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
Jean-Marie Santander, CEO of Theolia, said: ‘The results of this first half of 2007 underline Theolia’s strategy. Natenco’s arrival within the group structure has been reflected in the results. By contrast, the results do not include the new wind farms acquired in
‘The results for the whole financial year should show further substantial progress as the sale of wind farms to third parties is weighted towards the second half of the year, so the group makes most of its turnover and profit in the second half. Furthermore, the portfolio of wind farms held by the group, 238MW at the end of June, and those which will be commissioned or acquired in the second half should also contribute to an increase in consolidated turnover and profitability.’
As of the end of June, Theolia’s wind portfolio included 238MW in operation for its own purposes, 177MW in operation for third parties and 205MW under construction. It aims to have a total of 2000MW by the end of 2011.
Theolia expects its total turnover for 2007 to be between €260m and €300m.