THEOLIA : Strong increase in sales of electricity and 2011 annual revenue in line with strategy
02/01/2012 | 02:30am
Strong increase in sales of electricity and 2011 annual
revenue in line with strategy
(2012/01/31 07:00 AM)
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Increase in installed capacities
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Strong growth in Sales of electricity for own account
activity and Operation activity
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Development, construction, sale activity in line with the
strategy implemented by the Group
Operational review
Increase in installed capacities managed for own account and
on behalf of third parties
During the year 2011, THEOLIA commissioned for own account
the Gargouilles wind farm for a capacity of 18.4 MW in
France. The commissioning has been progressive between June
and September 2011.
At the same time, the Group commissioned on behalf of a third
party, in September 2011, a 18.4 MW wind farm on sites
next to the Gargouilles one.
In the context of its activity of "trading" of operational
wind farms in Germany, the Group commissioned 3 wind farms
during the first quarter of 2011, for a cumulative capacity
of 8 MW for own account. At the end of December 2011, the
Group sold a 4 MW operating wind farm.
In total, THEOLIA commissioned a net capacity of 22.4 MW
for own account during 2011. Installed capacities for own
account thus reached 306 MW as of December 31, 2011,
compared with 283 MW as of December 31, 2010.
Capacities managed for third parties rose from 586 MW as
of December 31, 2010 to 604 MW as of December 31,
2011.
Pursuing a dynamic development
To maintain a sustained pace in the commissioning of wind
farms, THEOLIA started, during the second half of 2011, the
construction of a 10 MW wind farm in Italy and a
15 MW wind farm in France. The one in France has been
sold, in December 2011, to the investment vehicle THEOLIA
Utilities Investment Company, of which THEOLIA holds a 40%
interest.
During the second half of 2011, the Group also secured a new
building permit to install a wind farm with an estimated
capacity of 18 MW in France.
Finally, THEOLIA launched the development of a 300 MW wind
project in Morocco, jointly with the Moroccan Office National
de l'Electricité. Tenders for turbine supply and construction
works will be launched soon.
2011 annual revenue
The Group's consolidated full year revenue amounted to 67.5
million euros for 2011.
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WIND ACTIVITIES
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Non-wind activity (1)
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Consolidated total
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(in thousand euros)
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Sales of electricity for own account
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Operation
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Development, construction, sale
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FY 2011
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47,109
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6,243
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12,563
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1,564
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67,480
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FY 2010
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37,537
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4,962
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110,640
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1,403
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154,542
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Change
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+26%
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+26%
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-89%
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+11%
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-56%
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(1) Excluding Environment activities.
The revenue from the Sales of electricity for own account
activity reached 47.1 million euros in 2011, an increase
of +26% compared to 2010. This strong growth reflects the
dynamism of the pace of the Group's wind farm commissioning
in 2010 and 2011. The Sales of electricity for own account
activity thus benefitted, for the first time, from a full
year of operation of the Giunchetto wind farm, with a net
capacity of 15 MW for the Group, that has been commissioned
in October 2010, as well as from the effect of the
commissioning of wind farms carried out in 2011.
In 2011, the Group's installed capacities for own account
grew by +8%. The trend that appeared in the first half of
2011 showing that the revenue from the Sales of electricity
for own account grows faster than the installed capacity, is
confirmed and speeds up.
The revenue from the Operation activity amounted to
6.2 million euros in 2011, up by +26%. As for the Sales
of electricity for own account activity, the Operation
activity benefitted from the full year operation of wind
farms managed on behalf of third parties since 2010, as well
as from the effect of the commissioning on behalf of a third
party of a 18.4 MW wind farm in September 2011 in
France.
The revenue for the Development, construction, sale activity
amounted to 12.6 million euros in 2011. The revenue from this
activity over the period mainly includes the sale to a third
party of a 12 MW wind project in France, the sale of a
4 MW operating wind farm in Germany, as well as
development and construction services for third parties in
France. Wind farm and project sale prices are not disclosed.
It is reminded that during 2010, THEOLIA sold 72 MW. Since
the second half of 2010, the Group has reduced the pace of
disposals in order to favor sustainable revenue generated
from the sales of electricity for own account.
It is also noted that the sale of the Magremont project to
the investment vehicle THEOLIA Utilities Investment Company,
that occurred in December 2011, is not recognized as revenue.
The impact of this sale will be recorded in the "Other
operating income" item in the 2011 consolidated income
statement. For wind projects sold by THEOLIA to the
investment vehicle, THEOLIA carries out the construction and
operation of the wind farms on behalf of the vehicle. The
Group will be paid for these tasks which will be registered
as revenue.
The Non-wind activity registered a revenue of 1.6 million
euros in 2011, produced by the solar park in Germany.
Next financial publication
THEOLIA will publish its 2011 annual results on March 29,
2012 after market.
About THEOLIA
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 main countries: France,
Germany, Italy and Morocco. In total, the Group operates
910 MW for its own account and for third parties.
CONTACT
THEOLIA
French Société anonyme (public limited company with Board of
Directors) with share capital of €127,591,147
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 Euronext Paris,
code: TEO
