Rubis Sca · EURONEXT:RUI
Rubis Sca — Rubis — Non-Deal Roadshow (November 2023)
29 slides from Rubis Sca's roadshow presentation, Nov 24, 2023
Slide 1: Singapore – Sydney – Hong Kong Roadshow
Singapore – Sydney – Hong Kong Roadshow 20-24 NOVEMBER 2023
Slide 2: Agenda
AGENDA 01 • Overview 04 • Focus on Bitumen 02 • Operating & Financial 05 • Outlook Performance 03 • Focus on Rubis Photosol Singapore – Sydney – Hong Kong Roadshow – Nov 2023
Slide 3: Overview
01 Overview
Slide 4: Key figures
01 Key figures Energy Distribution 3 Renewable Electricity Production businesses ~4,500 Bulk Liquid Storage (in JV) Employees €326m €171m €1.92 >40 Adj. net income (2022) Net income (H1 2023) Proposed dividend countries (vs 19 in 2012) +10% +8% 2012-2022 CAGR 2012-2022 CAGR Rubis at a glance Singapo
Slide 5: Business lines and approach
01 Business lines and approach Historical businesses generate strong cash flow, most recent ones ensure long-term growth ENERGY DISTRIBUTION RENEWABLE ELECTRICITY BULK LIQUID STORAGE (JV) Steady development and improved profitability PRODUCTION Portfolio optimisation Accelerating development RETAIL
Slide 6: Energy Distribution: Retail & Marketing
01 Energy Distribution: Retail & Marketing (76% of EBIT(1)) H1 2023 FY 2022 EBIT EBIT Distribution of energy and bitumen across ≈ 40 countries €247m €396m STRONG MARKET POSITION RESILIENT ▪ Full logistics chain to final user thanks to Rubis’ own ▪ Basic consumer need, non-correlated to market cycles
Slide 7: Energy Distribution: Support & Services
01 Energy Distribution: Support & Services (29% of EBIT(1)) H1 2023 FY 2022 EBIT EBIT €94m €144m TRADING/SUPPLY AND SHIPPING ● Niche segments ▪ Bitumen in Africa ▪ Fuels in the Caribbean region mostly Trading and shipping ● 10 owned and 6 chartered vessels LOGISTICS AND REFINERY ● SARA refinery (71%
Slide 8: Renewable Electricity Production
01 Renewable Electricity Production Photosol: a leader in the French renewable energy sector with European ambitions Highlights Key figures ● Founded in 2008 – 80% owned by Rubis 100% 858 MWp ● Specialist in the development and the management of large secured of the projects equity photovoltaic inst
Slide 9: Annual cashflow allocation mechanism for Rubis Group
01 Annual cashflow allocation mechanism for Rubis Group Financing investments with cashflow from existing activities while pursuing dividend growth Dividend Cash available for Energy 50% Capex Energy 200 growth capex Distribution leverage Distribution 40 add. Corp. debt 80 40 CASHFLOW FROM Investmen
Slide 10: Operating & financial performance
02 Operating & financial performance
Slide 11: H1 2023 key financial figures
02 H1 2023 key financial figures Solid operating performance partially offset by FX effects – cash-flow generation maintained at a high level EBITDA (€M) NET INCOME CAPEX +30% 132 409 24 €171m 97 12 314 +8% vs H1 2022 (1) 108 85 +28% 300 234 H1 2022 H1 2023 Energy Distribution Renewable Electricity
Slide 12: Business performance
02 Business performance Africa first contributor to EBIT growth – strong performance in the Caribbean and Support & Services EBIT BRIDGE - H1 2022 - H1 2023 (€M) ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION 19 €62m increase, +34% yoy Retail & Marketing Support & Renewable Elec H1 2022 Africa
Slide 13: Q3 Update
02 Q3 Update Solid operating growth across the board ● Energy Distribution ● Renewable Electricity Production ▪ Retail & Marketing ▪ Launch of the construction of Creil solar farm − Gross margin +2% at €191m − 200 MWp • Strong operating performance of the fuel − Photosol’s largest photovoltaic proje
Slide 14: Focus on Rubis Photosol
Focus on Rubis Photosol ===)
Slide 15: Rubis Photosol
03 Rubis Photosol Independent leader in photovoltaic production in France A know-how spanning over the entire value-chain of a renewable energy project A diversified solar ground-mounted portfolio • Obtain authorisations Development • Identify expansion opportunities and win public tenders • Develop
Slide 16: Photosol portfolio: 4.5x pipeline
03 Photosol portfolio as of Sept-23 Strong development achieved, more growth to come Project pipeline 3.8 GWp 2,456 4.5x pipeline 2,300 2,318 2,123 to secured portfolio 1,528 1,369 1,323 1,165 Secured porfolio 858 MWp 383 394 421 330 335 151 89 63 96 102 57 57 In operation Under construction Ready-t
Slide 17: Photosol financial mechanics
03 Photosol financial mechanics A steady and predictable business model 1 SOLAR PLANT = 1 SPV STEADY AND SECURED TOPLINE COSTS –MOSTLY FIXED ● Electricity sales ● Operating expenses ▪ CRE (1) ▪ Lease, insurance, personnel costs, maintenance ([15-20]% of revenue) − 20 years, fixed price (20% indexed
Slide 18: Rubis Photosol updated ambitions
03 Rubis Photosol updated ambitions Including Mobexi and international development OPERATING CAPACITY TO REACH EBITDA BY 2030 1 GWp IN 2025 & 3.5 GWp IN 2030 At least 3.5 GWp 25% Photosol EBITDA Mobexi & International to exceed 25% contribution to Rubis Group France (unchanged) 1 GWp 0.5 GWp 2023 20
Slide 19: Focus on Bitumen
Focus on Bitumen BB PT 6 Re fh & |
Slide 20: Key take-aways
04 Key take-aways ● Niche product for road infrastructure ● Rubis competitive advantage ▪ Integrated value chain → high quality bitumen in required volumes with just-in-time delivery ▪ >50% market share ● Robust financial performance since acquisition ▪ >20% ROIC after tax ▪ 26% CAGR earnings growth
Slide 21: Bitumen: Diverse opportunities
04 Bitumen: Diverse opportunities TUNISIA ● Maintain 10% earnings CAGR across existing ALGERIA markets in Africa WESTERN LYBIA EGYPT SAHARA MAURITANIA ▪ Growth outlook in Southern Africa SENEGAL MALI NIGER CHAD ERITREA SUDAN GAMBIA BURKINA DJIBOUTI FASO ▪ Regional expansion into other African countr
Slide 22: Outlook
05 Outlook
Slide 23: 2023 outlook
05 2023 outlook Renewed confidence in the ability to distribute a growing dividend H2 MARKET OUTLOOK KPIS ● After the elections in Nigeria and the rainy season, bitumen is Assuming no further deterioration of market conditions (FX, inflation, expected to gain momentum interest rates) ● LPG expected
Slide 24: Market outlook and strategy
05 Market outlook and strategy A differentiated approach depending on products and geographies MID-TERM MARKET OUTLOOK AND RUBIS DIFFERENTIATED STRATEGY AFRICA CARIBBEAN EUROPE • LPG 3-6% p.a. • LPG 1-3% p.a. • LPG (3)-0% p.a. ▪ Transition energy ▪ Growth in line with tourism ▪ Slowly decreasing mar
Slide 25: Appendix
06 Appendix
Slide 26: H1 2023 Financial results
H1 2023 Financial results Income statement highlights H1 2023 H1 2022 Var % • Group EBITDA is inflated from FX pass-through in Nigeria (€25m) in H1 2023. EBITDA 409 314 +30% When adjusted for this effect, EBITDA increased by 22% yoy o/w Energy Distribution Retail & Marketing 300 234 +28% o/w Energy
Slide 27: Rubis Photosol strategy (1/2)
Rubis Photosol strategy (1/2) Be a leader on the booming French market Optimising energy value ● French market advantages ● Arbitrage between Corporate PPA and Public Tenders • Low country risk ▪ PPA : Strong market growth / better pricing opportunities • High ambitions: PPE plan targets 25 GWp by 2
Slide 28: Rubis Photosol strategy (2/2)
Rubis Photosol strategy (2/2) Develop further in Europe Entering C&I market ● A clear and actionable strategy to develop new business, leveraging ● Addressing the agricultural, public administrations and C&I Photosol proven track record in France market segment for solarisation projects of 100 kWp t
Slide 29: Photosol – recently-permitted project
Photosol – recently-permitted project Sauvigny-les-bois ● Permit obtained in Apr-23 – Construction to start in 2024 ● 45-55 MWp – Estimated production 60 GWh – 60 ha ● Agrivoltaism project – Sheep Farming ● Project IRR in line with investment criteria - Leverage [85-95]% - 20+yrs tenor ● Diversified