Rubis Sca · EURONEXT:RUI
Rubis Sca — FY 2023 Earnings Presentation
33 slides from Rubis Sca's earnings presentation, Mar 7, 2024
Slide 1: 2023 Full-Year Results
2023 Full-Year Results 07 MARCH 2024
Slide 2: Contents
2023 Full-Year Results Contents 01 • Introduction 04 • Wrap-up & Outlook 02 • FY 2023 Highlights 05 • Q&A - Appendix 03 • FY 2023 Financial Results 2023 Full-Year Results Introduction FY 2023 Highlights FY 2023 Financial Results Wrap-up & Outlook Q&A – Appendix
Slide 3: Introduction
01 Introduction JACQUES RIOU Managing Partner
Slide 4: Business Lines and Approach
01 Business Lines and Approach Legacy businesses generate strong cash flow financing renewable long-term growth RENEWABLE ELECTRICITY BULK LIQUID STORAGE (JV) PRODUCTION Portfolio optimisation Accelerated development RETAIL & MARKETING SUPPORT & SERVICES Africa, Caribbean, Europe Europe (Photosol),
Slide 5: FY 2023 Highlights
01 FY 2023 Highlights Continuously growing operating performance across the board despite FX effects Continued growth underpinned by Enabling responsible growth excellent operating performance €XXm Photosol investment securedin EBITDA EBITup up19% 22%yoy Energy portfolio transition +77% Strong cashf
Slide 6: 2023 above targets across the board
01 2023 above targets across the board Enabling Rubis to grow its dividend for the 28th year in a row GROUP TARGETS REALISED Expected EBITDA €[690-730]m EBITDA €798m, up 19% yoy underpinned by the excellent operating performance in the Caribbean region Improving Net income Group share Net income Gro
Slide 7: Annual cashflow allocation mechanism for Rubis Group
01 Annual cashflow allocation mechanism for Rubis Group Financing investments with cashflow from legacy activities while pursuing dividend growth Dividend 200 Energy Capex Energy Distribution add. Cash available for Distribution 50% Corp. debt growth capex 80 leverage 40 40 CASHFLOW Cash available f
Slide 8: Investment policy
01 Investment policy A disciplined approach aimed at securing long-term returns while transitioning RENEWABLE ELECTRICITY PRODUCTION ● Bolt-on acquisitions in locations complementary to ● Project IRR [7-9]% unlevered our existing network ● Non-recourse debt financing [80-90]% ● Opportunistic acquisi
Slide 9: FY 2023 Highlights
02 FY 2023 Highlights CLARISSE GOBIN-SWIECZNIK Managing Partner
Slide 10: FY 2023 Key Financial Figures
02 FY 2023 Key Financial Figures Double-digit growth in operating performance – High cash-flow generation EBITDA (€M) NET INCOME CAPEX (€M) 283 +19% 258 €354m 669 798 44 77 +17% +8% 215 206 +14% vs. FY 2022 adjusted(1) 503 576 (adjusted for vs. FY 2022 goodwill impairment) FY 2022 FY 2023 Energy Dis
Slide 11: FY 2023 Energy Distribution Highlights
02 FY 2023 Energy Distribution Highlights EBIT up 20% - Strong growth across the board generating high cash flow Solid growth in volume LPG and bitumen OPERATING PERFORMANCE +4% ~30% of volume, LPG – Strong demand in bulk product in Morocco (volume +29%), vs. FY 2022 promoting energy transition Ke
Slide 12: FY 2023 Photosol Highlights
02 FY 2023 Photosol Highlights A year of acceleration DEVELOPMENT IN LINE WITH PLAN CONTINUED FOCUS ON THE DEVELOPMENT ON THE FRENCH MARKET ● Secured portfolio up 77% at 893 MWp ● Guaranteed and diversified income • First Corporate PPAs - Leroy Merlin in Jan-23 ● Reinforcement of teams • First prize
Slide 13: FY 2023 Rubis Terminal JV Highlights
02 FY 2023 Rubis Terminal JV Highlights Capacities commissioned in 2022 bring additional revenue OWNERSHIP KEY OPERATING FIGURES (in €m) +14% +16% 95% 45% 55% 267 235 123 143 Average utilisation rate in FY 2023 Storage revenue EBITDA FY 2022 FY 2023 FY 2023 HIGHLIGHTS CONTRIBUTION TO RUBIS NET INCOM
Slide 14: FY 2023 Financial Results
03 FY 2023 Financial Results BRUNO KRIEF CFO
Slide 15: Business Performance
03 Business Performance Outstanding performance in the Caribbean region of both Retail & Marketing and Support & Services EBIT BRIDGE - FY 2022 - FY 2023 (€M) ENERGY DISTRIBUTION RENEWABLE ELECTRICITY PRODUCTION 5 1 621 28 60 2 17 509 €79m increase, +20% yoy Retail & Marketing Africa Europe Support
Slide 16: Financial Results
03 Financial Results Income Statement FY 2023 FY 2022 Var % EBITDA 798 669 19% • Strong performance in the Caribbean • EBITDA and EBIT inflated for FX by €31.5m in 2023, vs. €34m in 2022 EBIT 621 509 22% Share of net income from associates 15 6 160% • Increased Rubis Terminal performance Non-recurri
Slide 17: Net debt development
03 Net debt development Healthy balance sheet: decreasing corporate leverage at 1.4x 367 1,360 1,286 ● Net debt €1,355m 47 992 €367m non-recourse debt from 929 212 Photosol SPV -357 283 − Mostly fixed rate (swapped) − 20 years maturity 105 €992m corporate net debt -583 − 2/3 fixed rate and 1/3 v
Slide 18: Wrap-up & Outlook
04 Wrap-up & Outlook CLARISSE GOBIN-SWIECZNIK Managing Partner
Slide 19: FY 2023 Key Take-aways
04 FY 2023 Key Take-aways Rubis beats targets across the board despite FX headwinds ● Continuous growth in operating performance ● CDP rating at B reiterated for the third year in a row Photosol secured portfolio up 77% yoy EBITDA up 19% at €798m - EBIT up 22% at €621m ● Think Tomorrow 2022-2025
Slide 20: 2024 Outlook
04 2024 Outlook Normalisation in legacy businesses – Confidence in Group’s ability to finance renewable growth and dividend 2024 OUTLOOK GUIDANCE ● Excellent 2023 performance of the Caribbean region expected to normalise ● Global Minimum Tax implementation ● Expected EBITDA €[725-775]m ● Acceleratio
Slide 21: Q&A - Appendix
05 Q&A - Appendix
Slide 22: 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 23: Rubis Photosol ambitions confirmed
05 Rubis Photosol ambitions confirmed Including Mobexi and international development OPERATING CAPACITY TO REACH EBITDA BY 2030 1 GW IN 2025 & 3.5 GW IN 2030 3.5 GW At least 25% Photosol EBITDA Mobexi & International to exceed 25% contribution to Rubis Group 1 GW France (unchanged) 0.5 GW 2023 2025
Slide 24: FY 2023 Energy Distribution
05 FY 2023 Energy Distribution (in million euros) FY 2023 FY 2022 Var % Retail & Marketing Volume ('000m3) 5,718 5,487 4% o/w Europe 876 856 2% o/w Carribean 2,219 2,173 2% o/w Africa 2,623 2,458 7% Adj Gross margin 806 785 3% o/w Europe 208 197 6% o/w Carribean 306 280 9% o/w Africa 291 308 -6% EBI
Slide 25: NGN to USD - 2023
05 NGN to USD - 2023 2023 Full-Year Results 25 Introduction FY 2023 Highlights FY 2023 Financial Results Wrap-up & Outlook Q&A –- Appendix
Slide 26: NGN to USD – 2024 YTD
05 NGN to USD – 2024 YTD 2023 Full-Year Results 26 Introduction FY 2023 Highlights FY 2023 Financial Results Wrap-up & Outlook Q&A –- Appendix
Slide 27: Overview of Rubis Photosol typical portfolio phasing in France
05 Overview of Rubis Photosol typical portfolio phasing in France A 3-4 year process requiring expertise 12-15 months 10-20 months 3 months 2-3 months 3-6 months 10-18 months Submission Authorisations file Permitted Connectable Land secured of the authorisations considered complete project to grid T
Slide 28: Photosol financial mechanics
05 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 t
Slide 29: Renewable energies at France level
05 Renewable energies at France level Cumulated solar power installed (GW) 2019-2030 target: 48.1 -5,5 MrCO2eq 43.6 39.1 34.6 30.1 25.6 21.1 16.4 13.9 11.3 9.6 7.8 8.6 6.8 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source : SDES. 2023 data as of end-May. Perimeter : mainla
Slide 30: A proactive CSR approach
05 A proactive CSR approach Our progress for a positive impact Highlights on 3 key objectives of our CSR Roadmap (published in September 2021) Environment People Society Reducing our Providing a safe Contributing to a more OBJECTIVES environmental footprint and stimulating working virtuous society e
Slide 31: Extra-financial ratings
05 Extra-financial ratings 2023 Full-Year Results 31 Introduction FY 2023 Highlights FY 2023 Financial Results Wrap-up & Outlook Q&A –- Appendix
Slide 32: Financial calendar – Roadshows & Conferences
05 Financial calendar – Roadshows & Conferences • Roadshows post FY 2023 results Paris – 12 March (Goldman Sachs) Benelux – 26 March (Goldman Sachs) • Conferences JP Morgan Pan-European Small/Mid Cap CEO Conference – London – 14 March UBS Global Energy Transition Conference – London 21 March
Slide 33: Next events
Next events Q1 2024 Trading update: 07 | 05 | 2024 General Meeting: 11 | 06 | 2024 Q2 & H1 Financial Results: 05 | 09 | 2024 Photosol Day: 17 | 09 | 2024 Photos credits: @ Gilles Dacquin © Rubis photo library DISCLAIMER This presentation does not constitute or form part of any offer or solicitation