RUBIS: SUSTAINED VOLUME GROWTH: +10% - SALES REVENUE: +1%
February 09 2017 - 11:45AM
Paris, February 9, 2017, 5.45
p.m.
Consolidated revenue for the
fourth quarter totaled €810 million (+1%),
with business volumes maintaining a brisk pace:
-
Rubis Énergie recorded volume growth of 10% (+7%
at constant scope). This includes the increase in scope resulting
from developments in the Africa region (Djibouti and South
Africa);
-
Rubis Terminal's storage revenues (based on 100%
of all terminals under management) were up a strong 9% in the
fourth quarter, driven by activity outside France (+23%).
Among external factors, prices of
petroleum products expressed in euros, down 16% across 2016 as a
whole, rose sharply in the fourth quarter compared with the third
quarter of 2016 (+30%). Over the year as a whole, unit margins were
generally not sensitive to this price configuration.
Over full year 2016, volumes was up 17% and 5%
respectively for Rubis Énergie and Rubis Terminal. Lower fuels
prices resulted in a 3% increase in Group's sales revenue
Revenue (in €M) |
Q4-2016 |
Change |
Total 2016 |
Change |
LPG and fuel distribution
Europe
Caribbean
Africa |
581
139
305
137 |
+7%
+13%
+5%
+7% |
2,153
515
1,143
495 |
+4%
-2%
-6%
+51% |
Support and Services |
148 |
-20% |
563 |
+2% |
Bulk liquid storage
Bulk liquid storage and services
Trading of petroleum products |
81
34
47 |
+8%
+1%
+13% |
288
131
157 |
-2%
+2%
-5% |
Total consolidated revenue |
810 |
+1% |
3,004 |
+3% |
There were no
events after the release of the financial statements on June 30,
2016 liable to significantly alter the Group's financial position,
which remained particulary strong at the end of the year.
Distribution of petroleum products
Rubis Énergie combines all LPG and
fuel distribution activities: networks of gas stations, heating
oil, aviation and marine fuel, lubricants, bitumen and LPG.
Geographical
breakdown of volumes
(retail distribution)
In '000 m3 |
Q4-2016 |
Change |
Change
at constant scope |
Total 2016 |
Change |
Change
at constant scope |
Europe |
226 |
+5% |
+5% |
829 |
-1% |
-1% |
Caribbean |
407 |
+6% |
+6% |
1,627 |
+9% |
+9% |
Africa |
246 |
+21% |
+11% |
907 |
+65% |
0% |
Total |
878 |
+10% |
+7% |
3,363 |
+17% |
+5% |
In the fourth quarter, retail
distribution volumes totaled 878,000 m3, an increase
of 10%. At constant scope of consolidation, volumes grew by 7%,
prompting the following comments:
-
in Europe, volumes sold in
retail distribution reached 226,000 m3, an increase
of 5%, with the climate index for the period returning to a level
consistent with seasonal norms;
-
in the Caribbean,
distributed volumes totaled 407,000 m3, an increase
of 6%. Growth momentum was strong throughout the year, resulting in
further market share gains;
-
the Africa zone posted
strong growth to 246,000 m3 (+21%), an
increase of 11% adjusted for scope effects (South Africa and
Djibouti). Good growth was observed in volumes of LPG (+8%) and
bitumen in West Africa (+62%), in a context of deteriorating unit
margins for bitumen, resulting from currency effects.
Over the full
year in 2016, retail distribution volumes totaled 3.4 million
m3, increases of
17% on a real basis and 5% at constant scope.
Support and Services branch
includes Sara's revenues (Antilles refinery) and the shipping,
trading and services operations. Sales revenue for the fourth quarter was down 20% at €148 million linked to
more volatile business and deliveries shifted from one quarter to
the next mainly for bitumen.
Over the full
year 2016, trading volumes in global fuels products reached 1,3
million m3, an increase
of 19% compared with 2015.
Rubis Terminal's overall storage revenues (based on 100% of all terminals under
management) increased by a strong 9% in the fourth
quarter, prompting the following comments:
France: +2%
-
the fuel business, which represents 78% of total
billings in France, was up 3%, while in a broader French market
consumption of petroleum products was up 1.5% during the
period;
-
other products (22% of billings in France)
enjoyed a better trend in the fourth quarter, notably chemicals
(+7%), and molasses and oilseeds (+8%), while fertilizers remained
at a high level.
Outside France: +23%
-
the Rotterdam depot posted
overall revenues down 8% following the renewal of spot contracts in
chemicals, while heavy fuel revenues increased by 2%. 80% of the
new capacity built in 2016 is now contracted;
-
the Antwerp and Ceyhan (Turkey) depots, whose revenues are not fully
consolidated (equity method), recorded strong growth in both
chemicals for Antwerp (+26%) and petroleum products in Turkey
(+46%).
Over the same period, trading revenue amounted to €47 million (+13%), and
€157 million (-5%) over the full year.
Over the full
year in 2016, consolidated storage revenues totaled €131
million (+2%).
Upcoming events:
2016 annual results on March 13, 2017 (after
market)
Press
Contact |
Analysts Contact |
PUBLICIS CONSULTANTS -
Aurélie GABRIELI |
RUBIS - Finance
Department |
Tel: +33 (0) 1 4482
4833 |
Tel: +33 (0) 1 4417
9595 |
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Source: RUBIS via Globenewswire
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