Theolia's mixed bag

Investors in Theolia, the France-based wind power group, were faced with a mixed bag when the company’s half-year results were revealed this week.

The results, ending 30 June 2007, showed that Theolia had increased its turnover from €4.8m in 2006 to €51m. This led the group from a status of loss to profitability, as its net income was €6.27m, compared to -€4.13m last year. However, Theolia, in terms of its cash position, was 28 per cent worse off. Its cash assets fell from €65.5m at the end of 2006 to €47.2m - a fall of €18.3m.

At the end of 2006, Theolia acquired Germany’s Natenco for €105m, using €37.4m in cash to pay for part of the acquisition, which is one of the reasons for its large cash decrease in the latest results.