000 MW by the end of 2011 in terms of wind farms acquired and/or built and operated on its own account or on behalf of third parties.

The Group remains on track to meet its financial targets and may well exceed them. Today, three months before the financial year end, the Group is expecting turnover to be between 260 et 300 millions Euros for 2007.

Next financial statement

Third quarter turnover: 14 November 2007

THEOLIA will comment Results by an Audio Webcast (Analyst Conference) by Internet the 3rd October 2007 at 10:00 AM CET.
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=174954&eventID=1660302 and on http://www.theolia.com

ANNEXES

First half of 2007 consolidated statement

  • Consolidated Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Statement of Changes in Equity

THEOLIA is a leading European independent producer of renewable energies. THEOLIA's activity spans development, construction and operation of wind farms. THEOLIA operates in France, Germany, Spain, Italy, Greece, Eastern Europe as well as India and Brazil. THEOLIA is listed on the Paris (Eurolist B) under the mnemonic TEO.

For any further information
Dolores Muniz
Media Relations
Tel : +33 (0)4 42 904 904
dolores.muniz@theolia.com

THEOLIA
Société anonyme à Conseil d'Administration Registered capital 38 235 117 ¤
Head office: Parc de La Duranne - 860, rue René Descartes 
Les Pléiades Bât F - 13795 Aix-en-Provence cedex 3
Tel : +33 (0)4 42 904 904 - Fax : +33 (0)4 42 904 905 - www.theolia.com
THEOLIA is listed on Eurolist B by Euronext Paris, code: TEO © Copyright Actusnews Wire
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