RUBIS: CONTINUED GROWTH - NET INCOME: 22% - DIVIDEND GROWTH: 11% TO €2.68
13 Mars 2017 - 5:35PM
Paris, March 13, 2017, 5.35 p.m.
At its meeting of March 10, 2017,
the Board of Management finalized the 2016 financial statements,
which were approved by the Supervisory Board at its meeting of
March 13, 2017. An unqualified certification report is currently
being issued by the Statutory Auditors.
2016 was characterized by sound
growth in overall business volumes (up by 15%) resulting in an
excellent performance in terms of net income, Group share, which
was up by 22% at €208 million.
(in
€M) |
2015 |
2016 |
Change |
Revenue Gross operating profit (EBITDA)
Current operating profit (EBIT), of which
Rubis Énergie
Rubis Support and Services
Rubis Terminal
Net profit, Group's share
Cash flow
Capex
Earnings per share (fully diluted)
Dividend per share |
2,913
345
240
155
48
49
170
261
143
€4.06
€2.42 |
3,004
411
300
192
69
51
208
326
163
€4.64
€2.68 |
+3%
+19%
+25%
+24%
+43%
+4%
+22%
+25%
-
+14%
+11% |
* Amount proposed to the
O&EGM of June 8, 2017.
Note: contribution breakdown between Rubis Énergie
and Support and Services business has been modified in 2015 set of
results. Above figures reflect this change.
The results were driven by
Rubis Énergie (petroleum products distribution
business), which posted a 17% increase in volumes (up by 5% at
constant scope). In total, Rubis Énergie's EBIT rose by 24% to €192
million (up by 9% at constant scope).
The Support and
Services business, which includes Sara (Antilles refinery) and
all shipping, trading and services activities, reported EBIT of €69
million, an increase of 43% (up by 19% at constant scope). The
division's excellent performance is attributable to the full
consolidation of Sara and strong growth in trading activities in
the Caribbean.
Rubis
Terminal recorded overall growth in revenues of 5%, driven by
international operations (up by 11%). The division continued its
policy of extending its capacity in petrochemicals (ARA zone) and
petroleum (new strategic storage contracts in France). Factoring in
the share of earnings of equity associates (Antwerp and Turkey),
EBIT was €63 million, an increase of 8% (versus 4% as
reported).
Capital expenditure for the Group
totaled €163 million, plus €27 million in net acquisitions of
subsidiaries.
The consolidated financial
structure was particularly sound at year-end, with a debt-to-EBITDA
ratio of 0.6 leaving scope to envision new acquisitions.
The excellent quality of these
results will allow the Group to propose the payment of a dividend
of €2.68 per share, an increase of 11%, at the next Shareholders'
Meeting, a figure in line with historic growth.
RUBIS
ÉNERGIE: Fuel distribution
Rubis Énergie's volumes grew by
17% (up by 5% at constant scope). Overall growth in volumes
combined with the positive impact of the redeployment in South
Africa and acquisition-led growth (contributions from acquisitions
made in 2015, notably on Réunion Island) resulted in a sharp
increase in EBIT at €192 million (up by 24%). At constant scope,
EBIT grew by 9%.
Rubis Énergie's growth by region
breaks down as follows:
-
Europe recorded stable volumes despite
particularly unfavorable weather conditions in the winter of 2016.
EBITDA, which was stable (-1%), reflects the economic reality of
performance; the 15% growth in EBIT is attributable to the impact
of provisions (reversals) spread over various subsidiaries;
-
the Caribbean posted growth of 9% (1.6 million
cubic meters) over the period, driven by the good performance of
the US economy, with its positive effects on tourism, as well as
purchasing power gains resulting from the sharp drop in energy
prices. EBIT, which was down 5% (impact of cyclone Matthew,
Jamaica's quality-product supply issues disrupting all operators,
transfer of aviation activity to the Cayman Islands), must be seen
against the particularly favorable context for margin in
2015;
-
lastly, the strong upturn in earnings in Africa
(EBIT up by 90%), which recorded volume growth of 65% to 907,000
cubic meters, is attributable both to the performance of the legacy
scope (South Africa, Morocco, Madagascar) and to the new scopes
acquired mid-2015, in particular SRPP and Djibouti. Bitumen
business in Africa (Eres) was penalized by a severe shift in
Nigeria's economy, which triggered a sharp impairment of local
currency.
Broadly speaking, the 2016
performance must be assessed in the light of the all-time high
results posted in 2015, which enjoyed the full impact of the price
structure resulting in an exceptional 15% increase in unit
margins.
RUBIS
SUPPORT AND SERVICES: Refining, shipping and trading-supply
This subgroup includes Rubis
Énergie's supply tools for petroleum products:
Rubis Support and
Services' EBIT totaled €69 million (up by 43%):
-
the results of Sara (71% interest in the Antilles refinery), now
fully consolidated, are accounted for in accordance with the
decree; they were stable compared with 2015 ;
- the
contribution of the trading-supply-shipping business increased
sharply to €39 million on the back of strong growth in the
petroleum products trading business and a better contribution from
shipping (12 vessels chartered or fully owned). In total, 1.3
million cubic meters were traded within the division in 2016;
- the bitumen
trading-supply business offered fewer opportunities in 2016 given
the configuration of prices between the Americas-Europe-Asia
regions, leading to a decline in its contribution. Ultimately,
Eres' strategy is to diversify its supplies while securing outlets
in retail distribution through alliances or joint ventures.
RUBIS
TERMINAL: Bulk liquid storage
The storage business reported a 2%
increase in revenues. However, activity measured in terms of
storage revenues for the total assets of the scope (including
equity associates) increased by 5% to €181.2 million, breaking down
as follows:
-
Storage France (+2%):
-
the petroleum business, which accounts for 76%
of billings in France, recorded growth of 4%, in a context where
consumption of petroleum products was down slightly (-0.6%) in
France,
-
other products, which together account for
one-quarter of total revenues, were stable;
-
Outside France (+11%):
-
the 8% increase in revenues in terminals in
Northern Europe reflects a large increase on the Antwerp site due
to new contracts, while the revenues from the Rotterdam site were
affected by the renegotiation of spot contracts into medium-term
contracts. Both terminals carried out capacity extensions over the
year (in Rotterdam, 80% of new capacity built in 2016 is now
reserved);
-
Turkey, which posted a 14% increase in revenues,
had a good start to the year thanks to good trader activity, while
the year-end was marked by the resumption of trader activity with
Iraq (Kurdistan).
Reported EBIT rose by 4% to €54
million. Factoring in the share of earnings of equity associates
(Antwerp and Turkey), EBIT rose by 8%:
-
storage France grew by 9%, with a positive
contribution from trading;
-
the Rotterdam and Antwerp sites were down 10%
(excluding one-shots in 2015) due to expenses related to the
commissioning of new capacity at the Rotterdam site (35,000 cubic
meters);
-
lastly, the Ceyhan terminal recorded strong
growth in its contribution to €6.4 million (+29%), thanks to the
readjustment of prices, good trader activity over a large part of
the year and the resumption of transit of fuel oil to
Kurdistan.
The Group is confident in its
ability to continue to generate organic growth and to pursue its
acquisition policy.
Upcoming events:
First-quarter 2017 revenue: May
9, 2017 (Market closing)
Press
Contact |
Analysts Contact |
PUBLICIS CONSULTANTS -
Aurélie Gabrieli |
RUBIS - Bruno
Krief |
Tel: +33 (0) 1 4482
4883 |
Tel: +33 (0) 1 4417
9595 |
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Source: RUBIS via Globenewswire
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