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RUBIS: REPORTED NET PROFIT: -7% - NET PROFIT AT CONSTANT SCOPE AND ADJUSTED FOR EXCEPTIONAL ITEMS: +8%

August 29, 2014

August 29, 2014 The Company's Supervisory Board, at its meeting of August 29, approved the financial statements for the six months to June 30, 2014. As expected, the Group was severely impacted by two negative factors in the first half: the absence of a winter in Europe, which resulted in lost volumes, and the publication of a new decree regulating the prices of petroleum products in the French Antilles. These contextual factors weighed on the Group's performance on a reported basis, with EBIT down 9% and net profit down 7%. However, at constant scope and adjusted for exceptional items, the Group posted growth of 5% in EBIT and 8% in net profit, in line with its historical growth rate, excluding external growth. Key figures for the first half of 2014 +---------------------------+-------+-------+--------+ | As of June 30 (€ million) | 2013 | 2014 | Change | +---------------------------+-------+-------+--------+ | Revenue | 1,455 | 1,361 | -6% | | | | | | | EBITDA | 112 | 106 | -6% | | | | | | | EBIT | 84 | 77 | -9% | | | | | | | Of which Rubis Énergie | 64 | 56 | -13% | | | | | | | Of which Rubis Terminal | 25 | 28 | +12% | | | | | | | Net profit, Group share | 55.5 | 51.8 | -7% | | | | | | | Cash flow | 80 | 82 | +3% | | | | | | | Capital expenditure | 47 | 46 | - | +---------------------------+-------+-------+--------+ The reported figures for the first half of 2013 have been adjusted for the impact of the change in accounting method relative to the retrospective application of IFRS 11 "Joint Arrangements": the net profit of the joint ventures Delta Rubis Petrol (Turkey) and ITC Rubis Terminal (Antwerp) now appears on a specific line in the consolidated profit statement in proportion to each entity's contribution. Note that cash flow increased by 3% in this particularly challenging environment. Capex of €46 million helped support growth in market share, and includes maintenance and extension work on facilities. Total shareholders' equity was €1,202 million, highlighting the Group's robust financial structure (net debt: €343 million) after payment for the acquisition of BP's assets in Portugal on June 30. The Group also has confirmed lines of credit and equity lines available to finance new developments. RUBIS ÉNERGIE: Distribution of LPG and petroleum products Volumes were affected by exceptional weather conditions in Europe (mild winter). At constant scope and excluding weather impact, volumes in Europe would have achieved 2% growth. Excluding "weather" effect total volumes are stable as a result of dull economic conditions in Rubis geographical scope. During this period the Group has nevertheless managed to gain market share in most of its local positions. Change in volumes sold by geographical zone (retail distribution) +-----------+-----------+-----------+--------+---------------------------+ | In m(3) | 2013 | 2014 | Change | Change at constant scope* | +-----------+-----------+-----------+--------+---------------------------+ | Europe | 363,785 | 287,011 | -21% | -6% | | | | | | | | Caribbean | 685,744 | 692,827 | +1% | +1% | | | | | | | | Africa | 147,422 | 133,178 | -10% | -10% | +-----------+-----------+-----------+--------+---------------------------+ | TOTAL | 1,196,951 | 1,113,016 | -7% | -2% | +-----------+-----------+-----------+--------+---------------------------+ * Change at constant scope, excluding Germany, sold in July 2013, and Multigas (Switzerland), consolidated in January 2014. The change in the EBIT of Rubis Énergie (-13%) includes: - Sharp fall in Europe (-33%), impacted by "weather" effect while sourcing conditions have allowed unit margin to be kept at 2013 high level; - the Caribbean ( EBIT: -6%) is impacted by a new decree regulating fuel prices in the French Antilles impacting SARA (Antilles refinery held 35,5%) profit by 30%. As a result EBIT at Caribbean SARA/Trading segment is down 20%. On the other hand Caribbean-fuel distribution segment is performing steadily at +7%; - lastly, strong earnings growth in Africa, (+26%) resulting notably from improved margins in South Africa. However, at constant scope and adjusted for exceptional items, notably the "winter" and "SARA" effects estimated at €5.4 million and €3.7 million respectively, Rubis Énergie's EBIT was up 4%. RUBIS TERMINAL: Bulk liquid storage Rubis Terminal stood out in a French oil industry in the doldrums - 4% drop in consumption, recurring difficulties in refining - by recording a 7% increase in oil revenues in France. The ramp-up of new capacity in Northern Europe resulted in a 12% increase in revenue. In total, Rubis Terminal's EBIT was up 12%, breaking down as follows: - sound growth in the contribution of Rotterdam (+17%); - and good growth, in France, in storage revenues for all products (+4%), contributing to an 11% increase in EBIT. Outlook The second half stands to benefit from the consolidation of the LPG distribution subsidiary in Portugal and the continuation of the Group's organic growth, in addition to increases recorded in Africa. These factors allow the Group to be confident as regards its earnings growth in the second half of 2014. As part of its external growth strategy, Rubis announced the acquisition from Total of its LPG distribution business in Switzerland in July; the Group's environment remains conducive to further developments. Next update:  Q3 revenue: November 5, 2014 (after market closes) ---------------------------------------------------------------------------- Press Contact  Analysts Contact PUBLICIS CONSULTANTS -  AurÉlie GABRIELI         RUBIS - Bruno Krief Tel.: +33 (0) 1 44 82 48 33 Tel.: +33 (0)1 44 17 95 95 Download: http://hugin.info/143569/R/1852271/647255.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: RUBIS via GlobeNewswire [HUG#1852271]


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