After that assign or keep them within our strategy

Black day Friday for Theolia. The course of the French company of wind electricity fell by 12.6, the highest decrease of the Paris stock exchange, to return to its level of three years ago. Rumours of bankruptcy have increased distrust for the company, which had announced earlier this month a strategic shift. Its CEO and founder Jean-Marie Santander explains that in fact Theolia has not waived completely its activity for the construction of wind power plants for third parties, which represents the bulk of its turnover. It will give its turbines to third parties or keep them "on the market and of his cash."

Are you in virtual bankruptcy, as rumors say

No, we are not in bankruptcy, virtual or nonvirtual. With a base installed 661 MW, it is impossible to consider a balance deposit because our group benefits from recurring products for fifteen to twenty years. It could not intervene if we have an investment plan mad without available capital. This is not our case. On September 3, we explained that we have changed strategy, with the idea of selling less capacity and keep the maximum. Indeed, it seems normal to stop an activity which does not generate a lot of gross operating income for the benefit of an activity that provides many. Our job is to build a megawatt. After that, assign or keep them within our strategy. Sell them brings us an important sales and a margin of 12-15, but this year. Keep them gives us a number of small business, but with a margin of 70 to 80 for fifteen to twenty years.

This strategy does not appear to have been understood. Your course has devissé of 24 last week...

We said we wanted to keep the maximum of megawatts with our cash. Most analysts considered that we were at the time to keep 100. This is not the case, we may retain between 0 and 100 of the 170 MW will be installed this year. Thus, our gross operating income will not necessarily of 20 million euros this year, as it interpreted the markets. It could be between 55 and 65 million euros if we sold all of the capabilities that will be installed this year and in line with our objectives of the beginning of the year.

In other words, you may return to your strategic turnaround!

Non. I say simply that the market and our cash flow, we can keep from 0 to 100 capacity.

How do you explain the reaction of the markets

Parallel to the situation of Theolia, markets are highly volatile and average values are the most affected. Any rumor about us is magnified.

To meet your goals and achieve a capacity of 2,000 MW of here in 2011, you will still need to appeal to the market

June 30, our cash was 161 million euros. It is worth adding a credit from EUR 33 million bridge on our operation to the Morocco, and 40 to 50 million on the potential sale of our non-wind assets. It is sufficient to complete the year without any difficulty. In the current state, it is out of the question to go to the markets. The course is much too low and does not reflect our value. Should he come back between 15 and 20 euros that we do appeal to the market. And, if this is not the case, we will sell most of our 170 megawatts of the year instead of keep 100. There are a lot of buyers and the sales are generally made in the last two or three months of the year. It is a feature of our business. An alternative could be to a strategic investor, as you had mentioned him... Under present conditions, it is also out of the question.

You have announced the search for a successor for the CEO function, which adds to the confusion. Where are you

One of the weak points of Theolia lies in the fact that many things are on my shoulders. It is also our shareholders, including General Electric feel. So we decided to separate the two functions of President and CEO. An ad hoc Committee composed of three Directors screened 5 recruitment firms and must decide this week which we will entrust the research. The profile has already been established. The goal is to get an appointment by the end of the year.