THEOLIA : Strong increase in THEOLIA’s consolidated revenue in 2009

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Consolidated revenue reached ¤329 million in 2009, compared with ¤70 million in 2008 Resumption of sales of wind farms recorded in the Development, construction and sale activity explains the strong jump of consolidated revenue   The Sale of electricity for own account activity is resistant despite mediocre wind conditions during the year  

Full year revenue by activity (1)

(in ¤ thousands) Wind activities Non-wind activity Consolidated total
Sale of electricity for own account Development, construction, sale Operation    
2009 51,918 236,467 38,499 1,710 328,595
2008 55,540 -18,236 43,454 -10,802 69,956
Change -7% n/a -11% n/a x4.7

(1) Excluding Environment activities

Revenue from Sale of electricity for own account,generated bywind farms owned by the Group, went from ¤55.5 million in 2008 to ¤51.9 million in 2009, decreasing slightly by 7% due to unfavorable wind conditions during the three first quarters, and to the asset disposals completed in 2009. Installed capacity for own account amounted to 319 megawatts (MW) as of December 31, 2009, to be compared to 360 MW as of December 31, 2008, a decrease of 11%.

Revenue from Development, construction and sale was ¤236.5 million in 2009. 234 MW of assets and wind projects were sold in 2009, thus exceeding Management's target of 200 MW.  

As previously announced, the Group has reactivated its sales of turnkey wind farms in Germany: wind farms representing a total capacity of 145.7 MW, of which 137 MW of installed capacity, were sold in 2009. Revenue from sales in Germany in 2009 reached ¤195 million.
It should be noted that revenue related to the sale of a 100.6 MW portfolio of wind farms and projects to RheinEnergie has not yet entirely been recorded in 2009, a remaining ¤10 million will be accounted in 2010 revenue. In France, 88 MW of capacity were sold, of which 7 MW of installed capacity.

Since September 1, 2009, all sales by THEOLIA of wind projects and operational assets are now considered as top line revenue, according to the amended IAS 16 standard in force since January 1, 2009. This change in the accounting treatment had a positive impact of ¤65 million on full year 2009 revenue. The application of this standard in 2008 would have had no impact on the consolidated revenue because of the absence of sales of wind farm and projects during the last financial year.  

Revenue from Operation includes the sale of electricity produced by wind farms managed for third parties. At ¤38.4 million in 2009, it decreased slightly compared to 2008 due to unfavorable wind conditions over a large part of 2009.  For information, it should be noted that for some new Operation and Maintenance (O&M) contracts signed in 2009, the Group no longer receives the revenue from the sales of electricity coming from these third party wind farms; only the management fees invoiced to these wind farms owners are recorded as revenue. As of December 31 2009, the Group managed 461 MW for third parties, compared to 311 MW as of December 31, 2008.

Non-wind activity in 2009 recorded revenue of ¤1.7 million due mainly to the solar farm in Germany (¤1.4 million), the remainder coming from Biocarb's activities, a non-wind company sold during the second quarter of 2009. The 2008 revenue was impacted negatively by ¤14.4 million due to the cancellation of the sale of this same solar farm.

Reminder

THEOLIA will publish its 2009 full-year consolidated results on March 31, 2010 before market opening.

About THEOLIA

THEOLIA is an independent international developer and operator of wind energy projects. THEOLIA is active primarily in France, Germany and Italy, and also in India, Brazil and Morocco. THEOLIA trades on the compartment B of Euronext Paris, regulated market of NYSE Euronext, under the symbol TEO. The THEOLIA stock is part of in the CAC Small 90 index.

For more information

Edward F. McDonnell
Responsable Relations Investisseurs
Tél : +33 (0)4 42 906 594
eddie.mcdonnell@theolia.com
Marie Anne Dahéron Ruiz
Communication financière
Tél : +33 (0)4 42 906 596
marie-anne.daheron@theolia.com

THEOLIA
French Société Anonyme (public limited company with Board of Directors)
with share capital of 40,208,707¤
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 B of Euronext Paris, code: TEO

Appendix 1: Quarterly revenue by activity

(in ¤ thousands) 2009 2008 Change
1st quarter      
Sale of electricity for own account 15,667 21,473 -27%
Development, construction, sale 51,904 0 -
Operation 10,365 16,923 -39%
Non-wind activity 307 775 -60%
Consolidated total 78,242 39,171 +100%
2nd quarter      
Sale of electricity for own account 12,066 9,727 +24%
Development, construction, sale 5,340 (11) -
Operation 8,711 6,134 +42%
Non-wind activity 568 1,409 -60%
Consolidated total 26,685 17,259 +55%
3rd quarter      
Sale of electricity for own account 9424 8,730 +8%
Development, construction, sale 110,779 20 n/s
Operation 7,027 9,825 -28%
Non-wind activity 560 1,067 -48%
Consolidated total 127,791 19,643 +551%
4th quarter      
Sale of electricity for own account 14,761 15,610 -5%
Development, construction, sale 68,444 (18,245) -
Operation 12,397 10,572 17%
Non-wind activity 275 (14,054) -
Consolidated total 95,877 (6,116) -
Full year      
Sale of electricity for own account 51,918 55,540 -7%
Development, construction, sale 236,467 (18,236) -
Operation 38,499 43,454 -11%
Non-wind activity 1,710 (10,802) 457%
Consolidated total 328,595 69,956 368%

Appendix 2: Quarterly revenue by regions

(in ¤ thousands) 2009 2008 Change
1st quarter      
France 3,988 4,520 -12%
Germany 72,486 32,733 121%
Rest of the world 1,767 1,918 -8%
Consolidated total 78,242 39,171 100%
2nd quarter      
France 3,168 2,186 45%
Germany 21,798 12,735 71%
Rest of the world 1,719 2,337 -26%
Consolidated total 26,685 17,259 55%
3rd quarter      
France 4,752 2,696 76%
Germany 121,564 15,119 704%
Rest of the world 1,475 1,827 -19%
Consolidated total 127,791 19,643 551%
4th quarter      
France 39,841 2,249 n/s
Germany 54,616 (10,242) -
Rest of the world 1,421 1,877 -24%
Consolidated total 95,877 (6,116) -
Full year      
France 51,749 11,651 344%
Germany 270,463 50,346 437%
Rest of the world 6,382 7,959 -20%
Consolidated total 328,595 69,956 368%
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