RUBIS: NET PROFIT: +44% - EXCELLENT PERFORMANCE DRIVEN BY ORGANIC GROWTH AND ACQUISITIONS
2016年3月10日 - 1:45AM
March 9, 2016
During its meeting held on March 8, 2016, the
Board of Management has finalized the 2015 financial statements,
which were approved by the Supervisory Board during the meeting on
March 9, 2016. The Statutory Auditors are in the process of issuing
an unqualified report thereon.
In an unstable international environment, the
Group has managed to generate a solid organic growth, which,
combined with a policy of targeted acquisitions, allowed it to post
strong earnings growth.
Net profit Group's share increased by 44 %
overall, once again demonstrating the strength of the Group's
preferred "multi-local" growth model.
This sound performance will allow the Rubis to
propose at the next Shareholders' Meeting the payment of a dividend
of €2.42 per share, an increase of 18%.
(in
€M) |
2014 |
2015 |
Change |
Change at
CP |
Revenue |
2,790 |
2,913 |
+4% |
-7% |
Gross
operating profit (EBITDA) |
233 |
345 |
+48% |
+18% |
Current
operating profit (EBIT) |
167 |
240 |
+44% |
+15% |
Of which Rubis Énergie |
97 |
153 |
+58% |
+31% |
Of which Rubis Support and Services |
22 |
51 |
+126% |
+25% |
Of which Rubis Terminal (incl. share of
associates) |
63 |
58 |
-7% |
-7% |
Net
profit, Group's share |
118 |
170 |
+44% |
+9% |
Cash
flow |
177 |
261 |
+47% |
- |
Capex |
111 |
143 |
- |
- |
Earnings per share (diluted) |
€3.03 |
€4.06 |
+34% |
- |
Dividend per share |
€2.05 |
€2.42 |
+18% |
- |
We highlight the high quality of the earnings, as
evidenced by the strong growth in cashflow generation (+47%),
which, combined with a €179 million reduction in working capital
requirements resulting from lower oil prices and dynamic management
of current assets, left the Group with a particularly robust and
liquid financial structure (20% leverage), even after cumulative
investments and acquisitions of close to €600 million.
A particularly sound balance sheet will help the
Group to actively pursue its growth and acquisition strategies.
The main external factors that marked the fiscal
year can be summarized as follows:
-
historically unfavorable weather in the fourth
quarter, impacting volumes in Europe;
-
continued volatility of oil prices, down sharply
for the second consecutive year, generating gains in purchasing
power for customers together with a favorable pricing structure for
distributors;
-
a somewhat gloomy economic situation in France,
where 40% of earnings are generated.
Meanwhile, the Group consolidated new acquisitions
in Réunion (SRPP), West Africa (Eres) and Djibouti (distribution
assets) and obtained majority control of SARA (refinery in the
Antilles), in addition to €143 million of capital expenditures
split between facilities maintenance, support for market share
gains and construction of new sites.
PETROLEUM PRODUCTS' DISTRIBUTION
In 2015, with volumes of 2.9 million cbm, final
distribution of LPG and petroleum products was up by 21% (+4% at
constant perimeter). The uniformly strong growth (combined effect
of growth in volumes and unit margins) prompts the following
comments:
-
Europe experienced fast growth (EBIT: +43%)
characterized by positive margin effects, unfavorable weather
conditions and market share gains;
-
the Caribbean also performed well (EBIT: +47%),
reaping the benefits of a dynamic commercial policy and the
resumption of management in the Bahamas-Jamaica region;
-
Africa recorded a 130 % increase in EBIT,
with organic growth of 57% (unit margin and product mix effects),
the remainder coming from changes in the perimeter of consolidation
(Réunion, Djibouti and West Africa). The recovery of the situation
in Southern Africa, after restructuring carried out by the new
management, was also a contributing factor.
Rubis Support and Services, which now covers
refining activities (SARA) and logistics-supply (trading,
shipping), delivered EBIT of €50.7 million (compared with €22.5
million in 2014).
Since June 2015, SARA, which is now fully
consolidated, has operated in a context of regulated profitability,
disconnected from the global oil market environment. The
supply-shipping activity in the Caribbean had an excellent year
recording a 25% growth at constant perimeter.
The acquisition of Eres operations, active in
supply, trading and shipping of fuels and bitumen significantly
contributed to the expansion over a worldwide scope.
Total revenue of storage sites increased by 6%
(including all associates sites).
Adjusted for the positive contribution of
non-recurring items in 2014, EBIT edged down by 2%, breaking down
as:
-
a decline of 10% for activity in France, marked
by a somewhat gloomy economic climate, with chemicals short of
expectations and edible oils in the last phase of their adjustment;
and
-
a significant growth outside France (+74%)
driven by the equity-accounted subsidiaries Antwerp and Delta Rubis
(Turkey).
In 2016, Rubis intends to pursue its industrial
expansion, with an investment budget of €146 million.
The Group is confident in its ability to continue
to generate organic growth and continue its acquisition policy.
Rubis, listed on
Euronext Paris, operates in bulk liquid storage, the petroleum
products' distribution (fuel, LPG, bitumen) and the support and
services' activities (refining, supply, shipping) with a targeted
geographical-business approach and a multi-local market
positioning.
Upcoming events:
First-quarter 2016 revenue: May 10, 2016 (after market
closing)
Press Contact
PUBLICIS CONSULTANTS - Aurélie GABRIELI
Tel.: +33 (0) 1 44 82 48 33 |
Analysts Contact
RUBIS - Bruno Krief
Tel.: +33 (0)1 44 17 95 95 |
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Source: RUBIS via Globenewswire
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