Theolia revenue drops 38% Y/Y in Jan-Sep 2010

(ADPnews) - Nov 18, 2010 - French wind energy group Theolia (EPA:TEO) said its revenue for the first nine months of 2010 slipped 38% year-on-year to EUR 143.1 million (USD 193.4 million), mainly due to asset disposals.

Revenue from sale of electricity for own account fell 29% to EUR 26.2 million, hit by operating plants disposals made at the end of 2009 and the beginning of 2010, particularly 55 MW in Germany and 7 MW in France.

Revenue from development, construction and sale business fell 47% to EUR 89 million as the company decided to favour revenue from the sale of electricity for own account. It sold 71.5 MW of installed capacity from January to September, compared to 170 MW a year earlier.

Revenue from operation business rose 2% to EUR 26.7 million, while revenue from non-wind activity fell 12% to EUR 1.3 million, generated by the company's solar park in Germany.

During the reported period Theolia improved its financial position by restructuring the terms of its convertible bond and raising fresh capital, it said, pointing out that its net debt narrowed to EUR 239.6 million at September 30, 2010 from EUR 375.8 million at end-June 2010.

The company, which operates in France, Germany and Morocco, opened its first farm in Italy in October.

At October 31 Theolia had installed capacity for own account of 284 MW and installed capacity managed for third parties of 573 MW, compared to 267 MW and 518 MW respectively on June 30 this year.

(EUR 1 = USD 1.352)

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