23,00 €
Search
Close this search box.
23,00 €
Search
Close this search box.
23,00 €
Search
Close this search box.

INVESTISSEURS

INFORMATIONS RÉGLEMENTÉES

Rubis: Q3 & 9M 2023 trading update – Solid operating growth across the board

Paris, 07 November 2023, 5:45pm

  • Energy Distribution
    • Retail & Marketing
      • Gross margin increasing by 2% at €191m in Q3 2023, driven by the strong operating performance of the fuel distribution business
      • Volume at +7% with growth across the board, bitumen catching up after a soft start to the year
    • Support & Services
      • Gross margin up 39% at €38m, when excluding SARA1, demonstrating the strong profitability of shipping activities
  • Renewable Electricity Production
    • Secured portfolio at 858 MWp, up 34% over the quarter
    • Revenue at €16m, up 22% vs Q3 2022
    • Launch of the construction of Creil: 200 MWp solar farm, Photosol’s largest photovoltaic project, and second largest project in France
    • First-prize winner of CRE2 tenders with 257 MWp of ground-mounted photovoltaic projects
    • Acquisition of three RTB3 projects in Spain (Alicante region) representing 30 MWp (mid-October)
  • FY 2023 outlook confirmed
  • Q3 2023 Group sales at €1,596m, down 22% vs Q3 2022, in the context of decreasing oil prices vs the same period last year (-8%)

On 7 November 2023, Clarisse Gobin-Swiecznik, Managing Partner, commented: “Over the third quarter, Rubis operating performance was particularly dynamic, as reflected by the 7% increase in volume distributed by our Retail & Marketing business, together with the continuous expansion of our secured portfolio in the Renewable Electricity Production division. I’m very proud of our achievements, and I’d like to congratulate all our employees on the talent and determination they demonstrate every day in delivering these high-quality results. Among the several achievements of this quarter, we launched the construction of our largest solar farm in France, after being awarded more than 250 MWp by the CRE. This landmark project is a major milestone in the development of our renewable division in Europe. We are highly confident in our ability to meet our 2030 goals among which reaching 3.5GWp in operation for this branch and reaffirm we will reach €690m to €730m Group EBITDA in 2023 and grow our dividend vs last year.”

ENERGY DISTRIBUTION

Retail & Marketing

VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q3

  Volume (in ‘000 m3) Gross margin (in €m)
  Q3 2023 Q3 2022 Q3 2023
vs Q3 2022 		Q3 2023 Q3 2022 Q3 2023
vs Q3 2022 		 
LPG 298 282 5% 69 69 0%  
Fuel 1,018 956 6% 107 101 5%  
Bitumen 80 66 22% 15 17 -12%  
TOTAL 1,396 1,305 7% 191 187 2%  

Following Q2 trend, LPG volume continued to grow at a dynamic pace in Q3, margin remained stable, underpinned by a strong demand in bulk product in Portugal and in Morocco, with the ceramists customer segment growth particularly high.

As regards fuel:

  • retail (service stations, representing 55% of Q3 fuel gross margin, and 55% of fuel volume) volume grew by 5% over Q3. Most of this growth is coming from the Caribbean region. The Eastern Caribbean zone (mainly Guyana, St Vincent and Barbados) and Jamaica saw strong demand over this quarter, and Haiti volume is renewing with growth. Gross margin increased by 11% vs Q3 2022;
  • the Commercial and Industrial segment (C&I, representing 27% of Q3 fuel gross margin, and 29% of fuel volume) has decreased in Q3 23, at -2% in volume, and -13% in gross margin, mainly due to Kenya, penalised by lower government spending on projects such as road or dam construction. This decrease was partly offset by the strong performance of Eastern Caribbean (mainly Guyana and Jamaica);
  • In the aviation segment (representing 15% of Q3 fuel gross margin, and 14% of fuel volume), the strong momentum which started in H1 continued in Q3. Volume growth reached +36% vs Q3 2022. Gross margin increased by 32%, attributable to the Caribbean region (Grenada and Barbados mainly).

Bitumen volume was up 22% yoy. Nigeria caught up after the elections period. Togo also renewed with growth. The take-off of sales in South Africa, Gabon and Cameroon continues its good trend. Gross margins show a nice increase in most countries except for Nigeria (44% of total bitumen volume, 51% of total bitumen gross margin) where the turmoil due to the FX fluctuations generates volatility.

VOLUME SOLD AND GROSS MARGIN BY REGION IN Q3

  Volume (in ‘000 m3) Gross margin (in €m)
  Q3 2023 Q3 2022 Q3 2023
vs Q3 2022 		Q3 2023 Q3 2022 Q3 2023
vs Q3 2022
Europe 198 195 2% 45 39 15%
Caribbean 560 536 4% 78 80 -2%
Africa 637 574 11% 68 69 -1%
TOTAL 1,396 1,305 7% 191 187 2%

In Q3 2023, adjusted unit margin reached 137€/m3, down from 144€/m3 in Q3 2022 (-5%, mainly driven by the bitumen strong profitability in Q3 22). Adjusted unit margin came in at 141€/m3 in 9M 2023, stable vs 9M 2022.

By region, the dynamics of Q3 were as follows:

  • Europe continues to benefit from its strong LPG positioning. This segment slightly increased (+2%) in terms of volume in Q3 23 but increased its gross margin by 15%, illustrating the strength of Rubis’ positioning and subsequent pricing power in this segment;
  • the Caribbean region remained very dynamic, with volume up 4%. Guyana and Jamaica were the most significant contributors to growth in this performing region. Gross margin was overall stable at -2% in the context of increasing oil prices;
  • lastly, in Africa, volume was up 11% and gross margin stable at -1% (increasing oil prices). Performance of Eastern Africa retail and aviation segments were particularly strong.

Support & Services 

The Support & Services activity recorded total revenue of €251m in Q3 2023, (-18% yoy, and -6% excluding SARA).

Volume (+21%) and margins excluding SARA (+39%) have seen strong growth, with a high level of activity in the shipping business, benefiting in particular from two LPG vessels (previously time-chartered) acquired in Q1 23.

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

RENEWABLE ELECTRICITY PRODUCTION

The level of assets in operation has increased by 27 MWp over Q3, reaching 421 MWp. The secured portfolio reached 858 MWp, up from 641 MWp at the end of Jun-23. As regards pipeline, two new projects reached the ready-to-build status, representing a total of 200 MWp and c. 120 MWp were added to the early-stage bucket.

Revenue reached €16m over Q3 2023, €2.2m of which coming from direct sales to the market.

OPERATIONAL DATA

  Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Assets in operation (MWp) 368 384 394 394 421
Electricity production (GWh) 140 60 81 153 167
Sales (in €m) 13 7 9 16 16

On top of these elements, Photosol was awarded 257 MWp of ground-mounted photovoltaic projects in the call for tenders from the French Energy Regulatory Commission (CRE). This success is a record since the start of calls for tenders in France in 2011.

This award enabled the launch of the construction of a 200 MWp solar farm on a former military air base in Creil (Hauts-de-France region). This project is the largest in Photosol’s portfolio, and second largest in France.

Photosol also pursues its international development with the acquisition of three ready-to-build projects in Spain (Alicante region). Commissioning is planned in 2025, and project pipeline in Spain now reaches 300 MWp.

Photosol 2030 ambitions are confirmed:

  • cumulated capex will reach €2.7bn over 2023-2030, of which €700m over 2023-2025;
  • EBITDA will contribute to Rubis Group EBITDA by at least 25% by 2030;
  • installed capacities will reach 1 GWp by 2025, 3.5 GWp by 2030.

BULK LIQUID STORAGE (JV)

Rubis Terminal JV has delivered solid performance with +14% yoy storage revenue growth to €68m. As was the case in H1, this performance is explained by the use of the new capacities built in 2022 in the ARA zone, combined with the effect of inflation.

The product mix stayed stable over the Q3, at 72% of non-fuel products and strategic reserves.

OUTLOOK

The business model continues to deliver, with a solid Q3 2023. The Group is thus able to reaffirm 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment). EBITDA is expected to land between €690m and €730m, and dividend will grow in line with Group distribution policy. Cash flow from legacy activities will continue to supply for both dividend growth and investments needed to ensure the sustainable growth of the company.

NON-FINANCIAL RATING

  • MSCI: AA
  • Sustainalytics: 30.7 (from 29.7 previously)
  • ISS ESG: C (from C- previously)
  • CDP: B

Conference call for investors and analysts
Date: 7 November 2023, 6:00pm
Link to register: register.vevent.com/register/BI72624a58a06a41c0ba33f36a4620eb9b

Speakers:

  • Bruno Krief, CFO
  • Clémence Mignot-Dupeyrot, Head of IR

Upcoming events

Q4 2023 Trading update and FY 2023 results: 7 March 2024 (after market close)

Capital Markets Day 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

Appendix
1.   SALES

Revenue (in €m) Q3 2023 Q3 2022 Q3 2023 vs Q3 2022
Energy Distribution 1,580 2,029 -22%
Retail & Marketing 1,329 1,722 -23%
Europe 192 216 -11%
Caribbean 595 727 -18%
Africa 542 779 -30%
Support & Services 251 308 -18%
Renewable Electricity Production 16 13 22%
Bulk Liquid Storage (JV) – For information only 68 59 14%
TOTAL 1,596 2,042 -22%

Revenue (in €m) 9M 2023 9M 2022 9M 2023 vs 9M 2022
Energy Distribution 4,880 5,307 -8%
Retail & Marketing 4,103 4,555 -10%
Europe 602 633 -5%
Caribbean 1,733 1,949 -11%
Africa 1,767 1,973 -10%
Support & Services 777 752 3%
Renewable Electricity Production 41 25 62%
Bulk Liquid Storage (JV) – For information only 198 171 16%
TOTAL 4,920 5,333 -8%

2.   9M VOLUME AND MARGINS

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN 9M

  Volume (in ‘000 m3) Gross margin (in €m) Adjusted gross margin
(in €m)(1)
  9M 2023 9M 2022 9M 2023 vs
9M 2022 		9M 2023 9M 2022 9M 2023 vs
9M 2022 		9M 2023 9M 2022 9M 2023 vs
9M 2022
LPG 952 908 5% 227 219 4% 227 219 4%
Fuel 3,006 2,909 3% 337 282 20% 326 300 9%
Bitumen 306 315 -3% 74 65 15% 49 65 -23%
TOTAL 4,263 4,132 3% 639 565 13% 602 584 3%

(1)   Adjusted for exceptional items and FX effects (idem H1).

RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN 9M

  Volume (in ‘000 m3) Gross margin (in €m) Adjusted gross margin
(in €m)(1)
  9M 2023 9M 2022 9M 2023 vs
9M 2022 		9M 2023 9M 2022 9M 2023 vs
9M 2022 		9M 2023 9M 2022 9M 2023 vs
9M 2022
Europe 649 637 2% 156 149 4% 156 149 4%
Caribbean 1,651 1,653 0% 224 208 8% 224 208 8%
Africa 1,963 1,842 7% 259 208 24% 223 226 -2%
TOTAL 4,263 4,132 3% 639 565 13% 602 584 3%

(1)   Adjusted for exceptional items and FX effects (idem H1).

1 SARA: Société Anonyme de la Raffinerie des Antilles – 71%-owned subsidiary of Rubis, company benefiting from a regulated status, with a profitability defined by decree.

2 CRE: Commission de régulation de l’énergie – French authority responsible for energy.

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

Attachment

Sections

Quick access

© 2024 Rubis

Contacts

Head Office

  • 46, rue Boissière - 75116 Paris
  • + 33 (0)1 44 17 95 95
  • rubis@rubis.fr

Investor Relations

  • investors@rubis.fr
  • + 33 (0)1 45 01 72 32

Shareholder Relations

  • UPTEVIA
  • 12 place des Etats-Unis
  • CS 40083
  • 92549 Montrouge Cedex - France
  • + 33 (0)1 57 78 34 44

To become a shareholder

ct-contact@uptevia.com

Shareholders’ Meeting

ct-assemblees@uptevia.com

Press Relations

  • presse@rubis.fr
  • + 33 (0)1 45 01 99 51
To receive our press releases

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).

Sign up to receive an email
as soon as new information is
published on our company

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

Unsuscribe

Se désabonner