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RUBIS: CONTINUED GROWTH - NET INCOME: +28 % - DIVIDEND INCREASED BY 12% TO
EUR1.50
15-March-2018 / 17:35 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Paris, 15 March 2018, 5.35pm
At its meeting of 13 March 2018, the Board of Management closed the accounts
for 2017, which were approved by the Supervisory Board on 15 March 2018. An
unqualified opinion is currently being issued by the Statutory Auditors.
Thanks to the impact of acquisitions and robust organic growth (+5%), the
Company achieved an excellent financial performance in 2017, with net income
up 28% to EUR266 million.
Rubis ??nergie was the driving force behind this performance, with volumes up
19% (+3% at constant structure and scope), fuelled by new market share gains
and contributions from the assets acquired in 2017, especially in Haiti and
Madagascar. In total, Rubis ??nergie reported EBIT up 27% to EUR254 million
(+4% at constant scope).
The Support and Services activity, which includes SARA (the refinery in the
French Antilles) and all the shipping, trading and logistics operations,
reported EBIT up 2% to EUR64 million. The contribution from the Caribbean
(SARA and heating oil trading/supply operations) remained stable and the
bitumen activity was affected by non-recurrent charges. The logistics assets
linked to the Galana acquisition in Madagascar made a positive contribution.
Rubis Terminal reported overall growth of 11% in its storage revenues
(taking 100% of all depots). The activity was driven by business in Northern
Europe (+29%) and Tur key (+18%), while the investment drive in France
brought 4% growth. Rubis Terminal Petrol (Turkey) has been fully
consolidated since 1 January and its significant earnings contribution
lifted EBIT growth to 29% (+4% based on a comparable structure).
consolidated earnings as of 31 december 2017
(in EURM) 2017 2016 % change
Revenue 3,933 3,004 31%
Gross operating profit 496 411 21%
(EBITDA)
Current operating profit 368 300 23%
(EBIT), o.w.
Rubis ??nergie 254 199 27%
Rubis Support and 64 62 2%
Services
Rubis Terminal 69 54 29%
Net income, Group share 266 208 28%
Cash flow 397 326 22%
Investments 206 163 -
Earnings per share, 2.84 2.32 22%
diluted (1)
Dividend per share (1) 1.50(2) 1.34 12%
(1) Adjusted for the two-for-one stock split
(2) Amount proposed to the Ordinary Shareholders' Meeting of
7 June 2018
NB: the assignment of operations between Rubis ??nergie and
Rubis Support and Services changed during FY 2016 and this
was taken into account in the above table.
The main EBIT growth drivers were contributions from acquisitions (Haiti,
Madagascar and Turkey), for EUR72 million, the upturn in the bitumen
activity (+EUR5 million) and the Indian Ocean operations (+EUR3 million). In
addition, based on the existing scope, non-recurring charges had an impact
of EUR15 million at the EBIT level (Jamaica, Switzerland, the chartering of
a vessel and other charges).
Adjusted for these one-time expenses, EBIT at constant scope is up 4-5%, in
line with the Group's historical organic growth.
Investment totalled EUR206 million, including EUR183 million in industrial
investments (maintenance, security and capacity increases), while the
acquisition of subsidiaries represented EUR513 million overall.
The Group's financial structure remained particularly sound at year-end,
with a net debt-to-EBITDA ratio of 1.4, leaving scope to envisage further
acquisitions.
Cash flow rose 22% to EUR397 million, reflecting the Group's earnings
quality.
RUBIS ??NERGIE: distribution of petroleum products
Volumes increased by 19%. Changes in the scope of consolidation over the
period include Dinasa in Haiti (May 2017) and Galana in Madagascar (July
2017). Adjusted for this effect, volumes were up 3%.
The gross sales margin of all products combined, gained 19% to EUR538
million, fuelled by volume growth and the increase the scope of
consolidation.
The unit margin, all products combined, rose 1% at constant scope,
highlighting the resilience of the Company's margins against a backdrop of
sharp growth in supply prices (+46%).
EBIT surged 27% to a record EUR254 million, reflecting:
· a significant contribution (+EUR46 million) from the acquisitions in
Haiti and Madagascar;
· a fall-off in Europe (-8% based on comparable structure and scope) due
to weather conditions (-5%), the reduction in the unit margin and
non-recurrent charges in Switzerland;
· the earnings rebound in the bitumen sector in Africa (+65%);
· the sound organic performance of the African subsidiaries - excluding
bitumen - with EBIT up 7%;
· under-performance in Jamaica due to the aggressive positioning of the
local refiner.
At constant scope, EBIT increased by 4%.
RUBIS SUPPORT AND SERVICES: refining, trading/supply, shipping and logistics
Earnings generated by the SARA refinery were accounted for in accordance
with the decree (9% of equity at the end of year N-1) and were stable versus
2016.
In 2017, petroleum products traded at the division totalled 1.9 million
cubic metres, up 46%.
The contribution from midstream operations was EUR33 million, including the
logistics activities (storage and jetty) associated with Galana's operations
in Madagascar, acquired in July 2017.
The bitumen trading/supply/shipping activity, which reported a surge in
volumes (2.6 times higher than the previous year) was penalised by a
non-recurring charge relating to a dispute over a chartered vessel (EUR3.5
million).
RUBIS TERMINAL: bulk liquid storage
The full consolidation of Rubis Terminal Petrol (Turkey) led to strong
growth in the storage activity (revenues +32%), thanks to the excellent
performance of transit operations in Iraq, coupled with the impact of the
Turkish depot being fully consolidated for the first time.
Based on revenues, taking all depots into account, the activity grew 11%.
Storage billings reached EUR199 million, representing throughput (all
products combined) of 15 million tonnes, up 13%.
Reported EBIT gained 29% to EUR69 million. Factoring in the earnings share
of the joint-venture Rubis Terminal Antwerp, EBIT was up 31%:
· storage in France (EUR50 million): in a tough environment, new
investments in Rouen, Reichstett and Villette-de-Vienne helped to
stabilise earnings. The strong performance in chemicals offset the
downturn in edible oils;
· the Rotterdam and Antwerp sites reported strong growth of 53% (excluding
exceptional items in Rotterdam relating to a customs dispute). Overall,
these two depots benefited from the operational and commercial integration
of new capacity, with a capacity utilisation rate close to 95% and an
increase in contract lengths. In total, their contribution was EUR7.5
million;
· finally, the Dörtyol depot (Turkey) reported a sharp increase in its
contribution to EUR17 million (+35%), driven by robust transit activities
with Iraq.
OUTLOOK
The Group is confident in its ability to continue to generate organic growth
and pursue its acquisition policy.
Next publication:
First quarter revenue on 9 May 2018 (after the market close)
Press contact Analysts contact
PUBLICIS CONSULTANTS - Aurélie RUBIS - Bruno Krief
Gabrieli
Tel: +33 (0) 1 44 82 48 33 Tel: +33 (0) 1 44 17 95
95
Regulatory filing PDF file
Document title: Download
Document: http://n.eqs.com/c/fncls.ssp?u=OIYYNSHFQY [1]
Language: English
Company: RUBIS SCA
105, avenue Raymond-Poincaré
75116 Paris
France
Phone: +33 144 17 95 51
Fax: +33 145 01 72 49
E-mail: communication@rubis.fr
Internet: www.rubis.fr
ISIN: FR0013269123
Euronext Ticker: RUI
AMF Category: News release on accounts, results
End of Announcement EQS News Service
648821 15-March-2018 CET/CEST
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(END) Dow Jones Newswires
March 15, 2018 12:35 ET (16:35 GMT)
