August 29, 2014
BlueSolutions
Results for H1 2014
Blue Solutions has posted clearly improved results thanks to the higher number of battery deliveries linked to the growing demand for car sharing and development of energy storage solutions.
- Turnover: €46.0 million compared to €19.5 million in the first half of 2013.
- Positive EBITDA of €3.6 million compared to €11.1 million in the first half of 2013.
- Operating income: -€4.5 million compared to €18.0 million in the first half of 2013.
- Net income: -€4.9 million compared to €22.1 million in the first half of 2013.
For the 2014 financial year, the company expects to achieve turnover of €90 to €100 million and positive EBITDA for the full year.
The Board of Directors of Blue Solutions met on August 29, 2014, and approved the accounts for the first half of 2014
Consolidated turnover for Blue Solutions amounted to €46.0 million, up on the €19.5 million recorded for the first half of 2013. This increase can be mainly explained by the sharp improvement in Bluecar's activity (957 batteries delivered versus 419) and Bluestorage's performance in energy storage (122 batteries versus 42).
In the first half of 2014, Blue Solutions delivered 1,131 30 kWh-equivalent battery packs to the market compared to the 480 delivered in the first half of 2013.
Operating income has improved, up from the -€18.0 million recorded in the first half of 2013 to -€4.5 million driven by the higher sales of battery packs. EBITDA rose from the negative -€11.1 million in the first half of 2013 to a positive €3.6 million in the first half of 2014, thanks to the lower cost price for batteries.
Financial income has also improved from - €4.1 million in the first half of 2013 to -€ 0.4 million in the first half of 2014, boosted by Blue Solutions' capital increase completed in August 2013 before the initial public offer.
Consolidated net income improved from -€22.1 million in the first half of 2013 to -€4.9 million in the first half of 2014.
Equity amounted to €134 million, for net debt of €28 million. Net debt to equity ratio is 21%.
Outlook:
Blue Solutions expects sales of €90 to €100 million and deliveries of around 2,400 batteries, with positive EBITDA for the entire 2014 year achievable through productivity improvements and return on commodities.
Blue Solutions has options that can be exercised between 2016 and 2018 on the different entities included in the Blue Applications scope: Bluecar / Bluecarsharing / Autolib', Bluebus, Bluetram, Blueboat, Bluestorage, IER, Polyconseil.
With respect to Blue Applications, the company intends to exceed in 2014, 2,500 vehicles for Autolib' and 60,000 premium subscribers for all car sharing projects (Autolib', Bluely, Bluecub).
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Blue Solutions consolidated key figures (in millions of Euros) | H1 2013 | H1 2014 | |||||
Turnover | 19.5 | 46.0 | |||||
EBITDA | (11.1) | 3.6 | |||||
Amortizations and provisions | (6.9) | (8.1) | |||||
Operating income | (18.0) | (4.5) | |||||
Financial Income (loss) | (4.1) | (0.4) | |||||
Share in the net income of equity-method companies | 0.0 | 0.1 | |||||
Taxes | - | (0.1) | |||||
Net income | (22.1) | (4.9) | |||||
of which Group share | (22.1) | (4.9) | |||||
31/12/13 | 30/06/2014 | ||||||
Equity | 139.2 | 133.8 | |||||
of which Group share | 139.2 | 133.8 | |||||
Net indebtedness | 21.9 | 28.0 | |||||
Net indebtedness/equity ratio | 16 % | 21 % |
Sales trend (in millions of Euros) | H1 2013 | H1 2013 (on a like-for-like basis and at constant exchange rate) | H1 2014 | Change (on a like-for-like basis and at constant exchange rate) |
Total | 19.5 | 19.5 | 46.0 | X 2.4 |
Changes in sales by quarter (in millions of Euros) | Q1 | Q2 | ||||
2013 | 2013 (like-for-like and constant exchange rate) | 2014 | 2013 | 2013 (like-for-like and constant exchange rate) | 2014 | |
Total | 0.7 | 0.7 | 20.1 | 18.8 | 18.8 | 25.9 |
The accounts have been subjected to a limited review by the Auditors. Their report can be found in the half-year financial report available on the website www.blue-solutions.com:
http://www.blue-solutions.com/.
http://hugin.info/158788/R/1852325/647285.pdf
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