PRESS RELEASE

Héricourt, 22 July 2020

The Gaussin group publishes its revenue for the first

half of 2020

Turnover and licences: €3M compared to €13.7M a year earlier*

A secure development outlook with an increase in orders from

€42.3M to €89.5M**

Cash position €24M* on 22 July 2020

  • Not including the revenue from the licence agreed with Al Attiya for €20M, not posted in the first half of 2020
  • Including Metalliance, fully consolidated

Gaussin Manugistique (ALGAU - FR0013495298) has just published its consolidated turnover for the first half of 2020 (not audited).

1. Proof of success of the strategic development of the Gaussin group

The turnover and revenue of the first half of 2020 reflect the strong growth of the Gaussin group following the development of its business model. The strategy is being deployed in three main areas:

  • the stepping-up of the business of licensing Gaussin products to international manufacturers in high-growth markets.
  • the extension of its product range to the new market of smart cities through the internal development of a self-driving electric bus;
  • the acquisition of METALLIANCE on 1 July 2020, which enables the Gaussin group to serve the market for logistics equipment for construction and public works and tunnel boring machines in particular.

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First-half turnover and licence revenue at €3M, against €13.7M last year

The consolidated turnover of the Gaussin group was €3.02M. Total business revenue was thus €3.02M in the first half of 2020, compared to €13.7M at the same time last year,

Financial

Financial period

variation in

variation

Turnover and licensing revenue

K€

period 2020

2019

in %

2020/2019

First half

First half

Consolidated turnover in K€

3,020

2,238

782

+ 35 %

of which MTO (Made To Order)

1,022

245

777

+ 317 %

equipment

of which Logistics equipment

1,998

1,771

227

13 %

of which Ports equipment

0

222

-222

N/A

(APM/ATT/AGV/TT range)

Licensing revenue in K€

0

11,462

-8,538

N/A

Turnover + licences

3,020

13 700

-9,320

Logistics, which is organised around clean full-electric vehicles (ATM, TSBM and MTO), generated turnover of €3.02M, up 35 % on the first half of 2019.

Ports equipment is intended for the operators of major ports across the world, with a range of automatic container transport vehicles (AGV PERFORMANCE, AIV REVOLUTION and APM 75T AUTONOME) or human-driven vehicles (APM 75T), Power Pack Full Elec batteries and docking stations.

The change in business model, which prefers the use of licensing, has led to the entry of revenue relating to the sale of licences and royalties under "Other revenue".

2. Cash position of the Gaussin group trebled to €24M on 22 July

2020 compared to 31 December 2019

The Gaussin group now includes Metalliance, after that company was fully consolidated, and has a significant cash position of €24M on 22 July 2020, compared with €7.5M on 31 December 2019 (multiplied three-fold). It should be noted that out of the €20M for the licence granted to Al-Attiya, €12M was paid and €8M (excluding royalties) will follow in subsequent quarters, thereby maintaining the company's cash position.

Thus, the Gaussin group now has adequate resources to finance the growth of its business.

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3. A secure development outlook with a strong rise in orders to €89.5M on 30 June 2020* (+112%)

The order book of the Gaussin group, including Metalliance and excluding royalties on future sales, stood at €89.5M on 30 June 2020, compared with €42.3M on 30 June 2019, representing a +112 % increase.

ORDERS (NOT AUDITED)

Financial

Financial

variation in

variation

period

period

K€

in %

2020

2019

2020/2019

On 30 June

On 30 June

2020

2019

Gaussin

Orders in K€

66,537

19,320

27,217

x 3.5

of which MTO (Made To Order) equipment

6,151

1,864

of which Logistics equipment

30,738

15,841

(ATM range)

of which Ports equipment

8,492

415

(APM/ATT/AGV/TT range)

Licensing revenue

21,156

1,200

Metalliance

Orders in K€

23,000

23,000

GROUP (PRO FORMA - NOT AUDITED)

Consolidated orders in K€

89,537

42,320

+112 %

Orders for logistics and MTO (ATM, TSBM ranges and MTO products) more than doubled in the first half of 2020 to €36.9M, compared to 30 June 2019, when they only stood at €17.7M. Orders particularly include:

  • 150 ATMs intended for leading players in logistics and retailing. The ATM range is a key contributor to the strong growth of the orders of Gaussin.
  • An agreement with PRB (Produits de Revêtement du Bâtiment) relating to the supply of a fleet of AGVs for the self-drivingtransport of heavy loads in industrial environments.
  • The development along with Total of the first fully electric refuelling truck in the world, intended for the Airbus plant in Toulouse.

Orders from the Ports industry stood at €8.5M, up twenty-fold on those on 30 June 2019. That success is particularly attributable to

  • the signing of an order for 22 APM 75 T HE vehicles with QTerminal, a port operator in Qatar, with an option for 30 more APM 75 T HEs,
  • the signing of an order for 7 APM 75 T HEs and 7 TT port trailers with CENTREPORT, an intermodal port in New Zealand,

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  • the signing of an order for 3 AIVs.

Licensing revenue, a concrete result of the strategy implemented in 2019

Orders relating to the licensing business stand at €21.2M, particularly with the new agreement entered into with Al-Attiya for €20M. (see press release of 16 July 2020). The revenue from that licence is not posted in the accounts of the first half of 2020.

Gaussin has entered into an exclusive 20-year licensing agreement with Al Attiya Motors, a company of the Al Attiya group from Qatar, relating to its electric vehicles for sea ports, airports, logistics and smart cities. The agreement includes an initial entry fee of €20 million, with exclusive rights covering the main countries in the Middle East, followed by 3 to 5 % royalties on future sales.

The new partnership confirms the value of the strategy used by Gaussin to turn its technology knowhow to account. It is of note that licensing revenue carries practically no related costs, and thus essentially makes a direct contribution to operating profits.

4. A rush of new orders during the COVID-19 crisis, in a total value of €55M

The orders recorded by Gaussin rose significantly during the lockdown that was put in place as a result of the COVID-19 outbreak. Thus, from mid March to 30 June 2020, the company received orders worth approximately €35 million. The most notable of these orders include:

  • 150 ATMs for Blydd
  • 3 self-driving AGVs for PRB (Produits de Revêtement du Bâtiment)
  • 1 refueller for Total
  • the sale of a licence to the Al-Attiya group, with a €20M entry fee.

That flurry of business is mostly due to the growth in e-commerce and the logistics needs of all the major players in the industry. It also reflects the desire of these players to move towards cleaner vehicles, which are increasingly driverless. Thus, Gaussin is harvesting the fruit of its investment in these areas in recent years. The group has also demonstrated its ability to withstand and even outperform others during the crisis, which has proved difficult for so many industries.

5. Finalisation of the acquisition of Metalliance on 1 July 2020 and outlook for turnover and licensing revenue in 2020*

On 1 July 2020, the Gaussin group announced the finalisation of its acquisition of Metalliance, 95.74

  • of the capital of which is now in the hands of Gaussin. The operation has given birth to a French engineering group with a workforce of over 200, specialised in the designing and manufacture of industrial products and services for five priority markets: ports, airports, logistics, underground work and track laying and smart cities.

As from early July 2020, the Gaussin group will consolidate Metalliance fully based on overall integration.

In the first half of 2020, the turnover of Metalliance stood at €8.53M, against €10.83M in the first half of 2019.

The revenue of the consolidated group, Gaussin and Metalliance, for the whole year 2020, and Metalliance consolidated over six months, ought to be about €28 million, with the licensing revenue in addition.

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6. Development of new vehicles as part of strategic partnerships

Partnership with Siemens: a two-year worldwide contract for the exclusive distribution by Siemens of Gaussin AGV solutions designed for the transport of ULDs (airport containers and pallets). The AAT FULL ELEC Automotive Airport Transporter presented at the InterAirport fair in Munich in 2019 and the AMDT FULL ELEC Automotive Multi-Directional Transporter are two clean vehicles that have resulted from collaboration with Siemens Logistics; they are currently in the tender and test preparation stage in major global air transport hubs.

Partnership with Bolloré: a master agreement with preferential rights over a seven-year period concerning the integration of the Blue Solutions LMP® battery in Gaussin vehicles and the joint development of the APM 75T vehicle for container handling in ports. Bolloré Ports operates 23 ports around the world, and in 2019 Gaussin signed a master agreement with preferential rights over seven years, and a first order for the Port of Abidjan that is currently being delivered.

In 2019, Gaussin and Bluebus of the Bolloré group also entered into a partnership agreement for the automation of the six-metre Bluebus with the participation of Gaussin, winning the World Challenge for Self-Driving Transport in the Leading Company Category, Best Energy and Environmental Sustainability.

Partnership with HYPERLOOP TT: a 10-year exclusive agreement for the supply of Hyperloop TT AIV (Automotive Intelligent Vehicles) electric driverless vehicles by GAUSSIN to carry and transfer containers in magnetic levitation trains running in a tube at 1200 km/h.

  • Partnership with ST Engineering: exclusive agreement for the distribution of the Strobo range over 3 years. In November 2019, Gaussin entered into an agreement relating to exclusive distribution of the Strobo logistics handling solutions range from ST Engineering Land Systems (STELS) in France, Belgium, Switzerland, Russia, Turkey and the Middle East and non-exclusive distribution elsewhere in the European Union, excluding Italy. By offering a range that complements Strobo vehicles and software to its existing customers, Gaussin wishes to extend its product portfolio into "intralogistics".
  • Vasco partnership aimed at developing the first fully automated system with an infrastructure- free guidance system (no equipment on/in the ground) to handle containers in port terminals. It also aims to demonstrate the performance of the system in actual working conditions. A demonstration involving a fleet of self-driving all electric AIV Revolution vehicles equipped with the ADV (Autonomous Driving Vasco) system was organised in May 2019 at the Port of Dourges in France. The Research & Development phase of the project is now complete, and the marketing phase has begun. The AIV Revolution has excited great interest from brownfield port operators thanks to the immediate automation allowed by it, without stopping operations and with no infrastructure installations, combined with high operating speed.
  • Partnership with BLYYD: the distributor Blydd has strengthened its partnership with Gaussin through a new agreement for the supply of at least 150 ATMs over the next five years, to extend its current fleet of 46 vehicles with more than 25 different retailers and industrial customers. Today, this sturdy fully electric tractor has covered over 300,000 km.
  • Partnership with Total: Gaussin and Total are going to develop an ART (Aircraft Refueller Transporter), the first fully electric ART in the world, based on the know-how of SAFT (subsidiary of Total) for the choice of the batteries used in this vehicle. The ART will be capable of carrying 80,000 litres of fuel, with the on-board refuelling system. A first vehicle will start operating in the Airbus factory in Toulouse, and will lead to the signing of a master agreement with Total spanning several years. The partnership also opens the way to the common development of a fleet of innovative vehicles dedicated specifically for aviation.

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  • Partnership with Al-Attiyaand JV GAME: Gaussin has granted an exclusive 20-year licence to Al Attiya Motors and Trading Co, a company of the Al Attiya group, relating to its electric vehicles for sea ports, airports, logistics and smart cities. The agreement provides for an initial entry fee of €20M, 3 to 5 % royalties on future sales and exclusive rights over the main countries of the Middle
    East. To support that licence, Gaussin and Al Attiya Motors have decided to set up a joint venture named GAME (Gaussin Advanced Mobility Electric) to speed up the deployment of Gaussin smart emission-free vehicles across the region. GAME is based in the Qatar Free Zone, which is a world- class platform offering exceptional opportunities and advantages for development in the region and further afield.

Upcoming events

General meeting of Gaussin on 23 July 2020

About Gaussin

Gaussin is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration of all types of batteries, particularly electric and hydrogen fuel cells. With more than 50,000 vehicles worldwide, Gaussin enjoys a strong reputation in four fast- expanding markets: port terminals, airports, logistics and people mobility. The group has formed strategic partnerships with major global players in order to accelerate its market penetration: Siemens Logistics in the airport field, Bolloré Ports and ST Engineering in ports, UPS in logistics and Bluebus for people mobility. Gaussin has extended its business model with licensing agreements that are aimed at speeding up the use of its technology throughout the world. The purchase of Metalliance has resulted in the emergence of a group with over 200 employees and €50M turnover.

In October 2019, the Group won the World Challenge for Self-Driving Transport in the Leading Company Category, Best Energy and Environmental Sustainability.

Gaussin has been listed on Euronext Growth in Paris since 2010 (EURONEXT GROWTH - FR0013495298).

More information on www.gaussin.com

Contacts

Ulysse Communication

Christophe Gaussin, invest@gaussin.com

Nicolas Daniels,ndaniels@ulysse-communication.com

+33(0)3.84.46.13.45

+33(0)6.63.66.59.22

Charles Courbet,ccourbet@ulysse-communication.com

+33(0)6.28.93.03.06

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Find all the GAUSSIN information on www.gaussin.com

  • This document may contain forward-looking information. Such forward-looking information refers to future prospects, developments and strategies of Gaussin Manugistique and is based on analysis of expected future results and estimates of amounts that are not yet determinable to date. Forward-looking information naturally contains elements of risk and uncertainty relative to events and therefore dependent on circumstances which may or may not occur in the future. Gaussin Manugistique draws your attention to the fact that forward-looking information provides no guarantee concerning its future performance or financial situation, financial results or trends in the sector in which Gaussin Manugistique operates, and which may significantly differ from those proposed or suggested in the forward-looking statements contained in this presentation. Furthermore, even though the financial position of Gaussin Manugistique, its performance and trends in the sector in which Gaussin Manugistique operates comply with the forward-looking information contained in this presentation, such performance or trends may not be a reliable indication of the company's future performance or prospects. Gaussin Manugistique is not committed to updating or confirming analysts' expectations or estimates or to publicly correcting any information or event in order to reflect an event or circumstance eventually occurring following this presentation.

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Gaussin SA published this content on 22 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2020 21:05:02 UTC