Analyse Rubis SCA

Fundamentele Analyse : FY 2017

15-3 Toegenomen profitabilty, dalende operating margin en stijgende prijsratio's


De EBIT is toegenomen tov de totale assets. De ROA stijgt over verslagjaar 2017 naar 8.5 (FY 2016 : 7.6). 


De overnames hebben geleid tot een veel hogere omzet maar niet onmiddellijk tot een verbeterde operating margin. Deze is gedaald tot 9.5 (FY 2016 : 10.3).



From the Board of Management :


Thanks to the impact of acquisitions and robust organic growth (+5%), the Company achieved an excellent financial performance in 2017, with net income up 28% to EUR266 million.


Rubis Énergie was the driving force behind this performance, with volumes up 19% (+3% at constant structure and scope), fuelled by new market share gains and contributions from the assets acquired in 2017, especially in Haiti and Madagascar. In total, Rubis Énergie reported EBIT up 27% to EUR254 million (+4% at constant scope).

The Support and Services activity, which includes SARA (the refinery in the French Antilles) and all the shipping, trading and logistics operations, reported EBIT up 2% to EUR64 million. The contribution from the Caribbean (SARA and heating oil trading/supply operations) remained stable and the bitumen activity was affected by non-recurrent charges. The logistics assets linked to the Galana acquisition in Madagascar made a positive contribution.

Rubis Terminal reported overall growth of 11% in its storage revenues (taking 100% of all depots). The activity was driven by business in Northern Europe (+29%) and Turkey (+18%), while the investment drive in France brought 4% growth. Rubis Terminal Petrol (Turkey) has been fully consolidated since 1 January and its significant earnings contribution lifted EBIT growth to 29% (+4% based on a comparable structure).


The main EBIT growth drivers were contributions from acquisitions (Haiti, Madagascar and Turkey), for EUR72 million, the upturn in the bitumen activity (+EUR5 million) and the Indian Ocean operations (+EUR3 million). In addition, based on the existing scope, non-recurring charges had an impact of EUR15 million at the EBIT level (Jamaica, Switzerland, the chartering of a vessel and other charges).

Adjusted for these one-time expenses, EBIT at constant scope is up 4-5%, in line with the Group's historical organic growth.

Investment totalled EUR206 million, including EUR183 million in industrial investments (maintenance, security and capacity increases), while the acquisition of subsidiaries represented EUR513 million overall.

The Group's financial structure remained particularly sound at year-end, with a net debt-to-EBITDA ratio of 1.4, leaving scope to envisage further acquisitions.

Cash flow rose 22% to EUR397 million, reflecting the Group's earnings quality.


Source : 2017 Annual Results - Rubis SCA, Paris, 15 March 2018