RUBIS - 2019 Universal Registration Document

2 ACTIVITY REPORT - 2019 activity report

▶ Rubis Énergie Europe France – Spain – Channel Islands – Portugal – Switzerland

RESULTS OF THE EUROPE SUBGROUP AS OF DECEMBER 31, 2019

Change at constant scope (2)

2019 Before IFRS 16

2019 (1)

2018

Change (2)

(in millions of euros)

Volumes distributed (in thousands of m 3 )

900 659

900 659

863 653

+4% +1% -1% -8%

+2% -1% -7% -16%

Sales revenue

Ebitda

97 62 28

92 62 28

92 67 43

Ebit

Capital expenditure

(1) Reported data. (2) Calculation of the change between 2018 and 2019, before IFRS 16.

Climate indices were vir tually stable compared with 2018, but remained 7% below the 30-year average. Portugal and France were the area’s biggest contributors, with nearly 85% of earnings.

Overall, the 4% increase in volumes (2% on a like-for-like basis) and unit margins (+1%) resulted in stable Ebitda, while the combined ef fec ts of the cost of energy-saving certificates in Corsica (CEE) and provisions for

the increase in employee-related liabilities in Switzerland (€5.1 million) took Ebit down 8%.

▶ Rubis Énergie Caribbean French Antilles and French Guiana – Bermuda – Eastern Caribbean – Jamaica – Haiti – Western Caribbean

RESULTS OF THE CARIBBEAN SUBGROUP AS OF DECEMBER 31, 2019

Change at constant scope (2)

2019 Before IFRS 16

2019 (1)

2018

Change (2)

(in millions of euros)

Volumes distributed (in thousands of m 3 )

2,298 1,851

2,298 1,851

2,277 1,780

+1% +4%

0%

Sales revenue

+4%

Ebitda

167 139

157 138

120 103

+31% +34%

+31% +34%

Ebit

Capital expenditure

46

46

45

(1) Reported data. (2) Calculation of the change between 2018 and 2019, before IFRS 16.

In total, 19 island facility set-ups provide local distribution of fuels (395 gas stations, aviation, commercial, LPG, lubricants and bitumen), managed from the 7 operational headquar ter s loc ated in Bar bados, Guadeloupe, Bermuda, Jamaica, the Bahamas, the Cayman Islands and Haiti. The economic environment has improved, driven by growth in the United States, generating positive leverage in an area where Rubis Énergie has invested heavily, both commercially and in new customer prospecting.

The fiscal year 2019 saw a sharp increase of 16% in unit margins on stable volumes (+1%), taking Ebit up a significant 34%: • the contribution of the French departments in the Americas was up 8%, but was nevertheless short of the level reached in 2017, as it was still penalized by a steep increase in environmental taxation (energy- saving certificates); • the zone’s biggest contributor (Eastern Caribbean) logged a record year in fiscal

2019 (+61%), benefiting from a revaluation of margins; • Jamaica recorded strong growth of 58%, due in part to the exceptional refund of tax wrongly levied, while business was down in the Bahamas due to Cyclone Dorian, and aggressive market conditions in the aviation and automotive fuel distribution network segments; • Haiti enjoyed growth thanks to an exceptional margin structure.

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