RUBIS
RUBIS: 2019 ANNUAL RESULTS
12-March-2020 / 17:34 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Paris, March 12, 2020, 5:35 pm
A YEAR OF GROWTH AND STRUCTURING TRANSFORMATION
EBIT UP 17% (3)
DIVIDEND UP 10%
The Group was able to sustain the strong first-half growth in EBIT during
the second half of the year (up 17%), fuelling a 23% increase in full-year
net income (15% on a like-for-like basis) and a return to adjusted
annualized growth of 10% over three years.
Since 2017, Group EBIT has registered compound annual growth of 11%.
All three divisions contributed to this solid performance, reflected in the
17% increase in EBIT:
· Rubis ??nergie registered growth of 17%, with noticeable increases in
volumes and unit margins;
· Rubis Support and Services substantially increased its contribution to
23%, buoyed by supply operations with a favourable product mix;
· and, after a difficult year in 2018, Rubis Terminal returned to growth,
with a 6% increase in its contribution to EBIT.
Consolidated results as of December 31, 2019
(in millions 2019(1) 2019 2018(2) Change(3) Like-for-like
of euros) Reported RD change(4)
Before
IFRS 5
and IFRS
16
Revenue 5,228 5,534 4,754 16% -5%
EBITDA 524 578 500 16% 11%
EBIT, of 412 456 391 17% 11%
which
Rubis 324 321 275 17% 10%
??nergie
Rubis 108 108 88 23% 22%
Support and
Services
Rubis - 49 46 6% 6%
Terminal
Net profit, 307 313 254 23% 15%
Group's
share
Cash flow 524 497 386 29%
Capital 230 230 233
expenditure
Diluted 3.09 3.15 2.63 20%
earnings per
share
Dividend per 1.75 1.75 1.59 10%
share(5)
(1) After application of IFRS 5 (Rubis Terminal) "Non-Current Assets Held
for Sale" and IFRS 16 "Leases".
(2) The 2018 earnings figures are those reported in the 2018 Registration
Document and have not been adjusted for IFRS 5.
(3) Calculation of the change between FY2018 and FY2019, before IFRS 5 and
IFRS 16.
(4) Like-for-like change and before IFRS 5 and IFRS 16.
(5) Amount to be proposed at the June 11, 2020 Shareholders' Meeting.
2019 was marked by further geographical expansion, extensions to existing
facilities and a partnership relating to Rubis Terminal:
· forays into the East African fuel product distribution market with the
acquisition of KenolKobil and Gulf Energy Holding in Kenya, giving Rubis a
leading position in a zone that is set for strong growth;
· direct investment in fuel product distribution in Suriname
(America-Caribbean) through the construction of an import terminal, giving
Rubis a promising foothold in the region;
· and the inking of a defining partnership (55% / 45%) with the
infrastructure fund I Squared Capital, which will provide Rubis Terminal
with resources to step up its development, giving it a competitive edge.
The Group has continued to invest and galvanize its commercial positions in
all other zones: extensions are under way at chemicals storage facilities in
the ARA zone, bitumen storage units in Dunkirk and in blending capacities
(as per IMO 2020 limits) for heavy oil products.
The Group remains in a solid financial position with a net debt/EBITDA ratio
of 1.2 (reported data), which will be reduced to 0.4 on completion of the
deal with I Squared Capital for Rubis Terminal.
CONDENSED BALANCE SHEET
_(in millions of euros)_ 31/12/2019* 31/12/2018
Total shareholders' equity 2,594 2,334
of which: Group share 2,447 2,197
Cash 860 756
Financial debt excluding lease 1,497 1,450
obligations
Net financial debt 637 694
Ratio of net debt/shareholders' equity 25% 30%
*Reported
Analysis of changes in net financial position since the beginning of the
year
At EUR 524 million, cash flow was up 36% by comparison with the end of 2018
(stripping out IFRS 5 adjustments), reflecting the quality of the Group's
earnings.
(in EUR m)
Net financial debt (excluding lease obligations) as (694)
of December 31, 2018
Cash flow 524
Change in working capital (56)
Rubis Terminal capex (62)
Rubis ??nergie capex (109)
Rubis Support and Services capex (57)
Rubis SCA capex (2)
Net acquisitions of financial assets (396)
Change in loans and advances and other flows (12)
Dividends paid out to shareholders and minority (169)
interests
Increase in shareholders' equity 134
Impact of change in scope of consolidation and 27
exchange rates
Reclassification of net debt at year-end for 235
operations held for sale
Net financial debt (excluding lease obligations) as (637)
of December 31, 2019
The most noteworthy investment items were as follows:
· Rubis ??nergie: EUR 109 million allocated across the division's 24
profit centers to cover facility upgrades (terminals, gas stations),
capacity extensions (cylinders, tanks, terminals and gas stations) or the
purchase of facilities or business assets, together with the construction
of an import terminal in Suriname to set up a fuel distribution business;
· Rubis Support and Services: EUR 57 million, the bulk of which has been
allocated to the SARA refinery (EUR 41 million), and a EUR 14 million
investment in a new vessel for Caribbean operations;
· Rubis Terminal: EUR 62 million, of which EUR 18 million for
maintenance and adaptation work and EUR 44 million for extensions,
contract-backed redevelopment work or capacity building, including
programs in Rotterdam (EUR 32 million), the extension of gasoline
facilities in Mulhouse (EUR 3.8 million) and programs in Dunkirk relating
to bitumen facilities (EUR 3.6 million) and IMO 2020 adaptations
(EUR 2.7 million).
The EUR 396 million in acquisitions of financial assets relate to the
takeover of KenolKobil and Gulf Energy Holding, representing the total
investment made by the Group in East Africa.
The EUR 134 million increase in shareholders' equity includes the EUR 109
million capital increase resulting from the payment of the dividend in
shares (in the proportion of 70.6%) and the exercise of warrants (EUR 20
million).
OUTLOOK
Momentum in the first weeks of 2020 has been good in what is a very
uncertain global environment.
The Group has introduced precautionary sanitary measures in response to the
coronavirus outbreak. The distances between the various Group sites and its
organization into independent local units makes it easier to handle this new
risk.
As with previous crises, the sharp fall in oil prices is expected to have a
positive impact on margins and should generally be beneficial - through the
transfer of purchasing power - to the markets in which Rubis ??nergie
operates, since it is primarily an oil importer. The repercussions on Rubis
Terminal are expected to be neutral to positive, notably through a contango
configuration in terms of the oil price structure.
The Group is confident that it can position its new East African assets
profitably and continue to enjoy organic growth, while using greater
financial resources to pursue acquisitions.
With this in mind, the shareholders will be asked at the next Shareholder's
Meeting to approve a 10% increase in the dividend to EUR 1.75 per share.
The financial statements for 2019 were finalized by the Board of Management
at its March 11, 2020 meeting and approved by the Supervisory Board on March
12, 2020. The Statutory Auditor will shortly issue its unqualified audit
report thereon.
Next publication:
First-quarter revenues on May 6, 2020 (after market close)
Press contact Analyst contact
PUBLICIS CONSULTANTS - Aurélie RUBIS - Investor
Gabrieli Relations
Tel. +(33) 1 44 82 48 33 Tel: +(33) 1 44 17 95 95
Regulatory filing PDF file
Document title: PDF UK
Document: https://eqs-cockpit.com/c/fncls.ssp?u=JBDAEBAPRX [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 / News release on accounts, results
EQS News ID: 996015
End of Announcement EQS News Service
996015 12-March-2020 CET/CEST
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(END) Dow Jones Newswires
March 12, 2020 12:35 ET (16:35 GMT)
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