THEOLIA : Successfully restructured and presenting half-year results close to break-even for the first time, Theolia changes its name and becomes FUTUREN

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"With this new identity, the Group is looking resolutely into the future. A green power producer, FUTUREN today is a solid and efficient industrial group with substantial potential for national and international growth," says Chief Executive Officer Fady Khallouf.

"The half-year financial statements confirm the operating turnaround, and demonstrate the relevance of the strategy and business model implemented since 2010. The efforts made over the last five years have brought the Group to record net income close to break-even for the first time since it was founded.

This is a source of great satisfaction, and above all gives us encouragement and great motivation for the future.

FUTUREN has all the assets to fully play its role as a player in the energy transition, at a time when there is growing awareness that the development of renewable energy sources is an absolute necessity.

Our new name evokes the energies of the future. It embodies our ambition to develop clean energy sources serving the environment and to actively participate in the movement gaining momentum around the world to reduce carbon emissions.

Our accelerated growth, driven by the goal of doubling our installed wind capacity in France and Morocco in the short term, is the immediate result of this ambition.

On the eve of opening of the Paris Conference, I am proud to introduce FUTUREN, with my teams, to all renewable energy players, investors and the media," he concludes.

THEOLIA BECOMES FUTUREN
 

A pioneer among independent renewable energy players, founded in 1999 and listed for trading in 2002, Theolia has lived through several phases: creation through acquisitions, the crisis, and then recovery.

Today, with its new identity, the Group is turning a new page. The name FUTUREN evokes the future and symbolizes the Group's clear positioning, strategy and business model.

Since 2010, under the leadership of the new CEO Fady Khallouf, the Group has focused on power production, an activity secured by long-term contracts at guaranteed rates. FUTUREN today is an integrated group that produces green electricity in four countries: Germany, France, Morocco and Italy.

Operating 882 MW of wind power for itself and on behalf of third parties, with more than 200 MW in projects authorized, either under construction or on the verge of construction in France and Morocco, FUTUREN today is a benchmark player among independent onshore wind power operators.

"FUTUREN expresses our vision of the future. Renewable energy sources will be crucial for our future. With this new identity, we are affirming more than ever our ambition to participate in the sweeping changes in energy production that are already underway," says FUTUREN Chief Executive Officer Fady Khallouf.

Read the complete press kit at www.futuren-group.com, available from 12:30 pm on Wednesday, September 9, 2015.
 

2015 HALF-YEAR RESULTS
 

Key highlights of the first half of 2015
 

End of control over Breeze Two Energy
The contract related to the control over Breeze Two Energy included put and call options, which may be exercised upon certain circumstances.

On May 22, 2015, THEOLIA exercised its put option in order to end control over Breeze Two Energy. Thus, the BGEI company, a wholly-owned subsidiary of THEOLIA, holding 70% of the Class C bonds of Breeze Two Energy as well as associated rights, was sold to the entity which had sold Breeze Two Energy's bonds to THEOLIA. As at the date of transfer of the BGEI securities, on June 3, 2015, THEOLIA ended control over Breeze Two Energy.

Further development in France
In the first half of 2015, THEOLIA carried on the construction of the Haute Borne wind project, located on the territory of the towns of Languevoisin-Quiquery, Breuil and Billancourt, in the Somme French department. This project includes 7 wind turbines of 3 MW, bringing the total installed capacity of the future wind farm to 21 MW. According to the planned schedule, the wind farm is expected to be commissioned during the second half of 2015.

Appointment of Jérôme Louvet as Director
The General Meeting of Shareholders held on Friday June 19, 2015 appointed Mr. Jérôme Louvet as Director for a period of three years.

Change in share capital
During the first half of 2015, 233,568 shares were created following the exercise of stock warrants and 5,533 shares were created following the conversion of OCEANEs.

As at June 30, 2015, 118,846,345 stock warrants and 8,221,290 OCEANEs are outstanding.


The Group's business activity over the first half of 2015
 

The Group consolidated financial statements for the first half of 2015 were approved by the Board of Directors during its meeting on September 8, 2015, in the presence of the Statutory Auditors.

PREAMBLE


Given the end of control over Breeze Two Energy on June 3, 2015, the 2015 half-year financial statements include Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

During the first half of 2015, the Group reorganized its activities: as from 2015, the former activities "Development, construction, sale", "Operation" and "Corporate" are understood in their entirety. The two wind activities presented in the following consolidated financial statements are as follows:

  • the Sale of electricity activity corresponds to sales of the electricity produced by wind farms held and controlled by the Group; and

  • the Development and management of wind farms activity includes development, construction and operation of wind farms, as well as the sale of wind farms and projects to third parties.

CONSOLIDATED INCOME STATEMENT

THEOLIA's consolidated income statements for the first half of 2015 and the first half of 2014 restated gather transactions relating to Breeze Two Energy on a dedicated line, above the net income, denominated "Net income for the period from discontinued activities". The figures presented below, from the revenue to the net income from continuing operations, therefore exclude Breeze Two Energy.

 
(in thousand euros)
First half of 2015 First half of 2014 (restated) (1) First half of 2014 (published)
Revenue 29,797 29,500 51,684
EBITDA (2) 16,223 15,866 31,595
Operating income 6,181 409 7,771
Financial income (5,558) (11,327) (17,144)
Net income from continuing operations (387) (11,512) (9,968)
Net income for the period from discontinued activities (530) 1,566 20
Net income of the consolidated Group (917) (9,946) (9,946)
Of which Group share (1,939) (10,894) (10,894)
  1. Restated for the accounting of Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

  2. EBITDA = current operating income + amortization and non-operational risk provisions.

  • Consolidated revenue

THEOLIA's consolidated revenue (excluding Breeze Two Energy) reached 29.8 million euros for the first half of 2015, compared to 29.5 million euros for the first half of 2014, slightly increasing.

  Wind activities Non-wind activity Consolidated total
(in thousand euros) Sales of electricity Development and management of wind farms
First half of 2015 26,018 3,779 - 29,797
First half of 2014 restated (1) 25,638 3,364 498 29,500
Change + 1% + 12% n/a + 1%
First half of 2014 published 47,822 3,364 498 51,684
  1. Restated for the accounting of Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

As in the first quarter of 2015, wind conditions were globally favorable in the second quarter of 2015. Thus, the Sales of electricity activity recorded a revenue of 26.0 million euros for the first half of 2015, an increase of + 1% compared to the first half of 2014, despite the decrease in capacity operated for own account, following the sale of a 6 MW operating wind farm in August 2014. THEOLIA's main activity kept its balance and ensured a recurring revenue for the Group.

Generating wind power in 4 countries with different wind characteristics enables the Group to reduce the impact of unfavorable wind conditions in one country over a given period.

The Sales of electricity activity, which relies on 15- to 20-year electricity buy-back contracts, benefits from a recurring revenue and significant margins over the long term. This secure activity accounts for 87% of the consolidated revenue for the first half of 2015.

The revenue from the Development and management of wind farms activity registered a + 12% increase for the first half of 2015. Favorable wind conditions, notably in Germany, allowed to increase the revenue generated by the operation of wind farms for the account of third parties. During the first half of 2015, THEOLIA did not sale any wind farm or project.

The Group does no longer register any non-wind activity since the disposal of the solar park on May 30, 2014.

Taking into account a high basis for comparison, the consolidated revenue for the first half of 2015 was up by + 1% compared to the first half of 2014. The increase in wind activities, supported by globally favorable wind conditions over the first half of 2015, compensated the shutdown of the non-wind activity.

  • EBITDA

THEOLIA's consolidated EBITDA (excluding Breeze Two Energy) reached 16.2 million euros for the first half of 2015, compared to 15.9 million euros for the first half of 2014, slightly increasing.

  Wind activities Non-wind activity Consolidated total
(in thousand euros) Sales of electricity Development and management of wind farms
First half of 2015 18,910 (2,688) - 16,223
First half of 2014 restated (1) 18,752 (3,269) 383 15,866
Change + 1% + 18% n/a + 2%
First half of 2014 published 34,215 (3,002) 383 31,595
  1. Restated for the accounting of Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

Following the same trend as the revenue, the EBITDA from the Sales of electricity activity amounted to 18.9 million euros for the first half of 2015, in line with the first half of 2014, despite the decrease in capacity operated for own account, following the sale of a 6 MW operating wind farm in August 2014.

The EBITDA/revenue margin for the main activity of the Group reached 73% for the first half of 2015.

The EBITDA from the Development and management of wind farms activity improved over the first half of 2015, despite the fact that no wind farm or project was sold to third parties over the period. The activity notably benefited from a staff cost and subcontracting cost decrease.

The EBITDA followed the same trend as the revenue, demonstrating the stability of operating expenses. The EBITDA/ revenue margin reached 54% for the first half of 2015.
 

  • Operating income

THEOLIA's operating income (excluding Breeze Two Energy) reached 6.2 million euros for the first half of 2015, compared to 409 thousand euros for the first half of 2014, a very strong increase.

 
(in thousand euros)
First half of 2015 First half of 2014 (restated) (1) First half of 2014 (published)
EBITDA (2) 16,223 15,866 31,595
Amortization (10,100) (10,440) (18,806)
Impairment (31) (4,000) (4,000)
Other 89 (1,017) (1,018)
Operating income 6,181 409 7,771
  1. Restated for the accounting of Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

  2. EBITDA = current operating income + amortization and non-operational risk provisions.

The vast majority of amortization is related to wind farms held and controlled by the Group. With a slightly decreased installed capacity following the sale of a 6 MW operating wind farm in August 2014, amortization is slightly decreasing.

The Group did not record any impairment during the first half of 2015. It is reminded that the Group had recorded impairment in the amount of 4.0 million euros during the first half of 2014, in order to take into account the worsening situation of some investments performed before 2009 in Italy.

Without any impact of impairment linked to the past, the operating income increased very strongly, reflecting the performance of the operating activities. The operating income/revenue margin reached 21% for the first half of 2015.

  • Financial income

THEOLIA's financial income (excluding Breeze Two Energy) represented a net cost of 5.6 million euros for the first half of 2015, compared to a net cost of 11.3 million euros for the first half of 2014, a very strong increase.

 
(in thousand euros)
First half of 2015 First half of 2014 (restated) (1) First half of 2014 (published)
Net interest cost related to
the convertible bond
(1,991) (7,529) (7,529)
of which accrued interests (1,897) (2,094) (2,094)
of which additional interest cost (94) (5,435) (5,435)
Net interest cost related to
operating wind farm financing
(2,992) (3,547) (9,436)
Other (575) (251) (179)
Financial income (5,558) (11,327) (17,144)
  1. Restated for the accounting of Breeze Two Energy as a discontinued activity, in accordance with IFRS 5.

Accrued interests related to the convertible bond amounted to 1.9 million euros for the first half of 2015, compared to 2.1 million euros for the first half of 2014.

Following the financial restructuring carried out at the end of 2014, the Company almost no longer records any additional interest cost due to the convertible nature of the bond. This cost amounted to 5.4 million euros for the first half of 2014.

The decrease in the net interest cost related to operating wind farm financing over the semester is partly due to the normal repayment of project financing, reducing over the years, the corresponding interest cost, and partly due to the decrease in installed capacity, following the sale of a 6 MW operating wind farm in August 2014.

The Group financial income registered a very strong increase. The net cost decreased by 5.8 million euros between the first half of 2014 and the first half of 2015, mainly thanks to the success of financial restructuring carried out at the end of 2014.

  • Net income from continuing operations

The net income from continuing operations represents THEOLIA's net income, before impact of discontinued activities, that is to say essentially excluding Breeze Two Energy and Ecoval 30.

The net income from continuing operations (excluding Breeze Two Energy) almost reached break-even for the first half of 2015, recording a loss of 387 thousand euros, compared to a loss of 11.5 million euros for the first half of 2014.

  • Net income of the consolidated Group

After impact of discontinued activities, the net income of the consolidated Group for the first half of 2015 is a loss of 917 thousand euros, compared to a loss of 9.9 million euros for the first half of 2014.

DEBT AND CASH POSITION

Following the deconsolidation of Breeze Two Energy as at June 3, 2015, the debt and cash position as at June 30, 2015 presented below exclude Breeze Two Energy. In contrast, the debt and cash position as at December 31, 2014 presented below include Breeze Two Energy.

The Group's net financial debt reached 128.5 million euros as at June 30, 2015, a decrease of 197.6 million euros over the first half of 2015. On the one hand, the deconsolidation of Breeze Two Energy during the period led to the decrease in net debt of 183.3 million euros; on the other hand, net debt related to THEOLIA (excluding Breeze Two Energy) decreased by 14.2 million euros over the first half of 2015.

(in thousand euros) 2015/06/30 2014/12/31
Operating wind farm financing (117,266) (325,573)
of which THEOLIA (117,266) (123,417)
of which Breeze Two Energy - (202 156)
Convertible bond (OCEANEs) (67,098) (67,791)
Other financial liabilities (25,507) (26,583)
Cash and cash equivalents 65,133 77,881
of which THEOLIA 65,133 59,066
of which Breeze Two Energy - 18,815
Other financial assets 16,254 16,007
Net financial debt (128,484) (326,059)
of which THEOLIA (128,484) (142,728)
of which Breeze Two Energy - (183,331)

Project financing related to wind farms held and controlled by THEOLIA fell by 6.2 million euros over the half year, mainly reflecting normal amortization. This project financing debt is non-recourse or with limited recourse against the parent company. Each special purpose vehicle holding a wind farm directly takes out financing with the bank and ensures reimbursement through the cash flows generated by the operation of the wind farm.

On the contrary, THEOLIA's cash position (excluding Breeze Two Energy) increased by 6.1 million euros over the semester, cash inflows generated by operating activities largely covered investments, net reimbursements of borrowings and payment of interests over the period.

(in thousand euros) 2015/06/30 2014/12/31
Cash related to Breeze Two Energy - 18,815
Cash related to THEOLIA (excluding Breeze Two Energy) 65,133 59,066
of which free cash 17,903 20,768
of which cash reserved for special purpose vehicles 25,196 15,626
of which pledged cash 22,034 22,672
Total cash and cash equivalents 65,133 77,881

The other elements composing the net debt (convertible bond, other financial liabilities and other financial assets) are almost stable over the period.

Significant events after the date of closing of the half-year financial statements
 

Group further development in France
In July 2015, THEOLIA signed a contract for the purchase of 9 wind turbines for the Chemin Perré project, located on the Nogentais community of communes, on the territory of the towns of Montpothier and Villenauxe-la-Grande, in the Aube French department. The contract also includes associated maintenance services, securing the costs of maintenance over fifteen years.

The unit capacity of the selected wind turbine model reached 2 MW, bringing the total installed capacity of the wind farm to 18 MW.

The future wind farm will generate green electricity that will cover the domestic electricity needs of approximately 21,000 households each year.

Commissioning is expected during the second half of 2016.

Change in share capital
During July and August 2015, 522,473 shares were created following the exercise of stock warrants.

PRESENTATION MEETINGS
 

On Wednesday September 9, 2015, FUTUREN will hold two presentation meetings at Auditorium du centre de conférences Edouard VII, 23 square Edouard VII, 75009 Paris, France:

10:00 am – 11:30 am: financial and strategic presentation for the financial community
11:30 am – 12:30 am: corporate and strategic presentation for the press
 

About FUTUREN
FUTUREN (formerly 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: Germany, France, Morocco and Italy. In total, the Group operates 882 MW for its own account and for third parties.

CONTACT
 

Elodie Fiorini
Communications & Investor Relations
Tel: +33 (0)4 42 906 596
e.fiorini@futuren-group.com

THEOLIA
French Société anonyme (public limited company with Board of Directors) with a share capital of €18,552,312.50
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
 


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