Blue : Half-year financial report Half-year financial report 2016 2016/09/23-Pdf-836ko

2016

BLUE SOLUTIONS

HALF-YEAR FINANCIAL REPORT

(in millions of euros) June 30, 2016 December 31, 2015 Change (M€)

(1) Gearing ratio = Net debt to shareholder equity

Blue Solutions' consolidated turnover amounts to 66 million euros, versus 63 million euros in the 1sthalf of 2015. This improvement is mainly due to the growth in the Bluecar business (1,396 batteries delivered versus 1,171 in the 1sthalf 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 1sthalf of 2016, versus 1,531 in the 1sthalf of 2015.

EBITDA stands at 16 million euros, an increase of 31% compared to the 1sthalf of 2015.

The operating income is multiplied by two, reaching 8 million euros, compared to the 1sthalf of 2015, thanks to the increase in the sales of battery packs to Bluecar and the continued decrease in manufacturing costs.

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

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.

At the end of 2017, 7 car-sharing projects should be completed as planned.

Blue Solutions will in 2017 examine the advisability of exercising the options concerning the Blue Applications scope1. However, at this stage, Blue Solutions prefers investments aiming to improve the battery's performance.

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.

2/ ACTIVITIES

The activities below, on which Blue Solutions' has a call options, are developed by the Bolloré Group and represent of good opportunities for the Blue Solutions' batteries.

(2)

Car-sharing

• 4,700 electric vehicles | including 3,990 Autolib';

• 1,400 stations equipped with ~7,500 charging terminals | of which 1,100 stations and 6,100 terminals for Autolib';

• 113,400 active premium annual subscribers (vs. 84,800 in the first half of 2015, or +34 %);

• 3.06 million rentals in the first half of 2016, up 27% over the first half of 2015;

• Launched the car-sharing service in Turin on March 18, 2016;

• Won the car-sharing project in Singapore on June 30, 2016.

  Bluebus

• Launched Line 341, the RATP's first 100% electric standard bus line, in May 2016. By end 2016, this line will consist of 23 12-meter Bluebuses;

• Continued development of production and sales of 6-meter and 12-meter Bluebuses: 12 buses in the first half of 2016 (including Chamonix, Brive, and Le Puy en Velay…).

  E-Mehari

• Partnered with the PSA-Peugeot-Citroën Group to develop and sell the E-Mehari. More than 600 E-Mehari were sold to PSA during the first half of 2016.

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

2. Autolib' Paris, Bluely Lyon, Bluecub Bordeaux, and BlueIndy in Indianapolis began on September 25, 2015