2018 Results
2018
results |
March 14, 2019 |
The Board of Directors of Blue Solutions, which
met on March 14, 2019, approved the 2018 financial statements.
Revenue totaled €38 million, down 53% at
constant scope and exchange rates (and on a reported basis)
compared with 2017 due to developments in its technology.
Blue Solutions is one of the very few global
companies producing solid-state batteries, considered by many to be
the future technology for energy storage.
The first production version of this battery
enabled the powering of vehicles for numerous car-sharing
operations around the world: Paris, Lyon, Bordeaux, Turin,
Indianapolis, London, Los Angeles, and more recently Singapore. Its
technology has proven to be robust and efficient. It was the
same for the buses. During the 2018 fiscal year, Bluebus sold 18
buses in the 6-meter class and 23 in the 12-meter class (versus 23
and 22 respectively in 2017). Bluebus received an order from the
RATP for 41 buses in the 12-meter class, which are scheduled for
delivery in 2019.
Blue Solutions has designed a vastly improved
version of its dry battery both in terms of power and density. To
this end, its plants in Canada and Brittany are both in the process
of being transformed accordingly, with production of the new
batteries set to start in the fall of 2019. Besides continuing to
supply more efficient batteries for the bus industry, Blue
Solutions is currently participating in calls for tenders for
stationary energy storage systems.
Blue Solutions also invests in research and
development for solid-state batteries operating at ambient
temperature.
EBITDA1 was a
negative €14 million (vs. a negative €4 million in 2017), and
operating income was a negative €30 million (vs. a
negative €19 million in 2017). The deterioration is mainly
attributable to the decline in revenue following the release of the
improved version of the solid-state battery, the necessary
adjustments to production capacity in Canada in the second half of
2018 and the continuation of research and development efforts.
Consolidated net income was a
loss of €33 million (vs. a loss of €19 million in 2017).
Net debt amounted to €46
million, including a €33 million return to better fortune clause in
favor of Bolloré.
Additional information
In July 2018, Bolloré Group announced an
agreement with Daimler, which may lead to the equipping of eCitaro
buses manufactured by Daimler with Lithium Metal Polymer (LMP®)
batteries from Blue Solutions.
Following the simplified public tender offer for
Blue Solutions shares carried out in July 2017, the Bolloré Group
reiterates its commitment to submitting a tender offer at 17 euros
per Blue Solutions share during 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) |
2018 |
|
2017 |
|
Change |
Revenue |
38 |
|
81 |
|
- 53 |
% |
EBITDA |
(14 |
) |
(4 |
) |
na |
Operating income |
(30 |
) |
(19 |
) |
na |
Financial income |
(2 |
) |
(2 |
) |
na |
Net income |
(33 |
) |
(19 |
) |
na |
Net income Group share |
(33 |
) |
(19 |
) |
na |
|
|
|
|
Shareholders' equity group
share |
88 |
|
118 |
|
(30 |
) |
Net
debt |
46 |
|
31 |
|
15 |
|
Gearing (%) (1) |
53 |
% |
26 |
% |
- |
|
(1) Gearing = Net debt / Equity
ratio
The audit of the 2018 consolidated financial
statements has been completed, and the certification report will be
issued after review of the management report.
1 EBITDA: operating income less depreciation, amortization and
operating provisions (including the share of net income of
companies accounted for under the equity method).
- 2019 03 14_CP BS resultats_EN
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