PRESS RELEASE

8 November 2018, 5:35pm

Rubis recorded a solid third quarter growth overall, temporarily affected by external parameters that were confined to certain geographical areas, such as weather conditions, geopolitical factors or price structure:

–          Rubis Énergie performed well overall, despite adverse weather conditions that affected volumes, both in Europe and Africa. Although volumes are showing a slight erosion (1% dip) when leaving aside exceptional circumstances in Haiti and Madagascar, 80% of the Group’s volumes benefited from volume growth of 1% and wider unit margins (+4%);

–          Rubis Support and Services, comprising SARA (refinery in the French Antilles) and all the Group’s shipping, trading and logistics activities, delivered revenue of EUR223 million, with volumes in line with expectations;

–          Rubis Terminal pursued the trends observed in the first half of the year, with strong momentum in chemicals (up 18%) in Northern Europe and France, offsetting a slowdown in fuel-related revenue in France (down 9%), while the Dörtyol terminal in Turkey was weighed on by an absence of traders and transit from the north of Iraq.

The Group managed to maintain unit margins in a period that was marked by a sharp rise in list prices for fuel products (propane: up 32%).

No events have occurred since the publication of the financial statements as of 30 June 2018 that are likely to have a material effect on the Group’s financial structure.

Rubis Énergie: fuel product distribution

Volumes sold in retail distribution by Rubis Énergie for the period were slightly lower compared to 2017 at 1,033,000 cubic metres.

Geographical distribution of volumes

(retail distribution)

•    Europe: sales volumes rose 1% to 185,000 cubic metres. Mild weather and low rainfall during the quarter had a bearing on both the start of the heating season and the cereal drying season. Even so, the level of new contracts secured by the Group remained vibrant, particularly in France, pushing up market share.
•    Caribbean: sales volumes dropped 3% to 543,000 cubic metres. Stripping out the special circumstances in Haiti and Jamaica, volumes climbed 3% across the petrol station network reflecting firm momentum. Commercial activity was disrupted in Haiti by social unrest in July that resulted in the temporary closure of some stations and breaks in supply. In Jamaica, poorly-coordinated roadworks led to the temporary closure of a number of stations.
•    Africa: regional commercial momentum was good with growth of 5% in the main LPG segments and petrol station networks, whereas high rainfall weighed momentarily on bitumen volumes in Nigeria and on fuel deliveries to electrical power stations in Madagascar. Volumes were stable compared to 2017 at 305,000 cubic metres. 

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 activities. These operations delivered total revenue of EUR223 million (down 12%) over the period.

In the third quarter, Rubis’ fuel product trading and supply operations handled a total volume of 258,000 cubic metres, marked by a halt in bitumen shipments to India and the expiry of an industry supply contract in Réunion.

The exit of Rubis’ operation in Iran was achieved as planned.

Rubis Terminal: bulk liquid storage

Revenue from “deliveries and storage of liquid products” for the Rubis Terminal division (excluding Antwerp) dropped 18% to EUR36 million.

Total storage revenue at Rubis Terminal (incorporating the Antwerp site) moved down 12% to EUR45 million. Key points:

•         in France, revenue from all products dropped 6%:

–          fuel-related revenue decreased by 9% in a French market in which fuel product deliveries were down by 8% (navigation problems on the Rhine, contango effect),

–          revenue from other products (fertilizers, edible oil and chemicals) increased by 5%: a shift in fertilizer deliveries momentarily weighed on revenue from these products (down 11%) whereas chemical products continued to record strong revenue growth (up 18%);

• in the ARA zone (Rotterdam and Antwerp), revenue growth of 16% reflected firm local demand for petrochemicals with a utilisation rate of close to 100% and an extension of leasing contracts;
• in Dörtyol (Turkey), revenue (down 82%) continued to be weighed on by an absence of contango and transit operations with the north of Iraq.

Revenue from “fuel products trading” amounted to EUR45 million.

Next publication:

Fourth quarter 2018 revenue: 7 February 2019 (after the close of the market)