RUBIS: ROBUST PERFORMANCE - NET PROFIT: +31%
09 9월 2016 - 12:45AM
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 m3 |
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 m3 |
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).
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 |
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Source: RUBIS via Globenewswire
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