Theolia: 2011 results

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Operational review

Increase in installed capacities managed for own account and on behalf of third parties

During the year 2011, THEOLIA commissioned for own account the Gargouilles wind farm for a capacity of 18.4 MW in France. The commissioning has been progressive between June and September 2011.

At the same time, the Group commissioned on behalf of a third party, in September 2011, a 18.4 MW wind farm on sites next to the Gargouilles one.

In the context of its activity of “trading” of operational wind farms in Germany, the Group commissioned 3 wind farms during the first quarter of 2011, for a cumulative capacity of 8 MW for own account. At the end of December 2011, the Group sold a 4 MW operating wind farm.

In total, THEOLIA commissioned a net capacity of 22.4 MW for own account during 2011. Installed capacities for own account thus reached 306 MW as of December 31, 2011, compared with 283 MW as of December 31, 2010.

Capacities managed for third parties rose from 586 MW as of December 31, 2010 to 604 MW as of December 31, 2011.

Pursuing a dynamic development

To maintain a sustained pace in the commissioning of wind farms, THEOLIA started, during the second half of 2011, the construction of a 10 MW wind farm in Italy and a 15 MW wind farm in France. The one in France has been sold, in December 2011, to the investment vehicle THEOLIA Utilities Investment Company, of which THEOLIA holds a 40% interest.

During the second half of 2011, the Group also secured a new building permit to install a wind farm with an estimated capacity of 18 MW in France.

Finally, THEOLIA launched the development of a 300 MW wind project in Morocco, jointly with the Moroccan Office National de l’Electricité. Tenders for turbine supply and construction works will be launched soon.

 2011 annual revenue

The Group’s consolidated full year revenue amounted to 67.5 million euros for 2011.
WIND ACTIVITIES     Non-wind activity (1)     Consolidated total     
(in thousand euros)     Sales of electricity for own account     Operation     Development, construction, sale           
FY 2011     47,109     6,243     12,563     1,564     67,480
FY 2010     37,537     4,962     110,640     1,403     154,542
Change     +26%     +26%     -89%     +11%     -56%

(1)    Excluding Environment activities.

The revenue from the Sales of electricity for own account activity reached 47.1 million euros in 2011, an increase of +26% compared to 2010. This strong growth reflects the dynamism of the pace of the Group’s wind farm commissioning in 2010 and 2011. The Sales of electricity for own account activity thus benefitted, for the first time, from a full year of operation of the Giunchetto wind farm, with a net capacity of 15 MW for the Group, that has been commissioned in October 2010, as well as from the effect of the commissioning of wind farms carried out in 2011.

In 2011, the Group’s installed capacities for own account grew by +8%. The trend that appeared in the first half of 2011 showing that the revenue from the Sales of electricity for own account grows faster than the installed capacity, is confirmed and speeds up.

The revenue from the Operation activity amounted to 6.2 million euros in 2011, up by +26%. As for the Sales of electricity for own account activity, the Operation activity benefitted from the full year operation of wind farms managed on behalf of third parties since 2010, as well as from the effect of the commissioning on behalf of a third party of a 18.4 MW wind farm in September 2011 in France.

The revenue for the Development, construction, sale activity amounted to 12.6 million euros in 2011. The revenue from this activity over the period mainly includes the sale to a third party of a 12 MW wind project in France, the sale of a 4 MW operating wind farm in Germany, as well as development and construction services for third parties in France. Wind farm and project sale prices are not disclosed.

It is reminded that during 2010, THEOLIA sold 72 MW. Since the second half of 2010, the Group has reduced the pace of disposals in order to favor sustainable revenue generated from the sales of electricity for own account.

It is also noted that the sale of the Magremont project to the investment vehicle THEOLIA Utilities Investment Company, that occurred in December 2011, is not recognized as revenue. The impact of this sale will be recorded in the “Other operating income” item in the 2011 consolidated income statement. For wind projects sold by THEOLIA to the investment vehicle, THEOLIA carries out the construction and operation of the wind farms on behalf of the vehicle. The Group will be paid for these tasks which will be registered as revenue.

The Non-wind activity registered a revenue of 1.6 million euros in 2011, produced by the solar park in Germany.

Next financial publication

THEOLIA will publish its 2011 annual results on March 29, 2012 after market.


THEOLIA is an independent producer of wind energy, active over the entire wind value chain. The Group develops, builds and operates wind farms in four main countries: France, Germany, Italy and Morocco. In total, the Group operates 910 MW for its own account and for third parties.


Elodie Fiorini
Communications & Investor Relations     Tel: +33 (0)4 42 906 596


French Société anonyme (public limited company with Board of Directors) with share capital of €127,591,147

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 -
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