RUBIS
REPORTED NET PROFIT: -7% - NET PROFIT AT CONSTANT SCOPE AND ADJUSTED FOR EXCEPTIONAL ITEMS: +8% - Seite 2
(retail distribution)
In m3 | 2013 | 2014 | Change | Change at constant scope* |
Europe | 363,785 | 287,011 | -21% | -6% |
Caribbean | 685,744 | 692,827 | +1% | +1% |
Africa | 147,422 | 133,178 | -10% | -10% |
TOTAL | 1,196,951 | 1,113,016 | -7% | -2% |
* Change at constant scope, excluding Germany, sold in July 2013, and Multigas (Switzerland), consolidated in January 2014.
The change in the EBIT of Rubis Énergie (-13%) includes:
- Sharp fall in Europe (-33%), impacted by "weather" effect while sourcing conditions have allowed unit margin to be kept at 2013 high level;
- the Caribbean ( EBIT: -6%) is impacted by a new decree regulating fuel prices in the French Antilles impacting SARA (Antilles refinery held 35,5%) profit by 30%. As a result EBIT at Caribbean SARA/Trading segment is down 20%. On the other hand Caribbean-fuel distribution segment is performing steadily at +7%;
- lastly, strong earnings growth in Africa, (+26%) resulting notably from improved margins in South Africa.
However, at constant scope and adjusted for exceptional items, notably the "winter" and "SARA" effects estimated at €5.4 million and €3.7 million respectively, Rubis Énergie's EBIT was up 4%.
RUBIS TERMINAL: Bulk liquid storage
Rubis Terminal stood out in a French oil industry in the doldrums - 4% drop in consumption, recurring difficulties in refining - by recording a 7% increase in oil revenues in France.
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The ramp-up of new capacity in Northern Europe resulted in a 12% increase in revenue.
In total, Rubis Terminal's EBIT was up 12%, breaking down as follows:
- sound growth in the contribution of Rotterdam (+17%);
- and good growth, in France, in storage revenues for all products (+4%), contributing to an 11% increase in EBIT.
Outlook
The second half stands to benefit from the consolidation of the LPG distribution subsidiary in Portugal and the continuation of the Group's organic growth, in addition to increases recorded in Africa. These factors allow the Group to be confident as regards its earnings growth in the second half of 2014.
As part of its external growth strategy, Rubis announced the acquisition from Total of its LPG distribution business in Switzerland in July; the Group's environment remains conducive to further developments.
Next update:
Q3 revenue: November 5, 2014 (after market closes)
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 |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RUBIS via Globenewswire