RUBIS: NET INCOME: UP 13% - OUTSTANDING PERFORMANCE IN A CHAOTIC ENVIRONMENT
12 3월 2015 - 1:45AM
March 11, 2015
At its meeting of March 9, 2015, the Board of
Management finalized the financial statements for fiscal 2014,
which were approved by the Supervisory Board at its meeting of
March 11, 2015. A report giving certification without reservations
is currently being issued by the Statutory Auditors.
Faced in 2014 with numerous external factors that
pulled the income statement in opposing directions, the Group
managed nonetheless to maintain its historical double-digit rate of
growth.
In total, net income, Group share rose 13%.
Correcting for extraordinary items and at comparable scope of
consolidation, the growth in net income was 12%, proving yet again
the strength of the Rubis business model, despite a particularly
chaotic business environment.
This high level of performance will permit to
increase the dividend payable per share by 5% to €2.05, if approved
by the Shareholders' Meeting.
In
millions of euros |
2013 |
2014 |
Change |
Change at constant scope
- excluding exceptionals |
Sales revenue
Earnings before interest, tax, depreciation and amortization
(EBITDA)
Current operating income (EBIT)
Of which Rubis Énergie
Of which Rubis Terminal
Net income, Group's share
Cash flow
Capital expenditure
Earnings per share (diluted)
Dividend per share |
2,756
218
162
116
56
105
147
110
€2.97
€1.95 |
2,790
233
167
119
60
118
177
111
€3.03
€2.05 |
+1%
+7%
+3%
+3%
+6%
+13%
+21%
-
+2%
+5% |
+1%
+9%
+9%
+9%
+8%
+12%
-
-
-
- |
The sharp increase in generated cash flow (+21%)
is notable; in conjunction with the lowered net working capital
requirements due to lower oil prices, it gives the Group the means
to maintain net debt at a moderate level (1.3 times EBITDA) and to
actively pursue its growth strategy.
The main external factors having an effect on the
period can be summarized as follows:
-
an historically unfavorable climatic factor,
impacting volumes in Europe by an estimated 5%;
-
historic volatility in the price of oil, with a
collapse in the fourth quarter (down 30% from the third quarter),
creating contrary effects depending on the region (positive in
Europe, mixed in the Caribbean according to product segment)
combined with negative inventory effects;
-
the application of a new decree reducing the
profitability of the SARA refinery in Martinique;
-
a rather gloomy economic outlook globally,
affecting many countries where the Group operates; and
lastly,
-
generally positive foreign exchange effects
linked to the €/$ rate.
At the same time, the Group successfully
integrated its scope additions in Portugal and Switzerland, and
maintained a constant level of capital expenditure:
€111 million on facilities maintenance, support for market
share gains and building new sites.
RUBIS ÉNERGIE: Distribution of LPG and
petroleum products
In 2014, with volume amounting to 2.4 million
m3, Rubis
Énergie's retail distribution of LPG and petroleum products
increased 2% (unchanged at comparable scope and climatic
conditions).
The variability was due to
numerous factors, with opposing effects on the different income
statement aggregates. In all, EBIT grew by 3%, or 9% excluding
changes in scope and exceptional items, with:
-
Europe showing strong growth (EBIT up 28%),
favorably affected by margins but offset by exceptionally mild
weather conditions. Excluding exceptional items and at comparable
scope, growth of EBIT was 19%;
-
the Caribbean posting a decline (EBIT down 13%)
due to lower profitability at SARA (application of the new decree)
and to negative effects from the collapse of oil prices late in the
year. Correcting for exceptional items due to these factors, EBIT
rose 7%;
-
in Africa, EBIT grew at a fast pace at +32% or
+11% excluding exceptional items. Southern Africa is showing
particularly high growth.
RUBIS TERMINAL: Bulk liquid storage
Revenues at storage sites taken as a whole rose
8%, including 2% in France, 6% in the ARA zone (Rotterdam and
Antwerp) and a doubling in Turkey. The division achieved 6% growth
in EBIT despite weather conditions that were unfavorable for
domestic heating oil shipments and despite difficulties with one
customer in the ARA zone, offset by growth at the Reichstett site
in France.
For the Group, fiscal 2014 was active in terms of
capital spending (€111 million) and the consolidation of new
companies (in Portugal and Switzerland), in addition to the €170
million of committed capital spending for 2015, primarily including
SARA (the Martinique refinery) and SRPP (petroleum products
distribution in Reunion Island), both of which require government
approvals.
A proposal will be made to the Shareholders'
Meeting to be held on June 5, 2015 to declare a dividend of
€2.05 per share (up 5%) payable in cash or in shares at the option
of the shareholder. It should be noted that payment in shares has
the effect of reducing the Group's tax expense (3% contribution due
only on amounts paid in cash).
In 2015 Rubis intends to continue its industrial
development, with capital expenditures budgeted at
€148 million.
The Group is confident in its ability to generate
organic growth and continue its acquisition policy.
Rubis, listed on Euronext Paris,
is an independent player operating in bulk liquid storage and the
distribution of LPG and petroleum products.
Upcoming events:
First-quarter 2015 sales revenue: May 12, 2015 (after
Bourse closing)
Press
Contact
PUBLICIS CONSULTANTS - Aurélie GABRIELI
Tel.: +33 (0) 1 44 82 48 33 |
Analysts
Contact
RUBIS - Bruno Krief
Tel.: +33 (0)1 44 17 95 95 |
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Source: RUBIS via Globenewswire
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