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Trading Update
Vivo Energy plc
(Incorporated in England and Wales)
(Registration number: 11250655)
(Share code: VVO)
LEI: 213800TR7V9QN896AU56
ISIN: GB00BDGT2M75
7 May 2019
Vivo Energy plc
(LSE: VVO & JSE: VVO)
AGM and Trading Update
Vivo Energy plc, the pan-African retailer and marketer of Shell and Engen-branded fuels and lubricants,
provides the following trading update ahead of its Annual General Meeting being held later today in
London.
Group performance
The Group had a positive start to 2019 with performance in line with expectations.
Q1 volumes of 2,441 million litres were 7% higher year-on-year, with volume growth resulting from
good underlying growth in Vivo Energy’s existing fifteen Shell-branded markets and one month of
contribution from the eight new Engen-branded markets and the additional sites in Kenya. In March,
the one month of the new combined Group, volumes were 13% higher year-on-year than Vivo Energy’s
standalone performance the previous year. With the full contribution from the new markets for the
rest of 2019, we expect volume growth to be in line with full year guidance of low to mid double-digit
percentage growth.
Gross cash unit margin of $69 per thousand litres in Q1 was in line with full year guidance of high
sixties per thousand litres (Q1 2018: $74 per thousand litres), with Retail unit margins having stabilised
in the quarter due to an improvement in market conditions in our deregulated markets. Commercial
unit margin benefited from good performance in the LPG and Marine businesses, and Lubricants
margins began to recover in Q1, primarily due to the impact of pricing improvements in retail
lubricants, which started in 2018.
Commenting on the trading update, Christian Chammas, CEO said, “We are pleased to
have delivered a strong start in Q1 2019, in line with our expectations, and in what is traditionally the
slowest quarter of the year. We have moved quickly to integrate the new Engen businesses into Vivo
Energy and are very excited about the opportunities that we see ahead of us in the new markets. We
now operate in a diverse portfolio of 23 high growth markets across Africa and are uniquely positioned
to continue to deliver growth across our business.”
Conference call
Vivo Energy plc will host a conference call for analysts and investors this morning at 08:30 UK time,
with the following dial-in details:
Dial-in: +44 20 3936 2999 / +27 11 461 6334
Passcode: 012681
A replay of the conference call will be available after the event at https://investors.vivoenergy.com
Ends
Media contacts: Investor contact:
Vivo Energy plc Vivo Energy plc
Rob Foyle, Head of Communications Giles Blackham, Head of Investor Relations
+44 7715 036 407 +44 20 3034 3735 / +44 7714 134 681
rob.foyle@vivoenergy.com giles.blackham@vivoenergy.com
Tulchan Communications LLP
Martin Robinson, Suniti Chauhan
+44 20 7353 4200
vivoenergy@tulchangroup.com
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Notes to editors:
Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The
Group has a network of over 2,100 service stations in 23 countries operating under the Shell and Engen brands
and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card
services, shops, restaurants and other non-fuel services. It provides fuels, lubricants and liquefied petroleum gas
(LPG) to business customers across a range of sectors including marine, mining, construction, power, transport,
and manufacturing. Jet fuel is sold to customers under the Vitol Aviation brand.
The Company employs around 2,700 people and has access to over 1,000,000 cubic metres of fuel storage
capacity. The Group’s joint venture, Shell and Vivo Lubricants B.V., sources, blends, packages and supplies Shell-
branded lubricants at plants in six countries.
This announcement is available on the Company’s website: http://investors.vivoenergy.com
Forward looking-statements
This announcement includes forward-looking statements. These forward-looking statements involve known and unknown
risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the Directors’
current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”,
“estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”, “anticipates” or “targets” or the negative
thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that
are not historical facts. They appear in a number of places throughout this report and include statements regarding the
intentions, beliefs or current expectations of the Directors or the Group concerning, among other things, the future results
of operations, financial condition, prospects, growth, strategies of the Group and the industry in which it operates.
No assurance can be given that such future results will be achieved; actual events or results may differ materially as a
result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially
from the future results indicated, expressed, or implied in such forward-looking statements.
Such forward-looking statements contained in this report speak only as of the date of this report. The Company and the
Directors expressly disclaim any obligation or undertaking to update these forward-looking statements contained in the
document to reflect any change in their expectations or any change in events, conditions, or circumstances on which such
statements are based unless required to do so by applicable law.
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