RUBIS - 2019 Universal Registration Document

2 ACTIVITY REPORT - 2019 activity report

RUBIS ÉNERGIE SALES MARGIN

At €677 million, the gross sales margin all products combined was up 15%, with the unit margin up 9% on a 25% decline in oil prices.

The structure of the unit margin, which is higher in Europe than in the Caribbean, is attributable to the predominance of LPG in

that region, as LPG requires a larger asset base than the distribution of liquid fuels.

RUBIS ÉNERGIE RETAIL SALES MARGIN

Change at constant scope

Gross margin (in millions of euros)

Gross margin (in €/m 3 )

Breakdown

Change

Europe

192 267 218 677

28% 39% 32%

+5%

213 116

Caribbean

+16% +24% +15%

Africa

95

TOTAL

100%

123

+9%

RUBIS ÉNERGIE DIVISION RESULTS

The strong increase in the overall sales margin (+9%) enabled Ebit to grow by a robust 17%. Ebit reached a record level of €321 million, with homogeneous growth across the various geographic zones.

RESULTS OF THE RUBIS ÉNERGIE DIVISION AS OF DECEMBER 31, 2019

Change at constant scope (3)

2019 Before IFRS 16

2019 (1)

2018 (2)

Change (3)

(in millions of euros)

Volumes distributed (in thousands of m 3 )

5,494 4,383

5,494 4,383

4,460 3,336

+23% +31% +17% +17% +32%

0%

Sales revenue

+1%

Ebitda

413 324 351 109

389 321 332 109

333 275 252 116

+11% +10%

Ebit

Cash flow

Capital expenditure

(1) Reported data. (2) Data stemming from the 2018 Registration Document, not restated for IFRS 16. (3) Calculation of the change between 2018 and 2019, before IFRS 16.

Capital expenditure totaled €109 million over the fiscal year, spread across the 27 operating subsidiaries. It covered recurring investments

in gas stations, terminals, tanks, cylinders and customer facilities, aimed at bolstering

market share growth, as well as investments in facility maintenance.

50 i Rubis 2019 Universal Registration Document

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