Rubis: robust earnings growth

09|12|2007

The Group's financial statements for the first half of 2007 highlight a strong increase in the company's earnings: operating income bounded 23% while attributable net profit from continuing operations soared 32%. This increase comes in spite of particularly unfavourable winter weather in France.

The robust business (+ 8% in volumes) and earnings growth is mostly organic, and is the tangible result of the business development strategy that the Group has been following over the past few years.

(€ million)	2006	2007	Change	Change at constant scope*
Sales-revenues	368.5	379.5	3%	-5%
Gross operating profit	38.0	44.3	17%	12%
Current operating profit	25.9	31.7	23%	20%
- of which Rubis Energie	17.3	21.3	24%	19%
- of which Rubis Terminal	11.8	13.5	14%	14%
Attributable net profit from continuing operations	16.0	21.1	32%	29%
Net profit from discontinued operations	4.0	-	-	-
Attributable net profit	20.0	21.1	5%	3%
Cash flow from continuing operations	26.6	35.0	32%	25%
Capital expenditures	18.0	24.3	-

* Excluding Rubis Energie operations in : Bermuda, European LPG subsidiaries acquired during first half 07 and Frangaz (JV : 50 % Rubis, 50 % BP).

The successful €50m rights issue completed in June 2007 has given Rubis a solid capital structure with 20% leverage, and will enable it to continue its investments in Rotterdam, Frangaz, and potential acquisitions.

Moreover, integration of the five LPG distribution businesses acquired from Shell should start to have a positive impact in the second half of 2007.

Thanks to these strong first half results and the buoyant momentum of the group's businesses, Rubis confirms its expectations for further earnings growth for the full year.

A powerpoint presentation of First half results is available on www.rubis.fr

Next trading update: Q3 2007 revenue and financial information - 14 November 2007

Press Contact Annie Fournier Comfidance +33 (0)1 56 21 20 14

Analyst Contact Bruno Krief Rubis +33 (0)1 44 17 95 95