- Order intake growth of 31% vs. H1 2022 due to favorable
seasonality commitment orders with Linde Material Handling
- Delay in direct sales orders which represent 24% of orders
in H1 2023 vs. 36% in H1 2022
- Q2 2023 sales at €7.6m, +73% vs. Q2 2022
- Order book1 at €10.3m at June 30, 2023, down slightly vs. H1
2022 leading to a request for an extraordinary drawdown under the
interim financing agreement with Softbank Group
- Proposed tender offer by SoftBank Group to acquire Balyo
shares at €0.85 per ordinary share
Regulatory News:
BALYO (FR0013258399, Mnemonic: BALYO, PEA-PME eligible),
(Paris:BALYO) technology leader in the design and development of
innovative robotic solutions for industrial trucks, announces its
sales for the 1st half of 2023.
Pascal Rialland, Chairman and CEO of BALYO, comments:
"The first half of 2023 was marked by strong growth in our sales,
up 79% to €14.9 million. Our business is growing in all our
markets. However, even if order intake for the past six months was
up +31% on the previous year, direct sales did not reach the
expected level in part because of client delays. As a result, Balyo
will need to request an extraordinary drawdown under the interim
financing agreement with Softbank in order for the Company to meet
ongoing operating expenses. Finally, SoftBank Group's proposed
takeover bid for Balyo shares marked the end of the first half of
2023. We believe this combination provides a secure platform to
meet our short term financial obligations alongside a unique
opportunity to drive long-term growth.".
In thousands of euros
Q1 2022
Q2 2022
H1 2022
Q1 2023
Q2 2023
H1 2023
Change Q2 23/ Q2 22
Change H1 23/ H1 22
EMEA Region
3,380
3,863
7,243
5,736
5,064
10,800
+31%
+49%
Region Americas
382
465
847
1,388
1,871
3,259
+302%
+285%
APAC Region
111
88
199
104
707
811
+703%
+307%
Sales published*
3,873
4,416
8,289
7,228
7,642
14,870
+73%
+79%
* Unaudited data
Sales for the 2nd quarter and 1st half of 2023
BALYO recorded sales of €14.9 million in the first half of 2023,
up 79% on the first half of 2022. In the second quarter of 2023,
the Group recorded sales of €7.6 million, up 73% on the second
quarter of 2022.
Evolution of order book
After integrating new orders of €3.3 million in the second
quarter of 2023, BALYO's order book1 stood at €10.3 million at June
30, 2023, compared with €11.0 million for the same period last
year. This represents a decline of -6% compared with the first half
of 2022, due to a slowdown in business in the United States.
Over the period, BALYO generated 24% of its sales directly,
compared with 36% in 2022, a lower level of performance than the
Company's ambitions, due in part to client delays.
Highlight: proposed takeover bid by SoftBank Group
At the beginning of June, SoftBank Group initiated a proposed
takeover bid to acquire the shares of BALYO. This friendly offer is
priced at €0.85 per ordinary share. BALYO complements SoftBank's
existing investments in the transport and logistics sectors. The
investment will enable SoftBank Group to expand its business in the
transportation and mobility sectors, while BALYO will gain access
to its partner's global network of over 470 technology-driven
companies to develop new business relationships. As part of the
SoftBank Group ecosystem, it is expected that BALYO will have the
long term security and support to deliver on its direct sales
strategy.
In connection with the Offer, SoftBank has agreed to provide
interim financing of up to €5 million to BALYO to meet its working
capital requirements. This financing will be paid in several
drawdowns and structured in the form of convertible bonds issued by
BALYO to SoftBank, maturing on October 31, 2024. As a result of
softer than expected orders in H1, Balyo requested the issuance of
the first tranche of financing on 19 July 2023 for an amount of
€1.5 million.
The amount drawn down by BALYO under the financing is
convertible at SoftBank' selection, at the following price:
(i) at the Offer price per ordinary share, if the conversion is
on or after the filing of the Offer but before the earlier of the
closing of the Offer and the termination of the Offer (meaning the
tender offer agreement being terminated in accordance with its
terms for any reason whatsoever) ;
(ii) at the lower of (a) the Offer price, and (b) a 20% discount
to Balyo’s ordinary share price at the date of the conversion
notice, based on the last thirty (30) day VWAP, if the conversion
is on or after the earlier of the closing of the Offer and the
termination of the Offer and BALYO's shares are still listed on
Euronext Paris; and
(iii) at the lower of (a) the Offer price per ordinary share,
and (b) a 20% discount to the fair market value of Balyo’s shares,
if the conversion is on or after the earlier of the closing of the
Offer and the termination of the Offer and Balyo’s shares have
ceased to listed on Euronext Paris following successful completion
of a mandatory squeeze-out on the remaining outstanding shares of
Balyo.
Upon termination of the Offer (as the case may be), the
Financing will remain in place but the amount available to Balyo
shall be reduced to EUR 3,000,000 less any amounts that have
previously been drawn2.
BALYO's Board of Directors welcomed the Offer in principle on
June 13, 2023, pending the independent expert's conclusions on its
financial terms. BALYO's Economic and Social Council issued also a
favorable opinion on the Offer on July 5. All the documents
relating to the Offer will be filed with the AMF during the third
quarter of 2023, following the Board of Directors' reasoned opinion
on the Offer, with completion of the Offer scheduled for the fourth
quarter of 2023.
Strategy and outlook
BALYO remains confident to recover the delay of direct sales
order during H2 2023.
Next BALYO financial announcement: half-year results
2023, on September 28, 2023.
About BALYO
Humans around the World deserve enriching and creative jobs. At
BALYO, we believe that pallet movements in DC and manufacturing
sites should be left to fully autonomous robots. To execute this
ambition, BALYO transforms standard forklifts into intelligent
robots thanks to its breakthrough Driven by Balyo™ technology. Our
leading geo guidance navigation system enables robots to locate
their position and navigate autonomously inside buildings - without
the need for any additional infrastructure. To accelerate the
material handling market conversion to autonomy, BALYO has entered
into two global partnerships with KION (Fenwick-Linde's parent
company) and Hyster-Yale Group. A full range of globally available
robots has been developed for virtually all traditional warehousing
applications; Tractor, Pallet, Stackers, Reach and VNA-robots.
BALYO and its subsidiaries in Boston and Singapore serve clients in
the Americas, Europe and Asia-Pacific. The company has been listed
on EURONEXT since 2017 and its sales revenue reached €24.1 million
in 2022. For more information, visit www.balyo.com.
1 The order book refers to all project orders received but not
yet delivered. The order backlog changes every quarter, taking into
account new orders, sales generated by projects during the period,
and any order cancellations. 2 Without any early repayment for any
amount in excess of EUR 3,000,000.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230717143976/en/
BALYO Frank Chuffart investors@balyo.com
NewCap Financial Communication and Investor Relations Thomas
Grojean / Aurélie Manavarere Phone: +33 1 44 71 94 94
balyo@newcap.eu
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