7941d69ee367899bc40b6c.pdf


2015

BLUE SOLUTIONS

HALF-YEAR FINANCIAL REPORT



SUMMARY


Activity report

3


Condensed half-yearly consolidated financial statements


8


Statement of the person responsible for the half-year report


27


Statutory Auditor's review report on the first half-year financial information 2015


28

ACTIVITY REPORT


Blue Solutions, which produces electric LMP (Lithium Metal Polymer) batteries in its plants in Brittany and Canada, has a capacity of 10,000 batteries which will ultimately rise to 32,500 batteries.

Blue Solutions was listed on the NYSE-Euronext Paris Stock Exchange at 14.50 euros on October 30, 2013.

At the current share price of 21.70 euros, its market capitalization is 626 million euros.


RESULTS FROM THE FIRST HALF OF 2015 PUBLISHED BY BLUE SOLUTIONS

(In millions of euros)

1st half of 2014(1)

1sthalf of 2015

Turnover

46

63

Ebitda

3

12

Amortization and provisions

(8)

(8)

Operating income

(5)

4

Financial income

(0.4)

0.6

Net income

(5)

4

(1) Restated for IFRIC 21


In the first half of 2015, Blue Solutions delivered to market 1,531 packs of batteries equivalent to 30 kWh compared to 1,131 packs in the first half of 2014.

Turnover was 63 million euros vs. 46 million euros for the first half of 2014 (+38%).

Shareholders' equity was 137 million euros, giving net debt of 24 million euros at December 31, 2014).

Blue Solutions holds options, exercisable between September 2016 and June 2018, over various entities within the scope of Blue Applications: Bluecar-Bluecarsharing-Autolib', Bluebus, Bluetram, Blueboat, Bluestorage, IER, Polyconseil.


BLUE APPLICATIONS - Mobility

  • Car-sharing

    At June 30, 2015:

    • 85,000 annual subscribers compared to 69,400 at the end of 2014;

    • 6,000 charging points at 1,100 stations (of which 5,300 on Autolib' at 965 stations);

    • 3,600 Bluecar (of which Autolib': 3,300) and 50 Twizy (in Lyon and Bordeaux),

    • Nearly 10 million rentals since the launch of Autolib' at end-2011.

      Inauguration of the car-sharing service in London on June 2015 and launch of the car sharing service in Indianapolis on September 2, 2015. Bids put in at several ongoing tenders.


  • Electric vehicles
    • Bluecar: the Group sells and rents Bluecars and Blueutility vehicles to private individuals, companies and public authorities. The Bluecar is now assembled in Renault's Dieppe plant.
    • Bluesummer: the cabriolet version designed by the Bolloré Group will henceforth be produced by the PSA-Peugeot Citroën group and sold by Citroën.
    • Bluebus: the Group continues to produce and sell 6-metre Bluebuses in several towns. Amiens, Reims and Mulhouse all adopted Bluebus in the first half of 2015. The Group has also developed a 12-metre bus which has been ordered by the RATP bus service which wants to incorporate wholly electric buses. This will be available in the autumn.
    • Bluetram: Inauguration of the Bluetram plant in January 2015, which represents an investment of 10 million euros. It can turn out 100 Bluetrams annually, rising to 200 in 2016-2017 for an additional 20 million euros investment. The Bluetram will be on show on the Champs-Élysées during the COP 21 sustainable development forum.
  • Terminals

    The plan to roll out 16,000 charging points across France will get under way before the end of the year. It is due to be completed by end-2019.


    BLUE APPLICATIONS - Stationary

    The Group is also developing stationary applications:

    • Bluestorage provides energy storage solutions in the form of containers filled with LMP batteries delivered by Blue Solutions, for businesses, individuals and public authorities aiming to optimize energy use, and offset the intermittency of renewable energies; Bluestorage uses latest-generation solar panels produced by Sunpower, a subsidiary of Total Group, partner in a joint venture (Bluesun).
    • Bluezone: from these stationary applications, the Bolloré Group has created an innovative solution for Africa: the Bluezone. Bluezones have LMP batteries and solar panels which, when combined, make it possible to produce, store and distribute clean, free electricity in places without a standard electricity network. This environmentally friendly, inexhaustible electricity supplies Bluezones, which host well- lit areas, buildings with electricity, drinking water and Internet, health centers, schools offering e-learning courses, sports activities, workshops for artisans, etc. The Group now has 7 Bluezones in Benin, Guinea, Niger and Togo. In Abidjan, Yaoundé, the Angkor site in Cambodia and Fort-de-France, the Group is also developing a fully autonomous energy solution thanks to a station linking LMP batteries to solar panels allowing electric vehicles to be recharged (Bluebus, Bluecar and Bluesummer). The Group has also provided a fleet of electric vehicles for the pan-African games starting early September to transport competitors from site to site. They will be powered by battery containers charged from solar panels. This project is jointly financed by Qatar Holding.

  • The Group has also become a load-shedding and grid-balancing operator bidding at tenders held by the public regulator (CRE) for solar power plants and will shortly be installing a showroom for its applications in Santa Monica.


IER

IER, which produced all the terminals for Autolib', Bluely, and Bluecub (subscriptions, rentals, electrical charging) and the onboard software for the Bluecar vehicles, is now a major player in the marketing of car-sharing solutions and in smart, connected recharging technology.


In the first half of 2015, IER had satisfactory results thanks to the roll-out of car-sharing and electricity charging services (Indianapolis launch, growth of the Autolib'/Utilib network, Bluely, Bluecub etc.) and the development of a new generation of standalone charging points which will be installed in London in the final quarter of 2015 (BluePointLondon) and in France as part of the 16,000 charging point project. Also, IER continues to produce and sell printers and kiosks for the air and rail industries and the French postal service as well as logistics tracking systems (Carrefour).


Automatic Systems performed strongly in the first half of 2015, notably in China (motorway barriers), Spain (equipment for the Terrassa rail station and Barcelona metro) and North America (pedestrian access systems).


POLYCONSEIL

Polyconseil, which delivers IT services and consulting and designs software, also plays an important role in car-sharing systems and electrical storage management

Financial data Blue Applications


(in thousands of euros)

1sthalf of 2014 (1)

1sthalf of 2015

Bluecarsharing, Bluecar®, Autolib' and other car sharing companies (2)

- Turnover

14,002 (3)

20,598 (3)

- Operating income

(46,396)

(41,903)

Bluebus (4)

-Turnover

2,820 (5)

7,415 (5)

- Operating income

(3,478)

(6,734)

Blueboat (6)

- Turnover

0

0

- Operating income

(60)

(155)

Bluetram (6)

- Turnover

0

0

- Operating income

(77)

(995)

Bluestorage (4)

- Turnover

2

16

- Operating income

(999)

(6,543)

IER (7)

- Turnover

63,302 (8)

70,185 (8)

- Operating income

(1,738)

(1,739)

Polyconseil (6)

- Turnover

10,124 (9)

11,185 (9)

- Operating income

2,139

2,237


  1. Data restated by the retrospective application of the interpretation IFRIC 21 'Taxes levied by a public authority'.

  2. Combined data under IFRS (not audited).

  3. Including 1,598,000 euros at June 30, 2015 and 138,000 euros at June 30, 2014 with entities making up Blue Solutions or Blue Applications.

  4. Combined data under IFRS (not audited).

  5. Including 3,665,000 euros at June 30, 2015, with entities making up Blue Solutions or Blue Applications, and 8,000 euros at June 30, 2014, with entities making up Blue Solutions and Blue Applications.

  6. Data from the audited separate financial statements according to French standards.

  7. Data from the consolidated financial statements under IFRS (not audited).

  8. Including 15,899,000 euros at June 30, 2015 and 7,025,000 euros at June 30, 2014 with entities making up Blue Applications and 310,000 euros at June 30, 2015 and (118,000) euros at June 30, 2014 with entities making up Blue Solutions.

  9. Including 8,324,000 euros at June 30, 2015 and 6,678,000 euros at June 30, 2014 with entities making up Blue Solutions and Blue Applications.

EVENTS AFTER THE REPORTING DATE

To date, the Group does not to anticipate significant modification of its global situation during the second half-year 2015.


MAIN RISKS AND UNCERTAINTIES

The main financial risks with which the Group could be confronted during the second half-year 2015 are explained in the note 26 in appendix to the condensed half-yearly consolidated financial statements.


MAIN RELATED-PARTY TRANSACTIONS

The main related-party transactions are detailed in the note 24 in appendix to the condensed half- yearly consolidated financial statements.

CHANGES IN THE SHARE PRICE SINCE THE INITIAL PUBLIC OFFERING


40

38

36

34

32

30

28

26

24

22

20

18

16

14

30 oct.

2013


January 13, 2014


March 24, 2014


June 5,

2014


August 14, 2014


October 21, 2014


January 2, 2015


March 13, 2015


May 27,

2015


August 5, 2015


+50%

IPO

Blue Solutions' share price



BLUE SOLUTIONS SHAREHOLDING


11%



18%


71%


Bolloré Bolloré Participations Public


Consolidated financial statements


Consolidated balance sheet


p. 9


Consolidated income statement


p. 10


Consolidated statement of comprehensive income


p. 11


Variation in consolidated cash flow


p. 12


Variation in consolidated shareholders' equity


p. 13


Significant accounting policies


Note 1


p. 14


Main change in consolidation scope


Note 2


p. 15


Comparability of financial statements


Note 3


p. 15


Notes to the balance sheet


Notes 4 to 19


p. 16


Notes to the income statement


Notes 20 to 23


p. 21


Other information


Notes 24 to 27


p. 24

CONSOLIDATED BALANCE SHEET ASSETS


(in thousands of euros)

Notes

6/30/2015

12/31/2014(1)

Goodwill

4

607

597

Intangible assets

5 - 20

5,333

5,609

Property, plant and equipment

6 - 20

101,370

102,867

Investments in equity affiliates

7

1,475

1,342

Other non-current financial assets

18

5

Deferred tax

23

0

0

Other non-current assets

8

20,542

24,850

Non-current assets

129,345

135,270

Inventories and work in progress

9

24,705

20,586

Trade and other receivables

10

33,694

18,856

Current tax

0

0

Other current assets

11

794

432

Cash and cash equivalents

12

12,944

14,568

Current assets

72,137

54,442

TOTAL ASSETS

201,482

189,712


LIABILITIES


Share capital

144,192

144,192

Share issue premiums

0

0

Consolidated reserves

(6,718)

(10,271)

Shareholders' equity, Group share

137,474

133,921

Non-controlling interests

0

0

Shareholders' equity

13

137,474

133,921

Non-current financial debts

16

34,466

33,016

Provisions for employee benefits

14

1,695

1,420

Deferred tax

23

0

0

Other non-current liabilities

17

910

1,066

Non-current liabilities

37,071

35,502

Current financial debts

16

1,986

1,963

Current provisions

14

444

415

Trade and other payables

18

23,859

17,481

Current tax

212

0

Other current liabilities

19

436

430

Current liabilities

26,937

20,289

TOTAL LIABILITIES

201,482

189,712

(1) See note 3 - Comparability of financial statements.

CONSOLIDATED INCOME STATEMENT


(in thousands of euros)

Notes

June 2015

June 2014(1)

December 2014

Turnover

20 - 21

63,306

46,010

97,167

Goods and services bought in

21

(40,718)

(35,390)

(72,178)

Staff costs

21

(13,948)

(11,685)

(23,117)

Impairment, amortization and

provisions

21

(8,704)

(8,114)

(17,143)

Other operating income

21

4,945

5,002

10,443

Other operating expenses

21

(1,292)

(676)

(1,174)

Operating income

20 - 21

3,589

(4,853)

(6,002)

Net financing expenses

22

(351)

(570)

(1,087)

Other financial income

22

1,282

341

1,987

Other financial expenses

22

(288)

(208)

(433)

Financial income

22

643

(437)

467

Share in net income of operati the equity method

ng companies accounted fo

r using 7

133

73

60

Corporate income tax

23

(227)

(57)

(188)

Consolidated net income

4,138

(5,274)

(5,663)

Consolidated net income, Group share

4,138

(5,274)

(5,663)

Non-controlling interests

0

0

0


(1) See note 3 - Comparability of financial statements.

INCOME PER SHARE 13



(in euros)

June 2015

June 2014(1)December 2014

Group share of net income

- basic

0.14

(0.18) (0.20)

- diluted

0.14

(0.18) (0.20)


(1) See note 3 - Comparability of financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


(in thousands of euros)

June 2015

June 2014(1)

December 2014

Consolidated net income for the period

4,138

(5,274)

(5,663)

Translation adjustment of controlled entities

(40)

56

(104)

Total changes in items that will be recycled subsequently through profit or loss

(40)

56

(104)

Actuarial gains and losses recognized in equity

(196)

(63)

(246)

Total changes in items that will not be recycled subsequently through profit or loss


(196)


(63)


(246)

COMPREHENSIVE INCOME

3,902

(5,281)

(6,013)

Of which:

- Group's share

3,902

(5,281)

(6,013)

- Non-controlling interests

0

0

0

Including taxes:

- on actuarial gains and losses

0

0

0


(1) See note 3 - Comparability of financial statements.

VARIATION IN CONSOLIDATED CASH FLOW


(in thousands of euros)

June 2015

June 2014(1)

December 2014

Cash flow from operations

Group share of net income

4,137

(5,274)

(5,663)

Non-controlling interests

0

0

0

Consolidated net income

4,137

(5,274)

(5,663)

Non-cash income and expenses:

- elimination of depreciation, amortization and provisions

8,498

8,156

16,830

- other income/expenses not affecting cash flow or not related to operating activities

(203)

24

(69)

- elimination of capital gains or losses upon disposals

0

0

0

Other adjustments:

- net financing expenses

351

570

1,087

- tax expenses

226

57

188

Dividends received:

- dividends received from associates

71

71

Taxes paid

(14)

(57)

(188)

Impact of the change in working capital requirement:

(8,697)

(3,508)

2,181

- of which inventories and work in progress

(4,038)

1,503

7,240

- of which payables

6,210

(1,267)

(3,094)

- of which receivables

(10,869)

(3,744)

(1,965)

Net cash from operating activities

4,299

40

14,437

Cash flow from investment activities

Disbursements related to acquisitions(2):

- property, plant and equipment

(6,169)

(4,738)

(9,748)

- intangible assets

(58)

(47)

(1,478)

- securities and other non-current financial assets

(13)

(6)

(2)

Income from disposal of assets:

- property, plant and equipment

299

0

4

Effect of changes in scope of consolidation on cash flow

0

0

0

Net cash from investing activities

(5,941)

(4,791)

(11,224)

Cash flows from financing activities

Disbursements:

- dividends paid to parent company shareholders

0

0

0

Receipts:

- investment subsidies

0

0

267

Net interest paid

19

(28)

(36)

Net cash from financing activities

19

(28)

231

Effect of exchange rate fluctuations

13

7

29

Variation in cash flow

(1,610)

(4,772)

3,473

Cash and cash equivalents at the beginning of the period(3)

14,553

11,080

11,080

Cash and cash equivalents at the end of the period(3)

12,943

6,308

14,553

  1. See note 3 - Comparability of financial statements.

  2. Cash flow from investment activities in 2014 mainly relates to sustaining the development of factories in Brittany and Canada.

  3. See note 12 - Cash and cash equivalents.

distributed by