RUBIS: FIRST-QUARTER REVENUE: €896 MILLION (+22%) - GOOD START TO THE YEAR, WITH VOLUME GROWTH OF 8%
10 May 2017 - 1:35AM
Paris, May 9, 2017, 5.35 p.m.
The Group's two business segments
both performed well in the first quarter of 2017, with a composite
indicator putting growth at 8% for retail distribution volumes at
Rubis Énergie and storage revenues at Rubis Terminal (all
terminals).
Consolidated revenue totaled €896
million, an increase of 22% (+21% at constant scope), including the
impact of the sharp rise in prices of petroleum products (+68%) -
without affecting profitability - and growth in overall activity
(+8%).
The change in the scope of
consolidation over the period comprises:
-
acquisition of the residual 50% of the depot in
Turkey allowing the full consolidation of this site since January
1, 2017;
-
acquisition of Bermuda Gas (in April 2016) and
disposal of Multigas in Switzerland (in December 2016), together
with no significant effect.
Business trends over the period
prompt the following comments:
The period was marked by a sharp
upturn in prices of petroleum products: propane prices were up 68%
year-on-year and 17% quarter-on-quarter. Change in unit margins
once again reflects impressive resilience in this context of high
volatility;
-
Rubis Terminal began 2017 on a sustained pace of
growth, with storage revenue up 14% - scope under management,
taking into account 100% of all terminals - fuel storage revenues
in France up 9%, storage capacity in Northern Europe up 23% and the
revenues of the Ceyhan terminal in Turkey up 25%.
Revenue (in €M) |
Q1-2017 |
Change |
Distribution of fuel products
Europe
Caribbean
Africa |
635
152
324
160 |
+24%
+17%
+24%
+33% |
Support and Services |
165 |
+10% |
Bulk liquid storage
Bulk liquid storage and services
Wholesale of petroleum products |
95
42
53 |
+29%
+38%
+23% |
Total consolidated revenue |
896 |
+22% |
Please note that
no events significantly altering the Group's financial structure
have occurred since the release of the financial statements for the
year ended December 31, 2016.
Distribution of fuel products
Rubis Énergie combines all fuel
retailing: petrol stations, commercial heating oil, aviation and
marine fuel, lubricants, bitumen and LPG.
Rubis Énergie recorded sustained
growth of 7% in volumes sold. Changes in the scope of consolidation
- the acquisition of Bermuda Gas and the disposal of Multigas
(Switzerland) - were not material during the period. Against a
backdrop of great volatility in supply prices (+68%), unit margins
once again demonstrated impressive resilience thanks to the Group's
diversification, both geographically and by product.
Geographical
breakdown of volumes
(retail distribution)
(In '000 m3) |
Q1-2017 |
Q1-2016 |
Change |
Change at
constant scope |
Europe |
241 |
231 |
+4% |
+5% |
Caribbean |
410 |
403 |
+2% |
+2% |
Africa |
255 |
216 |
+18% |
+18% |
TOTAL |
906 |
850 |
+7% |
+7% |
-
Europe: 2017 volumes were
up 5% despite climate indices close to 2016 levels, with only the
month of January having been particularly cold. Sales momentum
(contract signing) was sustained over the period, resulting in
further market share gains.
-
Caribbean: volumes sold
continued to grow at a rate of 2%, with good momentum in gas
station networks (+3%).
-
Africa: this geography
recorded an increase of 18% in total volumes sold. Bitumen volumes
were up sharply in West Africa (+69%), thanks particularly to
government action to revive infrastructure investment after a
two-year slump.
The Support and Services business
includes the revenue of Sara (Antilles refinery) and all supply,
trading and shipping activities. Revenue totaled €165 million, an
increase of 10%. The period was marked by the resumption of growth
in the bitumen supply and shipping activities thanks to a favorable
price structure.
The volumes of all products
covered by the segment totaled 236,000 m3.
Storage revenues reported by the
Rubis Terminal division totaled €42 million, an increase of 38%,
including the consolidation of the Rubis Terminal depot in Turkey,
which was wholly owned as of January 1 (+9% at constant scope).
The Rubis Terminal division's
overall storage revenues - taking into account 100% of all
terminals under management - increased by 14%.
In France,
revenues from all products increased by 8%:
-
good performance by the petroleum products
business: oil billings increased by 9% on a 2% increase counterwise
in consumption of road fuels and domestic heating oil;
-
other products grew by 8% overall, including 15%
for the chemicals segment, which benefited from the start of new
contracts.
Rotterdam (+14%)
and Antwerp (+33%): the favorable trend revenue reflects the
introduction of new chemical product storage capacities, on which
the occupancy rate is high.
Ceyhan
(Turkey), wholly owned since January 1, enjoyed a particularly
active start to the year: +28% in terms of both revenues for the
transit of raw products and the traders' activity (fuel oil).
Fuel wholesale revenue reached to
€53 million (+23%).
Upcoming events:
AGM on June 8,
2017
2017 half-year results on
September 7, 2017 (Market closing)
Press
Contact |
Analysts Contact |
PUBLICIS CONSULTANTS -
Aurélie Gabrieli |
RUBIS - Bruno
Krief |
Tel: +33 (0) 1 4482
4883 |
Tel: +33 (0) 1 4417
9595 |
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Source: RUBIS via Globenewswire
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