Rubis: another year of growth - net income: +12% - dividend per share: +6%

03|13|2014

March 13, 2014

At its meeting of March 11, 2014, the Board of Management finalized the financial statements for fiscal 2013, which were approved by the Supervisory Board at its meeting of March 13, 2014. A report giving certification without reservations is currently being issued by the Statutory Auditors.

In line with the goal of "10% earnings growth" in fiscal 2013, net income increased by 12%, reaching an all-time high of €104.7 million.

Performances in terms of EBITDA (+9%) and EBIT (+13%) were consistent. At constant scope, EBIT and net income were up 7% and 12% respectively.

These results were obtained in a lackluster macroeconomic environment in which the Group continued structural investments (Turkey, ARA), faced internal and external challenges in its subsidiaries in Southern Africa and suffered the impact of a significant increase in tax expense in France (impact of €3.7 million on net income).

 

"The operations performed by HP Trading (Rubis Énergie) on behalf of third parties in Corsica are now excluded from sales revenue and purchases, in line with industry practice. This change in presentation has no impact on EBITDA, operating income or net income (operations generating no margin). For purposes of comparison, the 2012 data have been restated."

With €1,164 million in shareholders' equity, the year-end financial structure indicates a debt ratio of 23%. Factoring in the acquisition in Portugal, scheduled for completion in the second quarter of 2014, the net debt/EBITDA ratio will remain moderate (1.4x). The €126 million capital increase in 2013 gave the Group the means to actively pursue its acquisition policy.

RUBIS ENERGIE: Distribution of LPG and petroleum products

Rubis Énergie sold 2.3 million cubic meters of petroleum products in retail distribution, an increase of 12% (+3% at constant scope). The division benefited from:

• its capacity to rebound in Europe (EBIT: +51%), with an improvement in the margin and a return to normal supply conditions;
• size effects and synergies in the Caribbean (EBIT: +25%).

These strong performances helped offset the difficulties faced by the Group's subsidiaries in Southern Africa (South Africa, Botswana, Lesotho and Swaziland). EBIT fell by a total of 41% in Africa over the year.

RUBIS TERMINAL: Bulk liquid storage

At Rubis Terminal, storage revenues were up 7%, with increases of 7% in France and 18% in the ARA zone (Rotterdam & Antwerp). The year was marked by significant infrastructure investments totaling €34 million in Turkey and the ARA zone, and by higher operating and site security expenses. The division nevertheless managed to generate EBIT growth of 3%, owing to the strength of its local positions and the consolidation of the Reichstett site in France.

For the Group, 2013 was intense in terms of acquisition and investment commitments, which totaled €267 million. They included:

Developments and acquisitions (€148 million)

• acquisition of the Petroplus Reichstett site, strengthening logistics-storage capacity in Alsace;
• commitment to purchase BP's LPG distribution subsidiary in Portugal;
• acquisition of Multigas in Switzerland, specializing in the distribution of specialty gases.

Industrial investments (€119 million)

• recurrent investments and support for organic growth in the various markets (€85 million);
• Turkey: further work on the Delta Rubis joint venture (€10 million);
• Rotterdam and Antwerp: capacity expansion on storage sites (€24 million).

A dividend of €1.95 per share (+6%) will be proposed at the forthcoming Annual Shareholders' Meeting on June 5, 2014. Shareholders may opt to receive the dividend in shares. It should be noted that payment in shares has the effect of reducing the tax expense (3% contribution on amounts paid in cash).

In 2014, capital expenditures budget reaches (€138 million - versus €119 million in 2013) aiming at pursuing Rubis industrial development.

The Group is confident in its ability to generate organic growth and continue its acquisition policy.

Rubis, listed on Euronext Paris, is an independent player operating in bulk liquid storage and the distribution of petroleum products.

Upcoming events
First-quarter 2014 sales revenue: May 5, 2014 (at Bourse closing)