Paris, March 12, 2020, 5:35 pm
A YEAR OF GROWTH AND STRUCTURING TRANSFORMATION
EBIT UP 17% (3)
DIVIDEND UP 10%
The Group was able to sustain the strong first-half growth in EBIT during the second half of the year (up 17%), fuelling a 23% increase in full-year net income (15% on a like-for-like basis) and a return to adjusted annualized growth of 10% over three years.
Since 2017, Group EBIT has registered compound annual growth of 11%.
All three divisions contributed to this solid performance, reflected in the 17% increase in EBIT:
Consolidated results as of December 31, 2019
(1) After application of IFRS 5 (Rubis Terminal) "Non-Current Assets Held for Sale" and IFRS 16 "Leases".
(2) The 2018 earnings figures are those reported in the 2018 Registration Document and have not been adjusted for IFRS 5.
(3) Calculation of the change between FY2018 and FY2019, before IFRS 5 and IFRS 16.
(4) Like-for-like change and before IFRS 5 and IFRS 16.
(5) Amount to be proposed at the June 11, 2020 Shareholders' Meeting.
2019 was marked by further geographical expansion, extensions to existing facilities and a partnership relating to Rubis Terminal:
The Group has continued to invest and galvanize its commercial positions in all other zones: extensions are under way at chemicals storage facilities in the ARA zone, bitumen storage units in Dunkirk and in blending capacities (as per IMO 2020 limits) for heavy oil products.
The Group remains in a solid financial position with a net debt/EBITDA ratio of 1.2 (reported data), which will be reduced to 0.4 on completion of the deal with I Squared Capital for Rubis Terminal.
Analysis of changes in net financial position since the beginning of the year
At €524 million, cash flow was up 36% by comparison with the end of 2018 (stripping out IFRS 5 adjustments), reflecting the quality of the Group's earnings.
The most noteworthy investment items were as follows:
The €396 million in acquisitions of financial assets relate to the takeover of KenolKobil and Gulf Energy Holding, representing the total investment made by the Group in East Africa.
The €134 million increase in shareholders' equity includes the €109 million capital increase resulting from the payment of the dividend in shares (in the proportion of 70.6%) and the exercise of warrants (€20 million).
Momentum in the first weeks of 2020 has been good in what is a very uncertain global environment.
The Group has introduced precautionary sanitary measures in response to the coronavirus outbreak. The distances between the various Group sites and its organization into independent local units makes it easier to handle this new risk.
As with previous crises, the sharp fall in oil prices is expected to have a positive impact on margins and should generally be beneficial - through the transfer of purchasing power - to the markets in which Rubis Énergie operates, since it is primarily an oil importer. The repercussions on Rubis Terminal are expected to be neutral to positive, notably through a contango configuration in terms of the oil price structure.
The Group is confident that it can position its new East African assets profitably and continue to enjoy organic growth, while using greater financial resources to pursue acquisitions.
With this in mind, the shareholders will be asked at the next Shareholder's Meeting to approve a 10% increase in the dividend to €1.75 per share.
The financial statements for 2019 were finalized by the Board of Management at its March 11, 2020 meeting and approved by the Supervisory Board on March 12, 2020. The Statutory Auditor will shortly issue its unqualified audit report thereon.
First-quarter revenues on May 6, 2020 (after market close)
Regulatory filing PDF file
Document title: PDF UK
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|AMF Category:||Inside information / News release on accounts, results|
|EQS News ID:||996015|
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