Press releases

• Consolidated revenue reached €329 million in 2009, compared with €70 million in 2008
• Resumption of sales of wind farms recorded in the Development, construction and sale activity explains the strong jump of consolidated revenue  
• The Sale of electricity for own account activity is resistant despite mediocre wind conditions during the year  

Full year revenue by activity ⁽¹⁾

⁽¹⁾ Excluding Environment activities

Revenue from Sale of electricity for own account,generated bywind farms owned by the Group, went from €55.5 million in 2008 to €51.9 million in 2009, decreasing slightly by 7% due to unfavorable wind conditions during the three first quarters, and to the asset disposals completed in 2009. Installed capacity for own account amounted to 319 megawatts (MW) as of December 31, 2009, to be compared to 360 MW as of December 31, 2008, a decrease of 11%.

Revenue from Development, construction and sale was €236.5 million in 2009. 234 MW of assets and wind projects were sold in 2009, thus exceeding Management's target of 200 MW.  

• As previously announced, the Group has reactivated its sales of turnkey wind farms in Germany: wind farms representing a total capacity of 145.7 MW, of which 137 MW of installed capacity, were sold in 2009. Revenue from sales in Germany in 2009 reached €195 million.
  It should be noted that revenue related to the sale of a 100.6 MW portfolio of wind farms and projects to RheinEnergie has not yet entirely been recorded in 2009, a remaining €10 million will be accounted in 2010 revenue.
• In France, 88 MW of capacity were sold, of which 7 MW of installed capacity.

Since September 1, 2009, all sales by THEOLIA of wind projects and operational assets are now considered as top line revenue, according to the amended IAS 16 standard in force since January 1, 2009. This change in the accounting treatment had a positive impact of €65 million on full year 2009 revenue. The application of this standard in 2008 would have had no impact on the consolidated revenue because of the absence of sales of wind farm and projects during the last financial year.  

Revenue from Operation includes the sale of electricity produced by wind farms managed for third parties. At €38.4 million in 2009, it decreased slightly compared to 2008 due to unfavorable wind conditions over a large part of 2009.  For information, it should be noted that for some new Operation and Maintenance (O&M) contracts signed in 2009, the Group no longer receives the revenue from the sales of electricity coming from these third party wind farms; only the management fees invoiced to these wind farms owners are recorded as revenue. As of December 31 2009, the Group managed 461 MW for third parties, compared to 311 MW as of December 31, 2008.

Non-wind activity in 2009 recorded revenue of €1.7 million due mainly to the solar farm in Germany (€1.4 million), the remainder coming from Biocarb's activities, a non-wind company sold during the second quarter of 2009. The 2008 revenue was impacted negatively by €14.4 million due to the cancellation of the sale of this same solar farm.

Reminder

THEOLIA will publish its 2009 full-year consolidated results on March 31, 2010 before market opening.

About THEOLIA

THEOLIA is an independent international developer and operator of wind energy projects. THEOLIA is active primarily in France, Germany and Italy, and also in India, Brazil and Morocco. THEOLIA trades on the compartment B of Euronext Paris, regulated market of NYSE Euronext, under the symbol TEO. The THEOLIA stock is part of in the CAC Small 90 index.

For more information

THEOLIA
French Société Anonyme (public limited company with Board of Directors)
with share capital of 40,208,707€
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 B of Euronext Paris, code: TEO

Appendix 1: Quarterly revenue by activity

Appendix 2: Quarterly revenue by regions