By Tara Patel
Nov. 18 (Bloomberg) -- Theolia SA, the French wind-power company part-owned by General Electric Co., has abandoned financial and operational targets and reversed a strategy announced earlier this year to keep more wind capacity.
``Given the ongoing restructuring and potential large impact of one-offs, the company is not in a position to confirm its earlier 2008 Ebitda target,'' the Aix-en-Provence-based company said yesterday in an e-mailed statement. ``The earlier stated 2009-2011 megawatt targets cannot be maintained in the current financial environment.''
Theolia's unaudited cash position dropped to 95 million euros ($120 million) at the end of October from 162 million euros June 30 and 326 million euros at the end of 2007, the statement said. The company's ``free cash'' position, which is neither ``pledged nor trapped in project service companies or subsidiaries'' stands at 14 million euros.
In order to generate cash, Theolia has ``resumed efforts to sell'' wind farms in Germany and possibly other countries and is cutting staff at headquarters by nearly half, the statement said.
Theolia in September cut its 2008 Ebitda outlook to ``a minimum'' of 20 million euros from an earlier forecast of 55 million euros to 65 million euros, saying it would sell less wind capacity.
Theolia on Sept. 29 replaced co-founder Jean-Marie Santander with Marc Van't Noordende as interim chief executive officer and named Eric Peugeot as chairman. Santander held both positions.
To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net
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