ANNUAL RESULTS. March 14, 2012

Transcription

1 ANNUAL RESULTS 2011

2 New Developments Rubis Terminal Rubis Energie Acquisition : Turkey Extensions : Rotterdam and Antwerp Integrations - Chevron West Indies and French Antilles - Guiana and SARA refinery - Southern Africa - Europe: Spain and Switzerland Acquisitions - Chevron II (Bahamas) - Botswana 2

3 KEY FIGURES

4 Key figures ( million) Sales revenues 1,450 2, EBITDA % +30 % As a result of the acquisitions, the Groups reaches a new dimension 87.1 EBIT Net profit 71.8 Ebit growth at same perimeter :+7 % % %

5 Key figures ( million) Capital expenditures Shareholder s equity Net debt Sound balance / sheet structure Taking into consideration investment commitments: debt/ebitda < 2 5

6 Group s cash flow ( million) Net Financial position at December 31, 2010 Cash flow Change in working capital (150) Rubis Terminal capex Rubis Énergie capex Acquisition of Subs net of asset disposals Shareholders and minority dividends Increase in cash-flow : +21 % Shareholders equity increase Change in perimeter and currency effect 81 4 Net Financial position at Decembre 31, 2011 (252) 6

7 RUBIS TERMINAL LIQUID PRODUCT STORAGE

8 Bulk Liquid Storage 2012 Storage capacity geographical breakdown ( 000 cm) Dunkirk Rotterdam Antwerp Oil Fertilisers Total Europe : 2,073,000 cm Turkey : 650,000 cm Total Europe : km 3 Turquie : 650 km Brest Rouen Villeneuvela-Garenne Salaise 346 Saint-Priest Strasbourg Mulhouse Molasses Chemical Edible oil 35 Corsica 14 mars 2012 Ceyhan Turkey

9 Key Figures ( million) Record Profits despite a high 2010 base, unfavorable weather conditions and start of Antwerp operations Storage rental Wholesale turnover revenues % -5 % EBITDA % EBIT at same perimeter: + 11 % 48.1 EBIT 51.9 Cash flow Capex % +8 % 9

10 Storage business Petroleum products Chemical products Molasses and edible oils Fertilisers Segmental revenues growth +3 % Dunkirk effect in 2010 Bad weather conditions in 2011 New contracts +26 % Growth contribution from Rotterdam and Antwerp Solid business in France +13 % Good business conditions +12 % A new record year Rental revenues breakdown 59 % 25 % 8 % 8 % 10

11 Rotterdam Terminal Commissioning: May 2008 Total capex at year end 2011 : 114 M Storage capacity in operation at start 2012 : cm Expected commissioning of additional cm in rental-revenues : 15 M Competitive advantages: Multi-products : oil - chemicals 4 jetties Transhipment services Approval for an extension of the concession of 8 acres Giving a potential global capacity of cm on 16 acres 11

12 Antwerp Terminal Commissionning: January 2011 Partnership: 50% Rubis - 50% Mitsui Total capex at year end 2011 : 120 M Storage capacity in operation at beginning ,000 cm (chemicals) - 14,000 cm (LPG) Capex budget of 34 million for additional 37,000 cm en rental-revenues: 7,4 million Competitive advantages: Multi-products Terminal : LPG - Oil - chemical Nautical capacity : deep-water Jetties Hub positioning for transit products :USA Middle East Ultimately a potential to to operate a cm terminal 12

13 Delta Terminal Rubis Petrol Ceyhan (Turkey) A terminal in partnership (50%/50%) with Med Energy A storage capacity of m 3 : - Ceyhan: South-east Med shore of Turkey - Located at outlet of BTC & KC pipelines Launch the construction of a 2,5 km Jetty and additionnal storage cap to reach cm Total investments (Rubis share): 160 M USD ( ) Competitives advantages: Key geographical location (Suez and Asian route) Transit and arbitrage business Deep sea Jetty with large vessel access Enlarged products and services: crude, fuels, bunker, transhipment 13

14 RUBIS ENERGIE LPG & FUEL DISTRIBUTION

15 LPG and Fuels products distribution: near 2,200,000 cm on a yearly basis in 2012 Geographical breakdown Caribbean 1,000,000 cm * Europe 800,000 cm Africa 400,000 cm 47 % 35 % 18% French Antilles - Guiana SARA - Refinery (35,5%) Bermuda West Indies * retail volumes excluding SARA France (Corsica ) Germany Spain Czech Rep Switzerland Channel Islands Marocco Madagascar Senegal Southern Africa LPG Fuels 15

16 Key figures ( million) Retailed volumes ( 000 cm) 1,208 1,752 Gross margin EBIT % +44 % % 2011 Cash flow Capex % 16

17 LPG Sourcing price 1000 Propane in US$-CIF-argus / ton J F M A M J J A S O N D Propane price ( ) : +13 % Unit margin in LPG : +5 % Increase in unit margin despite a rise in LPG prices 17

18 EBIT geographic breakdown ( million) +64 % EBIT at same perimeter : -2 % Africa Caribbean Europe Africa +54 % Growth by geographical area Caribbean Europe +117 % +16 % 18

19 Industrial investments (excl. acquisitions) million Rubis Energie incl : Maintenance, adaptation New business Rubis Terminal incl : Maintenance, adaptation New projects and extensions Rotterdam Antwerp Ceyhan TOTAL

20 OUTLOOK

21 Outlook Positive trends in existing markets Incoming new opportunities in acquisitions Integration of Chevron II in the Caribbean Integration of Ceyhan in Turkey 21

22 Outlook Rubis today Strong and growing businesses A sound B/S and secured financing for new acquisitions a proved know how in managing and integrating acquisitions A substantial dividend yield for shareholders (near 4%) 22

23 RÉSULTATS 2012 SEMESTRIELS 2011 NEXT UPDATE: Half year results August 31, août