RUBIS
RUBIS: Fourth quarter revenue up 12% - Volume growth and firm margins
11-Feb-2020 / 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, February 11, 2020, 5:35 pm
Overall growth was steady in the fourth quarter of 2019:
· Rubis ??nergie: good overall momentum, with 3% volume growth and firm
unit margins (up 1%) amid a 7% fall in fuel product prices;
· Rubis Support and Services: EUR 196 million in revenue and volumes in
line with expectations;
· Rubis Terminal: 3% growth in revenue from bulk liquid storage and
related services (full scope basis).
Rubis ??nergie had an excellent year in 2019, with a 23% increase in overall
volumes, and Rubis Terminal returned to growth (up 3%). Total consolidated
revenue (including operations held for sale) rose by 16% to EUR 5,534
million.
Q4-2019 Cumulative at December 31
Revenue (in 2019 Change 2019 Change
EUR m)
Fuel product 1,092 +26% 4,383 +31%
distribution
159 -2% 658 +1%
· Europe
· Caribbean
479 +4% 1,851 +4%
· Africa
454 +85% 1,874 +108%
Support and 196 -23% 845 -20%
Services
Total 1,288 +15%* 5,228 +19%*
consolidated
revenue
(at current
scope
excluding
Rubis
Terminal)
Bulk liquid 88 -17% 306 -14%
storage
39 +2% 152 +4%
(operations
held for
sale)
49 -27% 153 -27%
· Bulk
liquid
storage and
related
services
· Fuel
products
wholesale
Total 1,376 +12% 5,534 +16%
consolidated
revenue
(including
operations
held for
sale)
*excluding Rubis Terminal
As announced on January 21, Rubis and I Squared Capital have entered into an
agreement under which I Squared Capital will acquire 45% of Rubis' interest
in Rubis Terminal. This will give Rubis and I Squared Capital joint control
over the bulk liquid storage operations.
The completion of the transaction (earmarked for the first half of 2020)
will result in the loss of exclusive control. The transition from full
consolidation to a joint-venture (equity method) is treated as a disposal
under IFRS and falls within the scope of IFRS 5 - Non-Current Assets Held
for Sale.
Under IFRS 5, total reported net income for the year ended December 31, 2019
will incorporate the net contribution of the Rubis Terminal entities in a
single line of the income statement: "Income/(loss) from operations held for
sale". Accordingly, the revenue reported by the Group no longer includes
Rubis Terminal.
Rubis ??nergie: fuel product distribution
Rubis ??nergie groups together all the fuel product distribution operations:
gas station networks, commercial heating oil, aviation fuel, marine fuel,
lubricants, bitumen and LPG.
Geographical breakdown
(fuel retail)
Change Change
(in '000 Q4-2019 Current Like-for-like Cumulative Current Like-for-like
m3) scope 2019 scope
Europe 234 +6% +3% 900 +4% +2%
Caribbean 595 +7% +4% 2,298 +1% 0%
Africa 645 +94% 0% 2,296 +74% -2%
Total 1,474 +33% +3% 5,494 +23% 0%
In the fourth quarter, fuel retail volumes reached 1,474,000 m3:
· Europe: sales volumes stood at 234,000 m3, up 3% like-for-like, despite
an adverse weather factor. Strong sales made it possible to further
increase market share;
· Caribbean: sales volumes climbed 7% to 595,000 m3. All positions
performed well;
· Africa: LPG and gas station network sales were strong, while bitumen
sales were affected by a prolonged rainy season in West Africa.
Like-for-like volumes were stable at 645,000 m3.
Fuel retail volumes climbed 23% over the full year (stable like-for-like) to
5.5 million m3, factoring in the new East Africa scope from April 2019.
Rubis Support and Services: refining, trading-supply and shipping
The Support and Services business includes the SARA refinery (French
Antilles) and all of the Group's shipping, trading and logistics operations.
It recorded total revenue of EUR 196 million (down 23%) for the period. The
quarter-on-quarter revenue fluctuations stemmed from a combination of
changes in fuel product list prices and in the composition of the products
traded.
For the full year, trading-supply volumes reached 1.3 million m3, making a
greater year-on-year contribution.
Rubis Terminal: bulk liquid storage
In the fourth quarter, "Bulk liquid storage and related services" revenue
(excluding Antwerp) amounted to EUR 39 million, up 2%.
Including the Antwerp site, total storage revenue rose 3% over the same
period to EUR 47 million:
· in France, automotive fuel and heating fuel revenue was stable, while
other product revenue fell by 20% due to the later receipt of fertilizers,
the end of a molasses contract and demanding comparison bases with 2018
tied to an exceptional level of spot contracts;
· in the ARA zone (Rotterdam and Antwerp), revenue rose by 7%, reflecting
firm local demand for petrochemicals with an occupancy rate of close to
100%;
· in Dörtyol (Turkey), revenue increased by 133% despite the absence of
contango thanks to transit demand and cargo dispatches to meet regional
needs (northern region of Iraq and southern Mediterranean).
"Fuel products wholesale" revenue amounted to EUR 49 million.
Next publication:
2019 Annual results on March 12, 2020 (after market close)
Press contact Analyst contact
PUBLICIS CONSULTANTS - Aurélie RUBIS - Financial
Gabrieli Division
Tel: +(33) 1 44 82 48 33 Tel: +(33) 1 44 17 95 95
Regulatory filing PDF file
Document title: RUBIS: Fourth quarter revenue up 12% - Volume growth and
firm margins
Document: http://n.eqs.com/c/fncls.ssp?u=TJFUCCBWSJ [1]
Language: English
Company: RUBIS
46, rue Boissière
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: Inside information / Information on annual revenues
EQS News ID: 972785
End of Announcement EQS News Service
972785 11-Feb-2020 CET/CEST
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5f762dafc17695fa47cf863b25c94e97&application_id=972785&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 11, 2020 11:35 ET (16:35 GMT)
