Rubis: half-year financial report at 30 june 2007

09|03|2007

30 August 2007

TURNOVER: +3%

GROWTH IN SALES VOLUMES: +8%

ROBUST GROWTH IN RESULTS

RUBIS has chosen this year to publish a half-year financial report purely for narrative purposes in accordance with the AMF position of October 2006 (AMF communiqué of 16 October 2006). The report will be published within two months of the end of the first half. The figures in the report have been partially audited by the statutory auditors in view of the announcement of the half-year results, scheduled for 12 September.

This report is published in accordance with the provisions of Article 221-3 of the AMF General Regulations. It can be downloaded from the company's website at www.rubis.fr.

1. TURNOVER AND SALES VOLUMES

Rubis generated €379.4 million of turnover in the first half of 2007, up 3% from the same period last year. The company's sales volumes surged 8%.

Turnover from Rubis Energie, the company's LPG and petroleum products distribution business, jumped 9% with almost 264,000 tonnes and m3 sold. Data for the first half of 2007 include for the first time Rubis' operations in Bermuda and LPG operations in Europe (Germany, Spain, and the Czech Republic). At constant scope, retail distribution sales volumes of LPG and petroleum products remained essentially the same as last year, edging down only 1% despite unfavourable weather conditions. A key climate index fell 18% during the year and caused sales volumes in France to tumble 13%.

Liquid storage turnover from Rubis Terminal, which makes it possible to measure the business' real growth, rose 7% in the first six months of the year, at constant scope.

H1 2007 suffered the full impact of the unseasonably mild winter, indicating a promising outlook for the second half.

Turnover at 30 June (€ million)	2007	2006	Variation
RUBIS ENERGIE	306.9	272.5	+12.6%
France	64.5	77.8	-17.0%
Europe ex-France	7.3	na	na
Caribbean	207.9	174.2	+19.3%
Africa	27.2	20.5	+32.8%
Rubis Terminal	72.5	95.9	-24.4%
Liquid storage and services	31.5	30.0	+5.0%
Petroleum product trading	41.0	65.9	-37.7%
Total consolidated turnover	379.4	368.5	+3.0%

Rubis Energie - LPG AND PETROLEUM produCt Distribution

LPG sales volumes grew 5% over the period to 123,000 tonnes of retail distribution.

- In France, LPG sales volumes slumped 13% to 57,000 tonnes as a result of a historically mild winter; a key climate index dropped 18% relative to 2006. Nevertheless, the Vitogaz business continued to gain market share in the face of an 18% overall decline in the French market.

- In the Caribbean (Antilles, French Guiana, and Bermuda), LPG and petroleum product sales volumes soared 25% and 22%, respectively. 11,700 tonnes of LPG were sold in the first six months, and 116,000 m3 of petroleum products through service stations and direct sales of marine diesel, fuel oil, lubricants, and bitumen. At constant scope (excluding Bermuda), sales volumes increased 3%.

- LPG sales volumes in Africa leapt 8% in the first half to 46,000 tonnes. Morocco remains the primary growth driver in this region, with a sharp 21% increase fuelled by economic expansion in the Kingdom. Sales volumes in Madagascar rose 4%, but slipped 4% in Senegal.

- The European LPG distribution operations acquired from Shell in the first part of the year had a minor impact on H1 sales volumes, adding 8,600 tonnes. This includes two months of the Spanish and German operations and one month of operations in the Czech Republic; the operations in Switzerland and Bulgaria were acquired at the end of the first half and did not contribute to turnover. Rubis Terminal - BULK liquid Storage

Turnover from Rubis Terminal decreased 24% in the first six months, weighed down by a 38% plunge in sales in the petroleum products trading business. This business, which usually makes only a marginal contribution to the company's earnings, was pressured by lower sales volumes of heating oil and a strategic refocusing.

Rubis Terminal's core business, bulk liquid storage, posted a solid first half with 7% turnover growth (excluding services); storage revenues from fertilizers, chemical products, and edible oils all climbed sharply.

2. GENERAL DESCRIPTION OF THE GROUP'S FINANCIAL SITUATION AND RESULTS DURING THE FIRST HALF OF 2007

Once again, the first half of 2007 testified to the strength of the Group's strategic choices, namely its presence in two sectors - the distribution and the logistics/storage of petroleum products - and its geographical diversification within these two sectors, enabling it to cover a range of markets with different growth and maturity while reducing the overall operating risk.

Therefore, in an environment characterised by the volatility of external parameters (nominal prices of petroleum products, climate), RUBIS succeeded in significantly increasing its operating results for the six months on a like-for-like basis. The expansion of operations - to include the Bermuda business, notably - gave an added boost to the Group's results.

The withdrawal of the LPG France business - in conjunction with the weather conditions - was largely offset by the expansion of Rubis Terminal, the considerable growth of the Rubis Antilles-French Guiana sub-group and the Bermuda contribution.

3. SIGNIFICANT EVENTS DURING THE PERIOD AND IMPACT ON THE GROUP'S SITUATION

During the six months, RUBIS acquired five subsidiaries from Shell Group for a total of €61 million. The subsidiaries are active in LPG distribution in Germany, Bulgaria, Spain, the Czech Republic and Switzerland. Overall, these companies generated a distribution volume of 184,000 tonnes of LPG and turnover of €134 million in 2006. Since these acquisitions were concentrated in the latter part of the first half, the contribution to first-half turnover and results remains marginal. These acquisitions have strengthened Rubis' position in LPG: with more than 500,000 tonnes, the Group is one of Europe's market leaders.

In view of these acquisitions, combined with the major expansion programme under way - the construction of a terminal in Rotterdam, the development of Frangaz (a joint venture with BP), expansion of Rubis Terminal and development of Rubis Antilles-French Guiana - at the start of June Rubis proceeded with a capital increase reserved for its shareholders, which translated by an increase in equity of €50.7m.

The financial position at 30 June was thus stronger than at 31 December 2006. This means that the Group can not only complete its current projects, but can contemplate other growth opportunities within its sphere of operations.

Next trading update: H1 2007 results on 12 September 2007 (after market close)

Press Contact COMFIDANCE - Jocelyne GUILLON +33 (0)1 56 21 20 13

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