Rubis: REVENUE: UP 36% - GLOBAL VOLUME GROWTH

Paris, 9 May 2018, 5:35 p.m.

Consolidated revenue for the first quarter of 2018 was EUR1,217 million (+36%), with sustained sales volumes in distribution and support and services and a decline at Rubis Terminal.

• Rubis Énergie recorded growth in sales volume of 28% (+3% on a like-for-like basis);
• Rubis Support and Services, including the SARA refinery in the French Antilles and the Group's shipping and trading/supply business, generated revenue of EUR336m, having more than tripled its sales volume (+229%);
• Rubis Terminal (including the fully consolidated Antwerp site) recorded a 9% fall in revenues, particularly due to its business located in Turkey.

Unit margins for Rubis Énergie remained stable against a backdrop of rising prices for petroleum products (propane: up 11% over 12 months), again demonstrating the strong resilience of the business model.

No events have occurred since the publication of the financial statements as of 31 December 2017 that are likely to have a material effect on the Group's financial structure.

Rubis Énergie groups together all petroleum products distribution activities: service station networks, commercial fuel oil, aviation, marine, lubricants, bitumens and LPG.

Geographical distribution of volumes

(retail distribution)

 In the first quarter, retail distribution volumes reached 1,156,000 m3, an increase of 28%. Like-for-like volume growth was +3%, with details as follows:

• Europe: volumes sold in retail distribution reached 258,000 m3. The effect of winter was stronger than in 2017, leading to larger sales of fuel for heating. Volumes recorded solid growth of 4%, excluding the acquisition of the petrol station in Corsica;
• Caribbean: sales volumes was 588,000 m3, up by 43%. This substantial change is due to the acquisition in Haiti. Organic growth was nevertheless lively at 7%;
• Africa: the substantial increase in volumes to 311,000 m3, a rise of 22% which is linked to the acquisition in Madagascar; like-for-like sales volumes are 4% down for fuel oil and LPG and 3% down for bitumen. Sales were affected by temporary supply logistics constraints, whereas overall demand remained constant.

Rubis Support and Services: refining, trading/supply and shipping

The Support and Services business includes revenue from the SARA refinery in the French Antilles and the Group's shipping and trading/supply activities. Revenue for the period doubled, reaching EUR336m.

Trading/supply volumes for petroleum products virtually tripled to 780,000 m3, thanks to additional volume from the new acquisitions in the Caribbean and the Indian Ocean.

Rubis Terminal: liquid products storage

In the first quarter, revenue from deliveries and storage of liquid products for the Rubis Terminal division (excluding Antwerp) was EUR36m, a 14% decline.

Over the same period, Rubis Terminal's overall storage revenues (including Antwerp, now fully consolidated) fell by 9%, with details as follows:

•    France: -5%

-          oil storage revenues fell by 9% owing to a market-related downturn in trading revenues at the Dunkirk and Strasbourg sites and the expiry of contracts at Rouen,

-          for other products, we can see a positive trend in the quarter, particularly in chemicals (up 15%) and molasses/oil seeds (up 17%), whereas fertiliser revenues show a downward movement over the period (-6%);

•    Outside France: -14%

-          the Rotterdam and Antwerp terminals posted a 16% rise in overall revenues, due to new capacity coming on stream in Antwerp, sustained demand, high utilisation rates for chemicals storage and extensions of contract terms,

-          after an exceptional 2017 in terms of movements to and from northern Iraq, the Dörtyol terminal in Turkey saw a drop in activity due to geopolitical environment which was accentuated by the current unfavourable structure of the forward market; overall revenues are down by 52%.

Over the same period, wholesale revenues were EUR51m (down 4%). This fall had no material impact on profits.

Next meeting:

Ordinary General Meeting 7 June 2018

Half-yearly results 12 September 2018 (after market close)