RUBIS: THIRD-QUARTER REVENUE: +13% - VOLUME GROWTH: +20%
(Thomson Reuters ONE) -
November 9, 2015
The Group's third-quarter 2015 revenue grew by 13% to ?814 million (-5.7% at
constant scope).
* Rubis Énergie reported a 23% increase in volumes (+1.2% at constant scope);
* Rubis Support and Services, which includes SARA (Antilles refinery) and all
shipping and trading activities, generated revenue of ?175 million;
* Rubis Terminal recorded a 7.5% increase in storage revenues on the scope
under management (i.e. 100% of all terminals), with petroleum product rental
revenues up 1.5% in France and revenues up 32% outside France.
The main items of change in the scope of consolidation over the period were the
full consolidation of SARA (up from 35.5%), Eres (bitumen) split between Rubis
Énergie and Rubis Support and Services, and SRPP (Reunion Island) over two
months.
At constant scope, total volumes were up a healthy 3.3%.
The continued decline in prices of petroleum products (propane: -56%) had a
deflationary effect on Rubis Énergie's nominal revenue (-6.7% at constant
scope), while continuing to generate a favorable situation for the unit margin
in the third-quarter.
There have been no events since the release of the interim financial statements
as of June 30, 2015 liable to significantly alter the Group's financial
position, which remained strong at the end of the quarter.
+---------------+------------------+
| Q3 revenue | 9 months |
| | to September 30 |
+-------------------------------+------+--------+---------+--------+
| Revenue (in ?M) | 2015 | Change | 2015 | Change |
+-------------------------------+------+--------+---------+--------+
| DISTRIBUTION | 563 | +10% | 1,527 | +6% |
| Europe | 127 | -11% | 402 | +6% |
| Caribbean | 307 | -6% | 924 | -2% |
| Africa | 129 | +197% | 200 | +63% |
+-------------------------------+------+--------+---------+--------+
| SUPPORT AND SERVICES | 175 | +34% | 366 | -9% |
+-------------------------------+------+--------+---------+--------+
| BULK LIQUID STORAGE | 75 | +1% | 218 | -4% |
| Bulk liquid storage | 33 | -4% | 95 | -3% |
| Trading of petroleum products | 42 | +5% | 123 | -5% |
+-------------------------------+------+--------+---------+--------+
| Total consolidated revenue | 814 | +13% | 2,111 | +2% |
+-------------------------------+------+--------+---------+--------+
Fuel marketing activity: Rubis Énergie
Volumes sold in retail distribution by Rubis Énergie totaled 747,000 m(3) over
the period, an increase of 23%. At constant scope, volume growth was 1.2%.
Geographical breakdown of volumes
(Retail distribution)
+--------------+---------+---------+--------+----------------+
| In '000 m(3) | Q3-2014 | Q3-2015 | Change | Change at |
| | | | | constant scope |
+--------------+---------+---------+--------+----------------+
| Europe | 185 | 187 | +1% | 0% |
+--------------+---------+---------+--------+----------------+
| Caribbean | 351 | 356 | +2% | +2% |
+--------------+---------+---------+--------+----------------+
| Africa | 72 | 203 | +180% | +2% |
+--------------+---------+---------+--------+----------------+
| TOTAL | 608 | 747 | +23% | +1% |
+--------------+---------+---------+--------+----------------+
· Europe: retailed volumes reached 187,000 m(3). Q3 is traditionally a
lackluster period in terms of energy consumption in this geographic zone. At
constant scope, volumes were stable with a good dynamic recorded in new contract
signings.
· Caribbean: retailed volumes totaled 356,000 m(3), an increase of 2%.
Also noteworthy was the head start (3%) on motor gas stations volumes, which
account for nearly 50% of volumes and gross margin. Business momentum remains
strong, heralding fresh market-share gains over the year.
· Africa: volumes totaled 203,000 m(3). The region grew as a whole, with
particularly good growth in the bottled segment (+21%) in Southern Africa (South
Africa and Botswana), confirming the strategic choices made in this region;
Morocco benefited from a stronger economy, while Madagascar, which was affected
by road access problems in 2014, recorded an increase in volumes.
The inclusion of the bitumen and fuel oil business in West Africa and Reunion
Island contributed to an increase of approximately 130,000 m(3) over the
quarter.
Support and Services
Rubis Support and Services which includes SARA revenues (Antilles refinery) and
all shipping, trading and services activities, generated revenue of ?175
million. The strong increase in revenue is attributable to the full
consolidation of SARA and that of Eres, which is strongly positioned in shipping
and trading activities.
Bulk liquid storage
Rubis Terminal overall storage revenues - taking into account 100% of all
terminals under management - were strong, with an increase of 7.5% (46 ?M).
Rubis Terminal's storage revenues (excluding Antwerp and Ceyhan) totaled ?33
million, a decline of 4%, prompting the following comments:
In France, revenue from all products combined fell slightly (-2%):
* petroleum product revenues, which account for nearly 80% of total revenue,
were up 1.5%;
* fertilizer revenues were down over the quarter (phasing effect) on a record
year;
* combined chemicals, heavy oil and edible oil revenues were down 14%, with
the progressive marketing of expired chemicals contracts and the final
effects of a structural decline in edible oil (biofuels).
Rotterdam (-6%): marketing of a new contract on heavy fuel oil capacity began
early in the period, helping gradually offset the delay accumulated in the first
half. Chemical product revenues were stable (-1%).
Antwerp and Ceyhan (Turkey), the revenues of which are no longer consolidated,
recorded growth of 32%, driven by a continuation of steep growth in Turkey
(+104%) and a fair increase in Antwerp (+10%).
Trading revenue totaled ?42 million (+5%), with no significant impact on
results.
Upcoming events:
Q4-2015 revenue February 11, 2016 (Market closing)
------------------------------------------------------------------------
Press Contact Analyst Contact
PUBLICIS CONSULTANTS - Aurélie GABRIELI RUBIS
Tel.: +33 (0)1 44 82 48 33 Tel.: +33 (0)1 44 17 95 95
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[HUG#1965553]
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Datum: 09.11.2015 - 17:48 Uhr
Sprache: Deutsch
News-ID 433098
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