Blue Solutions : First quarter 2017 financial information
12 Mai 2017 - 5:45PM
Blue Solutions
First quarter financial information |
May 12, 2017 |
-
Confirmation of the filing of
the simplified tender offer made by Bolloré to the shareholders of
Blue Solutions at a price of €17 per share, appointment of an
independent expert
-
Finalization of the agreements
with Bolloré
-
Turnover for the 1st quarter of
2017: 19.5 million euros, down 38%
|
1. Finalization of the agreements with Bolloré,
confirmation of the filing of the simplified tender offer made by
Bolloré to the shareholders of Blue Solutions at a price of €17 per
share and appointment of an independent expert
On March 23, 2017, Blue Solutions'
Board of Directors made the decision not to exercise its call
options on the scope of Blue Applications until their expiry date,
i.e. June 30, 2018, considering that the investments remaining to
be made in this company are still very significant and preferring
to concentrate Blue Solutions' efforts on improving battery
technology.
As a result of this decision, the
Boards of Directors of Blue Solutions and Bolloré decided to come
together to jointly work on the following objectives:
-
to implement a new window for exercising
options;
-
to review the terms of the battery supply
contract as provided for in the contract;
-
to draw up a new agreement for the financing of
Blue Solutions by Bolloré, the previous undertaking having ended in
June 2016.
The Boards of Directors of
Bolloré, Blue Solutions, Compagnie du Cambodge and Société
Industrielle et Financière de l'Artois met on May 11 and 12 met on
May 11 and 12 and approved the agreements arising from these
discussions. These agreements provide for:
-
the implementation of a new window for
exercising the seven call options available to Blue Solutions,
which can now be exercised between January 1, 2020 and June 30,
2020;
-
Bolloré's commitment to finance Blue Solutions
until June 30, 2020;
-
the termination of the existing battery supply
contract between Blue Solutions and Bluecar;
-
the implementation of a new longer contract for
the supply of Blue Solutions batteries to Bluecar (until December
31, 2025), extended to Blue Storage and Bluebus, including
staggered volumes and a revision of contract prices to follow the
expected developments in the market.
The firm Sorgem has validated the
balanced nature of this renegotiation.
In this context and as announced
on March 23, 2017, Bolloré's Board of Directors, which met on May
11, 2017, confirmed the filing of a simplified tender offer for
Blue Solutions' shares by mid June 2017, at a price of
17 euros per share. The Board of Directors of Blue Solutions,
which met on May 12, 2017, mandated an independent expert in the
firm Associés en Finance to decide on the fairness of the offer
made by Bolloré to the shareholders of Blue Solutions.
The shareholders, who decide not
to tender their shares to this offer and to continue supporting
Blue Solutions, will be offered a second exit window after the
publication of the 2019 financial statements, if the average price
of the Blue Solutions share, during a reference period, is less
than 17 euros. In such a case, Bolloré will file a new tender offer
under the same pricing conditions as the first one. This commitment
will be set out in the information notice of the first public
offer.
2. First quarter 2017 turnover
Blue Solutions sold 444 batteries
versus 684 batteries at the end of March 2016, generating a
turnover of 19.5 million euros at the end of March 2017, compared
to 31.2 million euros in the first quarter of 2016.
Blue Solutions focused on the
production of batteries for six meter and twelve meter buses and in
particular as part of deliveries to the RATP and Metropole de
Rennes. Lower car production generated sales of batteries while the
number of new cars dedicated to car-sharing applications was more
moderate than in previous quarters.
In addition, Blue Solutions
continues to focus on increasing the density and cyclability and
reducing the operating temperature of its batteries. In this
context, the company recently acquired Capacitor Sciences, a
California-based company whose research and development will
contribute to these performance improvement objectives.
(in millions of euros) |
2017 |
2016(1) |
2016 |
Reported |
Organic |
|
|
|
|
growth |
growth |
Blue Solutions |
19.5 |
31.3 |
31.2 |
(37.6%) |
(37.7%) |
(1) at constant scope and exchange rate.
Blue Solutions : First quarter 2017
financial information
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Blue Solutions via Globenewswire
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