DJ RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend
RUBIS RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend 16-March-2023 / 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.
-----------------------------------------------------------------------------------------------------------------------
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 RELEASE
Paris, 16 March 2023, 5:45pm
FY 2022 RESULTS STRONG OPERATING PERFORMANCE SOLID BALANCE SHEET AND FURTHER INCREASE IN DIVIDEND
NET INCOME GROUP SHARE AT EUR263M, +10% INCREASE IN ADJUSTED EPS[1]
EXCELLENT OPERATING PERFORMANCE IN AFRICA AND THE CARIBBEAN
RUBIS PHOTOSOL, CONTRIBUTING TO GROUP EBITDA FOR THE FIRST TIME, BY EUR18M (FOR 9 MONTHS)
PROPOSED DIVIDEND OF EUR1.92 PER SHARE, UP 3% VS FY 2021
FY 2022 Results[2] highlights
-- EBITDA: EUR669m, +26% vs FY 2021 and EBIT: EUR509m, +30% vs FY 2021, well ahead of record FY 2019 EUR412m.
-- Adjusted net income[3]: EUR326m, +11% vs FY 2021 leading to an adjusted EPS (diluted) of EUR3.16, +10% vs FY2021.
-- Corporate net financial debt[4] (corporate NFD) at EUR930m, 1.5x corporate NFD/EBITDA pre-IFRS 16, vs EUR438mas of 31/12/2021. Increase in net debt is mostly due to the Photosol acquisition.
-- New complementary decarbonisation target on scope 3A.
-- Signing of first sustainability-linked loans with margins linked to the achievement of ESG KPIs (RubisÉnergie).
Outlook
The beginning of 2023 has demonstrated continued volumes and earnings improvement at Rubis Énergie and focus on the pipeline development at Rubis Renouvelables. With relevant growth drivers, the Group is confident that 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment) and dividend, in line with dividend policy.
On 16 March 2023, Clarisse Gobin-Swiecznik, Managing Director, commented on the results: "Rubis has once again demonstrated the solidity of its business model and shown strong operational performance, investments in the renewable energy, while maintaining a solid balance sheet. Our multi-product, multi-country strategy and the control of the supply chain ensure better risk management; operational excellence and sustainability of the business, together with a healthy financial situation to finance growth and development.
In 2022, Rubis has made a strategic entry into the renewable energy sector with the transformational acquisition of Photosol - one of the leading independent French photovoltaic companies. With the development of a pipeline over 3 GWp, Photosol is set to contribute to Rubis earnings growth in the mid- and long-term.
Our energy distribution businesses continue to perform well and grow, thereby generating strong cash flows which will further sustain our shareholder-friendly dividend policy and value enhancing bolt-on acquisitions across all divisions.
We have ambitious plans for 2023. We will continue our hard work to grow with a strong focus on the distribution of bitumen and the Eastern African region and confirm our positioning of key player in the renewable segment. I am fully confident we will continue to perform and achieve these ambitions, with the support of our high-quality and engaged employees."
KEY FIGURES
Consolidated financial statements as of 31 DECEMBER 2022
(in million euros) 2022 2021 2022 vs
2021
Revenue 7,135 4,589 +55%
EBIT 509 392 +30%
Net income, Group share 263 293 -10%
Adjusted net income(1), Group share 326 293 +11%
Adjusted EPS (diluted), in euros 3.16 2.86 +10%
Dividend per share, in euros 1.92(2) 1.86 +3%
Operational cash flow before change in working capital(3) 432 465 -7%
Capital expenditure 259 206
Net financial debt (NFD) 1,286 438
NFD/EBITDA 2.0x 0.9x
Corporate net financial debt(4) (corporate NFD) 930 438
Corporate NFD/EBITDA 1.5x 0.9x 1. Adjusted net income - excluding non-recurring items and IFRS 2. 2. Amount to be proposed at AGM on 8 June 2023. 3. Operational cash flow after net financial costs and tax and before change in working capital. 4. Corporate net financial debt - excluding non-recourse debt.
FY 2022 FINANCIAL PERFORMANCE
FY 2022 has seen very strong increase in EBITDA to EUR669m (+26% yoy) and EBIT to EUR509m (+30% yoy). Photosol has been consolidated for nine months in 2022 (from 1st April 2022) contributing EUR18m to Group EBITDA and -EUR0.8m to EBIT.
Operating performance was driven by:
-- Retail & Marketing with +37% increase in EBIT to EUR396m; and
-- Support & Services with +17% increase in EBIT to EUR144m.
Rubis Terminal JV has continued its steady growth with 6% in storage revenues reaching EUR235m in FY 2022 and 2% yoy increase to EUR124m in adjusted EBITDA[5] in FY 2022.
The Group EBITDA and EBIT are inflated from FX pass-through in Nigeria (EUR34m) in FY 2022. When adjusted for this effect, underlying EBITDA increased by 20% yoy and EBIT by 21% yoy. FX losses have reached EUR80m in FY 2022, from EUR11m in FY 2021.
FY 2022 results include non-recurring items, mainly:
-- costs linked to the acquisition of Photosol (-EUR16m after tax);
-- goodwill impairment in Haiti (-EUR40m) on the back of continued deterioration in safety and economicsituation in Haiti and rising discount rate.
Adjusted for these non-recurring items and IFRS 2 charges, net income stands at EUR326m, up 11% yoy.
Operational cash flow before changes in working capital[6] reached EUR432m (vs EUR465m in FY 2021). Change in working capital has led to a EUR31m outflow with increasing oil prices (FY 2021: EUR214m outflow). Thus cash flow from operations after change in working capital and after repayment of lease liabilities (IFRS 16) reached EUR349m in FY 2022 vs EUR233m in FY 2021.
The 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. Most of the debt is non-recourse project debt at SPV level. Thus, Rubis now communicates separately on its total net financial debt (NFD) and on its corporate net financial debt (i.e., excluding non-recourse project debt). Total NFD increased to EUR1,286m, out of which EUR357m is the non-recourse debt at SPV level of Photosol.
Rubis corporate net financial debt (corporate NFD) increased to EUR930m at the end of FY 2022 (from EUR438m for FY 2021) with corporate NFD/EBITDA pre-IFRS 16 at 1.5x. The main reason behind this increase is the acquisition of the 80% stake in Photosol (EUR341m cash paid and consolidation of EUR65m of its corporate net debt).
Capex reached EUR259m, out of which EUR49m (19%) are renewable investments (Photosol) and decarbonisation. The remaining EUR210m are split between maintenance (80%) and growth and energy transition investments (20%) at Rubis Énergie.
On the back of strong operational results and solid balance sheet in FY 2022, the management proposes another increase in dividend per share to EUR1.92 (+3% vs 2021).
RUBIS ÉNERGIE
Rubis Énergie incorporates the Retail & Marketing of fuels (in service stations or for professionals), lubricants, liquefied gases and bitumen, as well as the logistics behind the Retail & Marketing activity through Support & Services , grouping together SARA refinery, trading/supply and shipping operations.
Overall, Rubis Énergie has reported an excellent development in FY 2022 with a strong increase in EBIT to EUR540m driven by double-digit growth in both Retail & Marketing and Support & Services. Operational cash flow before change in working capital reached EUR440m in FY 2022, slightly down vs FY 2021 (-7%) due to higher interest costs and FX losses. Capex increased slightly to EUR215m (+4% yoy) despite strong investment in bitumen and Eastern Africa, illustrating the cost discipline approach of the Group.
RUBIS ÉNERGIE FINANCIAL highlights
(in million euros) 2022 2021 2022 vs
2021
EBITDA 680 551 23%
EBIT, of which 540 412 31%
Retail & Marketing 396 289 37%
Support & Services 144 123 17%
Operational cash flow before change in working capital 440 475 -7%
Capital expenditure 215 206 4% - RETAIL & MARKETING (73% OF RUBIS éNERGIE EBIT)
The Retail & Marketing business operates in three geographic areas: Europe, the Caribbean and Africa.
Overall, volumes are up 2% compared to FY 2021 with an excellent development in Eastern Africa (focus on the service-station network) and buoyant aviation driven by tourism and end of Covid-linked restriction measures in the Caribbean region.
Volumes sold by region in FY 2019-2022
2022
(in '000 m3) 2022 2021 2020 2019
vs 2021
Europe 856 872 816 890 -2%
Caribbean 2,173 2,070 1,963 2,298 5%
Africa 2,458 2,459 2,269 2,296 0%
TOTAL 5,487 5,401 5,049 5,494 2%
Gross profit reached EUR801m, up 27% vs 2021, driven by both volume, solid unit margin development across all regions. Gross profit growth stood at +21% when adjusted for FX pass-through in Nigeria (bitumen), while unit profit has increased by 19% yoy to EUR140/m3.
2022 has been a busy year for Rubis Énergie in terms of initiatives taken on climate topics. In line with what was announced, an internal carbon pricing methodology was defined for risks appraisal in capex or equity investments.
Work on scope 3A emissions identification was completed and a new decarbonisation target was set. This target mainly concerns outsourced road and maritime transport, which accounts for the largest share (45%) of Rubis scope 3A emissions and reaches -20% by 2030 vs the 2019 baseline.
Retail & Marketing gross and unit profit in FY 2022 (1)
Gross profit Split 2022 vs 2021 Unit profit Change yoy
(in EURm) (in EUR/m3)
Europe 197 25% 1% 230 3%
Caribbean 280 35% 35% 129 29%
Africa 324 40% 40% 132 40%
TOTAL 801 100% 27% 146 25% 1. For the table with adjusted gross profit and unit profit, see Appendix.
-- Europe benefits from its strong LPG positioning (LPG accounts for >95% of regional gross profit) andmarket share gain. However, the increase in operational and transport costs contributed to the 18% yoy reduction inEBIT to EUR58m in FY 2022.
-- The Caribbean region - excluding Haiti - recorded a significant improvement in 2022 in volumes (+13%),driven by the strong rebound in the tourism/aviation sector and in unit profit (+29%) leading to 62% yoy increasein EBIT to EUR134m in FY 2022. Haiti had another difficult year with continued deterioration of the safety, politicaland economic situation. This coupled with increased interest rate and applied discount rate led to the EUR40mgoodwill impairment in FY 2022.
-- Lastly, Africa reported an excellent development with 51% yoy increase in EBIT to EUR205m in FY 2022. Maingrowth drivers were Eastern Africa thanks to the investments in the service-stations optimisation programme,bitumen (with FX pass-through in Nigeria), and the agreement between the Malagasy government and the sector, takinginto account the losses incurred. Adjusted for FX pass-through, EBIT has increased by 26% yoy.
EBIT by ReGION FY 2019 - 2022
2022
(in EURm) 2022 2021 2020 2019
vs 2021
Europe 58 71 61 61 -18%
Caribbean 134 82 80 139 62%
Africa 205 136 128 123 51%
TOTAL RETAIL & MARKETING 396 289 269 324 37% - SUPPORT & SERVICES (27% of RUBIS éNERGIE EBIT)
The Support & Services business recorded EBIT of EUR144m (+17% yoy) for the FY 2022 period, supported by the recovery in the Caribbean region with supply and shipping activities and strength of the bitumen sector.
EBIT from Support & Services excluding SARA grew by 22% yoy:
-- volumes handled in trading and supply showed an increase in unit margins, while shipping benefited fromthe combined effect of better freight rates, investments in new vessels and the development of bitumen sales inAfrica;
-- port and pipe services activities in the Indian Ocean maintained their historical pace.
Shipping activities, as well as SARA refinery, present major decarbonisation challenges for the Group. Thus, in line with the Sea Cargo Charter entered into in 2022, a pilot project was launched to introduce 800 tonnes of biofuels (HVO) in the bunkering of vessels serving activities in the French Guiana zone. This first step is a key element of Rubis strategy to reduce the Group's carbon footprint.
EBIT support & services IN FY 2019 - 2022
2022
(in EURm) 2022 2021 2020 2019
vs 2021
EBIT, of which 144 123 120 108 +17%
SARA 25 26 44 40 -2%
Others 119 97 76 68 +22%
RUBIS RENOUVELABLES
Rubis Renouvelables division includes Rubis Photosol activities, acquired in April 2022, as well as the 18.5% stake in HDF Energy.
The accounts of Photosol have been included in the Group's consolidation from 1st April 2022.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FY 2022
(in EURm) FY 2022 Installed capacity (MWp) 384 Electricity production (GWh) 403 Sales 33 EBITDA 18 Capex 44 Project net financial debt (non-recourse) 357
As of 31 December 2022, Rubis Photosol has increased its secured portfolio to 503 MWp vs 462 MWp in FY 2021. The development pipeline reaches 3.5 GWp, of which 1.4 GWp are in advanced development phase.
FY 2022 was marked by the growth in the project pipeline and strengthening of the development team. The main achievements include:
-- entry into the rooftop segment with the bolt-on acquisition of Mobexi: at a time when the latter is beingencouraged by the energy acceleration law passed in February 2023 which defines agrivoltaism, acceleration zonesand simplifies the administrative work;
-- the signature of a first corporate PPA with Leroy Merlin that positions Rubis Photosol in the marketsegment poised to the strong growth (February 2023);
-- the first steps in the collaboration with Rubis Énergie, working on the development of bundled offers andpossible international expansion.
FY 2022 saw strong inflation of the equipment costs and administrative congestion in the granting of building permits and connections to the network. An agreement was reached between the industry and the CRE[7] to release resources to compensate for the additional costs of equipment in the form of an authorisation to sell the electricity production of projects in operation from September 2022 at the market price (higher than the contractual feed-in price) for a period of 18 months.
The bottleneck in the building permits processing and delays in the grid connection lead to a delay of 12-18 months in the realisation of the project pipeline. As such the mid-term ambitions were reviewed to reflect the current situation:
-- accumulated capex: 700 MEUR over 2022-2026 (vs 2022-2025 previously announced);
-- EBITDA: EUR65-70m by 2027 (vs 2025 previously);
-- installed capacities: 1 GWp by 2026 (vs 2025 previously), 2.5 GWp by 2030 (unchanged).
A complete carbon assessment of Rubis Photosol's activities will be carried out in 2023, and more generally, a CSR roadmap will be defined during the year.
RUBIS TERMINAL JV (accounted for using the equity method)
The Rubis Terminal JV has delivered solid performance with +6% yoy storage revenue growth to EUR235m, with acceleration in H2 2022 (+8%), driven by biofuels, chemicals and agri-food. Adjusted EBITDA[8] has increased by 2% to EUR124m in FY 2022.
The share of Rubis profit stood at EUR4.7m in FY 2022 (flat vs FY 2021). 2022 results include a capital gain generated by the sale of activities in Turkey (+6mEUR) and are more than offset by the non-recurring costs linked to the refinancing of its debt in H2 2022.
On annual basis, Rubis Terminal generates free cash flow after tax, financial charges, and maintenance investment of EUR40-50m, which, compared to total equity of EUR547m (for 100%) gives a cash return of 9%.
In 2022, Rubis Terminal issued its first sustainability report which is available for consultation on Rubis Terminal's website, and highlights the Group's approach, performance and roadmap for sustainable development.
RUBIS TERMINAL JV FINANCIAL PERFORMANCE
(in million of euros) 2022 2021 2022 vs 2021 Storage revenue (incl. 50% of Antwerp) 235 222 6% adj. EBITDA (incl. 50% of Antwerp) 124 122 2% Capital expenditure, of which 77 58 Maintenance 27 27 Growth 50 31 Share of net income at Rubis P&L 5 5 Dividends paid to Rubis 33 19 Value of Rubis Terminal JV at Rubis balance sheet 288 305
Webcast for the investors and analysts
Date: 16 March 2023, 6:00pm
Link to register for the webcast: https://channel.royalcast.com/landingpage/rubisfr/20230316_1/
Participants from Rubis: - Jacques Riou, Managing Partner - Bruno Krief, CFO - Clarisse Gobin-Swiecznik, Managing Director - Fred Royer, Managing Director, Rubis Asphalt Middle East
Next events:
Q1 2023 Trading update: 4 May 2023 (after market close)
Annual Shareholders' Meeting: 8 June 2023, 14:00 CET
H1 2023 results: 7 September 2023 (after market close)
Q3 2023 Trading update: 7 November 2023 (after market close)
Press Contact Investors Contact
RUBIS Investor Relations Department
RUBIS Communication department
Anna Patrice: Tel: +(33) 1 45 01 72 32
Clemence Mignot-Dupeyrot: Tel: +(33) 1 45 01 87 44
Tel: +(33) 1 44 17 95 95
investors@rubis.fr
presse@rubis.fr
appendix
Consolidated financial statements as of 31 DECEMBER 2022
(in million of euros) 2022 2021 2022 vs
2021
Revenue 7,135 4,589 55%
EBITDA 669 532 26%
EBIT, of which 509 392 30%
Rubis énergie 540 412
Rubis Renouvelables -1
Net income, Group share 263 293 -10%
Adjusted net income(1), Group share 326 293 11%
Adjusted EPS (diluted), in euros 3.16 2.86 10%
Dividend per share, in euros 1.92(2) 1.86 3%
Operational cash flow before change in working capital 432 465 -7%
Capital expenditure, of which 259 206
Rubis Énergie 215 206
Rubis Renouvelables 44 -
Net financial debt (NFD) 1,286 438
NFD/EBITDA 2.0x 0.9x
Corporate net financial debt(4) (Corporate NFD) 930 438
Corporate NFD/EBITDA 1.5x 0.9x 1. Adjusted net income - excluding non-recurring items and IFRS 2. 2. Amount to be proposed at AGM on 8 June 2023. 3. Operational cash flow after net financial costs and tax and before change in working capital. 4. Corporate net financial debt - excluding non-recourse debt.
Reconciliation of net income Group share to adjusted net income Group share
(in million of euros) FY 2022 FY 2021 FY 2019 2022 2022
vs 2021 vs 2019
Net income, Group share 263 293 307 -10% -14%
Non-recurring items: share of net income from JV and others (Rubis Terminal) -2 -3 - - -
Expenses related to the acquisitions 16 - 6 - -
IFRS 2 expenses (Rubis SCA) 8 4 5 - -
Goodwill impairment 40
Adjusted net income, Group share (excluding non-recurring items and IFRS 2) 326 293 319 11% 2%
Number of shares (diluted) 103 103 100
Adjusted EPS (diluted) excl. non-recurring items and IFRS 2 3.16 2.86 3.20 10% -1%
Net income from discontinued operations - - - 28 - -
Share of net income from JV (mainly Rubis Terminal) - 8 -6 - - -
Adjusted net income, Group share excluding JV (mainly Rubis Terminal) 317 288 291 10% 10%
Number of shares (diluted) 103 103 100
Adjusted EPS (diluted) excl. JV (mainly Rubis Terminal) 3.08 2.80 2.92 10% 5%
Composition of net debt/EBITDA excluding IFRS 16
(in million of euros) 31/12/2022 31/12/2021 Corporate net financial debt (Corporate NFD) 930 438 EBITDA 669 532 Rental expenses IFRS 16 40 42 EBITDA pre-IFRS 16 629 490 EBITDA pre-IFRS 16 corporate 603 490 Corporate NFD/EBITDA pre-IFRS 16 1.5x 0.9x Non-recourse project debt (Photosol) 357 - Total net financial debt (Total NFD) 1,286 438 Total NFD/ EBITDA pre-IFRS 16 2.0x 0.9x
Retail & marketing volume development by product in FY 2022
Split Volume development
(in '000 m3)
Gross profit Volumes vs 2021 vs 2019
(constant scope) (1)
LPG 37% 22% 2% -1 %
Service stations 27% 38% 5% - 8 %
Bitumen 13% 9% -9% 49 %
Commercial 15% 22% -3% +5 %
Aviation 7% 9% 10% - 14 %
Other 2% 2% - -
Total 100% 100% 2% -1%
(1) Constant scope: excluding acquisition of KenolKobil in East Africa.
Retail & Marketing division ADJUSTED gross and unit profit in FY 2022 (1)
Gross profit Split 2022 vs 2021 Unit profit Change yoy
(in EURm) (in EUR/m3)
Europe 197 26% 1% 230 3%
Caribbean 280 37% 35% 129 29%
Africa 290 38% 26% 118 26%
TOTAL 767 100% 21% 140 19% 1. Adjusted for FX pass-through in Nigeria.
RETAIL & MARKETING VOLUME DEVELOPMENT BY REGION IN FY 2022
2022
(in '000 m3) 2022 2021 2020 2019
vs 2021
Europe 856 872 816 900 -2%
Caribbean 2,173 2,070 1,963 2,298 +5%
Africa 2,458 2,459 2,269 2,296 0%
TOTAL 5,487 5,401 5,049 5,494 +2%
Retail & marketing Gross profit IN FY 2019-2022
2022
(in million of euros) 2022 2021 2020 2019
vs 2021
Europe 197 195 193 192 +1%
Caribbean 280 207 208 267 +35%
Africa 324 231 226 218 +40%
TOTAL 801 632 628 677 +27%
RETAIL & MARKETING unit PROFIT IN FY 2019-2022
2022
(in EUR/m3) 2022 2021 2020 2019
vs 2021
Europe 230 223 237 213 +3%
Caribbean 129 100 106 116 +29%
Africa 132 94 100 95 +40%
TOTAL 146 117 124 123 +25%
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Asset (in thousands of euros) 31/12/2022 31/12/2021 Non-current assets Intangible assets 79,777 31,574 Goodwill 1,719,170 1,231,635 Property, plant and equipment 1,662,305 1,268,465 Property, plant and equipment - right-of-use assets 221,748 166,288 Interests in joint ventures 305,127 322,171 Other financial assets 204,636 132,482 Deferred taxes 18,911 12,913 Other non-current assets 9,542 10,408 TOTAL NON-CURRENT ASSETS (I) 4,221,216 3,175,936 Current assets Inventory and work in progress 616,010 543,893 Trade and other receivables 770,421 622,478 Tax receivables 36,018 21,901 Other current assets 21,469 23,426 Cash and cash equivalents 804,907 874,890 TOTAL CURRENT ASSETS (II) 2,248,825 2,086,588 TOTAL ASSETS (I + II) 6,470,041 5,262,524 EQUITY AND LIABILITIES (in thousands of euros) 31/12/2022 31/12/2021 Shareholders' equity - Group share Share capital 128,692 128,177 Share premium 1,550,120 1,547,236 Retained earnings 1,054,652 941,249 Total 2,733,464 2,616,662 Non-controlling interests 126,826 119,703 EQUITY (I) 2,860,290 2,736,365 Non-current liabilities Borrowings and financial debt 1,299,607 805,667 Lease liabilities 196,914 138,175 Deposit/consignment 148,588 138,828 Provisions for pensions and other employee benefit obligations 40,163 56,438 Other provisions 98,008 159,825 Deferred taxes 92,480 63,071 Other non-current liabilities 94,509 3,214 TOTAL NON-CURRENT LIABILITIES (II) 1,970,269 1,365,218 Current liabilities Borrowings and short-term bank borrowings (portion due in less than one year) 791,501 507,521 Lease liabilities (portion due in less than one year) 27,735 23,742 Trade and other payables 781,742 601,605 Current tax liabilities 28,771 23,318 Other current liabilities 9,733 4,755 TOTAL CURRENT LIABILITIES (III) 1,639,482 1,160,941 TOTAL EQUITY AND LIABILITIES (I + II + III) 6,470,041 5,262,524
CONSOLIDATED INCOME STATEMENT
(in thousands of euros) Chg. 31/12/2022 31/12/2021 NET REVENUE 55% 7,134,728 4,589,446 Consumed purchases (5,690,380) (3,319,645) External expenses (403,404) (415,461) Employee benefits expense (236,965) (199,479) Taxes (134,485) (122,564) EBITDA 26% 669,494 532,297 Other operating income 940 3,106 Net depreciation and provisions (167,747) (136,530) Other operating income and expenses 6,327 (7,045) CURRENT OPERATING INCOME 30% 509,014 391,828 Other operating income and expenses (58,136) 4,802 OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES 14% 450,878 396,630 Share of net income from joint ventures 5,732 5,906 OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES 13% 456,610 402,536 Income from cash and cash equivalents 11,868 9,645 Gross interest expense and cost of debt (42,363) (22,220) COST OF NET FINANCIAL DEBT 143% (30,495) (12,575) Interest expense on lease liabilities (10,234) (8,565) Other finance income and expenses (80,116) (11,456) PROFIT (LOSS) BEFORE TAX -9% 335,765 369,940 Income tax (63,862) (65,201) NET INCOME -11% 271,903 304,739 NET INCOME, GROUP SHARE -10% 262,896 292,569 NET INCOME, NON-CONTROLLING INTERESTS -26% 9,007 12,170 Earnings per share (in euros) -10% 2.56 2.86 Diluted earnings per share (in euros) -11% 2.55 2.86
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of euros) 31/12/2022 31/12/2021 TOTAL CONSOLIDATED NET INCOME FROM CONTINUING OPERATIONS 271,903 304,739 Adjustments: Elimination of income of joint ventures (5,732) (5,906) Elimination of depreciation and provisions 100,928 163,201 Elimination of profit and loss from disposals 84 (599) Elimination of dividend earnings (190) (91) Other income and expenditure with no impact on cash (1) 65,270 3,468 CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX 432,263 464,812 Elimination of income tax expenses 63,862 65,201 Elimination of the cost of net financial debt and interest expense on lease liabilities 40,729 21,140 CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX 536,854 551,153 Impact of change in working capital* (31,353) (214,456) Tax paid (84,543) (42,039) CASH FLOWS RELATED TO OPERATING ACTIVITIES 420,958 294,658 Impact of changes to consolidation scope (cash acquired - cash disposed) 57,031 Acquisition of financial assets: Retail & Marketing division (83,985) Acquisition of financial assets: Renewable Energies division (2) (341,122) Disposal of financial assets: Retail & Marketing division 3,463 Disposal of financial assets: Support & Services division Investment in joint ventures Acquisition of property, plant and equipment and intangible assets (258,416) (205,682) Change in loans and advances granted (451) (1,653) Disposal of property, plant and equipment and intangible assets 5,942 8,733 (Acquisition)/disposal of other financial assets (2,779) (157) Dividends received 34,609 20,298 Other cash flows from investing activities (5) 4,063 CASH FLOWS RELATED TO INVESTING ACTIVITIES (501,123) (258,983)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(in thousands of euros) 31/12/2022 31/12/2021 Capital increase 3,404 6,995 Share buyback (capital decrease) (5) (153,160) (Acquisition)/disposal of treasury shares (41) 85 Borrowings issued 1,191,102 730,694 Borrowings repaid (847,812) (677,276) Repayment of lease liabilities (33,180) (40,827) Net interest paid (3) (38,908) (20,923) Dividends payable (191,061) (83,577) Dividends payable to non-controlling interests (11,303) (13,191) Acquisition of financial assets: Retail & Marketing division Disposal of financial assets: Retail & Marketing division Acquisition of financial assets: Renewable Energies division (5,306) Other cash flows from financing operations (2) (41,975) CASH FLOWS RELATED TO FINANCING ACTIVITIES 24,915 (251,180) Impact of exchange rate changes (14,733) 8,811 Impact of change in accounting policies CHANGE IN CASH AND CASH EQUIVALENTS (69,983) (206,694) Cash flows from continuing operations Opening cash and cash equivalents (4) 874,890 1,081,584 Change in cash and cash equivalents (69,983) (206,694) Closing cash and cash equivalents (4) 804,907 874,890 Financial debt excluding lease liabilities (2,091,108) (1,313,188) Cash and cash equivalents net of financial debt (1,286,201) (438,298)
(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 of the notes of the consolidated statements.
(3) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(4) Cash and cash equivalents net of bank overdrafts.
(*) Breakdown of the impact of change in working capital: Impact of change in inventories and work in progress (77,342) Impact of change in trade and other receivables (142,683) Impact of change in trade and other payables 188,672 Impact of change in working capital (31,353)
-----------------------------------------------------------------------------------------------------------------------
[1] Adjusted EPS - EPS excluding non-recurring items and IFRS2 charges, see Appendix.
[2] The Management Board, which met on 15 March 2023, approved the accounts for the 2022 financial year; these accounts were examined by the Supervisory Board on 16 March 2023. With regard to the process of certification of the accounts, the Statutory Auditors have to date substantially completed their audit procedures.
[3] Adjusted net income - net income excluding non-recurring items and IFRS2 charges, see Appendix.
[4] Corporate net financial debt - net financial debt excluding non-recourse project debt at SPV (special purpose vehicle) level. Corporate net debt/EBITDA is the ratio of corporate net debt to EBITDA pre-IFRS16 and excluding Photosol SPV EBITDA.
[5] Adjusted EBITDA = + Recurring EBITDA - IFRS 16 impact - share-based compensations + 50% share of ITC 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] CRE - Commission de Régulation de l'Énergie or French Energy Regulatory Commission is an independent body that regulates the French electricity and gas markets - The measures taken by the State to support the sector, allowing the sale at market price over 18 months are issued from an amending notice of the specifications CRE published on 30 August 2022.
[8] Adjusted EBITDA = Recurring EBITDA - IFRS 16 impact - share-based compensations + 50% share of ITC
-----------------------------------------------------------------------------------------------------------------------
Regulatory filing PDF file File: RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend
=----------------------------------------------------------------------
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: 1584731
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
1584731 16-March-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1584731&application_name=news
(END) Dow Jones Newswires
March 16, 2023 12:45 ET (16:45 GMT)
