BLUE SOLUTIONS HALF-YEAR FINANCIAL REPORT

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1 2015 BLUE SOLUTIONS HALF-YEAR FINANCIAL REPORT

2 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

3 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 euros on October 30, At the current share price of 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) 1 st half of 2015 Turnover 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 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 Inauguration of the car-sharing service in London on June 2015 and launch of the car sharing service in Indianapolis on September 2, 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 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. 3

4 - 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 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 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 welllit 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 4

5 Financial data Blue Applications 1 st half of 2014 (1) 1 st half 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 Operating income (60) (155) Bluetram (6) - Turnover Operating income (77) (995) Bluestorage (4) - Turnover 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. 5

6 EVENTS AFTER THE REPORTING DATE To date, the Group does not to anticipate significant modification of its global situation during the second half-year 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 halfyearly consolidated financial statements. 6

7 CHANGES IN THE SHARE PRICE SINCE THE INITIAL PUBLIC OFFERING oct IPO January 13, 2014 March 24, 2014 June 5, 2014 August 14, 2014 October 21, 2014 January 2, 2015 Blue Solutions' share price March 13, 2015 May 27, 2015 August 5, % BLUE SOLUTIONS SHAREHOLDING 11% 18% 71% Bolloré Bolloré Participations Public 7

8 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 8

9 CONSOLIDATED BALANCE SHEET ASSETS Notes 6/30/ /31/2014 (1) Goodwill Intangible assets ,333 5,609 Property, plant and equipment , ,867 Investments in equity affiliates 7 1,475 1,342 Other non-current financial assets 18 5 Deferred tax Other non-current assets 8 20,542 24,850 Non-current assets 129, ,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 Cash and cash equivalents 12 12,944 14,568 Current assets 72,137 54,442 TOTAL ASSETS 201, ,712 LIABILITIES Share capital 144, ,192 Share issue premiums 0 0 Consolidated reserves (6,718) (10,271) Shareholders equity, Group share 137, ,921 Non-controlling interests 0 0 Shareholders equity , ,921 Non-current financial debts 16 34,466 33,016 Provisions for employee benefits 14 1,695 1,420 Deferred tax Other non-current liabilities ,066 Non-current liabilities 37,071 35,502 Current financial debts 16 1,986 1,963 Current provisions Trade and other payables 18 23,859 17,481 Current tax Other current liabilities Current liabilities 26,937 20,289 TOTAL LIABILITIES 201, ,712 (1) See note 3 Comparability of financial statements. 9

10 CONSOLIDATED INCOME STATEMENT Notes June 2015 June 2014 (1) December 2014 Turnover ,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 ,589 (4,853) (6,002) Net financing expenses 22 (351) (570) (1,087) Other financial income 22 1, ,987 Other financial expenses 22 (288) (208) (433) Financial income (437) 467 Share in net income of operating companies accounted for using the equity method 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 (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. 10

11 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 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 Including taxes: - on actuarial gains and losses (1) See note 3 Comparability of financial statements. 11

12 VARIATION IN CONSOLIDATED CASH FLOW 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 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 Other adjustments: - net financing expenses ,087 - tax expenses Dividends received: - dividends received from associates 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, ,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 Effect of changes in scope of consolidation on cash flow Net cash from investing activities (5,941) (4,791) (11,224) Cash flows from financing activities Disbursements: - dividends paid to parent company shareholders Receipts: - investment subsidies Net interest paid 19 (28) (36) Net cash from financing activities 19 (28) 231 Effect of exchange rate fluctuations 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. 12

13 VARIATION IN CONSOLIDATED SHAREHOLDERS EQUITY Number of shares Share capital Translation adjustment Actuarial (losses) and gains Reserves Shareholders equity, Group s share Noncontrolling interests Shareholders equity at 12/31/ ,838, , (182) (5,412) 139, ,246 Transactions with shareholders (533) (533) 0 (533) Capital increase Dividends distributed Transactions on treasury securities Share-based payments (1) Change in consolidation scope Other changes (2) (718) (718) 0 (718) Comprehensive income items 56 (63) (5,274) (5,281) 0 (5,281) Net profit/loss for the period (5,274) (5,274) 0 (5,274) Change in items recyclable through profit and loss - Translation adjustment of controlled entities Change in the fair value of controlled-entity financial instruments Total Other changes in comprehensive income Change in items that will not be recycled through profit and loss - Actuarial (losses) and gains (63) (63) 0 (63) Shareholders equity as at June 30, 2014 (3) 28,838, , (245) (11,219) 133, ,432 Shareholders equity at 12/31/ ,838, , (182) (5,412) 139, ,246 Transactions with shareholders Capital increase Dividends distributed Share-based payments (1) 1,577 1, ,577 Change in consolidation scope Other changes (2) (889) (889) 0 (889) Comprehensive income items (104) (246) (5,663) (6,013) 0 (6,013) Net income for the period (5,663) (5,663) 0 (5,663) Change in items recyclable through profit and loss - Translation adjustment of controlled entities (104) (104) 0 (104) - Change in the fair value of controlled-entity financial instruments Other changes in comprehensive income Change in items that will not be recycled through profit and loss - Actuarial (losses) and gains (246) (246) 0 (246) Shareholders equity at 12/31/ ,838, , (428) (10,387) 133, ,921 Transactions with shareholders (349) (349) 0 (349) Capital increase Dividends distributed Share-based payments (1) Change in consolidation scope Other changes (2) (1,117) (1,117) 0 (1,117) Comprehensive income items (40) (196) 4,138 3, ,902 Net profit/loss for the period 4,138 4, ,138 Change in items recyclable through profit and loss - Translation adjustment of controlled entities (40) (40) 0 (40) - Change in the fair value of controlled-entity financial instruments Other changes in comprehensive income Change in items that will not be recycled through profit and loss - Actuarial (losses) and gains (196) (196) 0 (196) SHAREHOLDERS EQUITY AS AT JUNE 30, ,838, , (624) (6,598) 137, ,474 (1) Share-based payments in respect of Bolloré SA shares (at June 30, 2014 and at December 31, 2014) and Blue Solutions SA shares (see note 15 Share-based payment transactions). (2) See note 16 Financial indebtedness. (3) Restated - See note 3 Comparability of financial statements. 13

14 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 SIGNIFICANT ACCOUNTING POLICIES A SIGNIFICANT EVENTS Net income from the first half of 2015 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 Turnover was 63 million euros vs. 46 million euros for the first half of This growth is essentially due to the upsurge in activity with Bluecar vehicles (1,171 batteries delivered vs. 957) and with Bluestorage for the stationary market (306 battery packs vs. 122). B ACCOUNTING PRINCIPLES AND VALUATION METHODS B.1 Basis of preparation of financial information The principles and methods used to prepare the summary consolidated financial statements are identical to those used by the Group for the consolidated financial statements for the year ended December 31, 2014, prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union and detailed in note 1 Accounting Principles to the consolidated financial statements for the 2014 financial year; subject to the following: application by the Group of the accounting standards or interpretations, set out in B.2 below - Changes in standards, effective from January 1, 2015; application of the specifics of IAS 34 Interim Financial Reporting. In accordance with IAS 34, these financial statements do not include all of the notes required in the annual financial statements, but a selection of explanatory notes. They must be read in relation to the Group s financial statements as at December 31, B.2 Changes in standards 1. IFRS, IFRIC interpretations or amendments adopted by the Group from January 1, 2015 Standards, Amendments or Interpretations Dates of adoption by the European Union Application dates: financial years beginning on or after Interpretation of IFRIC 21 Tax paid to a public authority 06/14/ /17/2014 (1) Improvements to IFRS cycle /19/ /01/2015 (1) (1) European Union application date For the impacts of the implementation of IFRIC 21, see note 3 Comparability of financial statements. 2. Accounting standards or interpretations that the Group will apply in the future On June 30, 2015, the IASB published standards and interpretations which have not yet been adopted by the European Union; at this date, they have not been applied by the Group. The IASB published standards and interpretations, adopted by the European Union on June 30, 2015, for which the application date is after January 1, These new provisions were not applied in advance. 14 1/3

15 Standards, Amendments or Interpretations Dates of adoption by the European Union Application dates set by the European Union: financial years beginning on or after Amendment to IAS 19 Defined-benefit plans: employer contributions 01/09/ /01/2015 Improvements to IFRS cycle /09/ /01/2015 The Group does not anticipate a significant effect of these standards and interpretations on the Group s financial statements. B.3 Use of estimates The preparation of financial statements in accordance with IAS 34 leads management to use estimates and assumptions in the implementation of accounting principles in order to value assets and liabilities, as well as revenues and expenses for the period presented. B.4 Company details The Blue Solutions Group is a limited company (société anonyme) incorporated under French law and subject to all legislative and other provisions applying to trading companies in France, and in particular those of the French company law (Code de commerce). Its registered office is at Odet, 29,500 Ergué-Gabéric, in France. The company is listed on the Paris stock exchange. The Blue Solutions Group (the Group) comprises Blue Solutions and its subsidiaries. Blue Solutions is controlled by Bolloré and is fully consolidated in the financial statements of this group. The interim financial statements have been prepared under the responsibility of the Board of Directors meeting of August 27, NOTE 2 MAIN CHANGES IN REPORTING SCOPE 2015 FINANCIAL YEAR None FINANCIAL YEAR None. NOTE 3 COMPARABILITY OF FINANCIAL STATEMENTS The financial statements of the first half of 2015 are comparable to those of FY 2014 with the exception of changes in the scope of consolidation and the impacts detailed below. INTERPRETATION OF IFRIC 21 TAX PAID TO A PUBLIC AUTHORITY The IASB published standards and interpretations, adopted by the European Union on December 31, 2014, for which the Group application date is January 1, 2015, with retrospective effect. The Group thus applied IFRIC Interpretation 21 Tax paid to a public authority retrospectively from the first half of This Interpretation clarifies IAS 37 Provisions, Contingent Liabilities and Contingent Assets concerning the obligating event for the booking of a liability in respect of fees or taxes that companies have to pay to public authorities in accordance with legal or regulatory provisions, except for corporate income tax and VAT. The main impact recorded by the Group stemmed from property tax. The impact on operating income in the first half of 2014 was -368 thousand euros. 15

16 NOTES TO THE BALANCE SHEET NOTE 4 GOODWILL CHANGE IN GOODWILL As at December 31, Foreign exchange variations 10 AT JUNE 30, In accordance with IAS 36 Impairment of Assets, goodwill undergoes impairment tests every year and when there is an objective indication of depreciation. Since there was no sign of loss in value at June 30, 2015, no impairment test was done on the said date. NOTE 5 INTANGIBLE ASSETS Gross value 06/30/ /31/2014 Amortization and impairment Net value Gross value Amortization and impairment Net value Operating rights, patents, development costs 8,802 (3,618) 5,184 8,659 (3,163) 5,496 Other 211 (62) (58) 113 TOTAL 9,013 (3,680) 5,333 8,830 (3,221) 5,609 CHANGE IN NET POSITION IN THE FIRST HALF OF 2015 Net values 12/31/2014 Gross acquisitions NBV disposals Net allowances Change in consolidation scope Foreign exchange variations Other transactions 06/30/2015 Operating rights, patents, development costs 5, (418) ,184 Other (4) 0 0 (18) 149 NET VALUES 5, (422) ,333 NOTE 6 PROPERTY, PLANT AND EQUIPMENT Gross value 06/30/ /31/2014 Amortization and impairment Net value Gross value Amortization and impairment Net value Land and fixtures and fittings 4,540 (642) 3,898 4,523 (562) 3,961 Buildings and fitting-out 62,746 (20,669) 42,077 62,395 (18,700) 43,695 Plant and equipment 94,650 (50,253) 44,397 93,129 (44,346) 48,783 Other 14,307 (3,309) 10,998 9,463 (3,035) 6,428 TOTAL 176,243 (74,873) 101, ,510 (66,643) 102,867 CHANGE IN NET POSITION IN THE FIRST HALF OF 2015 Net values 12/31/2014 Gross acquisitions NBV disposals Net allowances Change in consolidation scope Foreign exchange variations Other transactions 06/30/2015 Land and fixtures and fittings 3, (80) ,898 Buildings and fitting-out 43, (1,903) ,077 Plant and equipment 48,783 0 (299) (5,902) ,573 44,397 Other (1) 6,428 6,503 0 (257) 0 42 (1,718) 10,998 NET VALUES 102,867 6,503 (299) (8,142) ,370 (1) Of which non-current assets in progress. Investments are broken down by geographical area in note 20 Segment reporting. 16

17 NOTE 7 INVESTMENTS IN EQUITY AFFILIATES As at December 31, ,342 Change in the scope of consolidation 0 Share of net income 133 Other transactions 0 AT JUNE 30, ,475 CONSOLIDATED VALUE OF THE COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 06/30/ /31/2014 Value of equity share Value of equity share Value of equity share Value of equity share Cirtem (1) 133 1, ,342 TOTAL 133 1, ,342 (1) The company was 33.74% held by Blue Solutions SA at June 30, 2015 and at December 31, NOTE 8 OTHER NON-CURRENT ASSETS 06/30/ /31/2014 Gross value Provisions Net value Gross value Provisions Net value Research and competitiveness tax credit 20, ,542 24, ,850 TOTAL 20, ,542 24, ,850 Includes the research tax credit receivables of Blue Solutions for the 2013, 2014 and 2015 financial years. Blue Solutions expects to recover 7.7 million euros in 2017, 8.7 million euros in 2018 and 3.6 million euros in 2019 at the latest. NOTE 9 INVENTORIES AND WORK IN PROGRESS 06/30/ /31/2014 Gross value Provisions Net value Gross value Provisions Net value Raw materials supplies and other 11,601 (343) 11,258 13,642 (262) 13,380 Semi-finished, intermediate and finished products 11, ,290 5,406 (33) 5,373 Goods 2, ,157 1, ,833 TOTAL 25,048 (343) 24,705 20,881 (295) 20,586 NOTE 10 TRADE AND OTHER RECEIVABLES 06/30/ /31/2014 Gross value Provisions Net value Gross value Provisions Net value Trade accounts receivable 16, ,330 9, ,902 Taxes and social security contributions (1) 17, ,256 8, ,750 Other operating receivables TOTAL 33, ,694 18, ,856 (1) including 14.0 million euros at June 30, 2015 in Blue Solutions research tax credits for 2011 and 2012 (6.0 million euros as at December 31, 2014) recoverable in the next 12 months. NOTE 11 OTHER CURRENT ASSETS 06/30/ /31/2014 Gross value Provisions Net value Gross value Provisions Net value Prepayments TOTAL

18 NOTE 12 CASH AND CASH EQUIVALENTS 06/30/ /31/2014 Gross value Provisions Net value Gross value Provisions Net value Cash 4, ,258 2, ,006 Cash management agreements - assets (1) 8, ,686 12, ,562 Cash and cash equivalents 12, ,944 14, ,568 Bank overdrafts (1) 0 (1) (15) 0 (15) NET CASH 12, ,943 14, ,553 (1) Cash agreement with Bolloré SA. Cash and cash equivalents are classified at level 1 of the fair value hierarchy set out in IFRS 13 (as at December 31, 2014). NOTE 13 SHAREHOLDERS EQUITY As at June 30, 2015, the share capital of Blue Solutions SA amounted to 144,191,580 euros, divided into 28,838,316 ordinary shares with a par value of 5 euros each and fully paid-up. During the period ended June 30, 2015, the weighted average number of ordinary shares outstanding was 28,838,316 and the weighted average number of ordinary and potential dilutive shares was 29,053,344. Transactions that affect or could affect the share capital of Blue Solutions are subject to agreement by the General Meeting of Shareholders. DIVIDENDS PAID OUT BY THE PARENT COMPANY The parent company did not pay any dividends in the period. INCOME PER SHARE The table below gives a breakdown of the details used to calculate the basic and diluted earnings per share shown at the bottom of the income statement. June 2015 June 2014 (1) December 2014 Net income, Group s share, used to calculate earnings per share - basic 4,137 (5,274) (5,663) Net income, Group s share, used to calculate earnings per share - diluted 4,137 (5,274) (5,663) Number of shares issued 28,838,316 28,838,316 28,838,316 Number of shares outstanding 28,838,316 28,838,316 28,838,316 Free shares 370, , ,000 Number of shares issued and potential shares 29,208,316 29,216,316 29,208,316 Weighted average number of shares outstanding - basic 28,838,316 28,838,316 28,838,316 Potential dilutive stock from the exercising of free shares (2) 215, Weighted average number of shares outstanding and potential shares - after dilution 29,053,344 28,838,316 28,838,316 (1) See Note 3 Comparability of financial statements. (2) Potential stock was not taken into account when calculating the diluted net income per share as it had no dilutive effect on loss per share over the periods of June and December NOTE 14 PROVISIONS 06/30/2015 including current incl. noncurrent 12/31/2014 including current incl. noncurrent Provisions for warranties (1) Provisions for contingencies and charges Employee benefit obligations 1, ,695 1, ,420 PROVISIONS 2, ,695 1, ,420 (1) Provisions for warranties are created to cover the share of future expenses deemed likely for warranties such as the functioning and performance on battery and equipment deliveries. They also generally cover one year of operation depending on the type of material delivered. These provisions are determined on a statistical basis based on a history of returns of items under warranty. 18

19 BREAKDOWN OF CHANGES OVER THE PERIOD Decrease 12/31/2014 Increase with use without use Change in consolidation scope Other transactions Foreign exchange variations 06/30/2015 Provisions for warranties Employee benefits obligations (1) 1, (6) ,695 TOTAL 1, (6) ,139 (1) Employee benefit commitments were updated at June 30, 2015 by extrapolating the calculations done at December 31, The demographic data at December 31, 2014 were updated to reflect expected retirements in The exchange rates and the discounting rates were updated, the other assumptions were retained. Actuarial losses recognized under shareholders equity amounted to 196,000 euros at June 30, NOTE 15 SHARE-BASED PAYMENT TRANSACTIONS BLUE SOLUTIONS FREE SHARE ALLOCATION PLAN Blue Solutions Board of Directors of January 7, 2014, partially using the authorization granted to it by the Extraordinary General Meeting of August 30, 2013, decided to award a fixed maximum amount of free shares of 380,000 shares, or 1.32% of the capital. 364,500 free shares were awarded in this way on January 8, 2014, and 13,500 on April 7, 2014, in accordance with the procedures set out by the General Meeting and the Board of Directors. The arrangements for awarding these shares are detailed in the notes to the Bolloré Group s financial statements as at December 31, The recognition procedures for this plan were not modified in the half year. The fair value of the allocated shares was calculated by an independent expert. The fraction of this fair value representative of the services rendered to Blue Solutions recorded in P&L under Staff costs offset in shareholders equity is -768 thousand euros at June 30, NOTE 16 FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS 06/30/2015 including current incl. noncurrent 12/31/2014 including current incl. noncurrent Loans from banks Other borrowings and similar debts (1) 36,452 1,986 34,466 34,979 1,963 33,016 GROSS FINANCIAL DEBT 36,452 1,986 34,466 34,979 1,963 33,016 Cash and cash equivalents (2) (12,944) (12,944) 0 (14,568) (14,568) 0 NET FINANCIAL INDEBTEDNESS 23,508 (10,958) 34,466 20,411 (12,605) 33,016 (1) Debt on the better fortunes clause (see below). (2) Including, at June 30, 2015, 4.3 million euros of cash and 8.7 million euros under the cash management agreement (assets) with Bolloré SA. See note 12 Cash and cash equivalents. 19

20 MAIN CHARACTERISTICS OF THE ITEMS IN NET FINANCIAL DEBT Liabilities at amortized cost Other borrowings and similar debts 06/30/2015* 12/31/2014* Value 36,452 34,979 * Corresponds to the factoring in of the debt concerning the return to better fortune clause in favor of Bolloré relating to the debt waiver granted in 2009 for an amount of 36.5 million euros on June 30, 2015, versus 35.0 million euros at December 31, 2014: Blue Solutions is committed to repaying an amount of 37.5 million euros to Bolloré SA, said amount corresponding to the debt waived in 2009, by paying one-third of the company s positive profit before tax, capped at the amount of the net profit, until the debt has been paid off. The debt recognized in the financial statements corresponds to the current value of the commitment and is estimated on the basis of forecasts of future profit/loss available on the dates on which the financial statements for Blue Solutions were prepared. The interest expenses representing the passage of time (-0.4 million euros as at June 30, 2015 versus -1.1 million euros as at December 31, 2014) are recognized in the net financing expenses on the basis of an effective interest rate corresponding to the average financing rate of the lender. However, this interest does not create cash outflows. Subsequent changes (excluding the discounting effect) of this debt, resulting from a transaction with shareholders, were recorded in shareholders equity for -1.1 million euros at June 30, 2015 and -0.9 million euros as at December 31, NOTE 17 OTHER NON-CURRENT LIABILITIES Change Change Change Other 12/31/2014 in scope net currency transactions 06/30/2015 Other non-current liabilities (1) 1, (174) 910 TOTAL 1, (174) 910 (1) Includes investment subsidies share at over one year. NOTE 18 TRADE AND OTHER PAYABLES 12/31/2014 Change in consolidation scope Net changes Foreign exchange variations Other transactions 06/30/2015 Due to suppliers 10, , ,341 Tax and social security contributions payable 4, , ,610 Other operating payables 2, ,582 (212) 0 3,908 TOTAL 17, ,544 (166) 0 23,859 NOTE 19 OTHER CURRENT LIABILITIES 12/31/2014 Change in consolidation scope Net changes Foreign exchange variations Other transactions 06/30/2015 Unearned income Other current debts (1) (174) TOTAL (174) (1) Includes investment subsidies share at under one year. 20

21 NOTES TO THE INCOME STATEMENT NOTE 20 SEGMENT REPORTING The Group produces and sells batteries and, to a lesser extent, supercapacitors, and realizes the majority of its sales in France. The Group focuses on a single industry and the segment reporting based on the core business is therefore clearly visible in the financial statements. INFORMATION BY PARTNER June 2015 June 2014 December 2014 TURNOVER (1) 63,306 46,010 97,167 - Bluecar 47,294 38,219 80,424 - Bluestorage 11,304 5,366 11,313 - Bluebus 2, ,457 - Bluetram ,039 (1) Total turnover with controlled entities of the Bolloré Group, see note 24 Related-parties. INFORMATION BY GEOGRAPHICAL AREA France and overseas departments and territories Americas Total In June 2015 Turnover 62, ,306 Intangible assets 262 5,071 5,333 Property, plant and equipment 76,800 24, ,370 Tangible and intangible investments 5, ,561 France and overseas departments and territories Americas Total In June 2014 Turnover 45, ,010 Intangible assets 174 5,524 5,698 Property, plant and equipment 78,964 26, ,962 Tangible and intangible investments 1,791 1,795 3,586 France and overseas departments and territories Americas Total In December 2014 Turnover 95,912 1,255 97,167 Intangible assets 245 5,364 5,609 Property, plant and equipment 76,267 26, ,867 Tangible and intangible investments 4,592 3,269 7,861 Turnover by geographical area shows the distribution of products according to the country in which they are sold. 21

22 NOTE 21 OPERATING INCOME The breakdown of operating income by type of income and expense is as follows: June 2015 June 2014 (1) December 2014 Turnover (2) 63,306 46,010 97,167 - Sales of goods 58,375 42,786 90,078 - Provision of services 2,824 1,679 4,228 - Income from associated activities 2,107 1,545 2,861 Goods and services bought in: (40,718) (35,390) (72,178) - Goods and services bought in (40,525) (35,254) (71,837) - Lease payments and rental expenses (193) (136) (341) Staff costs (13,948) (11,685) (23,117) Allocations to amortization and provisions (8,704) (8,114) (17,143) Other operating income (*) 4,945 5,002 10,443 Other operating expenses (*) (1,292) (676) (1,174) OPERATING INCOME 3,589 (4,853) (6,002) (1) See note 3 Comparability of financial statements. (2) Change in turnover is listed by geographical area in note 20 Segment reporting. (*) DETAILS OF OTHER OPERATING INCOME AND EXPENSES June 2015 June 2014 Total Operating income Operating expenses Total Operating income Operating expenses Capital gains (losses) on the disposal of non-current assets (299) Foreign exchange gains and losses (453) 521 (974) (75) 590 (665) Research tax credit 3,787 3, ,125 4,125 0 Other (19) (11) OTHER OPERATING INCOME AND EXPENSES 3,653 4,945 (1,292) 4,326 5,002 (676) Capital gains (losses) on the disposal of non-current assets December 2014 Total Operating income Operating expenses 0 4 (4) Foreign exchange gains and losses (447) 676 (1,123) Research tax credit 8,994 8,994 0 Other (47) OTHER OPERATING INCOME AND EXPENSES 9,269 10,443 (1,174) 22

23 NOTE 22 FINANCIAL INCOME June 2015 June 2014 December 2014 Net financing expenses (351) (570) (1,087) - Interest expense (370) (570) (1,097) - Income from financial receivables Other financial income (*) 1, ,987 Other financial expenses (*) (288) (208) (433) FINANCIAL INCOME 643 (437) 467 (*) DETAILS OF OTHER FINANCIAL INCOME AND EXPENSES Total June 2015 June 2014 Financial income Financial expenses Total Financial income Financial expenses Changes in financial provisions (14) 0 (14) (13) 0 (13) Other (1) 1,008 1,282 (274) (195) OTHER FINANCIAL INCOME AND EXPENSES 994 1,282 (288) (208) December 2014 Total Financial income Financial expenses Changes in financial provisions (27) 0 (27) Other (1) 1,581 1,987 (406) OTHER FINANCIAL INCOME AND EXPENSES 1,554 1,987 (433) (1) Mainly foreign exchange gains and losses related to financing granted by Blue Solutions to Blue Solutions Canada. NOTE 23 CORPORATE INCOME TAX INCOME TAX ANALYSIS June 2015 June 2014 December 2014 Current tax Net change in deferred taxes Other tax Corporate added value contribution (CVAE) (227) (57) (188) TOTAL (227) (57) (188) For the financial years presented, by virtue of IAS 12 section 35, the Group considered that given the recent history of unused tax losses, it was not necessary to recognize the net deferred tax assets in respect of carrying forward tax losses beyond the taxable liabilities temporary differences. 23

24 OTHER INFORMATION NOTE 24 RELATED PARTIES RELATED-PARTY TRANSACTIONS The consolidated financial statements include the operations conducted by the Group within the normal framework of its activities with the consolidated companies in the Bolloré Group which controls the Group. It should be noted that the Group has in particular entered into an agreement with Bolloré SA concerning the provision of services, including the provision of assistance, staff and resources and reclassification of assets. The financial conditions of this agreement are as follows: - for assistance services: the invoicing amount is determined according to the operating cost of Bolloré SA using a distribution key; - for the provision of staff and resources: the agreement specifies reinvoicing at cost for seconded personnel and equipment, reinvoicing by the hour for aircraft; - for asset or security reclassification transactions: they are calculated on the basis of the net book value of the goods in the accounts of the transferor except for changes in securities exceeding 500,000 euros and asset disposals exceeding 1,500,000 euros which are governed by a special agreement subject to the regulated agreement regulations. In addition: Blue Solutions benefits from a cash management agreement with Bolloré SA which manages the cash requirements and cash surpluses of Blue Solutions. Borrowings made are subject to the quarterly average EONIA interest rate +1.50% and loans at the EONIA rate +0.75%. June 2015 June 2014 Turnover - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions 62,460 45,782 - fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada 25,028 30,039 - entities accounted for using the equity method (2) : Cirtem 0 0 Goods and services bought in - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions (3,659) (3,544) - fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada (25,229) (30,272) - entities accounted for using the equity method (2) : Cirtem 0 0 Other financial income and expenses - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada entities accounted for using the equity method (2) : Cirtem 0 71 June 2015 December 2014 Receivables associated with activity (excluding tax consolidation) - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions 15,594 9,568 - fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada 3,534 2,442 - entities accounted for using the equity method (2) : Cirtem 0 0 Provisions for bad debts 0 0 Payables associated with activity (outside tax consolidation) - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions 2,738 1,569 - fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada 3,534 2,441 - entities accounted for using the equity method (2) : Cirtem 0 0 Current accounts and cash management agreements assets - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions 8,686 12,562 - fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada 38,785 39,532 - entities accounted for using the equity method (2) : Cirtem 0 0 Current accounts and cash management agreements liabilities - entities consolidated in the Bolloré Group, jointly controlled with Blue Solutions fully-consolidated entities (1) : Blue Solutions and Blue Solutions Canada 38,785 39,532 - entities accounted for using the equity method (2) : Cirtem 0 0 (1) Corporate amounts (2) Full corporate amount before application of consolidation rates. 24

25 NOTE 25 OFF-BALANCE SHEET CONTRACTUAL COMMITMENTS This note supplements the information on commitments given and received as at December 31, 2014, as described in note 29 Off-balance sheet contractual commitments to the consolidated financial statements for the year ended December 31, Outside these points, there was no significant change in the nature of the off-balance sheet commitments given and received since December 31, NOTE 26 INFORMATION ON RISK This note updates the information supplied in note 31 of the notes to the consolidated financial statements included in the Group s 2014 registration document. MAIN FINANCIAL RISKS CONCERNING THE GROUP Liquidity risk The Blue Solutions Group has a cash management agreement with the Bolloré Group that can, where necessary, cover its liquidity needs, with the understanding that the Board of Directors of August 30, 2013 authorized Bolloré to commit to maintaining the Group s financing by way of its cash management agreement until June 30, At June 30, 2015, its net financial indebtedness was 23.5 million euros (20.4 million euros as at December 31, 2014). It includes -8.7 million euros under the cash management agreement with Bolloré SA (-12.6 million euros at December 31, 2014) and 36.5 million euros under the return to better fortune clause with Bolloré SA (35.0 million euros as at December 31, 2014). Blue Solutions is committed to repaying an amount of 37.5 million euros to Bolloré SA, said amount corresponding to the debt waived in 2009, by paying one-third of the company s positive profit before tax, capped at the amount of the net profit, until the debt has been paid off. The debt recognized in the financial statements (36.5 million euros as at June 30, 2015) corresponds to the present value of the commitment and is estimated on the basis of the forecasts of future results available as of the dates of drawing up the financial statements for Blue Solutions. Interest expense representative of the passage of time is recognized in the net financing expenses on the basis of an effective interest rate corresponding to the average financing rate of the lender. However, this interest does not create cash outflows. The Group considers that the Bolloré Group has sufficient liquidity to ensure financing for the coming years. The financial risks related to the Bolloré Group are presented in its 2014 registration document. Interest rate risk As at June 30, 2015, the Group had net variable rate indebtedness of 23.5 million euros, versus 20.4 million euros as at December 31, The cash management agreement with Bolloré SA showed a net asset position of 8.7 million euros as at June 30, 2015, versus 12.6 million euros as at December 31, This cash management agreement bears interest at the quarterly average EONIA rate +1.50% for the advances granted by Bolloré SA and at the quarterly EONIA +0.75% for advances granted to Bolloré SA. Interest expenses in respect of the debt relating to the return to better fortune clause amounted to -0.4 million euros based on an interest rate of 2.06% at June 30, 2015 (respectively -1.1 million euros based on an interest rate of 3.10% and -0.5 million euros based on an interest rate of 3.24% at December 31, 2014 and June 30, 2014). The sensitivity of the debt to a 1% rise in interest rates is as follows: the annual impact on financial expenses would be million euros at June 30, 2015, versus -0.2 million euros at December 31, The Blue Solutions Group did not use derivative financial instruments to hedge rates at June 30, 2015 or December 31, Foreign exchange risk Group turnover related to the sale of batteries is made in euros. Consequently, nearly 99% of the turnover in the presented periods was generated in euros. The company therefore considers that its turnover does not expose it in a significant manner to exchange rate risks. Nevertheless, Blue Solutions carries out certain transactions in foreign currencies: the Canadian site s intra-group battery purchases and most of its production costs are paid for in Canadian dollars; certain component purchases from external suppliers are made in US dollars. The company considers that the impact related to currencies nevertheless remains limited on the whole with regard to the Group s operating income and is not hedged. The Group s operating income is not significantly exposed to foreign exchange risks. The Group s total net currency losses and gains related to operating flows in foreign currencies amounted to -453 thousand euros at June 30, 2015 versus -447 thousand euros at December 31, 2014 and -75 thousand euros at June 30, In 2015 and 2014, the financing of Blue Solutions Canada was provided by Blue Solutions in Canadian dollars. Unrealized foreign exchange gains and losses resulting from the conversion of the short-term loan for its euro counter-value are recognized as net financial income at each year-end. Total net currency impacts amounted to 984 thousand euros, 1,552 25

26 thousand euros and 120 thousand euros for the periods ended June 30, 2015, December 31, 2014 and June 30, 2014 respectively. The impact of a 1% change in the Canadian dollar on the translation of the Group s data is as follows: 06/30/ /31/ /30/2014 Turnover Operating income Financial income Net income Shareholders equity Credit and/or counterparty risk Blue Solutions considers it is not exposed to counterparty risk, as nearly 99% of its turnover is generated with Bolloré Group companies. Risk related to shares Blue Solutions has no holdings other than those held in Blue Solutions Canada and Cirtem. Accordingly, it considers that it is not subject to any risk on fluctuation in share markets. Raw materials risk Given the portion represented individually by each type of raw material and component in its operating expenses, Blue Solutions has not put in place any measures for this risk or any hedging measures for said risk. NOTE 27 EVENTS AFTER THE REPORTING DATE None. 26

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