Paris, February 11, 2020, 5:35 pm
Overall growth was steady in the fourth quarter of 2019:
Rubis Énergie had an excellent year in 2019, with a 23% increase in overall volumes, and Rubis Terminal returned to growth (up 3%). Total consolidated revenue (including operations held for sale) rose by 16% to €5,534 million.
*excluding Rubis Terminal
As announced on January 21, Rubis and I Squared Capital have entered into an agreement under which I Squared Capital will acquire 45% of Rubis' interest in Rubis Terminal. This will give Rubis and I Squared Capital joint control over the bulk liquid storage operations.
The completion of the transaction (earmarked for the first half of 2020) will result in the loss of exclusive control. The transition from full consolidation to a joint-venture (equity method) is treated as a disposal under IFRS and falls within the scope of IFRS 5 - Non-Current Assets Held for Sale.
Under IFRS 5, total reported net income for the year ended December 31, 2019 will incorporate the net contribution of the Rubis Terminal entities in a single line of the income statement: "Income/(loss) from operations held for sale". Accordingly, the revenue reported by the Group no longer includes Rubis Terminal.
Rubis Énergie groups together all the fuel product distribution operations: gas station networks, commercial heating oil, aviation fuel, marine fuel, lubricants, bitumen and LPG.
In the fourth quarter, fuel retail volumes reached 1,474,000 m3:
Fuel retail volumes climbed 23% over the full year (stable like-for-like) to 5.5 million m3, factoring in the new East Africa scope from April 2019.
The Support and Services business includes the SARA refinery (French Antilles) and all of the Group's shipping, trading and logistics operations. It recorded total revenue of €196 million (down 23%) for the period. The quarter-on-quarter revenue fluctuations stemmed from a combination of changes in fuel product list prices and in the composition of the products traded.
For the full year, trading-supply volumes reached 1.3 million m3, making a greater year-on-year contribution.
In the fourth quarter, "Bulk liquid storage and related services" revenue (excluding Antwerp) amounted to €39 million, up 2%.
Including the Antwerp site, total storage revenue rose 3% over the same period to €47 million:
"Fuel products wholesale" revenue amounted to €49 million.
2019 Annual results on March 12, 2020 (after market close)
Regulatory filing PDF file
Document title: RUBIS: Fourth quarter revenue up 12% - Volume growth and firm margins
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|AMF Category:||Inside information / Information on annual revenues|
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