THEOLIA : THEOLIA doubles its revenue in the first quarter of 2009
THEOLIA's consolidated revenue amounts to €78.2 million in the first quarter of 2009, increasing by 100% compared to the first quarter of 2008.
|(in € thousands)||Wind activities||Non-wind activity||Consolidated Total|
|Sale of electricity for own account||Development, Construction, Sale||Operation|
|First quarter 2009||15,667||51,904||10,365||307||78,242|
|First quarter 2008||21,473||-||16,923||775 (1)||39,171 (1)|
(1) Restated for IFRS 5 application regarding discontinued activities for sale.
In accordance with the IFRS 8 standard and for a more readable presentation, the Group has redefined its business segments as follows:Sale of electricity for own account relates to the sale of electricity produced by wind farms owned by the Group, Development, Construction, Sale includes the development, construction and sale of wind projects and wind farms, Operation encompasses the management of wind farms for third parties as well as the sale of electricity produced by the wind farms operated but not owned by the Group, Non-wind activity is non core business and currently in the process of being sold.
Revenue from Sale of electricity for own account of €15.7 million is 27% down versus the first quarter of 2008, due to unfavorable wind conditions in both Germany and France during the first quarter of 2009.
As of March 31, 2009, the Group's installed capacity for own account was 360 MW, versus 347 MW as of March 31, 2008, representing a 4% increase.
Revenue from Development, Construction, Sale is €51.9 million. As announced, the Group has reactivated sales of wind farms to third parties in Germany and sold 35.5 MW during the first quarter of 2009. No sales of wind farms were registered in 2008.
Prior to 2008, the Group strategy was to sell some wind farms in order to finance its development. In order to accommodate the tax considerations of its individual clients, most of these sales occurred in the final months of the year. Now by increasing its target clientele, the Group should be able to achieve sales throughout the entire year.
Revenue from Operation of €10.4 million is 39% down compared to the first quarter of 2008, due to unfavorable wind conditions in Germany. It includes fees from management of wind farms and corresponding revenue from the sale of electricity produced.
As of March 31, 2009, the Group was managing 311 MW for third parties versus 313 MW as of March 31, 2008.
Revenue from Non-wind activity for the first quarter 2009 relates mainly to the sale of electricity produced by the solar park owned by the Group. The other activities have been removed from the consolidation as of December 31, 2008 in application of the IFRS 5 standard.
Update on the cash position
In early May, the Group received the €15 million proceeds from the sale of its stake in Thenergo. The free cash position (unaudited) at the holding level equals €22 million as of May 13, 2009.
THEOLIA is a leading European producer of electricity from wind energy. THEOLIA is active in France, Germany, Italy, India, Brazil and Morocco. THEOLIA trades on the compartment B of Euronext Paris, regulated market of NYSE Euronext, under the symbol TEO. The stock is in the SBF 120 and CAC MID100 indices.
For more information
Edward F. McDonnell
Director of Investor Relations
Tel: +33 (0)4 42 906 594
French Société Anonyme (public limited company with Board of Directors) with share capital of €39,828,992
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
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