BALYO Publishes Its Results for the First Half of 2020 - Seite 3

After taking these elements into account, the operating loss for the period was €(6.5) million compared to €(7.9) million in the first half of 2019.

The financial result was -€0.2 million at June 30, 2020, compared to -€0.1 million at June 30, 2019.

Overall, net income for the first half of 2020 was €(6.7) million, compared to €(8.1) million for the first half of 2019.

Strengthening of the cash position to €8.7 million

During the past six months, the Company has used various measures to alleviate short-term cash pressure, such as partial unemployment and shifting the payment of employer social charges.

In addition, the Company has obtained a loan of €9.5 million with a 90% guarantee from the French State, of which €6.5 million has been received by June 30, 2020 (and €3.0 million in July). This financing has thus strengthened the Company's cash position, giving it greater visibility for the implementation of its commercial strategy.

Cash available at June 30, 2020 amounted to €8.7 million. The Company currently has cash visibility over 2021 and can still use complementary financing solutions.

Strategy and outlook: improved sales trend confirmed in the second half of 2020

As previously announced, the impact of the health crisis led the Company to suspend its financial objectives for 2020. Given the uncertainties surrounding the economic recovery, BALYO is not yet in a position to assess its outlook for 2020 more precisely, but nevertheless reaffirms its confidence in the continued improvement of its business in the second half of the year.

The half-year financial report is available on the Company's website under the "Investors" heading: https://www.balyo.fr/Societe/Investisseurs.

ABOUT BALYO

Balyo transforms standard forklift trucks into standalone intelligent robots thanks to its breakthrough proprietary Driven by Balyo technology. The geoguidance navigation system developed by Balyo allows vehicles equipped with the system to locate their position and navigate autonomously inside buildings. Within the automated handling vehicle market, Balyo has entered into two strategic agreements with Kion Group AG (Linde Material Handling's parent company) and Hyster-Yale Group, two major operators in the material handling sector. Balyo is present in three major geographic regions (Americas, Europe and Asia-Pacific). Its sales revenue reached €20.4 million in 2019. For more information, please visit our website at www.balyo.com.

¹ Before integrating the IFRS2 charge associated with the allocation of BSA equity warrants: in accordance with the agreement signed on January 10, 2019, the beneficiary of BSAs can exercise these warrants depending on that Company’s purchase of products incorporating BALYO technology.

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