RUBIS: FIRST QUARTER REVENUE €735 M (+16%) - GOOD START TO THE YEAR, WITH VOLUME GROWTH OF 19%
11 May 2016 - 1:45AM
May 10, 2016
The Group's two divisions both
performed well in the first quarter of 2016,
with a composite indicator putting volume growth at +19% (+3% at
constant scope) across retail distribution volumes at Rubis Énergie
and storage revenues at Rubis Terminal (all terminals).
Consolidated revenue reached €735
million (+16%), combining the effects of the drop in price of
petroleum products (-34% in US$) - without an impact on
profitability - and of the extension of the scope of operations
(Africa and the Caribbean). At constant scope, revenue declined by
2%.
Business trends over the period
prompt the following comments:
-
Rubis Énergie recorded volume growth in retail
distribution of 23% (+3% at constant scope). Outside of the
European zone, marked by a mild winter affecting the volumes of LPG
or fuel for heating, commercial performances were excellent. It
will be recalled that the volumes incorporate the significant
growth of the scope connected to acquisitions made in Africa in
2015 (Eres, SRPP, Djibouti).
The period was marked by the
continuation of the easing in prices of petroleum products: -34%
over 12 months, and -26% in relation to the fourth quarter of
2015;
-
Rubis Terminal recorded growth of 4% in storage
revenue - scope under management, taking into account 100% of all
terminals - marked by growth in oil revenue in France, revenue from
operations in Northern Europe (+9%), and revenue from the Ceyhan
terminal in Turkey (+14%).
Revenue (in €M) |
Q1-2016 |
Change |
PETROLEUM PRODUCTS DISTRIBUTION BUSINESS
Europe
Caribbean
Africa |
511
129
262
120 |
+5%
-14%
-13%
+249% |
SUPPORT AND SERVICES |
150 |
+93% |
BULK LIQUID STORAGE
Bulk liquid storage
Trading of petroleum products |
74
30
43 |
+3%
-
+5% |
Total consolidated revenue |
735 |
16% |
It will be
recalled that there has not been any event since the publication of
the financial statements at December 31, 2015 that would be likely
to have a significant impact on the Group's financial
structure.
Petroleum products distribution business
Rubis Énergie recorded strong
growth of volumes marketed in retail distribution: +23%. At
constant structure, the volumes rose by 3%, with a nearly stable
unit margin, expressed in euros (-2%).
Geographical
breakdown of volumes
(Retail distribution)
(In '000 m3) |
Q1-2016 |
Q1-2015 |
Change |
Change
at constant scope |
Europe |
231 |
247 |
-7% |
-7% |
Caribbean |
403 |
375 |
+7% |
+7% |
Africa |
216 |
68 |
+218% |
+18% |
TOTAL |
850 |
691 |
+23% |
+3% |
· Europe: the 2016 volumes, down by 7%, compare with the
winter of 2015, which had benefited from more favorable weather
conditions. Moreover, the commercial dynamic (signing of contracts)
was buoyant over the period, resulting in new gains in market
share.
· Caribbean: the marketed volumes continued their
strong-paced growth: +7%, impact from the intense marketing efforts
deployed over all segments - networks, commercial and aviation -
and from the associated gains in market share.
· Africa: at actual scope (+218%), the operations
recorded the contribution of bitumen volumes in West Africa, and of
fuel volumes in the island of Réunion and in Djibouti. At constant
scope, volumes increased by 18%, supported notably by South Africa,
following the merger which took place on January 1,
2016, with a local operator. SRPP (island of Réunion) was
consolidated into the African division and contributed to the
increased volumes of the period. Although bitumen volumes in
Western Africa region are down 30% year on year, one can currently
perceive a stabilisation of the severe 18 months' adjustment period
within the sector which may result in a rebound in second
quarter.
Revenue reached €150 million,
including the Antilles refinery (fully consolidated) and the
trading and shipping operations carried out in Africa and in the
Caribbean region, which were buoyant over the period. At constant
scope, revenue increased by 38%. The availability of bitumen
shipping assets over the period made it possible to achieve a
sustained level of transcontinental trading transactions.
Global storage revenue from the Rubis Terminal division -
taking into account 100% of the depots under management - increased
by 4%.
The published storage revenue from the Rubis Terminal division
(excluding Antwerp and Turkey) was stable at €30 million.
In France,
revenue from all products was stable:
-
good performance in fuels: in a context of globally
stable consumption of automotive fuel and domestic heating
oil, petroleum-product invoicing increased
by 3%;
-
revenues from fertilizers
decreased by 15%, attributed to a delay in cargo being
received;
-
revenues from chemical
products, heavy products and edible oils declined globally by
4%, marked by reduced activity in chemical products.
Rotterdam
(+7%): the change in revenues marked the return to normal
of the contribution of heavy oil, now fully contracted.
In Antwerp and
Ceyhan (Turkey), where revenue was not consolidated, growth of
13% was recorded, equally distributed over the two sites.
Trading
revenue totaled €43 million.
Upcoming events:
Ordinary and Extraordinary
Shareholders' Meeting on June 9, 2016
Half-year results on September 8,
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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