RUBIS: MAJOR MOVE IN WESTERN AFRICA IN BITUMEN SECTOR - SET UP OF RUBIS SUPPORT AND SERVICES - RIGHT ISSUE PLAN
24 3월 2015 - 1:41AM
March 23, 2015
Acquisition
Rubis has signed an agreement to
acquire Eres, one of the main independent specialists in
supply-transportation-logistic-retail of bitumen, operating in
Western Africa.
With the support of a strong
logistic infrastructure including import terminals in Senegal,
Togo, and Nigeria, the Group is leader in the sub-region. The
company controls the whole logistics and supply chain from the
refinery in-take, shipping, sea-connected import terminals to
inland depot till truck delivery to the final users on the work
site.
This significant acquisition is in
line with Rubis strategy: a niche product, marketed on structurally
import markets where the infrastructure component is essential to
maintain in the long run a competitive advantage and to offer the
best service to international road contractors.
In 2014, Eres total sales-revenues
have reached an estimated $550M with a proforma profit generation
of around 8% of sales. The company has marketed 400 000 tons
of bitumen and emulsion in 2014 in addition to fuels in Western
Africa. Eres has successfully built a solid business base in the
region helped by its expertise and its powerful integrated logistic
(vessels, terminals, road transportation).
The transaction includes the
immediate purchase of 75% of the shares followed by a scheduled
earn out payment and the remaining 25% shares after 3 years. Rubis
will pay $315M for 75% of the shares including the working capital.
The earn out element for a maximum amount of $120M is linked to
profits and scheduled over a period of 3 years. The remaining
purchase of 25% shares will take place in 3 years, and indexed on
profit performance.
Rubis Support and
Services
The nature and the dimension of
this transaction will give birth to a new branch: Rubis Support and Services which will include all the
infrastructure, transportation, supply and services operations
which are supporting the marketing and retail distribution branch.
This new branch will also include SARA (the refinery in the French
Antilles) and the current supply and trading operations in the
Caribbean.
Right
Issue
This acquisition comes in addition
to existing Group's financing requirements and brings the total
cash requirement to an estimated €600M including capital
expenditures for the current year, extension plans (Antwerp and
Rotterdam) and commitments to acquire SARA (Antilles refinery) and
SRPP (Reunion Island). Those financing needs are already met by the
addition of the current cash flow generation, existing credit lines
and the Group's cash position.
However, aiming at respecting its
financial structure target and being able to seize new acquisitions
opportunities, Rubis intends to launch in the coming months a right
issue corresponding to 20% of its total cash spending.
In addition, in order to secure a
solid earning per share enhancement resulting from these
acquisitions, it has decided to halve the use of its existing
equity line to some 1.2 million shares over 2015 and 2016 (market
value of approximately €65M).
Upcoming events:
First-quarter 2015 sales revenue: May 12, 2015 (after
Bourse closing)
Press Contact |
Analysts Contact |
PUBLICIS CONSULTANTS
- Aurélie Gabrieli |
RUBIS - Bruno
Krief |
Tel: +33 (0)1 44 82
48 33 |
Tel: +33 (0)1 44 17
95 95 |
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: RUBIS via Globenewswire
HUG#1905537
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