THEOLIA : Major 100% wind power player emerges - 2005-2006: founding financial year


At a meeting held on 20 April 2007, chaired by Mr Jean-Marie Santander, the Board of Directors of Theolia approved the Group's consolidated financial statements for a founding financial year, an exceptional 18 months (1 July 2005 to 31 December 2006).


(¤ thousands) 31.12.06 30.06.05 Wind Non-wind Total
(18 months) (12 months) 31.12.06 31.12.06 31.12.06
Revenue 70,986 4,026 56,382 14,655 70,986
EBITDA -4,734 -811 -610 -4,124 -4,734
Net result, Group share -4,414 41 -119 -4,294 -4,414

Jean-Marie SANTANDER, CEO: "It gives me great pleasure to present the THEOLIA Group's consolidated financial statements to 31 December 2006, covering a period that saw the emergence of a new global player devoted 100% to wind energy.

For the past financial year, however, results were heavily affected by the Group's non-wind business. As announced, we have decided to devote 100% of our human resources to the production of electricity from wind power. All non-wind business has been regrouped into our subsidiary Theolia Benelux, which has been renamed Thenergo. This subsidiary will shortly be listed on Alternext (Euronext Paris).

Consolidating Theolia's various wind acquisitions as of 1 January 2006, revenue for the wind business would be ¤141m, EBITDA ¤7.2 m and the net result ¤5.3 m. This pro forma business presentation is important: it reflects the Group's real standing when the financial statements ended on 31 December 2006 since it incorporates both its new scope of consolidation and its strategy.

The 2005-6 financial year really was a founding period for the Group and our new investors have clearly understood this.

During the past two financial years, the Group's portfolio went from 50 MW in June 2004 to almost 3,000 MW in April 2007. In June 2004 Theolia was active only in France. Now, our company has assumed a worldwide dimension with operations in France, Spain, Benelux, Germany, Eastern Europe, India and Brazil. The Group is also putting the finishing touches to deals in Italy and Greece."


Pro forma financial statements as at 31.12.2006 (¤ thousands) (12 months)
Revenue 141,090
EBITDA 7,182
Net result, Group share 5,291

Following the consolidation of Natenco, pro forma financial statements show the potential of the new Group, which focuses on the production of wind-powered electricity. These results do not take account the 165 MW held by General Electric Energy Financial Services, which forms part of the agreement concluded on 14 February 2007 to be submitted to shareholders at the Annual General Meeting in June.


This financial year was highlighted by Theolia's transfer from the Marché Libre directly to Eurolist compartment B. In addition, the strong growth in capitalisation (from ¤136m on 30 June 2005 to ¤864m on 16 April 2007) and in shareholders' equity shows that Theolia Group is now structured to deal with the challenges of its global development.

Acquisition of Natenco: International opening and complementary areas of specialisation

On 13 December 2006 the Group took control of Germany's Natural Energy Corporation (Natenco) for a total of ¤110m. In 2005 Natenco operated 137 wind turbines with a total output of 157 MW.

Natenco specialises in buying and constructing wind power plants before selling them to third parties and managing them on behalf of its clients.

As a result of this acquisition, the THEOLIA Group has strengthened its presence in Germany and is now present in India, the Czech Republic and Brazil. Its business activities also include the sale and management of wind farms for third parties.

Organic growth by asset structuring in France

At the same time, the Group has been able to build its own farms following integration of the company Ventura, a French specialist in developing wind farms. Theolia has restructured this subsidiary by setting up a "turnkey" construction business. This decision has created significant value for the Group.

All told, wind power plants in operation, under construction or being financed represented output of over 110 MW on 31 December 2006.


In 2006 Theolia Group went to great lengths to raise funds to ensure external growth in order to minimise recourse to LBO-type financing.

The Group's borrowing logic is to concentrate on long-term financing through special purpose vehicles (SPVs), by which it sets up a company for each wind farm.

This financial policy gives the Group greater reactivity in an ever-changing market and ensures the holding company carries no debt  - one of the main factors behind Theolia's success.

The cash flow table below illustrates the investment policy pursued in the past financial year.

(¤ thousands) 31.12.06 30.06.05
Cash flow -1,946 -126
Effect of change in working capital requirements -190 -7,341
Corporation tax paid -2,161 0
Net cash flow from operating activities -4,298 -7,467
Capital expenditures -49,212 -10,285
Changes in scope of consolidation -68,650 -3,401
Net cash flow from investing activities -117,862 -13,686
Capital increase 139,147 27,315
Net change in debt 28,845 2,891
Others -1,985 10,080
Net cash flows from financing activities 166,007 40,286
Change in cash and cash equivalents 43,847 19,133
Opening net cash and cash equivalents 19,295 162
Closing net cash and cash equivalents 63,142 19,295

The net amount of investments was ¤117,862k. They were divided into two distinct categories: construction operations, regarded as acquisition of fixed assets, and external growth operations.

The net change in fixed assets was ¤49,212k and was mainly financed by borrowing.

External growth operations, whose cash impact was ¤68,650k, were financed by shareholders' equity.

This policy was highlighted by the cash flows from financing activities, as the net change in borrowing and debts was ¤28,845k and the total amount of capital increases was ¤139,147k. This amount was invested in external growth operations.

The result was a net change in cash and cash equivalents of ¤43,847k over the financial year. The closing figure for net cash and cash equivalents bodes well for construction operations in 2007.


(¤ thousands) As at
As at
Capital 25,406 9,723 161%
Shareholders' equity 171,421 32,101 434%
Liquid assets 65,509 19,297 240%
Net debt 127,405 22,370 470%
Property, plant and equipment 119,171 12,263 872%
Tangible and intangible assets 158,606 40,458 292%
Debt ratio 80% 55%


Based on a portfolio of almost 3,000 MW, the Theolia Group has ambitious prospects centred on its worldwide wind business.

The Theolia Group's potential in MW

As of today, the Group's portfolio is broken down as follows:
- 242 MW in operation of which 164 MW is on behalf of third parties,
- 89 MW under construction,
- 165 MW (permits obtained) awaiting finance (audits in progress) or building work,
- 443 MW of building permits lodged and awaiting signature,
- + c. 1,800 MW in development.

Strategic partnership with GE Energy Financial Services (GE EFS)

Once shareholder agreement has been obtained at the June 2007 AGM, Theolia and GE EFS will cooperate in a number of areas, creating value for both partners. On the one hand, GE Energy Financial Services will give Theolia priority in offering it every opportunity to develop wind farms in Europe, thereby providing increased growth potential. On the other, Theolia will benefit from GE's know-how and skills in project finance and have access to its energy-related products and services.

Theolia will also acquire European wind farms from GE EFS with a total installed capacity of 165 MW.

Theolia will strengthen its position in the German market following this acquisition.

Jean Marie SANTANDER: "With the preceding financial year having seen a restructuring of capital, the financial year under way will reveal the new Theolia Group's strong worldwide potential. We will work to consolidate our activities and create partnerships with first-rate industrial players for our business of selling wind parks to third parties. The Group is also currently considering setting up in the US. The reason for which, in 2006 the US was ranked third in the world behind Germany and Spain. The US will undoubtedly move to first place in the next few years. I believe that the developments seen in the US will lead to accelerated growth of wind parks. I am sure Theolia's three main activities - turnkey development and construction, construction and operation for third parties and construction and operation for our own account - can be as successful in the US as they have been in Europe."


Revenue figures for the first quarter of 2007: 15 May 2007


Consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement

For more information


Jean-Marie Santander
Président Directeur Général
Tél : + 33 (0)4 42 904 904

Graham Fairbank
Directeur de la Communication
Tél : +33 (0)4 42 904 904

Société anonyme à Conseil d'Administration. Registered capital 31 483 409  ¤
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 -
THEOLIA is listed on Eurolist B,  Euronext Paris, code: TEO © Copyright Actusnews Wire
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