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Overall sales volume up 11% - net income up 34%


7 September 2017, 5:35 pm

At its meeting of 7 September 2017, Rubis' Supervisory Board approved the half-yearly financial statements for the period ended 30 June 2017.

The first half of 2017 saw robust organic growth, reflected by an 8% increase in the overall sales volume at constant scope. The acquisitions completed in Haiti and Turkey in the first half of 2017 made a positive contribution to results, leading to a 10% increase in EBIT (stable at constant scope).

Completion of the acquisition of the shareholders' interests in Turkey resulted in non-recurring income of €14 million. Overall, the Group recorded record net income of €139 million, up 34% (8% at constant scope).

All three of the Group's business divisions contributed to this increase, driven both by organic growth and acquisitions, which generated a strong contribution in terms of profitability:

  • Rubis Énergie benefited from an 8% increase in distributed volumes (up 4% at constant scope) that led to a 13% increase in EBIT (up 6% at constant scope), driven in particular by a rebound in business and margins in the bitumen sector in Africa;
  • Rubis Support and Services recorded a strong recovery in sales volumes thanks in particular to the bitumen sector. However, the decline in unit margins meant that, excluding non-recurring expenses, EBIT remained stable;
  • Rubis Terminal enjoyed strong growth (+11%) of its storage revenues, with all depots operating at full capacity. Rubis Terminal Petrol (Turkey) has been fully consolidated since 1 January and made a strong contribution to the results, generating a 31% increase in EBIT (+7% at constant scope, excluding non-recurring expenses).


(in € millions)20172016Change
EBIT, of which17716010%
  Rubis Energie12611213%
  Rubis Support and Services 3133-7%
  Rubis Terminal312431%
Net inocme, Group share13910434%
Cash flow18916515%
Capital expenditure8076 

The 15% increase in cash flow generation over the period reflects the quality of the results.

At the end of April, Rubis completed the acquisition of Dinasa in Haiti to become the largest distributor of petroleum products on the island and significantly expand its business in the Caribbean region.

In July, Rubis announced the acquisition of Galana, the leading distributor of petroleum products in Madagascar, thereby scaling up its operations in the Indian Ocean. It also acquired certain LPG distribution assets in Portugal from Repsol.

The Group's financial position following these transactions remains solid, with an annualised net debt to EBITDA ratio of 1.4.

RUBIS ÉNERGIE: Petroleum products distribution

Propane prices were up sharply compared with the first half of 2016 (+41% in USD). This change had no overall impact (unit margin: +2%), affecting only European operations, where a slight (-3%) contraction in the unit margin was observed in the LPG segment.


(in '000 m3)20172016ChangeChange at constant scope


(in '000 m3)Q2 - 2017Q2 - 2016ChangeChange at constant scope

Volumes as reported were up 8% at current scope. Changes in scope over the period concern the Caribbean, with the acquisition of Dinasa (Haiti). Adjusted for the scope effect, sales increased by 2% despite a slight reduction (-1%) in LPG sales in Europe related to adverse weather conditions (worse than the 30-year average and in 2016).

Adjusted for non-recurring items including termination of a relatively unprofitable wholesale contract to supply EDF with crude fuel oil in Martinique, and a strike in French Guiana, sales volumes in the Caribbean were up by 2% and overall volumes by 4% (at constant scope).

In terms of unit margins, the decline seen in LPG in Europe (-3%) was offset by the strong rebound in Africa's bitumen sector (up 9%), enabling the overall unit margin to remain at a satisfactory level.   

Overall, the division posted record EBIT of €126 million (up 13%):

  • Europe (EBIT -12%): the contraction was attributable to climatic factors, a negative unit margin effect and a 2016 base effect. At constant scope, EBIT fell by 11%;
  • Caribbean (EBIT +25%): the sharp growth in the Eastern Caribbean reflecting expansion of the sales network was offset by a reduction in Jamaica resulting from the local refiner's aggressive positioning. The situation stabilised at the end of the period. The results include Haiti's two-month contribution. At constant scope, EBIT was stable;
  • the results in Africa (EBIT +33%) were buoyed by the bitumen sector, notably in Nigeria. The existing scope (South Africa, Morocco, Madagascar and Réunion) continues to grow apace (up 11%).

RUBIS SUPPORT AND SERVICES: Refining, shipping, and trading-supply

This sub-group comprises Rubis Énergie's petroleum product supply facilities:

  • the 71% interest in the Caribbean refinery (Sara);
  • the trading and supply activity, based in Barbados and operating in international markets;
  • in logistics support, the shipping activity (12 chartered vessels).

EBIT came in at €31 million compared with €33 million in 2016. Excluding a non-recurring provision, EBIT was unchanged.

The results of the Sara refinery are recognised using the calculation formula set by decree (9% of equity at the end of the prior year), and were stable year on year.

While sales volumes at the petroleum products and bitumen trading, supply and shipping activity were up sharply (by 59%), unit margins were lower than in 2016, resulting in an unchanged EBIT excluding a non-recurring provision.

RUBIS TERMINAL: Liquid products storage

The storage activity reported revenue growth of 35% as a result of the full integration of Rubis Terminal Petrol (Turkey). However, activity measured as revenue incorporating 100% of the scope assets (unchanged) grew by 11%, with storage billings of €96.9 million, representing flows across all products of 7.3 million tonnes, up 14%.

This growth (11%) breaks down geographically as follows:

  • France storage: +3%, driven by oil revenues (up 5%);
  • Northern Europe storage: +27%, reflecting the increase in capacity at the end of 2016, with a utilisation rate of almost 90%;
  • Turkey: +19%, characterised by strong growth in flows from and to northern Iraq (Kurdistan).

Reported EBIT increased by 31% to €31 million. However, the performance analysed based on a comparable scope, including the contribution of Antwerp (SME) to EBIT and adjusting for non-recurring expenses, was up 7%.


The increase in activity and the integration of acquisitions in the second half of the year is expected to sustain earnings growth over full year 2017.

Next results:

Third-quarter revenue on 9 November 2017 (after market close)

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PUBLICIS CONSULTANTS - Aurélie GabrieliRUBIS - Investor relations
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