Rubis: half-year 2008 results

09|10|2008

HALF-YEAR 2008 RESULTS

 

10 September 2008

STRONG performance

NET PROFIT UP 16%

Rubis accounts at 30 June 2008 recorded a strong performance, again confirming the resilient nature of its business and its capacity to control its trading margin, during this period of great instability.

Against a background of significant capital expenditure, and despite particularly difficult sourcing conditions (strong hikes in oil prices), current operating profit rose 24%, with net profit, Group's share up 16% for business volumes up 5%.

Key figures for the first half of 2008

(in € million)	2007	2008	Change
Total sales-revenues	379.5	544.1	43%
Gross operating profit	44.3	49.0	11%
Current operating profit	31.7	39.5	24%
- of which Rubis Energie	21.3	26.4	23%
- of which Rubis Terminal	13.5	16.2	20%
Net profit, Group's share	21.1	24.4	16%
Cash flow	35.0	34.7	(1%)
Capital expenditure	24.3	54.3	-

- Revenues: €544 million Cash-flow generated by the group: €35 million, helping maintening a sound financial structure during a period of intense investment. Capital expenditure: €54.3 million, including €30.3 million assigned to financing the new Rotterdam terminal. Total shareholders' equity: €431 million Debt rate: 34%

Highlights of the first half-year

The beginning of 2008 was particularly active, with the commissioning of the chemical and oil terminal in Rotterdam, and continued acquisitions.

Thus, in June 2008 the group signed three agreement protocols pertaining to acquisitions of assets or subsidiaries, resulting in the second half of 2008 in:

- The purchase from Shell of its Channel Islands petroleum products distribution business (finalised on 27 August 2008); The purchase from Total of its LPG distribution subsidiary in Spain (finalised on 29 August 2008); The purchase from Shell of its airport refuelling business in the Antilles and French Guiana.

2008 outlook

The Group's construction plans are coming to fruition through industrial projects in Rotterdam and Antwerp, and thanks to Rubis' capacity to make new acquisitions.

The group's positioning and the specific nature of its model ensure it good visibility and low exposure to cyclical issues.

Purchases in the first half of the year make the goal of good profit growth throughout the financial year as a whole more attainable.

Next update:

Q3 2008 revenue and financial information - 14 November 2008

You can also consult the financial presentation of 2008 half-year results

at www.rubis.fr