DJ RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level
RUBIS
RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level
06-May-2021 / 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.
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Paris, May 6, 2021, 17:35 CET
Q1 2021 TRADING UPDATE
SEQUENTIAL VOLUME IMPROVEMENT
MARGINS REMAIN ROBUST AT HIGH LEVEL
The activity of the first quarter of 2021 once again showed strong resistance as restrictions due to Covid continued to
affect overall mobility over this period.
The Group activity - Retail & Marketing and Support & Services - shows an overall stable development in terms of gross
profit, while the Rubis Terminal JV starts the year on a firm note (+7% pro forma growth yoy).
This performance should be analyzed against the same period in 2020 which was only slightly affected by the
restrictions imposed from mid-March 2020.
- Retail & Marketing: The volumes were almost stable (-0.8%) excluding the aviation sector, with a unit margin
further progressing at +2%.
- Support & Services: The product mix supported a strong gross profit growth (+26%) despite lower volumes.
- Rubis Terminal JV: Excellent start to the year - Storage revenues increased by 44%, driven by the TEPSA acquisition
(Spain), and including +6% organic growth.
Q1
Revenue (in EURm) 2021 Change yoy
853 -23%
Retail & Marketing
163 -1%
- Europe
- Caribbean 335 -27%
- Africa
355 -25%
Support & Services 134 -34%
Consolidated revenue 987 -24%
Retail & Marketing (86% of consolidated revenue)
Retail & Marketing groups together all the distribution operations: liquified gas, bitumen, retail station networks, heating oil, aviation and marine fuel, lubricants.
The first quarter of 2021 was a prolongation of the fourth quarter of 2020, with continuing mobility restrictions causing sluggishness in the tourism and aviation sectors worldwide. The distributed volumes reached 1.3 million m3, down 6%. Adjusted for the aviation sector, volumes were almost stable (-0.8%). This is a sequential improvement from Q3 and Q4 2020, when adjusted for aviation segment, volumes were down 4% yoy.
Geographical breakdwon
(fuel retail)
Change (in '000 m3) Q1-2021 Reported Excl. aviation Europe 241 0% 0% Caribbean 482 -14% -6% Africa 597 0% +4% Total 1,320 -6% -1%
The regional development - key take-aways: - Europe: dominated by the distribution of liquefied gas, volumes sold were stable at 241,000 m3, the favorable
climate effect (cold winter) offset the negative Covid effects (tourism, restaurants, transport); - Caribbean: volumes are down 14% to 482,000 m3. The main factor behind volume decline remains the aviation sector,
which before the crisis represented 15% of regional volumes and posted a 62% decline in the first quarter. However,
the situation seems to be changing since mid-March 2021 with the acceleration of the US vaccination plan and the
gradual resumption of tourism to the Caribbean. Excluding aviation, volumes were down 6% against high comparison
basis with 6% growth in Q1 2020; - Africa: adjusted for aviation, volumes were up 4%, driven by excellent performance in bitumen and the return to
growth in service station networks volumes.
Revenue breakdown by market segment
Rubis is an independent and non-integrated operator which distributes its products in service stations under its own brands.
Cumulative as of
March 31
Revenue breakdown (in %) 2021 2020
Distribution to individual customers 53% 46%
- Retail segment: gas stations including liquefied gas cylinders and related services (shop, 94% 96%
food, car wash, etc.).
- Direct sale to the public of liquefied gas and fuels for heating, hot water production and
cooking.
6% 4%
Distribution to business customers
- Sales to the transportation, hospitality, electricity production, energy and public works 47% 54%
sectors, etc.
Support & Services (14% of consolidated revenue)
The Support & Services business includes all of the Group's shipping, trading and logistics operations as well as the SARA refinery (French Antilles). It recorded total revenue of EUR134 million (down 34%) for the Q1 2021 period.
In the first quarter 2021, trading volumes reached 275,000 m3, down 33%. However, a favorable product mix led to a significant increase in gross profit (+26%).
Rubis Terminal JV
Fiscal year 2021 started on a firm note with all countries and segments contributing to growth and an overall capacity utilization rate of 96% over the period.
During the first quarter of 2021, storage revenue from the Rubis Terminal JV (including Tepsa and 50% of the Antwerp) reached EUR58.4 million, up 44% (+6% at constant scope): - in France (+2,1%) revenues are up despite a lockdown continuing to affect fuel consumption and delaying the planned
start of a few contracts; - in Spain (+18,5%): the 4 depots faced strong demand for all products and particularly biofuels; - in the ARA Zone - Rotterdam and 50% Antwerp (+15,7%): demand remained strong with a capacity utilization rate close
to 98%, including new capacities added in 2020; - in Turkey (+3,9%): revenues stabilized at high level after the surge in demand for traders recorded in 2020.
Outlook
As previously indicated, the first months of 2021 are in line with trends seen towards the end of 2020 with sequential improvement showing flat volume development in Q1 2021 adjusting for the aviation versus 4% decline in the previous quarters (Q3 2020 and Q4 2020).
The Group benefits from growth levers, particularly in Africa with further expansion of the bitumen business and investments in ex-KenolKobil network that started to yield positive results. More than 20% of ex-KenolKobil network has been already refurbished under RUBiS brand and this program is set to accelerate in 2021-22.
Rubis benefits from a solid financial position (with financial firepower of up to EUR1Bn) and continues to actively seek external growth opportunities, including in the renewable energies segment.
ESG - Highlights - The Group continues to implement its Climate strategy: - publication in March 2021 of a target to reduce CO2 emissions by 20% by 2030 (versus 2019, emissions scopes 1 and 2 Retail & Marketing and Support & Services businesses); - preparation of the response to the CDP questionnaire in order to increase transparency efforts in terms of Climate performance. - The 2020 CSR report, included in the URD, was published on April 29, 2021 (available on www.rubis.fr/en). It presents the environmental (including the complete carbon footprint), social (including the frequency rate of work-related accidents) and societal data for Rubis and its subsidiaries, as well as the main targets of the Group's CSR strategy. - The Group's 2022-2025 CSR roadmap is being finalized and will be presented to the Supervisory Board in June. The implementation of the CSR roadmap is part of the criteria for the 2021 annual variable compensation for the Managing Partners as well as for the Group's Top Management.
Conference call for investors and analysts
Date: Thursday May 6, 2021, 18:00-19:00 CET
Speakers: Bruno Krief, CFO
Link to register: http://emea.directeventreg.com/registration/5869458
Next events:
Annual General Meeting: June 10, 2021, 14:00 CET
Dividend ex-date[1] and listing of ex-dividend shares1: June 16, 2021
Beginning of option period for dividend payment in shares1: June 18, 2021
End of option period for dividend payment in shares1: July 2, 2021
Payment of cash dividend and delivery of new shares1: July 8, 2021
2021 Half-year results: September 9, 2021 (after market close)
Press Contact Analyst Contact PUBLICIS CONSULTANTS - Aurélie Gabrieli RUBIS - Anna Patrice, Head of IR Tel: +(33) 1 44 82 48 33 Tel: +(33) 1 45 01 72 32 aurelie.gabrieli@publicisconsultants.com A.Patrice@rubis.fr -----------------------------------------------------------------------------------------------------------------------
[1] Subject to shareholders' approval at the next Annual General Meeting on June 10, 2021 ----------------------------------------------------------------------------------------------------------------------- Regulatory filing PDF file File: RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level
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Language: English
Company: RUBIS
46, rue Boissière
75116 Paris
France
Phone: +33 144 17 95 95
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: 1193599
End of Announcement EQS News Service
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May 06, 2021 11:36 ET (15:36 GMT)
DJ RUBIS: Q1 2021 trading update - Sequential volume -2-
1193599 06-May-2021 CET/CEST
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May 06, 2021 11:36 ET (15:36 GMT)
