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    RUI   FR0013269123

RUBIS

(RUI)
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RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level

05/06/2021 | 11:37am EDT
RUBIS 
RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level 
06-May-2021 / 17:35 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
 
 
Paris, May 6, 2021, 17:35 CET 
 
 
Q1 2021 TRADING UPDATE 
SEQUENTIAL VOLUME IMPROVEMENT 
 MARGINS REMAIN ROBUST AT HIGH LEVEL 
 
 
The activity of the first quarter of 2021 once again showed strong resistance as restrictions due to Covid continued to 
affect overall mobility over this period. 
The Group activity - Retail & Marketing and Support & Services - shows an overall stable development in terms of gross 
profit, while the Rubis Terminal JV starts the year on a firm note (+7% pro forma growth yoy). 
This performance should be analyzed against the same period in 2020 which was only slightly affected by the 
restrictions imposed from mid-March 2020. 
 
  ? Retail & Marketing: The volumes were almost stable (-0.8%) excluding the aviation sector, with a unit margin 
    further progressing at +2%. 
  ? Support & Services: The product mix supported a strong gross profit growth (+26%) despite lower volumes. 
  ? Rubis Terminal JV: Excellent start to the year - Storage revenues increased by 44%, driven by the TEPSA acquisition 
    (Spain), and including +6% organic growth. 
 
 
                       Q1 
Revenue (in EURm)       2021 Change yoy 
                      853  -23% 
Retail & Marketing 
                      163  -1% 
  ? Europe 
  ? Caribbean         335  -27% 
  ? Africa 
                      355  -25% 
Support & Services    134  -34% 
Consolidated revenue  987  -24% 

Retail & Marketing (86% of consolidated revenue)

Retail & Marketing groups together all the distribution operations: liquified gas, bitumen, retail station networks, heating oil, aviation and marine fuel, lubricants.

The first quarter of 2021 was a prolongation of the fourth quarter of 2020, with continuing mobility restrictions causing sluggishness in the tourism and aviation sectors worldwide. The distributed volumes reached 1.3 million m3, down 6%. Adjusted for the aviation sector, volumes were almost stable (-0.8%). This is a sequential improvement from Q3 and Q4 2020, when adjusted for aviation segment, volumes were down 4% yoy.

Geographical breakdwon

(fuel retail)

               Change 
(in '000 m3)   Q1-2021 Reported   Excl. aviation 
Europe         241     0%             0% 
Caribbean      482     -14%           -6% 
Africa         597     0%             +4% 
Total          1,320   -6%            -1% 
 

The regional development - key take-aways: ? Europe: dominated by the distribution of liquefied gas, volumes sold were stable at 241,000 m3, the favorable

climate effect (cold winter) offset the negative Covid effects (tourism, restaurants, transport); ? Caribbean: volumes are down 14% to 482,000 m3. The main factor behind volume decline remains the aviation sector,

which before the crisis represented 15% of regional volumes and posted a 62% decline in the first quarter. However,

the situation seems to be changing since mid-March 2021 with the acceleration of the US vaccination plan and the

gradual resumption of tourism to the Caribbean. Excluding aviation, volumes were down 6% against high comparison

basis with 6% growth in Q1 2020; ? Africa: adjusted for aviation, volumes were up 4%, driven by excellent performance in bitumen and the return to

growth in service station networks volumes.

Revenue breakdown by market segment

Rubis is an independent and non-integrated operator which distributes its products in service stations under its own brands.

                                                                                                  Cumulative as of 
                                                                                                  March 31 
Revenue breakdown (in %)                                                                          2021       2020 
Distribution to individual customers                                                              53%        46% 
  ? Retail segment: gas stations including liquefied gas cylinders and related services (shop,    94%        96% 
    food, car wash, etc.). 
  ? Direct sale to the public of liquefied gas and fuels for heating, hot water production and 
    cooking. 
                                                                                                  6%         4% 
 
Distribution to business customers 
  ? Sales to the transportation, hospitality, electricity production, energy and public works     47%        54% 
    sectors, etc. 
 

Support & Services (14% of consolidated revenue)

The Support & Services business includes all of the Group's shipping, trading and logistics operations as well as the SARA refinery (French Antilles). It recorded total revenue of EUR134 million (down 34%) for the Q1 2021 period.

In the first quarter 2021, trading volumes reached 275,000 m3, down 33%. However, a favorable product mix led to a significant increase in gross profit (+26%).

Rubis Terminal JV

Fiscal year 2021 started on a firm note with all countries and segments contributing to growth and an overall capacity utilization rate of 96% over the period.

During the first quarter of 2021, storage revenue from the Rubis Terminal JV (including Tepsa and 50% of the Antwerp) reached EUR58.4 million, up 44% (+6% at constant scope): ? in France (+2,1%) revenues are up despite a lockdown continuing to affect fuel consumption and delaying the planned

start of a few contracts; ? in Spain (+18,5%): the 4 depots faced strong demand for all products and particularly biofuels; ? in the ARA Zone - Rotterdam and 50% Antwerp (+15,7%): demand remained strong with a capacity utilization rate close

to 98%, including new capacities added in 2020; ? in Turkey (+3,9%): revenues stabilized at high level after the surge in demand for traders recorded in 2020.

Outlook

As previously indicated, the first months of 2021 are in line with trends seen towards the end of 2020 with sequential improvement showing flat volume development in Q1 2021 adjusting for the aviation versus 4% decline in the previous quarters (Q3 2020 and Q4 2020).

The Group benefits from growth levers, particularly in Africa with further expansion of the bitumen business and investments in ex-KenolKobil network that started to yield positive results. More than 20% of ex-KenolKobil network has been already refurbished under RUBiS brand and this program is set to accelerate in 2021-22.

Rubis benefits from a solid financial position (with financial firepower of up to EUR1Bn) and continues to actively seek external growth opportunities, including in the renewable energies segment.

ESG - Highlights 
 
  ? The Group continues to implement its Climate strategy: 
  ? publication in March 2021 of a target to reduce CO2 emissions by 20% by 2030 (versus 2019, emissions scopes 1 and 2 
    Retail & Marketing and Support & Services businesses); 
  ? preparation of the response to the CDP questionnaire in order to increase transparency efforts in terms of Climate 
    performance. 
 
  ? The 2020 CSR report, included in the URD, was published on April 29, 2021 (available on www.rubis.fr/en). It 
    presents the environmental (including the complete carbon footprint), social (including the frequency rate of 
    work-related accidents) and societal data for Rubis and its subsidiaries, as well as the main targets of the 
    Group's CSR strategy. 
 
  ? The Group's 2022-2025 CSR roadmap is being finalized and will be presented to the Supervisory Board in June. The 
    implementation of the CSR roadmap is part of the criteria for the 2021 annual variable compensation for the 
    Managing Partners as well as for the Group's Top Management. 

Conference call for investors and analysts

Date: Thursday May 6, 2021, 18:00-19:00 CET

Speakers: Bruno Krief, CFO

Link to register: http://emea.directeventreg.com/registration/5869458

Next events:

Annual General Meeting: June 10, 2021, 14:00 CET

Dividend ex-date[1] and listing of ex-dividend shares1: June 16, 2021

Beginning of option period for dividend payment in shares1: June 18, 2021

End of option period for dividend payment in shares1: July 2, 2021

Payment of cash dividend and delivery of new shares1: July 8, 2021

2021 Half-year results: September 9, 2021 (after market close)

Press Contact                            Analyst Contact 
PUBLICIS CONSULTANTS - Aurélie Gabrieli  RUBIS - Anna Patrice, Head of IR 
Tel: +(33) 1 44 82 48 33                 Tel: +(33) 1 45 01 72 32 
aurelie.gabrieli@publicisconsultants.com A.Patrice@rubis.fr 
 ----------------------------------------------------------------------------------------------------------------------- 

[1] Subject to shareholders' approval at the next Annual General Meeting on June 10, 2021 ----------------------------------------------------------------------------------------------------------------------- Regulatory filing PDF file File: RUBIS: Q1 2021 trading update - Sequential volume improvement - Margins remain robust at high level

=---------------------------------------------------------------------- 
Language:        English 
Company:         RUBIS 
                 46, rue Boissière 
                 75116 Paris 
                 France 
Phone:           +33 144 17 95 95 
Fax:             +33 145 01 72 49 
E-mail:          communication@rubis.fr 
Internet:        www.rubis.fr 
ISIN:            FR0013269123 
Euronext Ticker: RUI 
AMF Category:    Inside information / News release on accounts, results 
EQS News ID:     1193599 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------ 

(MORE TO FOLLOW) Dow Jones Newswires

May 06, 2021 11:36 ET (15:36 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.68% 35061.55 Delayed Quote.13.69%
DOW JONES AFRICA TITANS 50 INDEX -0.33% 516.55 Delayed Quote.-1.64%
LONDON BRENT OIL 0.87% 74.19 Delayed Quote.42.40%
PUBLICIS GROUPE SA 1.14% 54.8 Real-time Quote.32.92%
RUBIS -0.30% 33.39 Real-time Quote.-11.82%
S&P AFRICA 40 INDEX -0.81% 166.12 Delayed Quote.-3.19%
S&P GSCI HEATING OIL INDEX 0.24% 259.3393 Delayed Quote.40.42%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.10% 8.5471 Delayed Quote.15.12%
WTI 0.50% 72.059 Delayed Quote.45.77%
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Financials
Sales 2021 4 260 M 5 013 M 5 013 M
Net income 2021 300 M 353 M 353 M
Net Debt 2021 300 M 353 M 353 M
P/E ratio 2021 11,6x
Yield 2021 5,50%
Capitalization 3 470 M 4 081 M 4 083 M
EV / Sales 2021 0,89x
EV / Sales 2022 0,83x
Nbr of Employees 4 123
Free-Float 91,1%
Chart RUBIS
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Rubis Technical Analysis Chart | RUI | FR0013269123 | MarketScreener
Technical analysis trends RUBIS
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 7
Last Close Price 33,39 €
Average target price 50,61 €
Spread / Average Target 51,6%
EPS Revisions
Managers and Directors
Bruno Krief Chief Financial Officer
Olivier Heckenroth Chairman-Supervisory Board
Alexandre François Picciotto Member-Supervisory Board
Chantal Mazzacurati Member-Supervisory Board
Laure Grimonpret-Tahon Member-Supervisory Board
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