Blue Solutions : First half 2018 results
31 Août 2018 - 5:45PM
First half 2018 financial information |
August 31, 2018 |
First half 2018 results
Blue Solutions' Board of Directors, meeting on
August 31, 2018, approved the financial statements for the first
half of 2018.
-
Revenue: 20.8 million euros (-62%);
-
EBITDA: -8.9 million euros, compared with 5.2
million euros in the first half of 2017;
-
Operating income: -16.5 million euros, compared
with -3.0 million euros in the first half of 2017;
-
Net income, Group share: -17.7 million euros,
compared with -4.1 million euros in the first half of 2017;
-
Net debt: 47 million euros (gearing: 47%).
Revenue
62% decrease in revenue compared
with the first half of 2017. This amount includes a contribution of
6.3 million euros granted to Blue Solutions (compared with 8.5
million euros at June 30, 2017) under a cooperation agreement
signed by Blue Solutions and jointly Bluecar, Bluebus and
Bluestorage.
As disclosed, the decline in the
volumes of batteries sold (232 compared with 1,098 in the first
half of 2017) resulted mainly from the sharp drop in deliveries
intended for electric cars. Blue Solutions is now directing efforts
to meeting needs for batteries for stationary applications and
electric buses while improving the quality of the product and
cutting its manufacturing costs.
EBITDA and operating
income
-
EBITDA amounted to -8.9 million euros, compared
with 5.2 million euros in the first half of 2017;
-
Operating income fell by 13.5 million euros, due
mainly to the drop in revenue.
Net income
Consolidated net income was a loss of 17.7 million
euros (compared with a loss of 4.1 million euros in the first half
of 2017). This includes financial income of -1.1 million euros,
which was stable compared to the first half of 2017.
Equity: 100 million euros | Net
debt: 47 million euros
The decrease in equity at June 30,
2018, compared with December 31, 2017, stemmed mainly from the
recognition of the net loss for the period. The increase in net
debt was attributable mainly to the drop in net income.
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 after the release of
Blue Solutions' 2019 financial statements, on that condition that
the average Blue Solutions share price is less than 17 euros during
a reference period. 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 key consolidated
figures |
The audit procedures for the 2018 the half-year
financial statements have been carried out. The certification
report will be issued after the review of the management
report.
Change in revenue in the first half |
(in millions of euros) |
2018 |
2017 (1) |
2017 |
Organic growth |
Organic growth |
|
|
|
|
- |
- |
Blue Solutions |
20.8 |
54.7 |
54.8 |
(62%) |
(62%) |
(1) at constant scope and exchange rates
All 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 |
|
2018 |
2017 (1) |
2017 |
2018 |
2017 (1) |
2017 |
Blue Solutions |
11.2 |
19.4 |
19.5 |
9.7 |
35.3 |
35.3 |
(1) at constant scope and exchange rates
All 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.
Blue Solutions : First half 2018
results
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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