RUBIS - 2019 Universal Registration Document

2 ACTIVITY REPORT - 2019 activity report

2.1 2019 activity report

RUBIS GROUP

The Group managed to maintain in the second half the robust Ebit growth logged in the first (+17%), bringing growth in net income to 23% over the full fiscal year (15% on a like-for-like basis) and the adjusted annualized growth rate back to 10% over 3 years.

Since 2017, the Group has delivered compounded annual Ebit growth of 11%. The 3 business lines contributed to this good performance in a consistent manner, reflected in Ebit growth of 17%: • Rubis Énergie recorded growth of 17%, with significant increases in volumes and unit margins;

• Rubis Support and Services increased its contribution to growth to an impressive 23%, driven by the supply activity and thanks to a favorable product mix; • Lastly, Rubis Terminal turned itself around after a bumpy fiscal year in 2018, contributing with a 6% increase in growth.

CONSOLIDATED RESULTS AS OF DECEMBER 31, 2019

2019 Before IFRS 5 and IFRS 16

Change at constant scope (4)

2019 (1)

2018 (2)

Change (3)

(in millions of euros)

Sales revenue

5,228

5,534

4,754

+16% +16% +17% +17% +23%

-5%

Ebitda

524 412 324 108

578 456 321 108

500 391

+11% +11% +10% +22%

Ebit, of which

• Rubis Énergie

275

• Rubis Support and Services

88 46

• Rubis Terminal

-

49

+6%

+6%

Net income, Group share

307 524 230 3.09

313 497 230 3.15

254 386 233 2.63 1.59

+23% +29%

+15%

Cash flow

Capital expenditure

Diluted earnings per share

+20% +10%

1.75 (5)

Dividend per share

1.75 (5)

(1) After application of IFRS 5 "Non-current assets held for sale" (Rubis Terminal) and IFRS 16 "Leases". (2) The 2018 net income mentioned is that published in the 2018 Registration Document and has not been restated for IFRS 5. (3) Calculation of the change between 2018 and 2019, before IFRS 5 and IFRS 16. (4) Change at constant scope, before IFRS 5 and IFRS 16. (5) Amount proposed to the Shareholders’ Meeting of June 11, 2020.

• the direct investment in the distribution of petroleumproducts in Suriname (America/ Caribbean) through the construction of an import terminal offers a promising base in that region; • lastly, the signing of an agreement for the creation of a structuring partnership for Rubis Terminal with the infrastructure fund I Squared Capital (55%/45%) provides

an outstanding competitive advantage by giving Rubis Terminal the means to step up its growth. Everywhere else, the Group continued to invest, and to strengthen its commercial positions: extensions are underway in chemical storage in the ARA zone, in bitumen storage in Dunkirk and in heavy oil blending capacities (IMO 2020).

The fiscal year 2019 was marked by new geographic developments, extensions to existing assets and the creation of a partnership in the storage division: • the entry into the distribution of petroleum products in East Africa through the acquisition of KenolKobil and then Gulf Energy Holdings in Kenya made Rubis a leader in this area set to enjoy stronggrowth;

46 i Rubis 2019 Universal Registration Document

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