THENERGO NV : Thenergo dépose son prospectus d'appel public à l'épargne auprès de la CBFA et annonce ses résultats pro forma pour 2007

Anvers - Thenergo (Alternext Paris: ALTHE), développeur et opérateur leader dans l'exploitation de projets décentralisés d'énergie propre, a déposé son prospectus d'appel public à l'épargne auprès de la Commission bancaire, financière et des assurances (CBFA) de Belgique en prévision de son augmentation de capital et de son transfert de cotation sur Euronext Bruxelles et Euronext Paris. Sous réserve de l'approbation de ce prospectus, Thenergo a pour objectif de lancer cette transaction fin juin 2008 avec KBC Securities et Dexia Bank comme lead managers. Le but est de réaliser une nouvelle levée de fonds en Belgique et en France et un placement privé avec des investisseurs institutionnels en Europe.


For maximum transparency, the company also discloses its pro-forma financials 2007 and provides guidance as to the development of its activities in 2008.

Deal intake in 2008

As described in its annual report, at the end of 2007 Thenergo had operational sites representing 63 MWe and 185 MWth. Since the start of 2008, 4 new contract signatures were announced, adding to the portfolio a total of 74 MWe and 86 MWth, for a total investment of E208 million. These new sites are expected to turn operational between 2009 and 2011. This means that in the first 5 months of 2008 a larger contract volume in terms of electrical capacity has been signed than in 2006 and 2007 combined.

Pro-forma Profit & Loss statement 2007

In order to better reflect Thenergo's current size of operations, a pro-forma P&L has been prepared, integrating the full year impact of the acquisition of the Leysen group and the ENRO group (renamed Thenergo Sustainable Energy or tse.AG) in 2007. Thenergo's reported P&L, as provided in its annual report 2007, only includes the last 4 months of the Leysen group financials and none of the ENRO financials, as control of the latter was only obtained in January 2008.

Total 2007 pro-forma revenues amount to E54.8 million as compared to the reported revenues of E20.8 million, whereby full year Leysen group 2007 revenues equal E22.9 million whilst full year ENRO group 2007 revenues equal E15.0 million. The pro-forma revenues show an important shift in geographical split of the revenues, leading to a 27% share of the German activities in the pro-forma 2007 revenues.

The pro-forma 2007 Recurring EBITDA amounts to E5.5 million as compared to a Recurring EBITDA of E2.5 million based on the reported 2007 financials.

The pro-forma 2007 Recurring EBITDA as well as the Recurring EBITDA based on the reported financials both exclude the (non-cash) share-based expense of E1.9 million. Important to note is that the full year ENRO reported 2007 EBITDA is affected by a number of exceptional provisions mainly linked to changes in management and project write-off. These provisions amount to E4.3 million and are equally excluded from the Recurring pro-forma EBITDA figure. With respect to the Leysen Recurring pro-forma EBITDA, extraordinary costs have been excluded from the Recurring EBITDA for an amount of E0.9 million.

* Thenergo is a listed company. This news release contains information that is subject to transparency regulations.

Unaudited pro forma consolidated 2007 income statement & balance sheet

The below pro-forma financial information has been prepared for illustrative purposes only. Because of its nature, the below pro-forma financial information addresses a hypothetical situation and, therefore, does not represent the company's actual financial position or results.

Unaudited pro forma consolidated 2007 income statement

+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |  2007 as published |  8 months Leysen |  12 months tse (ENRO) |    Other   |  2007 pro forma |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |        Unaudited |             Unaudited |  Unaudited |       Unaudited |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Operating income              |             20,987 |           15,533 |                16,616 |      4,185 |          57,321 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Revenues                      |             20,810 |           15,005 |                15,011 |      3,987 |          54,813 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Other income                  |                177 |              528 |                 1,605 |        198 |           2,508 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Operating expenses            |            -22,048 |          -15,998 |               -22,360 |     -3,541 |         -63,947 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Cost of sales                 |            -13,670 |           -8,623 |                -9,919 |     -2,533 |         -34,745 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Payroll expenses              |             -2,334 |           -3,637 |                -2,740 |            |          -8,711 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Depreciation and amortisation |             -1,696 |             -871 |                -1,483 |       -966 |          -5,016 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Share-based payment expense   |             -1,880 |                  |                       |            |          -1,880 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Other operating expenses      |             -2,468 |           -2,867 |                -8,218 |        -42 |         -13,595 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Operating result              |             -1,061 |             -465 |                -5,744 |        644 |          -6,626 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Financial result              |                 65 |             -525 |                -1,590 |       -654 |          -2,704 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Finance income                |              1,394 |               22 |                   168 |         94 |           1,678 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Finance costs                 |             -1,329 |             -547 |                -1,758 |       -748 |          -4,382 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Share of result of associates |                227 |                  |                       |        -49 |             178 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Result before tax             |               -769 |             -990 |                -7,334 |        -59 |          -9,152 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Income tax expense/(income)   |             -1,627 |               73 |                  -317 |       -189 |          -2,060 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Result of the year            |                858 |           -1,063 |                -7,017 |        130 |          -7,092 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|                                |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Attributable to :             |                    |                  |                       |            |                 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Equity holders of Thenergo    |                -60 |           -1,063 |                -6,046 |         75 |          -7,094 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+
|  Minority interests            |                918 |                  |                  -971 |         55 |               2 |
+--------------------------------+--------------------+------------------+-----------------------+------------+-----------------+

Unaudited pro forma consolidated balance sheet at 31 December 2007

+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |  2007 as published |   Leysen   |  tse (ENRO) |    Other   |  Pro forma Adjustments |  2007 Pro forma |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |  Unaudited |   Unaudited |  Unaudited |              Unaudited |       Unaudited |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Non-current assets            |            117,420 |     -1,063 |      41,095 |      6,542 |                   -716 |         163,278 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Goodwill                      |             59,853 |     -1,063 |             |            |                  7,268 |          66,058 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Intangible assets             |              7,507 |            |          10 |            |                        |           7,517 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Property, plant and equipment |             38,016 |            |      40,184 |      6,316 |                        |          84,516 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Investments                   |              9,332 |            |          11 |         17 |                 -7,984 |           1,376 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Deferred tax assets           |              2,588 |            |         876 |        209 |                        |           3,673 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other non-current assets      |                124 |            |          14 |            |                        |             138 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Current assets                |             68,627 |            |       5,967 |        983 |                 -3,097 |          72,480 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Trade receivables             |             12,170 |            |       2,409 |        564 |                        |          15,143 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other receivables             |              5,447 |            |          59 |         58 |                        |           5,564 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Inventories                   |                205 |            |         306 |            |                        |             511 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other current assets          |                980 |            |       1,170 |            |                        |           2,150 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Cash and cash equivalents     |             49,825 |            |       2,023 |        361 |                 -3,097 |          49,112 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Total assets                  |            186,047 |     -1,063 |      47,062 |      7,525 |                 -3,813 |         235,758 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Equity                        |            122,473 |     -1,063 |        -839 |        193 |                 -3,813 |         116,951 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Share capital                 |            114,848 |            |             |            |                  1,489 |         116,337 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Retained earnings             |             -1,386 |     -1,063 |      -2,205 |        127 |                 -5,302 |          -9,830 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Share-based payments          |              7,916 |            |             |            |                        |           7,916 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Hedging reserves              |               -152 |            |             |         -4 |                        |            -156 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Minority interests            |              1,247 |            |       1,366 |         70 |                        |           2,683 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Non-current liabilities       |             39,158 |            |      38,518 |      5,346 |                        |          83,022 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Provisions                    |                    |            |       1,399 |            |                        |           1,399 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Long-term borrowings          |             24,164 |            |      29,746 |        177 |                        |          54,087 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Leases                        |             12,413 |            |       4,162 |      5,169 |                        |          21,744 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Deferred tax liabilities      |              2,581 |            |         312 |            |                        |           2,893 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other non-current liabilities |                    |            |       2,899 |            |                        |           2,899 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Current liabilities           |             24,416 |            |       9,383 |      1,986 |                        |          35,785 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Short-term borrowings         |              6,990 |            |       1,126 |            |                        |           8,116 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Leases                        |                885 |            |             |        377 |                        |           1,262 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Trade payables                |             13,039 |            |       4,972 |      1,102 |                        |          19,113 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other payables                |              2,317 |            |       1,056 |        420 |                        |           3,793 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Other current liabilities     |              1,185 |            |       2,229 |         87 |                        |           3,502 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|                                |                    |            |             |            |                        |                 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+
|  Total equity and liabilities  |            186,047 |     -1,063 |      47,062 |      7,525 |                 -3,813 |         235,758 |
+--------------------------------+--------------------+------------+-------------+------------+------------------------+-----------------+

The following table shows the pro-forma 2007 P&L in segment terms.

+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|            Pro Forma Year 2007            |  Energy from natural gas |  Energy from biogas and biomass |  Concept engineering energy plants |         |         |         |  Eliminations |  Consolidated |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Leysen group                             |                      Tse |                         Holding |                                    |         |         |         |               |               |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|                                           |                     2007 |                            2007 |                               2007 |    2007 |    2007 |    2007 |          2007 |          2007 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Revenue external customers               |                    8,107 |                           1,205 |                              7,633 |  22,857 |  15,011 |       0 |             0 |        54,813 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Revenue other segments                   |                        0 |                                 |                              4,455 |         |         |       0 |        -4,455 |             0 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Total segment revenue                    |                    8,107 |                           1,205 |                             12,088 |  22,857 |  15,011 |       0 |        -4,455 |        54,813 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Operating result (EBIT)                  |                    1,160 |                             575 |                              2,563 |    -187 |  -5,745 |  -3,969 |        -1,021 |        -6,625 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Depreciation & impairment projects       |                    1,650 |                             126 |                                334 |   1,400 |   3,765 |      24 |             0 |         7,298 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  EBITDA                                   |                    2,810 |                             700 |                              2,897 |   1,213 |  -1,980 |  -3,945 |        -1,021 |           673 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Financial result                         |                   -1,361 |                            -382 |                                 -9 |    -734 |  -1,590 |   1,372 |             0 |        -2,704 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Share of result of associates            |                      178 |                                 |                                    |       0 |       0 |         |               |           178 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Income taxes                             |                     -895 |                            -887 |                                  0 |      98 |    -317 |      52 |          -112 |        -2,061 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Result of the year                       |                      872 |                           1,080 |                              2,554 |  -1,019 |  -7,018 |  -2,648 |          -909 |        -7,090 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|                                           |                          |                                 |                                    |         |         |         |               |               |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  EBITDA                                   |                    2,810 |                             700 |                              2,897 |   1,213 |  -1,980 |  -3,945 |        -1,021 |           673 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Share based Payment                      |                          |                                 |                                    |         |         |   1,880 |               |         1,880 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Cost acquisition file                    |                          |                                 |                                    |     925 |         |         |               |           925 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Replacement of management                |                          |                                 |                                    |         |   1,601 |         |               |         1,601 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Impairment receivables                   |                          |                                 |                                    |         |     461 |         |               |           461 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|                                           |                          |                                 |                                    |         |         |         |               |               |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Recurring EBITDA                         |                    2,810 |                             700 |                              2,897 |   2,138 |      82 |  -2,065 |        -1,021 |         5,540 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Depreciation                             |                   -1,650 |                            -126 |                               -334 |  -1,400 |  -3,765 |     -24 |             0 |        -7,298 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Share based expense                      |                          |                                 |                                    |         |         |  -1,880 |               |        -1,880 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Impairment project Hünxe                 |                          |                                 |                                    |         |   2,244 |         |               |         2,244 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|  Recurring EBIT after share based expense |                    1,160 |                             575 |                              2,563 |     738 |  -1,439 |  -3,969 |        -1,021 |        -1,393 |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+
|                                           |                          |                                 |                                    |         |         |         |               |               |
+-------------------------------------------+--------------------------+---------------------------------+------------------------------------+---------+---------+---------+---------------+---------------+

The segmented pro forma 2007 financials show that the main contribution to the recurring EBITDA is generated by the energy business (E 3.5 million), concept engineering (E2.9 million) and Leysen Group (E2.1 million).

The negative contribution from the Holding (-2.1 million) mainly relates to business development costs and corporate costs not allocated to the operational units.

* * *

This announcement is not an offer to sell nor a solicitation of an offer to purchase shares. Investors should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the prospectus ("the Prospectus") to be published by the Company in connection with the offering. The Prospectus has been submitted to the CBFA for approval and is expected to be available in due course at the branches of the financial intermediaries involved in the offering.

Neither this announcement nor any copy of it may be taken into the United States of America, Canada, Japan or Australia or distributed or published, directly or indirectly, in the United States of America, Canada, Japan or Australia. Any failure to comply with this restriction may constitute a violation of US, Canadian, Japanese or Australian securities law. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States or to or for the benefit of US persons (as such term is defined in Regulation S pursuant to the Securities Act) unless they are registered pursuant to the Securities Act or pursuant to an available exemption therefrom. No public offering of securities of Thenergo NV is being made in the United States of America.

About Thenergo

Based in Belgium, Thenergo is a fast growing, fully integrated and independent developer and operator of sustainable energy projects using biogas, natural gas, bio-oil, woody biomass and secondary fuels.

Thenergo creates value for its partners and shareholders as a one-stop provider of sustainable energy solutions, transforming clean and renewable fuels into electricity and heat.

Since 14 June 2007, Thenergo has been listed on Alternext, Paris. (Ticker: ALTHE). Thenergo has recently made public its intention to list on Euronext Brussels and Paris.

www.thenergo.eu

For more information, please contact:

Christophe Van Nevel
Chief Financial Officer
Tel + 32 3 292 97 05
[email protected]

Graham Fairbank
Head of Communications
Tel + 32 3 292 97 01
[email protected]

Gateway House, Brusselstraat 59 Avenue Louise 505, b2
B-2018 Antwerp B-1050 Brussels
Belgium Belgium



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