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RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend

03|16|2023

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 €263M, +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 €18M (FOR 9 MONTHS)

PROPOSED DIVIDEND OF €1.92 PER SHARE, UP 3% VS FY 2021

 

FY 2022 Results[2] highlights

  • EBITDA: €669m, +26% vs FY 2021 and EBIT: €509m, +30% vs FY 2021, well ahead of record FY 2019 €412m.
  • Adjusted net income[3]: €326m, +11% vs FY 2021 leading to an adjusted EPS (diluted) of €3.16, +10% vs FY 2021.
  • Corporate net financial debt[4] (corporate NFD) at €930m, 1.5x corporate NFD/EBITDA pre-IFRS 16, vs €438m as 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 (Rubis Énergie).

 

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 669m (+26% yoy) and EBIT to 509m (+30% yoy). Photosol has been consolidated for nine months in 2022 (from 1st April 2022) contributing 18m to Group EBITDA and -€0.8m to EBIT.

Operating performance was driven by:

  • Retail & Marketing with +37% increase in EBIT to €396m; and
  • Support & Services with +17% increase in EBIT to €144m. 

Rubis Terminal JV has continued its steady growth with 6% in storage revenues reaching €235m in FY 2022 and 2% yoy increase to €124m in adjusted EBITDA[5] in FY 2022.

The Group EBITDA and EBIT are inflated from FX pass-through in Nigeria (€34m) in FY 2022. When adjusted for this effect, underlying EBITDA increased by 20% yoy and EBIT by 21% yoy. FX losses have reached €80m in FY 2022, from €11m in FY 2021.

FY 2022 results include non-recurring items, mainly:

  • costs linked to the acquisition of Photosol (-€16m after tax);
  • goodwill impairment in Haiti (-€40m) on the back of continued deterioration in safety and economic situation in Haiti and rising discount rate.

Adjusted for these non-recurring items and IFRS 2 charges, net income stands at €326m, up 11% yoy.

Operational cash flow before changes in working capital[6] reached €432m (vs €465m in FY 2021). Change in working capital has led to a €31m outflow with increasing oil prices (FY 2021: €214m outflow). Thus cash flow from operations after change in working capital and after repayment of lease liabilities (IFRS 16) reached €349m in FY 2022 vs €233m 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 €1,286m, out of which €357m is the non-recourse debt at SPV level of Photosol.

Rubis corporate net financial debt (corporate NFD) increased to €930m at the end of FY 2022 (from €438m 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 (€341m cash paid and consolidation of €65m of its corporate net debt).

Capex reached €259m, out of which €49m (19%) are renewable investments (Photosol) and decarbonisation. The remaining €210m 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 €1.92 (+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 €540m driven by double-digit growth in both Retail & Marketing and Support & Services. Operational cash flow before change in working capital reached €440m in FY 2022, slightly down vs FY 2021 (-7%) due to higher interest costs and FX losses. Capex increased slightly to €215m (+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

(in '000 m3)

2022

2021

2020

2019

2022

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 €801m, 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 €140/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
(in €m)

Split

2022 vs 2021

Unit profit
(in €/m3)

Change yoy

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) and market share gain. However, the increase in operational and transport costs contributed to the 18% yoy reduction in EBIT to €58m 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 increase in EBIT to €134m in FY 2022. Haiti had another difficult year with continued deterioration of the safety, political and economic situation. This coupled with increased interest rate and applied discount rate led to the €40m goodwill impairment in FY 2022.
  • Lastly, Africa reported an excellent development with 51% yoy increase in EBIT to €205m in FY 2022. Main growth 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, taking into account the losses incurred. Adjusted for FX pass-through, EBIT has increased by 26% yoy.

 

EBIT by ReGION FY 2019 – 2022

(in €m)

2022

2021

2020

2019

2022

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 €144m (+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 from the combined effect of better freight rates, investments in new vessels and the development of bitumen sales in Africa;
  • 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

(in m)

2022

2021

2020

2019

2022

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 m)

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 being encouraged by the energy acceleration law passed in February 2023 which defines agrivoltaism, acceleration zones and simplifies the administrative work;
  • the signature of a first corporate PPA with Leroy Merlin that positions Rubis Photosol in the market segment poised to the strong growth (February 2023);
  • the first steps in the collaboration with Rubis Énergie, working on the development of bundled offers and possible 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 M€ over 2022-2026 (vs 2022-2025 previously announced);
  • EBITDA: €65-70m 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 €235m, with acceleration in H2 2022 (+8%), driven by biofuels, chemicals and agri-food. Adjusted EBITDA[8] has increased by 2% to €124m in FY 2022.

The share of Rubis profit stood at €4.7m in FY 2022 (flat vs FY 2021). 2022 results include a capital gain generated by the sale of activities in Turkey (+6m€) 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 €40-50m, which, compared to total equity of €547m (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 Communication department

RUBIS Investor Relations Department

Anna Patrice: Tel: +(33) 1 45 01 72 32

Tel: +(33) 1 44 17 95 95

presse@rubis.fr

Clemence Mignot-Dupeyrot : Tel: +(33) 1 45 01 87 44

investors@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
vs 2021

2022
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

(in '000 m3)

Split

Volume development

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
(in €m)

Split

2022 vs 2021

Unit profit
(in €/m3)

Change yoy

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

(in ‘000 m3)

2022

2021

2020

2019

2022

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

(in million of euros)

2022

2021

2020

2019

2022

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

(in €/m3)

2022

2021

2020

2019

2022

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

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