RUBIS: ANOTHER YEAR OF GROWTH - NET INCOME: +12% - DIVIDEND PER SHARE: +6%
March 13 2014 - 11:45AM
March 13, 2014
At its meeting of March 11, 2014,
the Board of Management finalized the financial statements for
fiscal 2013, which were approved by the Supervisory Board at its
meeting of March 13, 2014. A report giving certification without
reservations is currently being issued by the Statutory
Auditors.
In line with the goal of
"10% earnings growth" in fiscal 2013, net
income increased by 12%, reaching an all-time high of €104.7
million.
Performances in terms of EBITDA
(+9%) and EBIT (+13%) were consistent. At constant scope, EBIT and
net income were up 7% and 12% respectively.
These results were obtained in a
lackluster macroeconomic environment in which the Group continued
structural investments (Turkey, ARA), faced internal and external
challenges in its subsidiaries in Southern Africa and suffered the
impact of a significant increase in tax expense in France (impact
of €3.7 million on net income).
(in millions of euros) |
2012 |
2013 |
Variation |
Change
at
constant
scope |
Sales Revenue
EBITDA
EBIT
Of which Rubis Énergie
Of which Rubis Terminal
Net income, Group's share
Cash flow
Capital expenditure
Earnings per share
(diluted)
Dividend per share (proposed at the AGM) |
2,669
209
147
98
59
94
150
112
€2.91
€1.84 |
2,765
227
166
116
61
105
154
119
€2.97
€1.95 |
+4%
+9%
+13%
+18%
+3%
+12%
+3%
-
+2%
+6% |
-4%
+3%
+7%
+11%
-2%
+12%
-
-
-
- |
"The operations
performed by HP Trading (Rubis Énergie) on
behalf of third parties in Corsica are now excluded from sales
revenue and purchases, in line with industry practice. This change
in presentation has no impact on EBITDA, operating income or net
income (operations generating no margin). For purposes of
comparison, the 2012 data have been restated."
With €1,164 million in
shareholders' equity, the year-end financial structure indicates a
debt ratio of 23%. Factoring in the acquisition in Portugal,
scheduled for completion in the second quarter of 2014, the net
debt/EBITDA ratio will remain moderate (1.4x). The €126 million
capital increase in 2013 gave the Group the means to actively
pursue its acquisition policy.
RUBIS ENERGIE: Distribution
of LPG and petroleum products
Rubis
Énergie sold 2.3 million cubic meters of petroleum
products in retail distribution, an increase of 12% (+3% at
constant scope). The division benefited from:
- its capacity to rebound in Europe (EBIT: +51%),
with an improvement in the margin and a return to normal supply
conditions;
- size effects and synergies in the Caribbean
(EBIT: +25%).
These strong performances helped
offset the difficulties faced by the Group's subsidiaries in
Southern Africa (South Africa, Botswana, Lesotho and Swaziland).
EBIT fell by a total of 41% in Africa over the year.
RUBIS TERMINAL: Bulk liquid
storage
At Rubis
Terminal, storage revenues were up 7%, with increases of 7% in France and 18% in the
ARA zone (Rotterdam & Antwerp). The year was marked by
significant infrastructure investments totaling €34 million in
Turkey and the ARA zone, and by higher operating and site security
expenses. The division nevertheless managed to generate EBIT growth
of 3%, owing to the strength of its local positions and the
consolidation of the Reichstett site in France.
For the Group, 2013 was intense in
terms of acquisition and investment commitments, which totaled €267
million. They included:
Developments and acquisitions (€148
million)
- acquisition of the Petroplus Reichstett site,
strengthening logistics-storage capacity in Alsace;
- commitment to purchase BP's LPG distribution
subsidiary in Portugal;
- acquisition of Multigas in Switzerland,
specializing in the distribution of specialty gases.
Industrial
investments (€119 million)
- recurrent investments and support for organic
growth in the various markets (€85 million);
- Turkey: further work on the Delta Rubis joint
venture (€10 million);
- Rotterdam and Antwerp: capacity expansion on
storage sites (€24 million).
A dividend of €1.95 per share
(+6%) will be proposed at the forthcoming Annual Shareholders'
Meeting on June 5, 2014. Shareholders may opt to receive the
dividend in shares. It should be noted that payment in shares has
the effect of reducing the tax expense (3% contribution on amounts
paid in cash).
In 2014, capital expenditures
budget reaches (€138 million - versus €119 million in 2013) aiming
at pursuing Rubis industrial development.
The Group is confident in its
ability to generate organic growth and continue its acquisition
policy.
Rubis, listed on
Euronext Paris, is an independent player operating in bulk liquid
storage and the distribution of petroleum products.
Upcoming events
First-quarter 2014 sales
revenue: May 5, 2014 (at Bourse closing)
Press Contact |
Analysts Contact |
PUBLICIS CONSULTANTS - Aurélie GABRIELI |
RUBIS - Bruno Krief |
Tel: +33 (0) 1 4482 4833 |
Tel: +33 (0) 1 4417 9595 |
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Source: RUBIS via Globenewswire
HUG#1768668
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