22,22 €
22,22 €

MEDIA LIBRAIRY

PRESS RELEASE

RUBIS: Q1 2024 trading update: solid operating performance on the back of a high comparable base

Paris, 7 May 2024, 5:45pm

  • Energy Distribution
    • Retail & Marketing – Solid volume growth at +4%, gross margin at €209m (+2% adjusted1)
      • Strong momentum of the aviation business in Africa and in the Caribbean region
      • Robust operating performance in Africa fuel distribution network
      • Decrease in the Bitumen activity in Nigeria
    • Support & Services – Gross margin (excl. SARA) down 16%, after a strong Q1 2023
      • High level of vessel utilisation in the Caribbean
  • Renewable Electricity Production
    • Secured portfolio up +5% vs Dec-2023 at 936 MWp
    • Corporate PPAs: Signing of major partnership agreements with Data4 and another large corporate representing a total of 105 MWp
  • 2024 Guidance reiterated
  • Sale of Rubis Terminal signed
    • Final agreement reached with ISQ – Closing expected mid-year
    • Related dividend payment of €0.75 per share to take place after closing

SALES BREAKDOWN BY SEGMENT AND BY REGION

(in €m) Q1 2024 Q1 2023 Q1 2024 vs Q1 2023
Energy Distribution 1,652 1,731 -5%
Retail & Marketing 1,392 1,431 -3%
Europe 209 218 -4%
Caribbean 590 577 +2%
Africa 593 636 -7%
Support & Services 260 300 -13%
Renewable Electricity Production 8 9 -5%
TOTAL 1,660 1,740 -5%

On 7 May 2024, Clarisse Gobin-Swiecznik, Managing Partner, commented on the Q1 2024 activity: “I’m pleased to report that Q1 2024 delivered solid operating performance. Our legacy businesses performed as anticipated, continuing to be a strong foundation for the Company. We’re particularly encouraged by the continued development of Photosol, which is showing great promise for future growth.

In line with our strategic focus, we also announced the divestment of Rubis Terminal during the quarter. This decision allows us to crystallise the value generated and allocate resources more effectively towards the future of the Company.

Looking ahead, we remain confident in the guidance we provided during full year 2023 earnings release and are excited about the momentum we’re building across the Group.”

ENERGY DISTRIBUTION

Retail & Marketing

Q1 2024 has seen volume increasing by 4% vs Q1 2023, which was particularly strong. When excluding exceptional items and FX effect in Nigeria from Q1 2023, gross margin increased by 2%.

VOLUME AND GROSS MARGIN BY PRODUCT

  Volume

(in ‘000 m3)

Gross margin

(in €m)

Adjusted gross margin*

(in €m)

  Q1 2024 Q1 2023 Q1 2024 vs Q1 2023 Q1 2024 Q1 2023 Q1 2024 vs Q1 2023 Q1 2024 Q1 2023 Q1 2024 vs Q1 2023  
LPG 343 336 2% 84 83 1% 84 83 1%  
Fuel 1,048 978 7% 103 116 -11% 103 105 -2%  
Bitumen 100 117 -15% 23 36 -38% 23 18 25%  
TOTAL 1,491 1,432 4% 209 235 -11% 209   2%  

* Adjusted for exceptional items and FX effects in 2023.

LPG growth in Q1 2024 was underpinned by the continued high demand in bulk product in Morocco and South Africa. Autogas saw a strong growth in Spain notably in Q1 (+31% in volume), following the same momentum as previous years. Gross margin remained stable at +1%.

As regards fuel:

  • resilience in the retail business (service stations, representing 48% of fuel volume and 50% of fuel gross margin in Q1 2024) with stable volume at +0% vs Q1 2023. Facing challenges including economic downturn, high fuel price and fierce competition in Kenya, the African business proved its robustness with a slight decrease in volume at -2%. In the Caribbean region, volume grew by +3%, with the ongoing strong performance of Jamaica. Gross margin decreased, impacted by unexpected Kenyan shilling appreciation;
  • +7% volume growth in commercial and industrial business (C&I, representing 28% of fuel volume and 26% of fuel gross margin in Q1 2024). The strong performance of the Caribbean region, where Guyana activity maintained its dynamic pace, explains most of this growth. Gross margin increased accordingly yoy;
  • the strong volume growth momentum observed in the aviation segment (representing 21% of fuel volume and 19% of fuel gross margin in Q1 2024) since the beginning of 2023 continued in Q1 2024, landing at +39% yoy. This increase was driven by Kenya, where total volume for the quarter almost doubled (unit margin increased by +145% on this market), and the Caribbean region where activity was particularly strong. The significant increase in volumes elevated the gross margin accordingly.

Bitumen volume was down 15% yoy. This decrease is mainly explained by the lower volume in Nigeria after a few road contractors decided to put their projects on hold, waiting for the FX turmoil to stabilise. Senegal and Cameroon showed good dynamics, with volume and margins increasing. Overall, adjusted gross margin increased by €5m yoy.

VOLUME AND GROSS MARGIN BY REGION

  Volume

(in ‘000 m3)

Gross margin

(in €m)

Adjusted gross margin*

(in €m)

  Q1 2024 Q1 2023 Q1 2024 vs Q1 2023 Q1 2024 Q1 2023 Q1 2024 vs Q1 2023 Q1 2024 Q1 2023 Q1 2024 vs Q1 2023  
Europe 245 244 0% 62 59 6% 62 59 6%  
Caribbean 573 538 7% 80 73 10% 80 73 10%  
Africa 674 650 4% 67 103 -35% 67 74 -9%  
TOTAL 1,491 1,432 4% 209 235 -11% 209   2%  

* Adjusted for exceptional items and FX effects in 2023.

Adjusted unit margin came in at 140€/m3, down 2% yoy.

By region, the dynamics of this year were as follows:

  • Europe remained stable in volume. Gross margin increased by 6% benefiting from the increase in Autogas sales both in Spain and France;
  • the Caribbean region remained buoyant, with volume up 7%, following two consecutive years of double-digit growth. Operating conditions were optimal, with gains in market share and a sharp rise in margins across the board (+10%). This region is mainly driven by Guyana, Jamaica, and Suriname;
  • lastly, in Africa, gross margin was down 9%, adjusted for the sequencing of payment in Q1 2023 by the State of the 2022 revenue shortfall in Madagascar (€11.3m) and the neutralisation of foreign exchange losses in Nigeria (€18.3m). Economy in Kenya remains under pressure, and bitumen activity in Nigeria faces headwinds.

Support & Services 

The Support & Services activity recorded €260m of revenue (-13% yoy) in Q1 2024, after a very strong Q1 2023.

Volume and margins were down 28% and 23% yoy respectively. Q1 2023 had seen significant crude deliveries, while 2024 deliveries should start again only in Q2. Trading activity was dynamic with +20% in volume and +34% gross margin in the Caribbean, benefiting from the two vessels acquired in 2023.

SARA refinery and logistics operations present specific business models with stable earnings profile.

RENEWABLE ELECTRICITY PRODUCTION

  • Secured portfolio up +5% vs Dec-2023

The level of assets in operation grew by 3% over Q1 2024 and by 14% over the last 12 months. Despite this increase, revenue in Q1 2024 is down slightly vs Q1 2023. As a reminder, Q1 2023 saw a significant level of electricity direct sale to the market, which did not happen again in 2024 as market prices were not favourable. The secured portfolio reached 936 MWp, up from 893 MWp at the end of Dec-23. As regards pipeline, three new projects reached the RTB (Ready-to-build2) status, representing a total of 50 MWp.

FINANCIAL AND OPERATIONAL DATA

  Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Assets in operation (MWp) 394 394 421 435 450
Electricity production (GWh) 81 153 167 71 81
Sales (in €m) 9 16 16 8 8
  • Signing of major corporate PPAs with two large corporates

End 2023, Photosol signed major partnership agreements with Data4, a French operator and investor in the data center sector. These corporate PPAs will enable Rubis Photosol to provide green electricity from facilities located in the Alpes-Maritimes and Loir-et-Cher French regions. The two solar farms will have a cumulated capacity of 50 MWp and the tariff is secured for 10 years.

In April 2024, Photosol signed another corporate PPA to provide electricity from two solar farms representing 55 MWp. Tariff is secured for 20 years.

OUTLOOK – FY 2024 GUIDANCE REITERATED

After a very solid performance in 2023, Rubis activities maintain their momentum and continue to deliver in line with expectations.

Although a normalisation was expected, the Caribbean region continues to deliver strong growth. Europe and Africa 2023 positive operating momentum also continues, despite a few headwinds. The Renewable division develops according to plans.

As a result, the guidance provided to the market for 2024 is reiterated with a Group EBITDA expected to reach €725m to €775m. Net income Group share should remain stable despite the first-time application of the Global Minimum Tax representing an impact estimated between €20m and €25m.

EXTRA-FINANCIAL RATING

  • MSCI: AA (reiterated in Dec-23)
  • Sustainalytics: 30.7 (from 29.7 previously)
  • ISS ESG: C (from C- previously)
  • CDP: B (reiterated in Feb-24)

Webcast for the investors and analysts
Date: 7 May 2024, 6:00pm
Links to register: https://edge.media-server.com/mmc/p/v78tn9mq/

Participants from Rubis:

  • Marc Jacquot, CFO
  • Clémence Mignot-Dupeyrot, Head of IR

Upcoming events
Shareholders’ Meeting: 11 June 2024
Q2 & H1 2024 results: 5 September 2024 (after market close)
Photosol Day: 17 September 2024

Press Contact Analyst Contact
RUBIS – Communication department RUBIS – Clémence Mignot-Dupeyrot, Head of IR
Tel: +33 (0)1 44 17 95 95

presse@rubis.fr

Tel: +33 (0)1 45 01 87 44

investors@rubis.fr


1 LFL: Like-for-like i.e., excluding exceptional items and FX effects.

2 RTB: Ready-to-build – Project fully permitted, land and interconnection secured.

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Personal data

PERSONAL DATA PROTECTION POLICY

Last update: 13/11/2019

Rubis SCA (hereinafter referred to as “Rubis”) attaches great importance to the protection of your personal data (hereinafter referred to as “Personal Data”), which refers to any information relating to an individual, provided voluntarily by them or collected as part of their browsing on the website www.rubis.fr (hereinafter referred to as “the Website”).
The purpose of this notice is to describe how Rubis processes Personal Data collected when you use the www.rubis.fr website and to inform you of your rights under data protection regulations.

1. Purpose of collecting Personal Data and retention period

  • Financial communications mailing list
    Rubis collects Personal Data (gender, surname, first name, email address, country of residence, language) via the online form that allows you to subscribe to its financial communications email list. The Personal Data collected is kept for as long as you are subscribed to this mailing list and is archived in accordance with current regulations.
    You can unsubscribe from the financial communications mailing list by clicking on the dedicated hypertext link at the end of the e-mails.
  • Cookies
    In order to offer you a better service, Rubis compiles statistics and measures the audience for the Website. To enable statistical analysis, the Website provider uses the services of etracker GmbH, which installs cookies (small text files stored by the Internet browser on the user’s device). Data generated with etracker GmbH is processed and stored exclusively by etracker GmbH. It is processed in accordance with Article 6 of the General Data Protection Regulation.
    A window is automatically displayed when you first log on to the Site detailing the types of cookies installed and allowing you to select those whose use you accept. Please note that cookies may be stored temporarily (for as long as your web browsing session is open), or may have a longer lifespan, depending on their settings and those of your web browser.
    You may refuse to accept cookies (although their non-installation may limit certain functions of the Site). The configuration of browsing tools for this purpose is described by the Commission Nationale de l’Informatique et des Libertés (CNIL), at the following address (french only): https://www.cnil.fr/fr/cookies-et-autres-traceurs/comment-se-proteger/maitriser-votre-navigateur

2. Recipients of Personal Data

The Personal Data collected is processed by Rubis or, where applicable, by a service provider bound by contract to respect its confidentiality and security and to use it only for the purposes of the task entrusted to it. Rubis undertakes not to sell, rent or transfer it to third parties.

3. Storage and hosting of Personal Data

Personal Data collected by Rubis is stored and hosted on secure servers located in the European Union.

4. Security of Personal Data

Rubis implements appropriate measures to preserve the security, confidentiality and integrity of Personal Data, in particular to prevent it from being distorted, damaged or accessed by unauthorised third parties.

5. Enforceable rights with regard to the protection of Personal Data

The regulations give you the following rights with regard to your Personal Data:

  • a right of access, rectification and deletion;
  • the right to object to or limit the collection of personal data;
  • a right to portability ;
  • the right to determine what happens to your data after your death;
  • the right to lodge a complaint with a supervisory authority.

For more information, visit the following page on the CNIL website (french only): https://www.cnil.fr/fr/les-droits-pour-maitriser-vos-donnees-personnelles .

6. Contact

You can contact Rubis at the following address: communication@rubis.fr.

Legal information

Last update: 3/11/2023

IDENTIFICATIONS

Website publisher: RUBIS SCA, hereinafter the “Company”

SCA with share capital of 128,691,957.50 euros

Registered office: 46, rue Boissière – 75116 Paris, France
784 393 530 RCS Paris

LEI code: 969500MGFIKUGLTC9742

VAT number: FR 81784393530

Tel: +33 (0)1 44 17 95 95

Director of publication: Jacques Riou

Technical designer of the website: Agence TAKA (https://wearetaka.com/)

Limited liability company (SARL) with capital of €5,500

Registered office: 2 place Jules Gévelot – 92130 Issy les Moulineaux, France
512 910 704 RCS Nanterre

VAT number: FR75512910704

Tel: +33 (0)1 74 31 35 50

Website host: EQS Group AG

Registered office: Karlstraße 47 – D-80333 Munich, Germany

Tel: +49 (0) 89 210298-0

Fax: +49 (0) 89 210298-49

E-mail: contact@eqs.com

PURPOSE OF THE WEBSITE AND UPDATES

The purpose of the www.rubis.fr website is to provide all interested parties (hereinafter referred to as “users”) with information on the activities and results of the Company and the companies it directly or indirectly controls within the meaning of French law. The website, including this legal notice, may be updated at any time.

INTELLECTUAL PROPERTY

The information and documents available on the website (including the texts, images, photographs, videos, sounds, databases, company names, logos, products and brands mentioned) are either the exclusive property of the Company or one of the companies it controls, or are subject to rights of use, reproduction and representation or copyrights. Any reproduction, representation or use is prohibited without the express authorisation of the Company.
Copyright of images produced on the website:
© Gilles Dacquin
© Rubis group photo library

RSS FEED

Users can access information available on the website via an RSS feed. The use of this right is granted by the Company for individual and non-commercial purposes only, provided that the website URL is clearly mentioned.

PROTECTION OF PERSONAL DATA AND COOKIES

Rubis may need to collect your personal data in order to respond to a request from you. This data is processed by Rubis or, where applicable, by a service provider bound by contract to respect its confidentiality and security and to use it only for the purposes of the assignment entrusted to it. Rubis undertakes not to sell, rent or transfer it to third parties.

In accordance with current regulations, you have the right to access, rectify, delete and object to your personal data.

In order to offer you a better service, Rubis compiles statistics and measures the audience for the Website. To enable statistical analysis, the Website provider uses the services of etracker GmbH, which installs cookies (small text files stored by the Internet browser on the user’s device). Data generated with etracker GmbH is processed and stored exclusively by etracker GmbH. Data is processed in accordance with Article 6 of the General Data Protection Regulation.

We inform you so that you may refuse to accept these cookies. However, the non-installation of a cookie may limit certain functions of the Site. The configuration of the navigation tools is described at https://www.cnil.fr/fr/cookies-les-outils-pour-les-maitriser .

WARNING

The Company declines all responsibility:

  • in the event of imprecision, inaccuracy or omission concerning information or documents available on the website, including computer links (hypertext links, etc.) used by or referring to the website;
  • in the event of direct or indirect damage, whatever the causes, origins, nature or consequences, resulting from access to the website or the impossibility of accessing it, from its use or from the credit given to any information or document originating directly or indirectly from the website (these in no way constituting an invitation to invest, a form of canvassing or a public offer of financial instruments).

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In accordance with the General Data Protection Regulation, you have the right to access, rectify and delete your data by contacting us at communication@rubis.fr and by clicking on the unsubscribe link in communications.

You have the right to access, modify, rectify and delete data concerning you (French Data Protection Act of 6 January 1978). To exercise this right, all you have to do is unsubscribe from your subscriber file or make a request by e-mail to the company Actusnews Wire, provider of the “Publication Alert” service

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