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Rubis: first quarter 2008 revenue up 40% to €272 million


RUBIS posted €272 million in revenue for the first quarter of 2008, up 40% over 2007. At constant scope, revenue growth reached 15%.

The highlights of the first quarter of 2008 included:

- Rubis Energie: Market share gains and healthy margins. Good integration of the LPG Europe businesses acquired in mid-2007, and favourable business trends in the Caribbean and Africa;

- Rubis Terminal: Volumes up 5%; first vessels berthed in the Rotterdam Terminal, inaugurated 5 May.

- Continued investment at Rubis Terminal: launching of the extension (phase 2) of the Rotterdam site, and engineering at the Antwerp terminal.

 First quarter 2008   
Revenue (€ million)  2008  Change  
RUBIS ENERGIE  217.3  41%  
Europe  89.6  106%  
Caribbean  111.8  17%  
Africa  15.9  11%  
RUBIS TERMINAL  54.7  33%  
Bulk liquid storage  16.3  5%  
Petroleum product trading  38.4  50%  

LPG and petroleum products distribution: Rubis Energie

The volumes distributed by Rubis Energie over the period were 180,000 tonnes and m3, up 25%. This broke down as 125,000 tonnes of LPG (+41%) and 55,000 m3 (-1.7%) for the distribution of petroleum products (petrol, diesel, etc.): at constant scope, final distribution volumes for all products were stable (+1%) at 118,000 tonnes and m3.

- Europe: retail distribution volumes of LPG reached 78,000 tonnes. Volumes achieved in France, which represents 46%, were up 2.4%, revealing further market share gains in the main segments: bulk, LPG-fuel and bottled. The process of integrating the European subsidiaries acquired in mid-2007 has continued, and in the first quarter represented 49,000 tonnes of LPG distribution, o/w 42,000 tonnes of retail distribution.

- Caribbean region (Antilles - French Guiana - Bermuda): Volumes sold total 61,000 tonnes and m3, broken down into 6,000 tonnes of LPG and 55,000 m3 of petroleum products: network of service stations and direct sale of marine diesel, fuel oil, lubricants and bitumen. The period was notable for the continued expansion of the service-station network and further market share gains.

- In Africa, retail distribution volumes of LPG grew 6.5% (22,000 tonnes). Morocco was responsible for half of African volumes, with growth of 8% moving in the right direction. Bulk Liquid Storage: Rubis Terminal

Revenue for the branch grew 33%, along with strong revenue growth in the petroleum products trading business (50%). This trading business typically makes only a marginal contribution to the company's overall earnings.

The main activity of the RUBIS TERMINAL division, bulk storage, continued to grow with revenues up 5%. Petroleum revenues were stable compared with the high levels of the first quarter of 2007. We have also seen strong growth in foodstuffs (edible oils and molasses) and a good start for fertiliser and chemicals.

Next trading update: Ordinary AGM, 12 June 2008

Press Contact COMFIDANCE - Annie FOURNIER Tel: 01 56 21 20 14 a.fournier@comfidance.com

Analyst Contact RUBIS-Bruno Krief Tel: 01 44 17 95 95