Rubis: fourth quarter 2015 - business activity in volume: +18% - revenue: +13%

February 11, 2016
  

Consolidated fourth quarter revenue totaled €802 million (+13%). The Group performed well, with the combined indicator of retail distribution volumes at Rubis Énergie and storage revenues at Rubis Terminal (100% of all terminals) putting volume growth at 18%. At constant scope, combined volumes increased by 1%.

Business trends over the period prompted the following comments:

• Rubis Énergie recorded a volume growth of 22% (+1% at constant scope). This includes the increase in scope resulting from acquisitions in the Africa region (Réunion Island, Djibouti and West Africa). Volumes in Europe (-3.2%) were affected by particularly adverse weather conditions.
• Rubis Terminal's storage revenues grew slightly (+0.6%), factoring in 100% of all terminals under management. The decline in revenues in France (-2%) was offset by revenue growth outside France (+3%).

External factors include the prices of petroleum products, which continued their fall over the period (propane prices: -31%), once again offering a favorable configuration for unit margins during the quarter.

Over the full year in 2015, revenue increased by 4%, on an 18% increase in overall volumes (+21% for Rubis Énergie and +6% for Rubis Terminal). At constant scope, overall volumes increased by 4%.

There have been no events since the release of the interim financial statements as of June 30, 2015 liable to significantly alter the Group's financial position, which remained strong at the end of the year.

Rubis Énergie combines all petroleum product distribution activities: networks of gas stations, heating oil, aviation and marine fuel, lubricants, bitumen and LPG.

Geographical breakdown of volumes
(retail distribution)

In the fourth quarter, retail distribution volumes totaled 800,000 m³, an increase of 22%. At constant scope of consolidation, volumes grew by 1%, prompting the following comments:

• In Europe, volumes sold in retain distribution totaled 215,000 m³, a decline of 3% attributable to the effect of particularly adverse weather conditions (climate index down 17% in November and December and 29% compared with the 30-year average).
• In the Caribbean, distributed volumes totaled 382,000 m³, an increase of 5 %. Volumes of fuel oil for large accounts and aviation fuel were excellent (+9%), and volumes distributed in the network segments were up 2%, indicating further gains in market share.
• The Africa region recorded a near tripling of its volumes to 204,000 m³ as a result of the consolidation of new scopes (Réunion Island, Djibouti and West Africa). At constant scope, the 3% decline reflects the commercial options taken in the LPG business in South Africa, namely a focus on bottled gas at the expense of large bulk volumes.

Over the full year in 2015, volumes totaled 2.9 million m³, up 21% on a real basis and 4% at constant scope.

The Support and Services business includes the revenue of SARA (Antilles refinery) and all shipping, supply and services activities. The strong increase in fourth quarter revenue (+68% to €189 million) is attributable to the full consolidation of SARA and that of Eres, which is strongly positioned in shipping and supply activities.

Rubis Terminal's overall storage revenues (factoring in 100% of all terminals under management) edged up by 0.6% in the fourth quarter, prompting the following comments:

In France:

• The petroleum business, which represents 77% of total billings in France, was virtually stable during the period (-0.3%), in a broader French market where consumption of petroleum products was down 2%.
• Among other products, which together represent 23% of billings in France, fertilizer and heavy fuel oil enjoyed a favorable trend (+20%) while chemicals, molasses and oilseeds together fell by 20%. A catch-up is expected in chemicals in 2016 in connection with the marketing of capacity that was idle in 2015.

Outside France:

• The Rotterdam terminal recorded revenue growth of 15%, with a strong performance in chemicals storage (+7%), while heavy fuel oil revenues increased by 3% (excluding exceptional income).
• The Antwerp and Ceyhan (Turkey) terminals, whose revenue is not consolidated (equity method), recorded growth of 2%.

Total chemicals revenue in Northern Europe increased by 5 %, reflecting the sector's robust momentum in this region.

Over the same period, wholesale revenue totaled are down at €41 million (€165 million over the full year), with no impact on earnings.

Over the full year in 2015, consolidated storage revenue totaled €129 million, a decline of 2%.

Upcoming events:

2015 annual results on March 9, 2016 (Market closing)