RUBIS 07-Feb-2023 / 17:45 CET/CEST
Paris, 7 February 2023, 17:45 CET
Q4 2022 TRADING UPDATE* Stable volumes, SOLID gross profit growth
Fourth quarter 2022 has seen continuing growth of gross profit at Rubis Énergie, development of Rubis Renouvelables, and excellent growth of JV Rubis Terminal:
Q4 2022 Group sales came in at €1,785m with 33% increase yoy, mostly boosted by rising oil prices yoy. Sales breakdown by segment and region is presented in the table below. As a reminder, Rubis Énergie passes on changes in oil price to its clients. Thus, the level of activity of this business should be analysed through volume and unit margin.
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.
The Retail & Marketing operates in three geographic areas: Europe, the Caribbean and Africa. The fourth quarter of 2022 has seen flat volume development growth (excluding Haiti) and excellent unit profit development, supporting +11% yoy increase in underlying gross profit (FY 2022: +21% yoy). The table below provides volumes split by region for Q4 and FY over 2019-2022. It provides the comparisons of 2022 vs 2019 on a like-for-like basis.
VOLUMES SOLD BY REGION IN Q4 OVER 2019-2022
VOLUMES SOLD BY REGION IN FULL YEAR OVER 2019-2022
*2022 vs 2019 on a like-for-like basis excluding acquisition in East Africa (consolidated from 01 April 2019).
Q4 regional development – key take-aways
The Support & Services business recorded total revenue of €289m (+74% yoy) for the Q4 2022 period, driven by increasing yoy oil prices (+51% in Q4). After an exceptional first half and in line with Q3, Q4 2022 has seen both volumes and profits normalise with +3% volume growth in Q4 2022 (FY 2022: +18%). Gross profit of supply/shipping segments was stable (+1% yoy) following strong growth in the first nine months, leading to a 15% increase for FY 2022. The remainder of the division (SARA refinery and logistics operations) benefits from specific business models with almost stable earnings profile.
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 Rubis Photosol have been included in the Group’s consolidation from 1st April 2022, i.e., for a period of nine months to 31 December 2022. Business seasonality is significant with generally strong Q2 and Q3 in terms of electricity production given higher number of sun hours compared to Q1 and Q4.
Rubis Photosol has increased its secured portfolio to 503 MWp at the end of 2022 vs 462 MWp vs 31/12/2021. The development pipeline reaches 3.5 GW, of which 1.4 GW are in advanced development phase. Expanding photovoltaic offering with the acquisition of Mobexi’s assets, a French specialist in rooftop panels, in November 2022. Thus, Rubis Renouvelables is establishing itself as a reference player for all types of photovoltaic installations from 0.1 MWp to 3 MWp on new buildings, existing roofs, or car parks, right up to large-scale ground-mounted plants of over 3 MWp.
RUBIS TERMINAL JV (accounted for using the equity method) Q4 2022 has been another strong quarter with storage revenue acceleration to +11%4 yoy (up from +4% in 9M 2022), supported by chemicals (+13%) and agrifoods (+50% yoy). Fuel revenues saw +6% growth driven by 22% increase in biofuels and +2% in fuels. FY 2022 storage revenues stood at €235m (+5.5%[5] yoy).
ESG HIGHLIGHTS
In line with Rubis’ CSR Roadmap Think Tomorrow 2022-2025, Rubis Énergie entered in January 2023 into four bank agreements to add sustainability-linked criteria to its existing revolving credit lines. These first refinanced sustainability-linked loans amount to a total of c. €255m and their maturities range from 2024 to 2029. Their margins are directly linked to the achievement of two or three of the Company’s most material ESG KPIs actions. These are the reduction of its direct carbon emissions (scope 1 and 2 CO2 emissions), carbon intensity of operation, and the reduction of scope 3A emissions. The credit lines have been granted by two global financial institutions, Crédit Agricole CIB and Citi.
OUTLOOK 2022 has ended on a strong note with stable volumes and excellent gross profit development supported by the Caribbean region and Africa in Q4. The latter has benefited from improving performance of the operations in East Africa thanks to investments in the retail network, as well as Government agreement in Madagascar. The Group is confident in its capability to generate robust operational earnings growth for the full year 2022.
Conference call for investors and analysts Date: 7 February 2023, 18:00-19:00 CET Speaker: Bruno Krief, CFO Link to register: https://register.vevent.com/register/BIc517645210184b538c8af1ff9d1281f2
Next events FY 2022 Results: 16 March 2023 (after market close) Q1 2023 Trading update: 4 May 2023 (after market close) Annual Shareholders’ Meeting: 8 June 2023, 14:00 CET
* All figures presented in this press release are unaudited. [1] Underlying gross profit growth – adjusted for Government agreement in Madagascar in Q4 2022 for the previous periods and for the bitumen FX pass through. [2] Support & Services comprises supply/shipping as well as logistics and SARA refinery (regulated). [3] Including 50% of Antwerp JV and on a proforma basis (excluding Turkey terminal sold in January 2022). [4] Includes Rubis Photosol from 01 April 2022. [5] Including 50% of JV Antwerp and on a proforma basis (excluding Turkey terminal sold in January 2022). Regulatory filing PDF file File: RUBIS: Q4 2022 trading update, stable volumes, solid gross profit growth |
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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 / Information on annual revenues |
EQS News ID: | 1554079 |
End of Announcement | EQS News Service |