Theolia widens net loss in H1 2013

Aug 29, 2013 - French wind power group Theolia (EPA:TEO) today said its first-half net loss widened to EUR 17.6 million (USD 23.3m) from EUR 10.3 million a year earlier.

The wind farm operator explained the further losses with costs due to the consolidation of German peer Breeze Two Energy, which Theolia acquired in February this year, as well as higher net interest cost related to the convertible bond and operating wind farm financing.

Revenue over the period amounted to EUR 46.5 million, up 30% on the year, driven up by significant growth in sales of electricity for own account. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) totalled EUR 24.3 million up from EUR 15.9 million a year earlier. The EBITDA margin improved to 52% from 44%.

Theolia is currently subject of a takeover bid launched by an investment fund owned by Australian Macquarie Group (ASX:MQG). The offer, which will be running until September 6, values the company at some EUR 335 million.

(EUR 1.0 = USD 1.327)

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