RUBIS: CUMULATIVE 9-MONTH REVENUE: +4% - GROWTH IN ACTIVITY BY VOLUME IN Q3: +5%
2016年11月10日 - 1:45AM
November 9, 2016
The Group enjoyed growth in the
third quarter of 2016, with a total business volume indicator up 5%
(+2% at constant scope):
-
Rubis Énergie recorded business volumes up 6%
(+2% at constant scope);
-
Rubis Support and Services, which includes Sara
(Antilles refinery) and all shipping and trading activities,
generated revenue of €146 million;
-
Rubis Terminal recorded a 1.6% increase in
storage revenues on the scope under management (i.e. 100% of all
terminals), with petroleum product revenues up 2.3% in
France.
For the record, Q3-2015 revenue included four months of the
Eres-bitumen entity acquired on June 1, 2015 but consolidated with
the delay of a quarter, i.e. from Q3-2015, and two months of SRPP
(Reunion), consolidated in July 2015.
The continued decline in prices of
petroleum products (propane: -9%) explains the decline in the
nominal revenue of Rubis Énergie (-5%), Rubis Support and Services
(-18%) and the integrated wholesale and trading activity of Rubis
Terminal (-27%), although such variations do not affect
profitability.
The configuration of supply prices
over the period kept the unit margin at the high levels achieved in
Q3-2015.
|
Q3 revenue |
Cumulative 9 months
to September 30 |
Revenue (in €M) |
2016 |
Change |
2016 |
Change |
LPG AND FUEL DISTRIBUTION |
530 |
-5% |
1,572 |
+3% |
Europe |
121 |
- 5% |
376 |
- 7% |
Caribbean |
293 |
- 4% |
837 |
- 9% |
Africa |
117 |
- 10% |
359 |
+79% |
SUPPORT AND SERVICES |
146 |
-18% |
415 |
+13% |
BULK LIQUID STORAGE |
65 |
-14% |
207 |
-5% |
Bulk
liquid storage and services |
34 |
+3% |
97 |
+3% |
Trading
of petroleum products |
31 |
- 27% |
110 |
-11% |
Total consolidated revenue |
741 |
-9% |
2,194 |
+4% |
Please note that no events
significantly altering the Group's financial structure, which was
robust at the end of the quarter, have occurred since the release
of the financial statements for the six months to June 30,
2016.
Rubis
Énergie: LPG and fuel distribution
Volumes sold in retail
distribution by Rubis Énergie totaled 791,000 m3 over
the period, an increase of 6%. At constant scope, volume growth was
2%.
Geographical
breakdown of volumes
(retail distribution)
in '000 m3 |
Q3-2015 |
Q3-2016 |
Change |
Change at
constant scope |
Europe |
187 |
178 |
-5% |
- 5% |
Caribbean |
356 |
402 |
+13% |
+13% |
Africa |
203 |
210 |
+3% |
-11% |
TOTAL |
747 |
791 |
+6% |
+2% |
· Europe: volumes sold totaled 178,000 m3, a decline of
5%. Temperatures again hit all-time highs, particularly in
September, with a quarterly index 35% below the 30-year average. Q3
is traditionally a lackluster quarter in terms of energy
consumption in this region. However new contract signings remained
steady.
· Caribbean: volumes sold totaled 402,000 m3, an increase
of 13%. The good increase (3%) in network volumes, which account
for more than 50% of volumes and gross margin, was noteworthy.
Business momentum remained dynamic, as evidenced by the strong
growth of the "commercial" segment (fuel oil delivery to industry,
maritime customers, utilities, etc...).
· Africa: volumes totaled 210,000 m3, +3%
while they were down 11% at constant scope. This change comprises a
strong performance in LPG (+7%), stable bitumen sales in West
Africa (despite a gloomy economic environment in Nigeria), and a
pronounced drop in fuel oil volumes due to the decision to stop
sales of fuel oil in Nigeria (foreign exchange shortages having
prompted the local subsidiary to focus on imports of products with
higher margins such as bitumen).
Analysis of sales excluding fuel
oils in Nigeria shows volume growth of 3% at constant scope in
Africa.
Rubis
Support and Services: shipping, trading, supply and
refining
The Support and Services business,
which includes Sara's (Antilles refinery) revenues and shipping,
trading and services activities, generated revenue of €146 million
(-18%).
The whole trading and supply of business handled a total volume of
344,000 m3 over the
period, an increase of 23%.
Rubis
Terminal: bulk liquid storage
Rubis Terminal's storage revenues
(excluding Antwerp and Ceyhan) totaled €34 million, an increase of
3%.
Rubis Terminal overall storage
revenues, taking into account 100% of all terminals under
management, reached €46 million, an increase of 1.6%. They prompt
the following comments:
-
In France, revenue from all
products combined increased by 2.6%:
-
petroleum product revenues, which account for
almost 80% of revenue, increased by 2.3%, a good performance in a
French market where deliveries of petroleum products were down 4%.
Effective since August, Rubis Terminal has signed a management
contract for the Gironde oil depot (EPG), which has capacity of
135,000 m3 and annual
traffic of 1.9 million tonnes, capitalizing on its HSE and
managerial track record,
-
fertilizer revenues were strong, with growth of
12.6% over the quarter. Enjoying its key position in this market,
Rubis Terminal has become Euronext's approved compensator for the
futures market for nitrogenous solutions, physical deliveries being
performed in its specialized facilities in Rouen,
-
revenues from the sale of chemicals, heavy
products and edible oils were broadly stable, with a rebound in
demand for edible oil storage in Dunkirk.
-
In Rotterdam, revenues were
stable over the period. The terminal is about to commission new
storage capacity, for which operating leases have been
signed.
-
Antwerp and Ceyhan
(Turkey), whose revenues are not consolidated, were broadly
stable, with strong growth in Antwerp (+17%) thanks to the ramp-up
of new contracts and a slowdown in Turkey (-10%), the good level of
trader revenues only partially offsetting the decline in Iraqi
transit.
Trading revenues totaled €31
million, with no significant impact on results.
Upcoming events:
Q4 2016 revenue: February 9, 2017 (Market
closing)
Press
Contact |
Analysts Contact |
PUBLICIS CONSULTANTS -
Aurélie Gabrieli |
RUBIS |
Tel: +33 (0) 1 4482
4833 |
Tel: +33 (0) 1 4417
9595 |
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Source: RUBIS via Globenewswire
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