2013-03-14 17:49:51 -
March 14, 2013
Rubis has posted a record year with net profit of €94 million, up 31%, resulting
from the successful integration of all the acquisitions made in 2011.
Cash flow (which rose by 26%) and earnings per share (up 23%) are witnessing the
quality or earnings along with EBITDA (+14%) and EBIT (+10%) growth at constant
perimeter showing the Group's capacity to generate strong organic growth.
The Board of Management meeting which was held on March 13, 2013, has finalised
the accounts for the year ending December 2012. Subsequently, the Supervisory
Board has approved on March 14, 2013 the accounts. Statutory auditors are in the
course of releasing a report stating that financials statements are giving a
true a fair view of the operations.
+--------------------------------+-----+-----+------+--------------------------+
|In millions of euros
|2011 |2012 |Change|Change on a constant basis|
+--------------------------------+-----+-----+------+--------------------------+
|Sales revenue |2,123|2,792| +31%| +13%|
| | | | | |
|Gross operating profit (EBITDA) | 166| 209| +26%| +14%|
| | | | | |
|Current operating profit (EBIT) | 120| 147| +22%| +10%|
| | | | | |
|of which Rubis Energie | 77| 98| +27%| +11%|
| | | | | |
|of which. Rubis Terminal | 52| 59| +14%| +10%|
| | | | | |
|Net profit (Group share) | 72| 94| +31%| +15%|
| | | | | |
|Cash flow | 119| 150| +26%| - |
| | | | | |
|Capital expenditures | 93| 112| | - |
| | | | | |
|Earning per share (diluted) |€2.36|€2.91| +23%| +9%|
| | | | | |
|Dividend per share (AGM |€1.67|€1.84| +10%| - |
|proposal) | | | | |
+--------------------------------+-----+-----+------+--------------------------+
With €970 million in shareholders' equity, the financial structure at the end of
the fiscal year resulted in a debt to equity ratio of 40%. Adjusted for the
acquisition of Jamaica on December 31, the ratio of net debt to EBITDA reached
the moderate level of 1.6.
When considering these results, however, it is worth taking into account the
somewhat unfavourable external environment:
* the generally dismal world economy
* events effecting the supply logistics in all regions: chronic closures or
stoppages in refineries resulting in additional costs in Europe, the
Caribbean and Southern Africa;
* volatile supply costs, which have risen by 14% since 2011;
* a more unfavourable fiscal environment in France, which affected the net
profit by around €4 million.
The performance achieved in 2012 can be attributed to the breakdown of assets by
business line (distribution and logistics), by geographic region (developed and
emerging countries), by customer segment (agricultural, industrials and
residential) and the Group's organization structure: decentralized and
fragmented in multiple independent profit centers reducing though the dependency
on economic cycles.
The year 2012 saw a large number of acquisitions and investments, totalling
€332 million.
Acquisitions (€220 million)
* Bahamas - Cayman Islands (Chevron): incorporation of distribution
networks;
* Jamaica: acquisition of fuel and fuel oil distribution assets, in
addition to the current assets held in the region;
* Turkey: investment in the Delta Rubis joint venture.
The buyout of Petroplus Reichstett was completed in early 2013, adding to the
logistics and storage assets in Alsace.
Industrial investments (€112 million)
* Current investment and investment to support organic growth in various
markets (€74 million);
* Turkey: the launch of work towards the Delta Rubis joint venture
(€9 million);
* Rotterdam and Antwerp: expansion of site capacity (€29 million).
At the next General Meeting, a unit dividend of €1.84 will be proposed (i.e. an
increase of 10%). The option to receive payment in the form of securities will
help to reduce the Group's future tax burden (a 3% contribution on amounts paid
out).
Rubis remains confident about maintaining its historic rate of growth and
pursuing its acquisition policy.
Next update:
First quarter turnover: May 14, 2013 (at Bourse closing)
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PUBLICIS CONSULTANTS - Lise Ardhuin RUBIS - Bruno Krief
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