DJ RUBIS: Volumes return to normal - robust growth in unit margins: up 10%
RUBIS
RUBIS: Volumes return to normal - robust growth in unit margins: up 10%
05-Nov-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.
November 5, 2020, 5:35pm
In the continuing pandemic, Rubis ??nergie's third quarter revenue from fuel
retail and related activities rose sharply, and the Rubis Terminal joint
venture was very resilient:
· despite the ongoing Covid-19 situation, Rubis ??nergie is gradually
returning to some normality after enduring a second quarter marked by a
decline in transport use. Third quarter volumes dropped 4% year-on-year
(on a like-for-like basis and excluding aviation, still heavily impacted).
Nevertheless, the international price configuration (-45%) remained
favorable in fuel retail, resulting in steady growth in unit margins
(+10%);
· Rubis Support and Services, which includes all the shipping, trading and
logistics activities and SARA (refinery in the French Antilles) recorded
revenue of &euro96 million, with 380,000 cubic meters in volumes handled
(+24%) and growth in margins;
· the Rubis Terminal joint venture was exceptionally resilient, with a 4%
increase in storage revenue (factoring in 50% of Antwerp revenue), buoyed
by business outside of France (+18%) with the Mediterranean site (Dörtyol)
continuing to benefit from strong demand.
Q3-2020 Cumulative at 09/30/2020
Revenue (in 2020 Change 2020 Change
&eurom)
Rubis ??nergie 826 -29% 2,529 -23%
(fuel retail)
137 -14% 403 -19%
· Europe
· Caribbean
307 -34% 1,011 -26%
· Africa
382 -29% 1,115 -22%
Support and 96 -52% 444 -32%
Services
Consolidated 922 -32% 2,973 -25%
revenue
No events have occurred since the publication of the financial statements as
of June 30, 2020 that are likely to have a material effect on the Group's
financial structure.
Rubis ??nergie (85% of consolidated revenue)
Retail distribution volumes sold over the period were down 12% year-on-year
at 1,235,000 cubic meters. Stripping out aviation fuel, the decline was 4%
and volumes registered a strong quarter-on-quarter increase (+20%).
Geographical distribution of volumes
(fuel retail)
(in '000 m3) Q3-2020 Actual 12-month 12-month QoQ
12-month like-for-like
like-for-like change
change change change
excl.
excl. aviati
aviation on
Europe 186 -7% -7% -7% +16%
Caribbean 489 -13% -13% -2% +22%
Africa 561 -13% -18% -4% +20%
TOTAL 1,235 -12% -15% -4% +20%
· Europe: liquefied gases accounted for almost two thirds of the total
volumes sold in Europe, which moved down by 7% to 186,000 cubic meters.
Volumes sold in Switzerland, Spain and France were stable, while Portugal
was more exposed to subdued tourism season.
· Caribbean: volumes sold dropped 13% to 489,000 cubic meters, weighed on
by still low aviation fuel sales because of Covid-19. However, this
segment accounts for just 15% of volumes in the Caribbean. Stripping out
aviation, volumes have virtually returned to their pre-pandemic level.
· Africa: 561,000 cubic meters sold, down by 18% on a like-for-like basis.
In the interests of profitability, significant changes were made to the
portfolio of aviation customers, in which East Africa did not contribute
to 2019 revenue, and gas station and liquefied gas distribution neared
pre-pandemic levels. Growth in bitumen sales registered an all-time high
(+48%), thanks to the allocation of special budget funds in Nigeria and
significant inroads into the other West African markets.
Revenue distribution by market segment
Please be advised that Rubis is an independent and non-integrated operator
and that the Group distributes its products in the gas stations that operate
under its tradename.
Cumul. As of September 30
Revenue percentages 2020 2019
Distribution to individual 55% 50%
customers
94% 93%
· Fuel sales in gas
stations including
liquefied gas cylinders
and related services
(shop, food, car wash,
etc.).
· Direct sale to the 6% 7%
public of liquefied gases
and fuels for heating,
hot water production and
cooking.
Distribution to business 45% 50%
customers
· Sales to the
transportation,
hospitality, electricity
production, energy and
public works sectors,
etc.
The number of gas stations has risen by 83% since 2017 from 583 to 1,065
through acquisitions and the construction of new sites.
Rubis Support and Services (15% of consolidated revenue)
Rubis Support and Services encompasses the trading, logistics and shipping
operations for business customers and the activities of SARA (refinery).
These activities recorded total revenue of &euro96 million (-52%) for the
period, a decline that was directly tied to the fall in international prices
(-45%).
During the third quarter, the trading and supply of finished products
represented a total volume of 380,000 cubic meters (+24%) and benefited from
a favorable margin configuration.
Rubis Terminal joint venture
Total storage revenue for the Rubis Terminal joint venture (incorporating
50% of the Antwerp site) rose 4% to &euro45 million. Key points:
· in France, storage revenue from all products dropped 2%:
· automotive and heating fuel revenue moved down by 2%, in line with the
market trend,
· revenue from other products (fertilizers, edible oil, bitumens and
chemicals) rose by 1%;
· in the ARA zone (Rotterdam and Antwerp), revenue rose by 12%, factoring
in the impact of additional capacities, with an occupancy rate of close to
100%;
· in the Mediterranean (Dörtyol - Turkey), revenue climbed by 46%. This
strong increase was driven by the oil market moving back into contango,
resulting in greater demand from operators.
Total trading revenue, incorporating 50% of the Zeller joint venture,
amounted to &euro39 million (-33%), tied to the fall in international
prices.
ESG - Highlights
· The Group has been recognized as a responsible operator by
MSCI (AA rating) and VigeoEiris (Ethibel Sustainability Index
Excellence Europe).
· We have a new climate ambition and are committed to stepping
up our efforts to address climate change:
· creation of a special committee to intensify the
incorporation of climate issues into the Group's strategy
(pushing ahead with our energy transition commitments at the
local level and finding growth avenues in greener energy
sources);
· participation in the trial phase of the ACT (Assessing
low-Carbon Transition) initiative developed by ADEME and CDP;
· signature of the first chartering contract to incorporate
the Sea Cargo Charter clause with a view to accurately
measuring the emissions of the marine transport activity, the
goal being to include it in contracts more systematically.
· We have introduced a digital reporting solution to enhance
indicator monitoring and oversight of our CSR policy,
particularly in labor issues (diversity, quality of working
life, training, etc.).
· A Combined General Meeting has been called for December 9,
during which the shareholders will be asked to vote, inter
alia, on a resolution to amend the dividend calculation method
for the General Partners by introducing a high watermark, or
reference price, in order to better align the General
Partners' dividend with the interests of the shareholders.
Next publication:
Combined General Meeting: December 9, 2020
Fourth quarter 2020 revenue: February 11, 2021 (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
File: RUBIS: Volumes return to normal - robust growth in unit margins: up
10% [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: Additional regulated information to be pubicly disclosed
under the legislation of a Member State / Third quarter
financial report
EQS News ID: 1145925
End of Announcement EQS News Service
1145925 05-Nov-2020 CET/CEST
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(END) Dow Jones Newswires
November 05, 2020 11:35 ET (16:35 GMT)
