Blue Solutions : 1st half 2019 results
12 Septembre 2019 - 5:45PM
Blue Solutions : 1st half 2019 results
1st half 2019
results |
September 12, 2019 |
At its meeting of September 12, 2019, the Board
of Directors of Blue Solutions approved the financial statements
for the first half of 2019.
As anticipated, the transformation of the
production plants in Canada and Brittany has been implemented to
manufacture the new generation of batteries. The 26% decline in
revenue to 15 million euros is partly due to the lower royalty
received from Bolloré via Blue applications.
Adjusted operating income
(EBITA) fell by 4 million euros due mainly to lower sales
and the discontinuation of the Supercapacitors business.
Consolidated net income fell 21
million euros (vs. a loss of 18 million euros in 2018).
Net debt amounted to 74 million
euros, including a 33 million euros return to better fortune clause
in favor of Bolloré.
Agreements have been or are currently being signed with major
global companies for the sale of new generation batteries. This
should result in revenue increases.
Additional information
Bolloré Group noted that, following the
simplified tender offer for the Blue Solutions shares in July 2017,
it undertook to make an offer to buy Blue Solutions shares for 17
euros in the first half of 2020.
The terms of this commitment can be found in section 1.3.1 of
the Bolloré SA Securities Note approved by the AMF on July 4, 2017
(approval no. 17-326).
Blue Solutions consolidated results |
(in millions of euros) |
1st half 2019 |
1st half 2018 |
Change |
Revenue |
15 |
21 |
-26% |
EBITDA (1) |
(10) |
(9) |
NA |
Adjusted operating income
(EBITA) (1) |
(21) |
(17) |
NA |
Financial income |
(1) |
(1) |
NA |
Net income |
(21) |
(18) |
NA |
Net income, Group
share |
(21) |
(18) |
NA |
|
June 30, 2019 |
December 31, 2018 |
Change (million €) |
Shareholders’ equity, Group
share |
67 |
88 |
(21) |
net
debt |
74 |
46 |
28 |
Gearing (%) (2) |
111% |
53% |
|
- See Glossary
- Gearing = net financial debt/equity ratio - see
Glossary
The procedures for a limited review of the half-year financial
statements have been carried out. The limited review report will be
issued after a review of the half-year financial report.
Change in revenue in the first half of the
year |
(in millions of euros) |
2019 |
2018 (1) |
2018 |
Reported |
Organic |
|
|
|
|
growth |
growth |
Blue Solutions |
15 |
21 |
21 |
(26%) |
(26%) |
(1) at constant scope and exchange ratesAll amounts are
expressed in millions of euros and rounded to the nearest
decimal.As a result, the sum of the rounded amounts may differ
slightly from the reported total.
Change in revenue by quarter |
(in millions of euros) |
1st quarter |
2nd quarter |
|
2019 |
2018 (1) |
2018 |
2019 |
2018 (1) |
2018 |
Blue Solutions |
5 |
11 |
11 |
10 |
10 |
10 |
(1) at constant scope and exchange ratesAll amounts are
expressed in millions of euros and rounded to the nearest
decimal.As a result, the sum of the rounded amounts may differ
slightly from the reported total.
Glossary
- Organic growth: at constant scope and exchange
rate
- Adjusted operating income (EBITA): corresponds
to operating income before amortization of intangible assets
related to business combinations (PPA, Purchase Price Allocation),
goodwill impairment and other intangible assets related to business
combinations.
- EBITDA: earnings before interest, taxes,
depreciation, and amortization.
- Net financial debt / Net cash position: sum of
borrowings at amortized cost, less cash and cash equivalents, cash
management financial assets and net derivative financial
instruments (assets or liabilities) with an underlying net
financial indebtedness, as well as cash deposits backed by
borrowings.
The non-GAAP measures defined above should be considered in
addition to, and not as a substitute for other GAAP measures of
operating and financial performance, and Blue Solutions considers
these to be relevant indicators of the Group's operational and
financial performance. Furthermore, it should be noted that other
companies may define and calculate these indicators differently. It
is therefore possible that the indicators used by Blue Solutions
cannot be directly compared with those of other companies.
The percentages changes indicated in this document are
calculated in relation to the same period of the preceding fiscal
year, unless otherwise stated. Due to rounding in this
presentation, the sum of some data may not correspond exactly to
the calculated total and the percentage may not correspond to the
calculated variation.
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