Gaussin has just released its H1 accounts for the 2015-16 financial year (which runs April-March). They disclose that the company holds significant forward orders that it cannot complete without additional capital.
Turnover for the period was €4.3M and Gaussin booked an operating loss of €4.7M. In Gaussin’s main port business, where it offers the ATT range of machines, revenue fell 67% to €6M, and operating margin dropped from €7M to €2M.
The decrease in revenue was mainly related to the delay in the “industrialisation” of the electric power pack. Gaussin is renegotiating with its partners and now expects delivery of some systems in December. It has also sourced electric power packs from new suppliers, and taken delivery of the first of these units.
The order book for ATT’s stood at €116M. Two orders were booked in the first nine months of 2015: 75 fully electric ATTs and 150 docking stations for CES Container Handling to be delivered at a rate of 15 ATTs and 30 docking stations per year, valued at €46.3M; and 100 fully electric power packs and 25 rental battery chargers from LeaderLease, a subsidiary of Gaussin, to be delivered over five years and valued at €34.4M.
In total the order book at 30 September stood at €120M, including €40M of leasing and €10M in licensing for Terminal Teluk Lamong in Indonesia. The Gaussin group has €20M of trade receivables (of which €7M are due within one year), while trade payables amounted to €6M at June 30, 2015.
As at 31 August 2015 the group's cash position stood at €3.6M, and it advised shareholders it was not in a position to fund the order book or its research commitments without recourse to new external financing. Shareholders voted to accept various share exchange mechanisms to allow Gaussin to receive up to €18M in new capital, including €6M from ZPMC.
The capital injection will finance current operations and allow Gaussin to participate in much bigger tenders. The company's Board of Directors said some of these involve equipment numbers five to ten times greater than the current order book. Specifically, partnering with ZPMC will allow Gaussin to target automation projects in Shanghai, Singapore, Dubai and Surabaya.