Rubis Sca · EURONEXT:RUI
Rubis Sca — H1 2022 Earnings Presentation
36 slides from Rubis Sca's earnings presentation, Sep 8, 2022
Slide 1: Half-Year Results 2022
2022 HALF-YEAR RESULTS 8 September 2022
Slide 2: Highlights
HIGHLIGHTS As of 30 June 2022
Slide 3: Highlights as of 30 June 2022
2022 Half-year Results HIGHLIGHTS AS OF 30 JUNE 2022 ● H1 2022: excellent results ▪ Volume growth (+7%) and solid unit margin (+6%) ▪ Double-digit earnings growth, exceeding pre-Covid level ▪ Solid balance sheet (corporate net financial debt/EBITDA): 2,1x ● Strategic acquisition in renewable energy
Slide 4: Key figures show solid performance
2022 Half-year Results HIGHLIGHTS KEY FIGURES SHOW SOLID PERFORMANCE H1 H1 2022 2022 2022 2021 vs 2021 vs 2019(1) ● All regions and segments with solid performance VOLUMES (‘000 m3) 2,826 2,650 +7% +8% ● Main contributors – aviation in the Caribbean region and service stations in East Africa ● Excel
Slide 5: Strategy evolution
2022 Half-year Results ACTIVITIES AND JOINT-VENTURE STRATEGY EVOLUTION RETAIL & MARKETING - SUPPORT & SERVICES RENEWABLE ENERGY STORAGE(1) (JV) FOCUS ON CONTINUING DEVELOPMENT AND ACCELERATING DEVELOPMENT OF EXPANSION AND PORTFOLIO OPERATIONAL EXCELLENCE/DECARBONISATION RENEWABLE ENERGY SEGMENT OPTI
Slide 6: Photosol
2022 Half-year Results PHOTOSOL LEADING FRENCH PHOTOVOLTAIC PLAYER WITH BUOYANT GROWTH AHEAD Key figures PROJECT PIPELINE – STRONG GROWTH AHEAD ● 476 MW of secured portfolio(1) and >3 GW project >3 GW pipeline pipeline ● 100% success rate of the submitted CRE tender offers(2) 2.3 GW ● >50% of instal
Slide 7: Capital allocation
2022 Half-year Results CAPITAL ALLOCATION SUSTAINING DIVIDEND POLICY, INVESTING IN ORGANIC AND EXTERNAL GROWTH RETAIL & MARKETING - SUPPORT & SERVICES PHOTOSOL EBITDA > €1.7bn ≈ €0.5bn ≈ €0.9bn ≈ €0.3bn (1) 2022 2025 2030 ● Strong cash generation at Rubis Énergie ● Photosol EBITDA to grow 40% p.a. 2
Slide 8: Solid balance sheet and low leverage
2022 Half-year Results SOLID BALANCE SHEET AND LOW LEVERAGE SUPPORTING SELECTIVE ACQUISITION STRATEGY External growth <3.0x >€2bn spent over the last decade <2.5x ● Contributed 2/3 of historical earnings growth of 9% EPS CAGR ● €200m-€300m financial firepower for bolt-on acquisitions ≈1.5x ● Strateg
Slide 9: Rubis Énergie Retail & Marketing
RUBIS ÉNERGIE RETAIL & MARKETING B2C Service-station sales (fuel, LPG, lubricants, etc.) Direct sales (LPG and heating oil) B2B Fuels (aviation, power plants, etc.) LPG Lubricants Bitumen
Slide 10: Solid business model
2022 Half-year Results SOLID BUSINESS MODEL INTEGRATED INFRASTRUCTURE & LOGISTICS PORTFOLIO DIVERSIFICATION Gross profit by product LPG 15% Fuel CRUDE OIL 6% Bitumen 43% For SARA – North Sea 10% Aviation Other 26% EUROPE LPG Bitumen LPG Spain, 17% From US to Africa of group EBIT Mostly local supply
Slide 11: Solid business model: limited volume volatility and price elasticity
2022 Half-year Results SOLID BUSINESS MODEL SUPPORTED BY LIMITED VOLUME VOLATILITY & PRICE ELASTICITY ● Resilient unit margin Rubis unit margin development vs oil price (year over year change) ▪ Exposure to regulated markets 150% 123% 30-40% of gross profit/volumes 100% 33% 22% 24% 54% 50% 11% 2% 15
Slide 12: Retail & Marketing
2022 Half-year Results RETAIL & MARKETING VOLUME RECOVERY, EXCELLENT UNIT MARGIN ● Excellent development in H1 despite challenging macro context ▪ +7% increase in volumes – driven by recovery in the Caribbean region and service stations in East Africa ▪ +6% increase in unit margins – positive develo
Slide 13: Solid development across all regions
2022 Half-year Results SOLID DEVELOPMENT ACROSS ALL REGIONS WITH DIFFERENT CHARACTERISTICS AND OPPORTUNITIES AFRICA CARIBBEAN EUROPE Developing markets Niche markets Mature markets EBIT with growing population and EBIT with diverse opportunities EBIT where Rubis is exposed mostly to 44%(1) increasin
Slide 14: Retail & Marketing EBIT by region
2022 Half-year Results RETAIL & MARKETING EBIT BY REGION H1 H1 H1 2022 2022 2022 2021 2019 vs 2021 vs 2019 €m €m €m ● Solid volume and excellent unit margin EBIT 184 146 176 +26% +5% development ● All regions with positive trends ● EBIT growth despite lower earnings in Madagascar ● Excellent perform
Slide 15: Rubis Énergie Support & Services
RUBIS ÉNERGIE SUPPORT & SERVICES Supply Shipping Logistics Refining (SARA)
Slide 16: Support & Services
2022 Half-year Results SUPPORT & SERVICES GROWTH DRIVEN BY STRONG MOMENTUM IN THE CARIBBEAN EBIT BRIDGE H1 2021 – H1 2022 (€M) +1 +3 75 +12 61 -3 H1 2021 SARA Fuel trading Bitumen Logistics H1 2022 Shipping Trading Indian Ocean Caribbean Shipping EBIT (€m) 61 10 33 21 9 75 Change yoy +18% -24% +58%
Slide 17: Rubis Renouvelables Renewable Energy
RUBIS RENOUVELABLES RENEWABLE ENERGY Photosol HDF Energy
Slide 18: Photosol highlights
2022 Half-year Results PHOTOSOL HIGHLIGHTS ● H1 2022: consolidation for 3 months (from 01/04/2022) H1 2022 330 +18% ▪ 35% increase in electricity production in H1 2022 vs H1 2021 Installed capacities ▪ €12m of sales and €6.5m EBITDA in Q2 2022 (MWp) H1 2021 280 ▪ €12m capex (with expected accelerati
Slide 19: Rubis Terminal JV Bulk Liquid Storage
RUBIS TERMINAL JV BULK LIQUID STORAGE Fuels and biofuels Chemicals Agrifood
Slide 20: Rubis Terminal JV highlights
2022 Half-year Results RUBIS TERMINAL JV HIGHLIGHTS ● H1 2022: acceleration in Q2 2022 Storage 2022 112 ▪ Storage revenues +2.8% with acceleration in Q2 2022 (+4.6%) revenues (€m) +3% − Double digit of biofuels in Spain and France (incl. 50% Antwerp JV) 2021 109 − Chemicals remain key growth driver
Slide 21: Results
RESULTS
Slide 22: Rubis Group income statement highlights
2022 Half-year Results RUBIS GROUP INCOME STATEMENT HIGHLIGHTS H1 H1 €m 2022 2021 EBITDA 314 257 ● Strong growth (+22%), Photosol contributes EUR7m yoy 22% 7% (consolidated for three months since April 2022) EBIT 244 188 ● Excellent performance yoy and exceeding pre-Covid levels (+14% vs H1 2019) yo
Slide 23: Cash flow highlights
2022 Half-year Results CASH FLOW HIGHLIGHTS H1 H1 €m 2022 2021 Cash flow from operations before 255 238 ● Improving cash flow generation, above pre-Covid level change in working capital ● 2x increase in oil prices inflates working capital value in H1 2022 and leads to cash Change in working capital
Slide 24: Change in working capital: impact on cash flow
2022 Half-year Results CHANGE IN WORKING CAPITAL – IMPACT ON CASH FLOW NEUTRAL OVER LONG-TERM 200 140 150 120 Change in working capital (€m) Oil price (USD per barrel) 100 100 50 0 80 -50 60 -100 40 -150 20 -200 -250 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 H1 2022 FY 2022 2023 (1) Change
Slide 25: Net debt development
2022 Half-year Results NET DEBT DEVELOPMENT ● Net debt €1,436m: ▪ €334m non-recourse debt from Photosol SPV − Mostly fixed rate (swapped) − 20 years maturity ▪ €1,102m corporate net debt − 2/3 fixed rate and 1/3 variable Change CAPEX Dividend Photosol Other/incl. Corporate Photosol debt Total Net de
Slide 26: Environment Social Governance
ENVIRONMENT SOCIAL GOVERNANCE
Slide 27: A proactive CSR approach: our progress
2022 Half-year Results 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 and Contributing to a more OBJECTIVES environmental footprint stimulating work e
Slide 28: A proactive CSR approach: ambitions and actions
2022 Half-year Results A PROACTIVE CSR APPROACH OUR AMBITIONS AND ACTIONS FOR 2022/2023 AGENDA 2022/2023 Environment People Society Reducing our Providing a safe and Contributing to a more OBJECTIVES environmental footprint stimulating work environment virtuous society NEXT STEPS ● Development of an
Slide 29: Supervisory Board
2022 Half-year Results SUPERVISORY BOARD REFRESHMENT AND STRENGHTENED EXPERTISE 3 NEW INDEPENDENT SUPERVISORY BOARD MEMBERS APPOINTED BY THE 9 JUNE 2022 SHAREHOLDERS’ MEETING WITH 3 MEMBERS JOINING THE BOARD Ms Cécile MAISONNEUVE Ms Carine VINARDI Mr Alberto PEDROSA SAFETY: 4 (vs 2 previously) MANAG
Slide 30: Conclusion & Outlook
CONCLUSION & OUTLOOK
Slide 31: Key take-aways & outlook
2022 Half-year Results KEY TAKE-AWAYS & OUTLOOK H1 2022 RESULTS MID-/LONG-TERM GROWTH DRIVERS ● Rubis Énergie: Retail & Marketing and Support & Services ● Solid volume and unit margin development ▪ Leveraging on strong position in niche/emerging markets ▪ Business optimisation and expansion (LPG, bi
Slide 32: Q&A
Q&A
Slide 33: Appendix
APPENDIX
Slide 34: Consolidated P&L
2022 Half-year Results CONSOLIDATED P&L H1 H1 % H1 H1 % RECONCILIATION NET INCOME H1 H1 H1 INCOME STATEMENT RETAIL & MARKETING TOTAL TO ADJUSTED NET INCOME 2019 2021 2022 2021 2022 yoy 2021 2022 Yoy Sales 2,051 3,290 60% Volumes (‘000 m3) 2,650 2,826 7% Net income, Group share 157 136 170 EBITDA 257
Slide 35: Contact details
2022 Half-year Results CONTACT DETAILS Please visit our website www.rubis.fr or CONTACT US +33 1 44 17 95 95 Sophie PIERSON Anna PATRICE Eva CHAUVET CSR Director & Chief Compliance Officer Head of Investor Relations Governance Director csr@rubis.fr investors@rubis.fr governance@rubis.fr 35 Presentat
Slide 36: Next events and disclaimer
NEXT EVENTS Q3 2022 Revenue: 8 November 2022 Q4 2022 Revenue: 7 February 2023 Photo Credits: © Gilles Dacquin / © Rubis photo library / © Photosol DISCLAIMER This presentation does not constitute or form part of any offer or solicitation to purchase or to sell Rubis’ securities. Should you need more