A MULTI-LOCAL SPECIALIST IN FUEL DOWNSTREAM

Transcription

1 A MULTI-LOCAL SPECIALIST IN FUEL DOWNSTREAM TERMINALLING RETAIL DISTRIBUTION SUPPORT AND SERVICES September 08

2 RUBIS MAIN HIGHLIGHTS A SPECIFIC MARKET POSITIONING Diversification both geographically (Europe, Africa and Caribbean) and by product (petrol station, aviation fuel, diesel, fuel, bitumen ) Niche player enjoying leading market positions High barriers to entry: regulation/capital intensive Full control of distribution channel securing competitive supply and access to products MACRO-ECONOMICS ENVIRONMENT Low exposure to business cycle Low tech content business or services and productivity gains Fragmented risk structure: multiple segments/geographically spread A SOUND FINANCIAL STRUCTURE Free cash flow generation A sound financial structure with low leverage (with the debt-to-ebitda ratio limited to.05 as of 30 June 08) Strong liquidity of its balance sheet supported by equity lines and confirmed credit lines in place Significant dividend pay-out and growth DEVELOPMENT MODEL Organic development: in addition to commercial and financial aspect, Rubis incorporates extra-financial objectives that enable the Group to pursue sustainable growth. The teams performance is based on the entrepreneurial culture, flexibility and responsibility Dynamic acquisition policy: with a geographical presence in more than 35 countries and some forty acquisitions since 995

3 CONSOLIDATED DATA (IN M) 3 AS OF 3//07 AS OF 30/06/08 Sales revenue 3,933 Sales revenue,403 EBITDA 496 EBITDA 58 EBIT 368 EBIT 0 Net profit EPS ( ) Net profit 9 Debt / EBITDA.05 0 YEARS TO 07 (COMPOUND GROWTH) +7% SALES REVENUES +0% EBITDA +% EBIT +% NET PROFIT +% EPS

4 4 RUBIS IS STRUCTURED IN THREE PROFIT CENTERS 66% 7% 8% FUEL RETAILING Sale and marketing of fuels to end customers: networks of gas stations, fuel oil, LPG, bitumens, aviation and marine fuel, lubricants SUPPORT AND SERVICES Midstream business in support of the distribution division: refining, trading/supply, shipping, terminalling and services for its own account and third parties TERMINALLING Rental of storage capacity - liquid products, fertilizers, chemical and agrifood products - to oil companies, chemical companies, traders and government agencies Marketing business Support and Services business Services provider

5 RUBIS BENEFITS FROM STRONG LOCAL POSITIONS AND IS ABLE TO BUILD UP IT S COMPETITIVE LEVERAGE IN A MOVING GLOBAL ENVIRONMENT 5 FUEL AND LPG SUPPLY AND RETAIL Supply cost at parity with oil major Cost plus model: ability to pass on to customers supply price volatility Efficiency gains attached to the combined organic development and acquisitions TERMINALLING Structural imbalances between supply and demand creates new flows of products and new logistics requirements Barriers to entry: capital intensive business and constraining environmental regulation Changing oil spec, state policy of strategic reserves, global refineries relocation

6 6 08 STORAGE CAPACITIES: 3.5 MILLION CBM RUBIS TERMINAL 97 Rotterdam Antwerp Dunkirk Terminalling Oil (77%) Fertilizer (7%) Molasses (%) 756 Chemicals (%) Edible oils (4%) Rouen Strasbourg Reichstett Brest Village-Neuf (Mulhouse) 6 St-Priest (Lyon) Villette-de-Vienne Salaise Dörtyol Turkey 650 Corsica 37

7 7 08 VOLUMES: 4.5 MILLION CBM IN RETAIL DISTRIBUTION RUBIS ÉNERGIE Bermuda Western Caribbean Eastern Caribbean Antilles French Guiana Jamaica Haiti 0% 4 3 France Spain Portugal Channel Islands Switzerland Corsica 5% Djibouti Swaziland Madagascar 3 Morocco Botswana Réunion Togo South Africa Nigeria 9% 4 Lesotho Senegal Comoros LPG (6 %) Fuel (65 %) Bitumen (8%) Market position

8 8 A LOW EXPOSURE TO OIL PRICES VOLATILITY YEAR ON YEAR CHANGE 60% 50% 40% 30% 0% 0% 0% -0% -0% -30% -40% -50% 50% 43% 4% 4% 4% 5% 9% % -% % 7% -4% -% -% 5% -3% -5% -6% -6% -36% LPG quote Unit margin This chart shows LPG quotations in parallel with unit margin delivered by Rubis Energy: it shows Rubis capacity to pass on to the customer most of the supply price volatility and thus maintaining stable its margin despite a volatile environment.

9 AN ACQUISITIVE BUSINESS MODEL Since 995: some 40 acquisitions for a cumulative amount exceeding of bn 9 96/ ACQUISITIONS GROWTH SES Strasbourg 8m Propetrol 5m Senegal 5m French Antilles 07m Bermuda 3m Europe (5 countries) LPG 44m LPG Spain 8m Channel Islands 6m Corsica Dist. 0m Corsica Storage South Africa Switzerland Spain Caribbean 80m GREENFIELD DEVELOPMENTS Morocco 4m Madagascar 4m Frangaz 5m Rotterdam 90m Antwerp 80m Rubis Energy Rubis Terminal

10 AN ACQUISITIVE BUSINESS MODEL Since 995: some 40 acquisitions for a cumulative amount exceeding of bn ACQUISITIONS GROWTH Bahamas Botswana Cayman Islands Turks and Caicos 8m Delta Rubis (50%) in Turkey 7m Multigas Switzerland 9m Portugal 5m Jamaica 60m SARA Refinery 47m (35,5%) LPG Switzerland 6m Djibouti 8m Reunion Island 00m Eres USD350m Bermuda Gas USD8m Dinasa & Sodigaz (Haiti) Galana (Madagascar) Repsol (Portugal) EG Retail (Corsica) KenolKobil (Kenya) GREENFIELD DEVELOPMENTS Reichstett 36m Rotterdam & Antwerp Extension in progress Rubis Terminal Petrol (50%) in Turkey Rubis Energy Rubis Terminal

11 OPERATING PROFIT BY DIVISION (IN M) , ,7 6, 53,6 69, ,5 5,4 56,5 53,7 59,4 60, 5,9 99, 48, 6 37,8 96,8 5,7 34,7 98, 6,3 7, 47,4 77,5,5 4,3 44, 3,4 8 3, ,9-4,9-4, -8,4-9, -0,6-0,4 -,7-4,8-5,3-8, Distribution Terminalling Support and Services Holding

12 0% CAG IN DIVIDEND OVER THE PAST 0 YEARS SIGNIFICANT DIVIDEND YIELD 5,4% 6, ,8% 3,6% 3,9% 5% 4,5% 4,% 4,% 4,% 4,3% 3,8% 3,7% 5,00 4,00 40,9% 3, ,46 0,5 0,59 0,63 0,68 0,75 0,84 0,9 0,98,03,,34,5,00, ,5,5 6,5 0,5 3,5 3,5 3,5 36,3 50, ,00 Average share price ( ) Dividend per share ( ) Dividend yield (%)

13 3 RUBIS SHAREHOLDER S STRUCTURE Founded: 990 IPO: 995 Market capitalisation: 4.5 bn RUBIS IS A LISTED PARTNERSHIP Partners bear unlimited liability exposure on the company net asset Partner s compensation is directly linked to total shareholders return Management stability secures long term strategic view Free float ± 90%