Economia
RUBIS: Q1 2024 trading update: solid operating performance on the back of a high comparable base
Paris, 7 May 2024, 5:45pm
SALES BREAKDOWN BY SEGMENT AND BY REGION
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
* 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 :
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
* Adjusted for exceptional items and FX effects in 2023 .
Adjusted unit margin came in at 140€/m , down 2% yoy.
By region, the dynamics of this year were as follows:
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
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-build ) status, representing a total of 50 MWp.
FINANCIAL AND OPERATIONAL DATA
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
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:
Upcoming events
Shareholders' Meeting: 11 June 2024
Q2 & H1 2024 results: 5 September 2024 (after market close)
Photosol Day: 17 September 2024
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.
Attachment
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