RUBIS

REPORTED NET PROFIT: -7% - NET PROFIT AT CONSTANT SCOPE AND ADJUSTED FOR EXCEPTIONAL ITEMS: +8%

August 29, 2014
  

The Company's Supervisory Board, at its meeting of August 29, approved the financial statements for the six months to June 30, 2014.

As expected, the Group was severely impacted by two negative factors in the first half: the absence of a winter in Europe, which resulted in lost volumes, and the publication of a new decree regulating the prices of petroleum products in the French Antilles.

These contextual factors weighed on the Group's performance on a reported basis, with EBIT down 9% and net profit down 7%. However, at constant scope and adjusted for exceptional items, the Group posted growth of 5% in EBIT and 8% in net profit, in line with its historical growth rate, excluding external growth.

Key figures for the first half of 2014

As of June 30 (€ million)	2013	2014	Change
Revenue	1,455	1,361	-6%
EBITDA	112	106	-6%
EBIT	84	77	-9%
Of which Rubis Énergie	64	56	-13%
Of which Rubis Terminal	25	28	+12%
Net profit, Group share	55.5	51.8	-7%
Cash flow	80	82	+3%
Capital expenditure	47	46	-

The reported figures for the first half of 2013 have been adjusted for the impact of the change in accounting method relative to the retrospective application of IFRS 11 "Joint Arrangements": the net profit of the joint ventures Delta Rubis Petrol (Turkey) and ITC Rubis Terminal (Antwerp) now appears on a specific line in the consolidated profit statement in proportion to each entity's contribution.

Note that cash flow increased by 3% in this particularly challenging environment. Capex of €46 million helped support growth in market share, and includes maintenance and extension work on facilities.

Total shareholders' equity was €1,202 million, highlighting the Group's robust financial structure (net debt: €343 million) after payment for the acquisition of BP's assets in Portugal on June 30. The Group also has confirmed lines of credit and equity lines available to finance new developments.

RUBIS ÉNERGIE: Distribution of LPG and petroleum products

Volumes were affected by exceptional weather conditions in Europe (mild winter).
At constant scope and excluding weather impact, volumes in Europe would have achieved 2% growth. Excluding "weather" effect total volumes are stable as a result of dull economic conditions in Rubis geographical scope.
During this period the Group has nevertheless managed to gain market share in most of its local positions.

Change in volumes sold by geographical zone