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Rubis: first half revenue 2008



UP 43% TO €544 MILLION


RUBIS posted revenue of €544 million for the first half of 2008, up 43% compared with 2007. At constant scope, revenue growth totalled 19%.

In a particularly challenging global economic environment the Group achieved excellent overall performance in terms of business volume (+ 5%) and control over margins.

Rubis' industrial development continued at a good pace, with the announced expansion of its operations in the Channel Islands (distribution of petroleum products), in Spain (LPG distribution) in the Antilles and Guiana (Aircraft refuelling) and Rubis Terminal, with the delivery and start up of the Rotterdam petroleum and chemical terminal, and excellent prospects for industrial development in Antwerp.

 Second quarter of 2008  6 month total at 30 June  
Revenue in € million 2008 Change 2008 Change 
RUBIS ENERGIE 207.8 36% 425.1 38% 
Europe 74.2 161% 163.8 128% 
Caribbean 118.7 6% 230.5 11% 
Africa 15.0 16% 30.9 14% 
RUBIS TERMINAL 64.3 105% 119.1 64% 
Liquid storage and services 19.1 20% 35.4 13% 
Petroleum product trading 45.2 193% 83.6 104% 
Total consolidated revenue 272.1 47% 544.2 43% 

LPG AND PETROLEUM PRODUCTS Distribution: Rubis Energie

The volumes distributed by Rubis Energie over the period total 345,000 tonnes-m3, up 31%, o/w 233,000 tonnes of LPG distribution (+58%) and 112,000 m3 (-4%) of petroleum product distribution (gas, diesel ...); at constant scope, retail distribution volumes were stable for all products at 225,000 tonnes-m3 but showed a rise of 5 % to 113,000 tonnes for LPG.

- Europe: LPG retail distribution volumes totalled 141,000 tonnes. Volumes for France, which represents 43%, were up 6% and showed new market share gains in the main segments: bulk, automotive and bottled LPG. The process of integrating the European subsidiaries acquired in mid 2007 has continued; in the first quarter this geographic area represented 98,000 tonnes of LPG distribution, o/w 80,000 tonnes of final distribution.

- Caribbean (Antilles - Guiana - Bermuda): volumes sold totalled 124,000 tonnes-m3, broken down into 12,000 tonnes of LPG and 112,000 m3 of petroleum products: network of service stations and direct sales of marine diesel, fuel oil and bitumen. The period was characterised by the continuing expansion of the service station network, the successful adoption of the network's new identity - Vito, and new market share gains.

- Africa recorded LPG retail volumes up 5%, (41,000 tonnes). Morocco was responsible for half of all volume in Africa, with growth of 6% and the successful signing of new contracts. BULK LIQUID STORAGE: Rubis Terminal

Revenue for the branch posted growth of 64%, combined with strong revenue growth for the petroleum product trading business (104%). However, this business usually makes a marginal contribution to the Group's earnings.

RUBIS TERMINAL's core business, bulk liquid storage, continued to grow, with revenue excluding Rotterdam) up 10%. The foodstuffs business (edible oils, fertilisers and molasses) was particularly active in the second quarter, and the petroleum segment has seen an intense end to the quarter, bringing growth for these categories respectively to 36% and 3% over the period.

Next trading update: Financial results for the first half on 10 September 2008

Press contact COMFIDANCE - Nathalie Brazier Tel: +33 (0)1 56 21 20 22

Analyst contact RUBIS-Bruno KRIEF Tel: +33 (0)1 44 17 95 95