The Rubis Énergie division covers the final distribution of all petroleum, LPG and bitumen products in the 3 geographic zones: Europe, the Caribbean and Africa.
INTERNATIONAL DIESEL PRICES
Diesel prices fell by an average of 25% compared with 2018, with considerable volatili t y ove r t he f i s c al year. Thi s development resulted in favorable year- on-year change in unit margins.
Generally speaking, Rubis operates in markets that allow it to transfer price volatility to the end customer (price formula systems
or no constraints at all on prices), and as such to keep its margins stable over the long term.
ULSD PRICES ROTTERDAM (in US dollars)
SUMMARY OF SALES VOLUMES IN THE FISCAL YEAR 2019
Through its 22 profit centers, the division recorded retail distribution volumes of 5.5 million m 3 during the period. These volumes were spread across the 3 regions: the Caribbean (42%), Europe
(16%) and Africa (42%), offering the Group valuable diversity in terms of climate, e c onomy (eme rg i ng c ou n t r i e s a nd developed economies) and by type of end use (residential, transport, industry, utilities, aviation, marine, lubricants).
By product category, volumes break down as follows: 72% for all fuel oils (automotive, aviation, non-road diesel, lubricants), 23% for LPG and 5% for bitumen.
CHANGE IN VOLUMES SOLD BY GEOGRAPHIC ZONE
Change at constant scope
(in thousands of m 3 )
16% 42% 42%
2,298 2,296 5,494
Volumes as reported were up 23% at current scope. Change in the scope of consolidation over the period mainly concern East Africa and, to a lesser extent, Portugal (acquisition of Repsol’s LPG distribution assets in Madeira and the Azores at the end of 2018). Adjusted for changes in scope, volumes were stable.
Correc ted for lower volumes in the commercial segment in the French Antilles, Caribbean volumes were up 4% in the area in 2019, while in Africa the decline can be attributed to the bitumen sector, which in 2018 recorded steep volume growth on the back of that year’s election campaign in Nigeria and prudent management of the
commercial segment. Adjusted for these 2 factors, volumes in Africa rose by 4%. The most stable and resilient segments of the distribution activity are LPG and the gas station networks. Gas stations accounted for nearly 75% of the margin, on total volumes of 56%, with annual long-term growth of approximately 2%.