BLUE SOLUTIONS

Press Release

Results of 1st half of 2016

Continued improvement in the results for the 1st half of 2016, thanks to the development of the E-Mehari and electric buses.

  • Turnover:                                          66 million euros, +4% based on reported figures and at

                                                           constant scope and exchange rates

  • EBITDA:                                             16 million euros, +31%
  • Operating income:                           8 million euros, +114%
  • Net income Group share:                  9 million euros, +115%
     
  • Net debt:                                          16 million euros (gearing: 11%)

The Board of Directors of Blue Solutions, meeting on September 1, 2016, approved the accounts for the 1st half of 2016.

Turnover 1st half of 2016: 66 million euros, +4% based on reported figures

Blue Solutions' consolidated turnover amounts to 66 million euros, versus 63 million euros in the 1st half of 2015. This improvement is mainly due to the growth in the Bluecar business (1,396 batteries delivered versus 1,171 in the 1st half of 2015), driven by the development of E-Mehari, the continued growth of car-sharing, and the launch of the 12m bus. The dynamism of these activities absorbs the downturn in stationary applications for which several projects are currently under study.

In total, 1,464 batteries were delivered by Blue Solutions during the 1st half of 2016, versus 1,531 in the 1st half of 2015.

Operating income: 8 million euros, x2 compared to the 1st half of 2015

  • EBITDA stands at 16 million euros, an increase of 31% compared to the 1st half of 2015.
     
  • The operating income is multiplied by 2, reaching 8 million euros, compared to the 1st half of 2015, thanks to the increase in the sales of battery packs to Bluecar and the continued decrease in manufacturing costs.

Net income Group share: 9 million euros, x2 compared to the 1st half of 2015

  • The consolidated net income amounts to 9 million euros, versus 4 million euros in the 1st half of 2015, as a result of steady growth in operating income and positive financial income.

Shareholders' equity: 147 million euros | Net debt: 16 million euros

  • At June 30, 2016, shareholders' equity amount to 147 million euros (136 million euros at December 31, 2015), for net debt continuing to decrease and standing at 16 million euros (19 million euros at December 31, 2015). The ratio of net debt to shareholders' equity was 11%, versus 14% at December 31, 2015.

Outlook

  • At the end of 2017, 7 car-sharing projects should be completed as planned.
  • Due to the improvement of battery quality, in terms of both the cyclability (lifetime) and the density (more kWh content), and the slower launch of certain projects (bus and stationary), Blue Solutions expects a more gradual growth in its sales before reaching the objective of 5,000 to 6,000 batteries in 2019.
  • Blue Solutions will in 2017 examine the advisability of exercising the options concerning the Blue Applications scope[1]. However, at this stage, Blue Solutions prefers investments aiming to improve the battery's performance.

             

Consolidated key figures of Blue Solutions - 1st half of 2016

 (in millions of euros) 1st half of 2016  1st half of 2015 Change (%)
Turnover 66   63 +4%
EBITDA 16   12 +31%
Impairment, amortization and provisions (8)   (9)  
Operating income 8   4 +114%
Financial income 1   1  
Share in net income of operating companies accounted for using the equity method 0   0  
Taxes (0.3)   (0.2)  
Net income 9   4 +115%
of which Group share 9   4 +115%
       
 (in millions of euros) June 30, 2016  December 31, 2015 Change (€m)
Shareholders' equity 147   136 11
of which Group share 147   136 11
Net debt   16   19 (3)
Net debt/shareholders' equity ratio   11%   14%  

The procedures for a limited review of the half-year financial statements have been carried out. The limited review report is being issued.

Change in the turnover of Blue Solutions - 1st half of 2016

(in millions of euros) 1st half of 2016 1st half of 2015(2) 1st half of 2015 Change
at constant scope and
exchange rates 		Change in reported figures
Blue Solutions 65.7 63.2 63.3 +4% +4%

(2) at constant scope and exchange rates

Change in the turnover of Blue Solutions by quarter

(in millions of euros) 1st quarter 2016 1st quarter of 2015(2) 1st quarter of 2015 2nd quarter of 2016 2nd quarter of 2015(2) 2nd quarter of 2015
Blue Solutions 31.2 26.4 26.4 34.5 36.9 36.9

(2) at constant scope and exchange rates


[1] Bluecar-Bluecarsharing-Autolib', Bluebus, Bluetram, Blueboat, Bluestorage, IER, Polyconseil

Blue Solutions : Results of 1st half of 2016


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Source: Blue Solutions via Globenewswire