DJ RUBIS: H1 2022 results: Strong earnings growth: +20% and solid balance sheet
RUBIS RUBIS: H1 2022 results: Strong earnings growth: +20% and solid balance sheet 08-Sep-2022 / 17:45 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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Paris, 8 September 2022, 5:45pm
H1 2022 RESULTS:
STRONG EARNINGS GROWTH: +20%
AND SOLID BALANCE SHEET
+20% increase in adjusted EPS amid challenging environment, first time consolidation of Photosol:
-- H1 2022 volumes: 2,826 km3, +7% vs H1 2021 and 3% ahead of pre-Covid levels (H1 2019[1]).
-- Strong unit profit[2] in the context of rising supply prices: +6% vs H1 2021.
-- H1 2022 EBIT: EUR244m, +30% vs H1 2021, supported by all regions (+14% vs H1 2019).
-- Adjusted net income[3]: EUR169m, +17% vs H1 2021, ahead of the record pre-Covid level of H1 2019 (+10% vs2019 excluding Rubis Terminal).
-- Adjusted EPS (diluted): EUR1.64, +20% vs H1 2021, ahead of the record pre-Covid level of H1 2019 (+5% vs2019 excluding Rubis Terminal).
-- Operational cash flow before changes in working capital[4]: EUR255m, +7% vs H1 2021 and +16% vs pre-CovidH1 2019 (excluding Rubis Terminal).
-- Corporate net financial debt[5] (corporate NFD) at EUR1,102m, 2.1x corporate NFD/EBITDA pre-IFRS 16, vsEUR438m as of 31/12/2021. Increase in net debt is due to the completion of Photosol acquisition, outflow from changesin working capital and dividend payment.
-- Net financial debt (NFD) at EUR1,436m, 2.6x net debt/EBITDA pre-IFRS 16, includes Photosol EUR334mnon-recourse project debt at SPV level.
Outlook
The first half of the year has demonstrated excellent volumes and earnings growth. While all regions posted positive development, the Caribbean region was the main growth driver with strong recovery post-Covid and favourable comparison base. Whereas comparison base is set to normalise and current macro-environment is challenging, the Group is confident in solid earnings growth for the full year 2022.
In the mid-and long-term, the company should benefit from numerous growth drivers - newly added renewable energy segment as well as within its historical business. The latter has advantage of its exposure to regions with growing population and growing energy demand, portfolio improvement in Eastern Africa and exposure to bitumen in Africa considering the growing need for road infrastructure on the long term.
Given the current geopolitical environment, the Group reminds that it does not carry out any transactions in Ukraine or Russia and does not have any assets in these territories. In addition, it does not source from Ukrainian or Russian suppliers. To date, even if the Group has not identified any direct exposure to this risk, it will continue to monitor developments in the situation and their potential impact on its activities, as well as the indirect effects of the conflict on the sector's global supply chain.
Paris, 8 September 2022 - Rubis is announcing its 2022 half-year financial results.
The Group's condensed consolidated financial statements as of 30 June 2022 were reviewed by the Supervisory Board on 8 September 2022. The Group's Statutory Auditors have performed their review of these financial statements and their report on the half-yearly financial information was issued on the same date.
During the Supervisory Board meeting, the Management Board commented on the results: "Half-year results show an excellent operational performance across all regions. This is especially the case in the Caribbean region that has reported impressive growth above expectations.
Moreover, the company has accomplished its strategic entry into renewable energy segment with transformational acquisition of Photosol - one of the leading independent French solar companies and its first-time consolidation from 1 st April 2022.
The timing of the Photosol acquisition is extremely interesting in the view of the Russia-Ukraine crisis, the predicted gas shortage and as a result the government's initiatives to strengthen and accelerate the energy transition. The government in particular targets to reduce deadlines and adjust thresholds for the submission of building permits, with a particular focus on photovoltaic and wind energy.
With the development of over 3 GW pipeline, Photosol set to contribute to Rubis earnings growth in the mid- and long-term. Required investments are set to be debt-financed by Photosol on the project level.
As such, Rubis historical business with its strong cash flow generation will further sustain shareholder friendly dividend policy and value enhancing bolt-on acquisitions across all divisions".
First half of 2022 was excellent with 30% increase in EBIT to EUR244m exceeding record H1 2019 - pre-Covid level. All businesses have reported solid EBIT performance: Retail & Marketing with 26% increase in EBIT to EUR184m, Support & Services up 22% to EUR75m and first-time positive contribution from Photosol at EUR1m for three months, April to June 2022. Rubis Terminal JV has continued its steady growth with 3% in storage revenues and 4% in adjusted EBITDA in H1 2022 vs H1 2021.
H1 2022 results have several non-recurring items both positives and negatives mostly due to the acquisition of Photosol (-EUR8m after tax) and divestment of the Turkey depot of the Rubis Terminal JV (+EUR11m after tax). Adjusted for non-recurring items and IFRS 2 charges, net income stands at EUR169m, +17% yoy and ahead of pre-Covid record H1 2019 (+10% excluding Rubis Terminal).
Operational cash flow before changes in working capital[6] reached EUR255m (+7% vs H1 2021 and exceeding pre-Covid H1 2019 level).
Acquisition of Photosol in April 2022 has an important impact on Rubis balance sheet. With excellent long-term visibility thanks to 20 years contract duration and very low risk profile, Photosol is able to finance its development pipeline with high debt leverage. It is important to note that the majority of the debt is non-recourse project debt at SPV level. Thus, going forward Rubis will communicate separately on its total financial debt and on its corporate financial debt (i.e., excluding non-recourse project debt).
Rubis corporate net financial debt (corporate NFD) increased to EUR1,102m by the end of H1 2022 (from EUR438m as of FY 2021) with corporate NFD/EBITDA pre-IFRS 16 at 2.1x. Dividend paid 100% in cash in June 2022 (EUR191m), acquisition of 80% stake in Photosol (EUR341m) and changes in working capital with increasing oil prices (EUR179m outflow) were the main factors behind the increasing debt. The Company has spent EUR97m on CapEx split between expansion maintenance (two thirds) and development (one third), including EUR12m of CapEx for Photosol in Q2 2022.
Consolidated financial statements as of 30 june 2022
(en millions d'euros) S1 2022 S1 2021 2022 vs 2021 Revenue 3,290 2,051 60% EBITDA 314 257 22% EBIT, of which 244 188 30% Retail & Marketing 184 146 26% Support & Services 75 61 22% Renewable Energy (1) 1 - - Net income, Group share 170 136 25% Adjusted net income, Group share (2) 169 144 17% Adjusted EPS (diluted) 1.64 1.37 20% Operational cash flow (3) 255 238 7% Capital expanditures, of which 97 90 - Retail & Marketing 65 69 - Support & Services 20 21 - Renewable Energy 12 - -
(1) Renewable Energy - newly established division following acquisition of Photosol.
(2) Adjusted net income - excluding non-recurring items and IFRS 2.
(3) Cash flow from operations after financial expenses and taxes and before change in working capital.
The Retail & Marketing division (70% of Group EBIT[7]) includes the distribution of fuels (service-station networks), liquefied gases, bitumen, commercial fuel oil, aviation, marine and lubricants in three geographic areas: Europe, the Caribbean and Africa.
Overall, volumes are +7% compared to H1 2021 with excellent development in East Africa (focus on the service-station network) and buoyant aviation driven by tourism and end of Covid-linked restriction measures.
Volumes sold by region in H1 2019-2021
2022
(in '000 m3) 2022 2021 2020 2019
vs 2021
Europe 443 439 402 465 1%
Caribbean 1,117 983 966 1,138 14%
Africa 1,267 1,228 1,111 1,006 3%
TOTAL 2,826 2,650 2,479 2,609 7%
Gross profit reached EUR367m, up 13% vs 2021, driven by both volume and solid unit margin development across all regions.
Retail & Marketing division gross and unit profit in H12022
Gross profit Split 2022 vs 2021 Unit profit Change yoy
(in EURm) (in EUR/m3)
Europe 110 30% 8% 250 7%
Caribbean 124 34% 29% 111 14%
Africa 132 36% 5% 104 2%
TOTAL 367 100% 13% 130 6%
-- Europe, thanks to its strong LPG positioning and unit margin performance, reported EBIT of EUR46m, up 21%vs H1 2021, and above pre-Covid level in 2019 (EUR39m).
-- The Caribbean region has seen marked improvement in H1 2022, driven by recovery in tourism/aviation, withboth volumes and unit margin up double digit. Thus, EBIT was up 78% yoy to EUR58m.
-- Lastly, Africa reported an excellent development in East Africa with double-digit EBIT growth thanks tothe investments in the service-stations optimisation programme. Though partially offset by ongoing challenges inMadagascar, reported EBIT came in at EUR81m, only 6% increase yoy.
EBIT by ReGION H1 2019 - 2022
2022
(in EURm) 2022 2021 2020 2019
vs 2021
Europe 46 38 35 39 21%
Caribbean 58 33 49 68 78%
Africa 81 76 46 69 6%
TOTAL RETAIL & MARKETING 184 146 130 176 26 %
The Support & Services division (30% of Group EBIT[8]) posted +22% increase in EBIT to EUR75m supported by recovery in the Caribbean region with supply and shipping activities, strength of the bitumen sector and logistics in the Indian Ocean.
EBIT support & services IN H1 2019 - 2022
2022
(in EURm) 2022 2021 2020 2019
vs 2021
EBIT, of which 75 61 52 51 22%
SARA 10 14 14 20 -24%
Others 64 48 38 30 35%
Newly established Renewable Energy division includes Photosol activities, acquired in April 2022, as well as the 18.5% stake in HDF Energy, acquired in June 2021. Creation of this division and future investments will enable the Group to achieve a target of 25% of its EBITDA in renewable energies in the medium term, with a minimum of 2.5 GW of installed photovoltaic capacity in France by 2030.
The accounts of Photosol have been included in the Group's consolidation from 1st April 2022, i.e., for a period of three months to 30 June 2022.
REsults of the renewable energy divsion in h1 30 juin 2022
(in EURm) Q2 2022 Installed capacity (MWp) 330 Electricity production (GWh) 139 Sales 12 EBITDA 7 Capex 12 Project non-recourse debt 334
As of 30 June 2022, Photosol portfolio consists of:
-- 476 MW secured portfolio - capacities in operations, under construction and awarded projects;
-- development pipeline exceeding 3 GW, out of which 1,2 GW advanced development and tender ready projectsand 2,3 GW in early stage.
The last CRE tender was a great success for Photosol with 100% of its bids awarded, or 25 MWp.
The Rubis Terminal JV has delivered solid performance with +3% storage revenue growth to EUR112m, with acceleration in Q2 2022 (+5%), driven by biofuel, chemicals and agri-food. Adjusted EBITDA has increased by +4% to EUR57m in H1 2022. With high financial leverage in place, share of Rubis underlying profit stood at EUR1.8m in H1 2022 vs EUR1.2m in H1 2021. With the sale of its activities in Turkey in January 2022, Rubis has recorded capital gain, that boosted reported share of profits to EUR11.4m. It is reminded that Rubis Terminal generates on annual basis free cash flow after tax, financial charges, and maintenance investment of EUR40-50m, which compared to total equity of EUR594m (for 100%) gives a cash return of 9%.
ESG
In 2022, Rubis actively pursues the implementation of its Think Tomorrow 2022-2025 Roadmap and its climate approach. In particular, the Group is assessing additional decarbonisation opportunities to align with a well-below 2°C trajectory, including developing an emission reduction target for scope 3A (i.e., excluding products sold) in addition to the one defined for scopes 1 and 2 (-30% in 2030, baseline 2019, Rubis Énergie perimeter at constant scope) and setting an internal carbon price that will help it guide its investments.
Webcast for the investors and analysts
Date: 8 September 2022, 6:00pm
Link to register for the webcast: https://channel.royalcast.com/rubisen/#!/rubisen/20220908_1
Participants from Rubis: - Jacques Riou, Managing Partner - Bruno Krief, CFO - Clarisse Gobin-Swiecznik, Managing Director in charge of New Energies, CSR, and Communication
Next publication:
Q3 2022 trading update: 8 November 2022 (after market)
This document is a translation of the original French document and is provided for information purposes only. In all matters of interpretation of information, views or opinions expressed therein, the original French version takes precedence over this translation
Press Contact Analyst Contact
RUBIS Communication department RUBIS - Anna Patrice, Head of IR
Tel: +(33) 1 45 01 72 32
Tel: +(33) 1 44 17 95 95
investors@rubis.fr
presse@rubis.fr
appendix
Reconciliation of net income Group share to adjusted net income Group share
(in EURm) H1 2022 H1 2021 H1 2019 2022 2022
vs 2021 vs 2019
Net income, Group share 170 136 157 25% 8%
Non-recurring items: share of net income from JV and others (Rubis Terminal) -14 -3 - - -
Expenses related to the acquisitions 8 - 5 - -
IFRS 2 expenses (Rubis SCA) 4 11 4 - -
Adjusted net income, Group share (excluding non-recurring items and IFRS 2) 169 144 166 17% 2%
Net income from discontinued operations - - -14 - -
Share of net income from JV (Rubis Terminal) -2 -1 - - -
Adjusted net income, Group share excluding Rubis Terminal 167 143 152 17% 10%
Composition of net debt/EBITDA excluding IFRS 16
(in EURm) 30/06/2022 31/12/2021 Corporate net financial debt (Corporate NFD) 1,102 438 EBITDA 314 532 Rental expenses IFRS 16 19 41 EBITDA pre-IFRS 16 295 491 Corporate NFD/LTM(1) EBITDA pre-IFRS 16 2.1 0.9 Non-recours project debt (Photosol) 334 - Total net financial debt (Total NFD) 1,436 438 Total NFD/LTM EBITDA pre-IFRS 16 2.6 0.9 (1) LTM: last 12 months.
Retail & marketing volume development by product in H1 2022
Split Volume development
(in '000 m3)
Gross profit Volumes vs 2021 vs 2019
(constant scope) (1)
LPG 40% 22% 1% 1%
Service stations 23% 37% 9% -4%
Bitumen 12% 9% -6% 49%
Commercial 15% 21% 3% -4%
Aviation 7% 8% 20% -18%
Other 3% 3% - -
Total 100% 100% 7% 3%
(1) Constant scope: excluding acquisition of KenolKobil in East Africa.
RETAIL & MARKETING VOLUME DEVELOPMENT BY REGION IN Q2 2022
2022
(in '000 m3) 2022 2021 2020 2019
vs 2021
Europe 195 198 161 213 -2%
Caribbean 554 501 402 584 11%
Africa 639 631 512 733 1%
TOTAL 1,388 1,329 1,075 1,530 4%
Retail & marketing Gross profit IN H1 2019-2022
2022
(in EURm) 2022 2021 2020 2019
vs 2021
Europe 110 102 98 101 8%
Caribbean 124 96 112 132 29%
Africa 132 125 97 126 5%
TOTAL 367 324 307 359 13%
RETAIL & MARKETING unit PROFIT IN H1 2019-2022
2022
(in EUR/m3) 2022 2021 2020 2019
vs 2021
Europe 250 233 244 217 7%
Caribbean 111 98 116 116 14%
Africa 104 102 87 125 2%
TOTAL 130 122 124 137 6% CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Asset (in thousands of euros) 30/06/2022 31/12/2021
Non-current assets
Intangible assets 74,537 31,714
Goodwill 1,809,943 1,231,635
Property, plant and equipment 1,666,946 1,268,465
Property, plant and equipment - right-of-use assets 220,729 166,288
Interests in joint ventures 322,026 322,171
Other financial assets 191,603 132,482
Deferred taxes 22,291 12,913
Other non-current assets 11,117 10,408
TOTAL NON-CURRENT ASSETS (I) 4,319,192 3,175,936
Current assets
Inventory and work in progress 825,627 543,893
Trade and other receivables 839,263 622,478
Tax receivables 30,213 21,901
Other current assets 66,493 23,426
Cash and cash equivalents 774,407 874,890
TOTAL CURRENT ASSETS (II) 2,536,003 2,086,588
TOTAL ASSETS (I + II) 6,855,195 5,262,524
EQUITY AND LIABILITIES (in thousands of euros) 30/06/2022 31/12/2021
Shareholders' equity - Group share
Share capital 128,693 128,177
Share premium 1,550,157 1,547,236
Retained earnings 1,066,124 941,249
Total 2,744,974 2,616,662
Non-controlling interests 130,162 119,703
EQUITY (I) 2,875,136 2,736,365
Non-current liabilities
Borrowings and financial debt 1,409,694 805,667
Lease liabilities 194,525 138,175
Deposit/consignment 147,882 138,828
Provisions for pensions and other employee benefit obligations 40,596 56,438
Other provisions 80,751 159,825
Deferred taxes 93,892 63,071
Other non-current liabilities 84,434 3,214
TOTAL NON-CURRENT LIABILITIES (II) 2,051,774 1,365,218
Current liabilities
Borrowings and short-term bank borrowings (portion due in less than one year) 800,466 507,521
Lease liabilities (portion due in less than one year) 23,990 23,742
Trade and other payables 1,026,449 601,605
Current tax liabilities 43,184 23,318
Other current liabilities 34,196 4,755
TOTAL CURRENT LIABILITIES (III) 1,928,285 1,160,941
TOTAL EQUITY AND LIABILITIES (I + II + III) 6,855,195 5,262,524
CONSOLIDATED INCOME STATEMENT
(in thousands of euros) Chg. 30/06/2022 30/06/2021 NET REVENUE 60% 3,290,166 2,051,085 Consumed purchases (2,554,483) (1,422,864) External expenses (249,218) (205,291) Employee benefits expense (111,042) (107,495) Taxes (61,527) (58,151) EBITDA 22% 313,896 257,284 Other operating income 523 545 Net depreciation and provisions (73,836) (70,599) Other operating income and expenses 3,383 961 CURRENT OPERATING INCOME 30% 243,966 188,191 Other operating income and expenses (7,845) 3,375 OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES 23% 236,121 191,566 Share of net income from joint ventures 11,912 1,247 OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES 29% 248,033 192,813 Income from cash and cash equivalents 4,695 4,691 Gross interest expense and cost of debt (15,670) (10,358) COST OF NET FINANCIAL DEBT 94% (10,975) (5,667) Interest expense on lease liabilities (4,701) (4,302) Other finance income and expenses (17,327) (8,494) PROFIT (LOSS) BEFORE TAX 23% 215,030 174,350 Income tax (41,452) (31,714) NET INCOME 22% 173,578 142,636 NET INCOME, GROUP SHARE 25% 169,766 136,148 NET INCOME, NON-CONTROLLING INTERESTS -41% 3,812 6,488 Earnings per share (in euros) 24% 1.65 1.33 Diluted earnings per share (in euros) 27% 1.65 1.30
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of euros) 30/06/2022 31/12/2021 30/06/2021 TOTAL CONSOLIDATED NET INCOME FROM CONTINUING OPERATIONS 173,578 304,739 142,636 Adjustments: Elimination of income of joint ventures (11,912) (5,906) (1,247) Elimination of depreciation and provisions 86,044 163,201 83,861 Elimination of profit and loss from disposals (1,101) (599) 1,168 Elimination of dividend earnings (186) (91) (1,310) Other income and expenditure with no impact on cash (1) 8,641 3,468 13,183 CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX 255,064 464,812 238,291 Elimination of income tax expenses 41,452 65,201 31,714 Elimination of the cost of net financial debt and interest expense on lease 15,676 21,140 9,969 liabilities CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX 312,192 551,153 279,974 Impact of change in working capital* (178,512) (214,456) (187,946) Tax paid (36,442) (42,039) (21,773) CASH FLOWS RELATED TO OPERATING ACTIVITIES 97,238 294,658 70,255 Impact of changes to consolidation scope (cash acquired - cash disposed) 57,031 Acquisition of financial assets: Retail & Marketing division (83,985) (82,591) Acquisition of financial assets: Renewable Energies division (2) (341,122) Disposal of financial assets: Retail & Marketing division 3,463 3,400 Disposal of financial assets: Support & Services division Investment in joint ventures Acquisition of property, plant and equipment and intangible assets (96,890) (205,682) (89,946) Change in loans and advances granted (21,961) (1,653) (300) Disposal of property, plant and equipment and intangible assets 3,118 8,733 3,770 (Acquisition)/disposal of other financial assets (588) (157) (6) Dividends received 12,739 20,298 1,417 Other cash flows from investing activities (5) 4,063 9,538 CASH FLOWS RELATED TO INVESTING ACTIVITIES (383,610) (258,983) (154,718)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(in thousands of euros) 30/06/2022 31/12/2021 30/06/2021 Capital increase 3,441 6,995 7,024 Share buyback (capital decrease) (4) (153,160) (103,950) (Acquisition)/disposal of treasury shares 261 85 (5) Borrowings issued 795,521 730,694 420,141 Borrowings repaid (358,775) (677,276) (345,336) Repayment of lease liabilities (18,956) (40,827) (20,716) Net interest paid (3) (15,036) (20,923) (9,459) Dividends payable (191,061) (83,577) Dividends payable to non-controlling interests (8,122) (13,191) (10,543) Acquisition of financial assets: Retail & Marketing division Disposal of financial assets: Retail & Marketing division Acquisition of financial assets: Renewable Energies division (1,238) Other cash flows from financing operations (2) (42,347) CASH FLOWS RELATED TO FINANCING ACTIVITIES 163,684 (251,180) (62,844) Impact of exchange rate changes 22,205 8,811 (574) Impact of change in accounting policies CHANGE IN CASH AND CASH EQUIVALENTS (100,483) (206,694) (147,881) Cash flows from continuing operations Opening cash and cash equivalents (4) 874,890 1,081,584 1,081,584 Change in cash and cash equivalents (100,483) (206,694) (147,881) Closing cash and cash equivalents (4) 774,407 874,890 933,703 Financial debt excluding lease liabilities (2,210,160) (1,313,188) (1,331,940) Cash and cash equivalents net of financial debt (1,435,753) (438,298) (398,237)
(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
(2) The impact of changes in the scope of consolidation is described in note 3.
(3) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(4) Cash and cash equivalents net of bank overdrafts.
(5) See note 15.
(*) Breakdown of the impact of change in working capital: Impact of change in inventories and work in progress (265,107) Impact of change in trade and other receivables (165,925) Impact of change in trade and other payables 252,520 Impact of change in working capital (178,512)
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[1] Volumes H1 2022 at +3% vs H1 2019 at constant scope, i.e., excluding East Africa (KenolKobil acquisition).
[2] Unit margin or unit profit = gross profit per unit of distributed volumes.
[3] Adjusted net income - net income excluding non-recurring items and IFRS 2 charges, for more details see Annex.
[4] Operational cash flow before changes in working capital (French "Capacité d'autofinancement") = cash flow after taxes and net interest costs and before change in working capital.
[5] Corporate net financial debt - net financial debt excluding non-recourse project debt at SPV (special purpose vehicle) level. Corporate net debt/EBITDA is the ration of corporate net debt to EBITDA pre-IFRS16 and excluding Photosol SPV EBITDA.
[6] Operational cash flow before changes in working capital (French "Capacité d'autofinancement") = cash flow after taxes, net interest costs and before change in working capital.
[7] 70% of Group EBIT before Holding costs in FY 2021.
[8] 30% of Group EBIT before Holding costs in FY 2021.
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Regulatory filing PDF file File: RUBIS: H1 2022 results: Strong earnings growth: +20% and solid balance sheet
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Language: English
Company: RUBIS
46, rue Boissière
75116 Paris
France
Phone: +33 144 17 95 95
Fax: +33 145 01 72 49
E-mail: investors@rubis.fr
Internet: www.rubis.fr
ISIN: FR0013269123
Euronext Ticker: RUI
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1438771
End of Announcement EQS News Service
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1438771 08-Sep-2022 CET/CEST
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September 08, 2022 11:45 ET (15:45 GMT)
