2018 results March 14, 2019

The Board of Directors of Blue Solutions, which met on March 14, 2019, approved the 2018 financial statements.

Revenue totaled €38 million, down 53% at constant scope and exchange rates (and on a reported basis) compared with 2017 due to developments in its technology.

Blue Solutions is one of the very few global companies producing solid-state batteries, considered by many to be the future technology for energy storage.

The first production version of this battery enabled the powering of vehicles for numerous car-sharing operations around the world: Paris, Lyon, Bordeaux, Turin, Indianapolis, London, Los Angeles, and more recently Singapore. Its technology has proven to be robust and efficient.  It was the same for the buses. During the 2018 fiscal year, Bluebus sold 18 buses in the 6-meter class and 23 in the 12-meter class (versus 23 and 22 respectively in 2017). Bluebus received an order from the RATP for 41 buses in the 12-meter class, which are scheduled for delivery in 2019.

Blue Solutions has designed a vastly improved version of its dry battery both in terms of power and density. To this end, its plants in Canada and Brittany are both in the process of being transformed accordingly, with production of the new batteries set to start in the fall of 2019. Besides continuing to supply more efficient batteries for the bus industry, Blue Solutions is currently participating in calls for tenders for stationary energy storage systems.

Blue Solutions also invests in research and development for solid-state batteries operating at ambient temperature.

EBITDA1 was a negative €14 million (vs. a negative €4 million in 2017), and operating income was a negative €30 million (vs. a negative €19 million in 2017). The deterioration is mainly attributable to the decline in revenue following the release of the improved version of the solid-state battery, the necessary adjustments to production capacity in Canada in the second half of 2018 and the continuation of research and development efforts.


Consolidated net income was a loss of €33 million (vs. a loss of €19 million in 2017).

Net debt amounted to €46 million, including a €33 million return to better fortune clause in favor of Bolloré.

Additional information

In July 2018, Bolloré Group announced an agreement with Daimler, which may lead to the equipping of eCitaro buses manufactured by Daimler with Lithium Metal Polymer (LMP®) batteries from Blue Solutions.

Following the simplified public tender offer for Blue Solutions shares carried out in July 2017, the Bolloré Group reiterates its commitment to submitting a tender offer at 17 euros per Blue Solutions share during the first half of 2020. The terms of this commitment can be found in Section 1.3.1 of the Bolloré SA Securities Note approved by the AMF on July 4, 2017 (approval no.17-326).

Blue Solutions consolidated results

(in millions of euros)  2018   2017   Change
  Revenue  38   81   - 53  %
  EBITDA  (14  )  (4  )  na
  Operating income  (30  )  (19  )  na
  Financial income  (2  )  (2  )  na
  Net income  (33  )  (19  )  na
  Net income Group share  (33  )  (19  )  na
  Shareholders' equity group share  88   118   (30  )
Net debt  46   31   15 
Gearing (%) (1)  53  %  26  %  - 

(1)     Gearing = Net debt / Equity ratio

The audit of the 2018 consolidated financial statements has been completed, and the certification report will be issued after review of the management report.

1 EBITDA: operating income less depreciation, amortization and operating provisions (including the share of net income of companies accounted for under the equity method).