RUBIS: ROBUST PERFORMANCE - NET PROFIT: +31%
(Thomson Reuters ONE) -
September 8, 2016
Rubis' Supervisory Board, at its meeting of September 8, approved the financial
statements for the six months to June 30, 2016.
The first half of 2016 was characterized by robust growth of 23% in overall
business by volume (+5% at constant scope). This growth enabled the Group to
recognize a record level of net profit, Group's share, at ?104 million, an
increase of 31% (+10% at constant scope).
KEY FIGURES FOR THE FIRST HALF OF 2016
+-------------------------------------------+--------+--------+--------+
| As of June 30 (? million) | 2015 | 2016 | Change |
+-------------------------------------------+--------+--------+--------+
| Revenue | 1,297 | 1,453 | +12% |
| | | | |
| Gross operating profit (EBITDA) | 151 | 213 | +41% |
| | | | |
| Current operating profit (EBIT), of which | 111 | 160 | +44% |
| | | | |
| Rubis Énergie - Retail Distribution | 81 | 112 | +38% |
| | | | |
| Support and Services | 16 | 33 | +105% |
| | | | |
| Storage | 23 | 24 | +5% |
| | | | |
| Net profit, Group's share | 80 | 104 | +31% |
| | | | |
| Cash flow | 113 | 165 | +45% |
| | | | |
| Capital expenditure | 64 | 76 | - |
+-------------------------------------------+--------+--------+--------+
The results were driven by Rubis Énergie (fuel distribution), where volumes rose
by 28% due to the consolidation of additions to the scope in Africa (bitumens
and fuel oils) and excellent commercial performance on its existing perimeter
(+5%), despite a disappointing winter season in Europe.
Overall, Rubis Énergie's EBIT rose by 38% (+11% at constant scope).
Rubis Support and Services, which now houses the refining (Sara) and logistics-
supply (shipping, trading) businesses, doubled its net profit to ?33 million
(EBIT: +105%), with a stable contribution from Sara (at constant scope), a sharp
increase in the contribution from fuel oil trading-supply in the Caribbean and
the consolidation of the bitumens trading-shipping business.
Rubis Terminal posted EBIT up 5%, with a strong contribution from storage of
petroleum products in France, against a background of stable consumption. Adding
in the contribution to EBIT of equity associates (Antwerp and Turkey), the
increase was 7%.
Capital expenditure of ?76 million accompanied the growth in market share and
included maintenance, expansion of storage capacities in France and Rotterdam
and the installation of airport refueling facilities in the Caribbean.
Total shareholders' equity amounted to ?1,799 million, demonstrating a solid
financial structure (net debt: ?282 million). The Group has also confirmed lines
of credit and equity lines available to finance new developments.
RUBIS ÉNERGIE: Fuel distribution
Despite the impact of an unfavorable winter season in Europe (-2%), Rubis
Énergie's business saw overall growth of 5% by volume in the half-year at
constant scope. Business momentum remained strong in the Caribbean (+9%), its
largest market.
Volumes were up 28% at current scope. Changes in the consolidation scope over
the period mainly include: SRPP (Réunion) and Eres (bitumens in West Africa).
The period was marked by the continuing fall in supply prices (-27%), providing
the benefit of increased purchasing power for customers. The unit margin
stabilized following a sharp rise in the first half of 2015.
CHANGE IN VOLUMES BY GEOGRAPHIC ZONE
IN THE FIRST HALF
(RETAIL DISTRIBUTION)
+--------------+---------+---------+--------+----------------+
| in '000 m(3) | H1-2015 | H1-2016 | Change | Change at |
| | | | | constant scope |
+--------------+---------+---------+--------+----------------+
| Europe | 433 | 425 | -2% | -2% |
| | | | | |
| Caribbean | 748 | 818 | +9% | +9% |
| | | | | |
| Africa | 142 | 451 | +218% | 0% |
+--------------+---------+---------+--------+----------------+
| TOTAL | 1,323 | 1,694 | +28% | +5% |
+--------------+---------+---------+--------+----------------+
CHANGE IN VOLUMES BY GEOGRAPHIC ZONE
IN THE SECOND QUARTER
(RETAIL DISTRIBUTION)
+--------------+---------+---------+--------+----------------+
| in '000 m(3) | Q2-2015 | Q2-2016 | Change | Change at |
| | | | | constant scope |
+--------------+---------+---------+--------+----------------+
| Europe | 186 | 194 | +4% | +4% |
| | | | | |
| Caribbean | 371 | 415 | +12% | +12% |
| | | | | |
| Africa | 74 | 234 | +217% | +4% |
+--------------+---------+---------+--------+----------------+
| TOTAL | 631 | 844 | +34% | +8% |
+--------------+---------+---------+--------+----------------+
The change in Rubis Énergie's EBIT by geographic zone breaks down as follows:
* Europe (EBIT: +8%): strong performance despite a winter period affected by
weather conditions and the effect of an unfavorable base (2015);
* Caribbean (EBIT: +12%): strong growth by volume (+9%) driven by a more
favorable outlook and market share gains. Margins maintained at a high
level;
* lastly, results in Africa increased threefold overall (EBIT: +208%), with
the positive contributions of acquisitions (Réunion and Eres). At constant
scope, performance was excellent at +28%.
RUBIS SUPPORT AND SERVICES: Refining, shipping and trading-supply
Rubis Support and Services' EBIT amounted to ?33 million (+105%):
* the results from the Sara refinery, now fully consolidated, are recognized
in accordance with the decree and were stable compared to 2015;
* the contribution from trading-supply-shipping showed strong growth thanks to
intense activity in fuel oils in the Caribbean and the consolidation of the
bitumens business.
RUBIS TERMINAL: Bulk liquid storage
Business at all depots combined (including 100% of joint venture in Antwerp and
Turkey) increased by 5% in terms of storage revenues, to ?86.6 million, for
throughput of 6.4 million tonnes.
The petroleum products business in France, which represents three quarters of
France revenues, rose by 5% in a context of stable deliveries of petroleum
products overall. Other products saw a slight decline (-3%).
Northern Europe grew by 9%, benefiting from a new heavy fuel oil contract in
Rotterdam and the startup of a gas transshipping contract in Antwerp.
Lastly, Turkey benefitted from a strong flow of trading revenues in fuel oils
thanks to strong performance from contango activity. In total, depot revenues
rose by 12%.
EBIT increased by 5% (+7% including the 50% share of associates).
OUTLOOK
The expected growth in business and contribution during the second half should
consolidate the growth over the full year.
Upcoming events:
Q3 revenue on November 9, 2016 (market closing)
Press Contact Analysts Contact
PUBLICIS CONSULTANTS - Aurélie Gabrieli RUBIS - Bruno Krief
Tel: +33 (0) 1 4482 4833 Tel: +33 (0) 1 4417 9595
Download:
http://hugin.info/143569/R/2040827/761328.pdf
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Source: RUBIS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 08.09.2016 - 17:45 Uhr
Sprache: Deutsch
News-ID 493665
Anzahl Zeichen: 9934
contact information:
Town:
PARIS
Kategorie:
Business News
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