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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