Blue Solutions

2019 Results

PRESS RELEASE

2019 Results

March 12, 2020

Project of a simplified alternative tender offer for Blue Solutions,
followed by mandatory de-listing

The Board of Directors of Blue Solutions, which met on March 12, 2020, approved the 2019 financial statements.

Blue Solutions' 2019 revenue fell by €12 million (-31% compared to 2018), due to the loss of a €12.5 million royalty revenue from Bolloré in respect of a research agreement which came to an end. The drop in revenue is in line with forecasts pending the start of new productions. As anticipated, the transformation of production plants in Canada and Brittany is ramping up to manufacture the new generation of batteries as of 2020, offering higher performances and lower production costs.

Adjusted operating income (EBITA) decreased by €11 million, due primarily to lower revenue and the discontinuation of the Supercapacitors business.

Consolidated net income was a loss of €43 million (vs. a loss of €33 million in 2018).

Net debt amounted to €91 million, including a €34 million return to better fortune clause in favor of Bolloré.

Simplified alternative tender offer for Blue Solutions, followed by mandatory de-listing:

• Blue Solutions, which had an initial public offering (IPO) in 2013 at €14.50 was the subject of a simplified tender offer in 2017, because of longer development times, at €17. Bolloré had committed to making a new tender in 2020 at the same price if the Blue Solution share price were to remain under 17€;
   
• Blue Solutions share capital today is split between Bolloré (77.9%), Bolloré Participations (17.6%)—which had subscribed to the initial equity at the request of EDF and for the same amount—and the public (4.5%);
   
• As part of Blue Solutions’ strategic repositioning in buses and stationary, and for reasons of economies and simplification (cost of a listed company, tax consolidation, etc.), today Bolloré has announced that would like in this tender offer to withdraw Blue Solutions from trading and offer those shareholders who would like to remain associated with the Group an alternative in Bolloré shares in exchange for the tender offer price of €17.00. The proposed parity would be 4.5 Bolloré shares for one share of Blue Solutions;