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):
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:
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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