This is
a correction of the announcement from 17:44 11.02.2014 CET. Reason
for the correction:
February 11, 2014
In the fourth quarter, the Group's
two core businesses delivered positive performances, with volume
growth of 8%.
Consolidated sales revenue totaled €678 million
(-4%), reflecting the impact of lower prices for petroleum products
and the appreciation of the euro.
Business trends over the period prompt the
following comments:
· Volumes at Rubis Energie were
up 6% (+1% at constant scope). They include the increase in the
scope of consolidation stemming from acquisitions in the Caribbean
(Jamaica);
· Rubis Terminal continued to
grow, with an 11% increase in storage revenues, marked by a sharp
rise in oil revenues in France (+18 %).
Overall, the fall in supply prices (propane: -9%)
continued to create a favorable situation in terms of unit margin
over the quarter.
Over fiscal 2013,
sales revenue increased by 4%, with volumes up 12% at Rubis Energie
and storage revenue up 7% at Rubis Terminal.
Sales revenue (in € millions) |
Q4-2013 |
Change |
Full-year 2013 |
Change |
RUBIS ENERGIE
Europe
Caribbean
Africa |
585.8
116.7
429.1
40.0 |
-2%
-31%
+11%
-4% |
2,413.6
523.7
1,722.9
167.0 |
+6%
-22%
+21%
-10% |
RUBIS
TERMINAL
Bulk liquid storage
Trading of petroleum products |
92.5
37.4
55.1 |
-12%
+11%
-23% |
351.6
138.8
212.8 |
-8%
+7%
-17% |
Total consolidated sales
revenue |
678.3 |
-4% |
2,765.2 |
+4% |
"The operations
performed by the HP Trading company (Rubis Energie) for third
parties in Corsica are now excluded from sales revenue and
purchases, in line with industry practice. This change in
presentation has no impact on EBITDA, operating income or net
income (operations generating no margin). For purposes of
comparison, the 2012 data have been restated."
RUBIS ENERGIE: Distribution
of LPG and petroleum products
Rubis Energie comprises the LPG distribution and
petroleum products businesses: networks of service stations,
heating oil, aviation and marine fuel, lubricants, bitumen.
Geographical
breakdown of volumes
(Retail distribution)
In '000 m3 |
Q4-2013 |
Change |
Variation
at constant scope |
Full-year 2013 |
Change |
Variation
at constant scope |
Europe |
155 |
-18% |
-3% |
644 |
-13% |
0% |
Caribbean |
350 |
+27% |
+7% |
1,384 |
+ 39% |
+9% |
Africa |
67 |
-13% |
-13% |
287 |
-14% |
-7% |
TOTAL |
572 |
+6% |
+1% |
2,315 |
+12% |
+3% |
In the fourth
quarter retail distribution volumes totaled 572,000 m3, an
increase of 6%. At constant scope, volume growth was 1%, prompting
the following comments:
· Europe: volumes sold in retail distribution
totaled 155,000 m3, a decline of 18% (deconsolidation of Germany),
but a decline of just 3% at constant scope. Declines in Spain
(attributable to the economic environment) and Corsica (commercial
segment) were offset by strong performances in Switzerland and
France (excluding LPG fuel).
Weather conditions were generally
unfavorable. Business momentum remained strong, with market-share
gains recorded across all operations.
· Caribbean: volumes sold totaled 350,000 m3, an
increase of 27% (attributable to the inclusion of the volumes of
the Jamaican subsidiary since its consolidation in early 2013). At
constant scope, volumes sold recorded an excellent increase of 7%,
with gains across all segments (petrol stations,
heating oil and aviation fuel).
· The Africa region recorded LPG retail distribution
volumes of 67,000 m3(-13%), impacted mainly by a downward trend in
southern Africa attributable to the deterioration of the local
economic and social environment, and in particular the downturn of
the automotive and poultry sectors. Madagascar continued to deliver
good performances.
Over fiscal 2013,
volumes reached a record level of 2.3 million m3, increases of 12%
on a reported basis and 3% on a like-for-like basis.
RUBIS TERMINAL: Bulk liquid
storage
In the fourth
quarter, Rubis Terminal's core business, bulk liquid
storage, recorded revenue growth of 11% (+5% at constant
scope):
· 18% increase
for the oil business in
France, despite stability in the
consumption of petroleum products; on a like-for-like basis, the
increase was 7%;
· favorable trend (+9%) in
other products - fertilizers, chemicals, heavy fuels - in
France, except edible oils, the structural decline of which
stabilized;
· 9% increase in the
contribution of the ARA zone (Antwerp and
Rotterdam), reflecting higher occupancy rates in
facilities;
· in Turkey, structural investments continued.
Accordingly, the sales revenue of Delta Rubis at this stage of the
development was insignificant.
Over the same period, wholesale turnover amounted to €55 million, compared
with €71 million.
In fiscal 2013,
wholesale turnover totaled €213 million,
down 17% (price and volume effects), and storage revenue reached the all-time high level of
€139 million, an increase of 7% (+2% at constant scope).
The Group's balance sheet at year-end reflected a
sound financial position, strengthened by the successful capital
increase in December 2013.
Upcoming events:
Full-year 2013 results on March 13, 2014 (after
trading)
Press Contact
PUBLICIS CONSULTANTS - Aurélie
Gabrieli
Tel.: +33 (0) 1 44 82 48 33 |
Analyst Contact
RUBIS - Bruno Krief
Tel.: +33 (0)1 44 17 95 95 |
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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#1761003
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