In a highly volatile economic environment, RUBIS posted good financial and trading performances and made a major acquisition.
The Group’s operating margin was up 8%, while net income climbed 5%.
| In millions OF euros | 30 June 04 | 30 June 05 | Change % |
| Sales revenues | 205.1 | 255.0 | + 24% |
| Operating profit | 20.6 | 22.1 | + 8% |
| Net income, Group share | 9.5 | 10.0 | + 5% |
| Cash flow | 18.4 | 20.7 | + 13% |
| Capital investment | 8.9 | 10.5 | NA |
Rubis Gaz
Rubis Gaz won new market share and managed to increase profitability, in a particularly unfavourable context of rising supply costs. Per ton delivered, profitability was up 10% and the operating margin was up 10%. It recorded excellent performances in France, where the operating margin was up 13% and Africa, up 14%, while Italy remained stable.
Rubis Terminal
Rubis Terminal made steady progress in the petroleum business (up 10%) but this was counterbalanced by chemicals contracts coming to an end in 2004, although a return to growth is anticipated for the second half.
International trading receipts, the biofuels policy, and intense activity in petroleum products favourably influenced activity in this half, which recorded an operating margin up 3% over its all-time records.
By the time it completes its acquisition of SAGF* at the end of 2005, the Group will have spent a total of around €120m if we add the acquisition of a 34% interest in Vitogaz during the first half.
That is why RUBIS has decided to conduct a rights issue for around €60m through the granting of bonus equity warrants with priority for existing shareholders on a one-for-six basis. This will ensure that it has the necessary resources to maintain its dynamic growth in the downstream petroleum business, where there are numerous opportunities.
*SAGF: Shell in the West Indies and French Guiana, bought from Shell and announced on 12 September 2005
Next diary date 9 November 2005: 3rd quarter trading update