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Rubis: 2004 net income above forecast: +12.4% (before exceptional tax charge on reserves)


Website: www.rubis.fr

RUBIS, the independent specialist in bulk liquid storage and LPG distribution in France and internationally, turned in excellent results for 2004, both in terms of volumes with continuing gains in market share, and in terms of earnings with higher than forecast growth of 12.4% in net income, Group share.

(in millions of €) 2003 2004 change % 
Sales revenues 396.8 413.6 + 4.3% 
EBITDA 51.2 53.8 + 5.1% 
Operating profit  31.5 34.1 + 8.0% 
Net income before tax 26.4 29.2 +10.5% 
Net income, Group share * 15.0 14.0 - 6.8% 
Net income, Group share before exceptional tax charge on reserves* 15.0 16.8 + 12.4% 
Cash flow  33.5 37.3 + 11.5% 
Capital investment 20.4 18.3  
Diluted EPS in € * 2.26 2.01 - 11.1% 
Diluted EPS before exceptional tax charge on reserves* 2.26 2.42 + 7.1% 

(*) A new exceptional tax of 2.5%, assessed on special long-term capital gains reserves was introduced in 2004. Its impact on fiscal 2004 amounted to €3m, representing 18% of net income.

The Group posted growth of 8% in operating profit and 11.5% in cash flow buoyed by increased volumes and productivity gains. The Group has a sound financial structure (gearing of 27%) which will enable it to seize new opportunities for development.

Rubis Gaz (LPG distribution)

RUBIS GAZ, the third-largest independent European operator, sold 550,000 tons of LPG, up 2%, and posted operating profit growth of 8%. In a particularly volatile environment (surge in propane prices, fluctuation in $/€ exchange rate and sharp fall in the Malagasy currency), the Group succeeded in maintaining its high sales margins in France. Italy suffered an unusually mild winter in 2004 which had a negative effect on volumes and margins. Volumes in Africa, which successfully integrated Senegal during the year, soared 74% while operating profits tripled.

Rubis Terminal (Bulk liquid storage)

In 2004, RUBIS TERMINAL was able to exploit its wide range of storage facilities and succeeded in consolidating the sharp increase in throughput and income achieved in 2003, with further increases of over 16% in fertilizer receipts, and over 5% in petrol receipts. This largely offset the loss of chemicals contracts and the cyclical weakness in agri-business income at the end of the year.

RUBIS TERMINAL, the leading French operator in bulk liquid storage with over 25% market share for petroleum products in its trading areas, increased operating profit by 6%.

Following introduction of the new international financial reporting standards, applying for the first time with effect from 1 January 2005, the Group is preparing IFRS pro forma accounts for 2004 which will show a reduction of €2.1m in net assets and an increase of €1.3m in net income, Group share.

The Annual General Meeting to be held on 8 June 2005 will vote on a 5.6% dividend increase to €1.50 per share up from €1.42 for fiscal 2003.

Press contact
Euro RSCG Omnium - Christèle LION
Tel: +33 1 58 47 94 81

Analysts contact
RUBIS Group - Bruno Krief
Tel: +33 1 44 17 95 95