RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend
RUBIS
RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend
16-March-2023 / 17:45 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
This document is a translation of the original French document and is provided for information purposes only. In all matters of interpretation of information, views or opinions expressed therein, the original French version takes precedence over this translation.
PRESS RELEASE
Paris, 16 March 2023, 5:45pm
FY 2022 RESULTS
STRONG OPERATING PERFORMANCE
SOLID BALANCE SHEET AND FURTHER INCREASE IN DIVIDEND
NET INCOME GROUP SHARE AT €263M, +10% INCREASE IN ADJUSTED EPS[1]
EXCELLENT OPERATING PERFORMANCE IN AFRICA AND THE CARIBBEAN
RUBIS PHOTOSOL, CONTRIBUTING TO GROUP EBITDA FOR THE FIRST TIME, BY €18M (FOR 9 MONTHS)
PROPOSED DIVIDEND OF €1.92 PER SHARE, UP 3% VS FY 2021
FY 2022 Results[2] highlights
EBITDA: €669m, +26% vs FY 2021 and EBIT: €509m, +30% vs FY 2021, well ahead of record FY 2019 €412m. Adjusted net income[3]: €326m, +11% vs FY 2021 leading to an adjusted EPS (diluted) of €3.16, +10% vs FY 2021. Corporate net financial debt[4] (corporate NFD) at €930m, 1.5x corporate NFD/EBITDA pre-IFRS 16, vs €438m as of 31/12/2021. Increase in net debt is mostly due to the Photosol acquisition. New complementary decarbonisation target on scope 3A. Signing of first sustainability-linked loans with margins linked to the achievement of ESG KPIs (Rubis Énergie).
Outlook
The beginning of 2023 has demonstrated continued volumes and earnings improvement at Rubis Énergie and focus on the pipeline development at Rubis Renouvelables. With relevant growth drivers, the Group is confident that 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment) and dividend, in line with dividend policy.
On 16 March 2023, Clarisse Gobin-Swiecznik, Managing Director, commented on the results: "Rubis has once again demonstrated the solidity of its business model and shown strong operational performance, investments in the renewable energy, while maintaining a solid balance sheet. Our multi-product, multi-country strategy and the control of the supply chain ensure better risk management; operational excellence and sustainability of the business, together with a healthy financial situation to finance growth and development.
In 2022, Rubis has made a strategic entry into the renewable energy sector with the transformational acquisition of Photosol – one of the leading independent French photovoltaic companies. With the development of a pipeline over 3 GWp, Photosol is set to contribute to Rubis earnings growth in the mid- and long-term.
Our energy distribution businesses continue to perform well and grow, thereby generating strong cash flows which will further sustain our shareholder-friendly dividend policy and value enhancing bolt-on acquisitions across all divisions.
We have ambitious plans for 2023. We will continue our hard work to grow with a strong focus on the distribution of bitumen and the Eastern African region and confirm our positioning of key player in the renewable segment. I am fully confident we will continue to perform and achieve these ambitions, with the support of our high-quality and engaged employees.”
KEY FIGURES
Consolidated financial statements as of 31 DECEMBER 2022
(in million euros)
2022
2021
2022 vs
2021
Revenue
7,135
4,589
+55%
EBIT
509
392
+30%
Net income, Group share
263
293
-10%
Adjusted net income(1), Group share
326
293
+11%
Adjusted EPS (diluted), in euros
3.16
2.86
+10%
Dividend per share, in euros
1.92(2)
1.86
+3%
Operational cash flow before change in working capital(3)
432
465
-7%
Capital expenditure
259
206
Net financial debt (NFD)
1,286
438
NFD/EBITDA
2.0x
0.9x
Corporate net financial debt(4) (corporate NFD)
930
438
Corporate NFD/EBITDA
1.5x
0.9x
FY 2022 FINANCIAL PERFORMANCE
FY 2022 has seen very strong increase in EBITDA to €669m (+26% yoy) and EBIT to €509m (+30% yoy). Photosol has been consolidated for nine months in 2022 (from 1st April 2022) contributing €18m to Group EBITDA and -€0.8m to EBIT.
Operating performance was driven by:
Retail & Marketing with +37% increase in EBIT to €396m; and Support & Services with +17% increase in EBIT to €144m.Rubis Terminal JV has continued its steady growth with 6% in storage revenues reaching €235m in FY 2022 and 2% yoy increase to €124m in adjusted EBITDA[5] in FY 2022.
The Group EBITDA and EBIT are inflated from FX pass-through in Nigeria (€34m) in FY 2022. When adjusted for this effect, underlying EBITDA increased by 20% yoy and EBIT by 21% yoy. FX losses have reached €80m in FY 2022, from €11m in FY 2021.
FY 2022 results include non-recurring items, mainly:
costs linked to the acquisition of Photosol (-€16m after tax); goodwill impairment in Haiti (-€40m) on the back of continued deterioration in safety and economic situation in Haiti and rising discount rate.Adjusted for these non-recurring items and IFRS 2 charges, net income stands at €326m, up 11% yoy.
Operational cash flow before changes in working capital[6] reached €432m (vs €465m in FY 2021). Change in working capital has led to a €31m outflow with increasing oil prices (FY 2021: €214m outflow). Thus cash flow from operations after change in working capital and after repayment of lease liabilities (IFRS 16) reached €349m in FY 2022 vs €233m in FY 2021.
The acquisition of Photosol in April 2022 has an important impact on Rubis balance sheet. With excellent long-term visibility thanks to 20-years contract duration and very low risk profile, Photosol is able to finance its development pipeline with high debt leverage. Most of the debt is non-recourse project debt at SPV level. Thus, Rubis now communicates separately on its total net financial debt (NFD) and on its corporate net financial debt (i.e., excluding non-recourse project debt). Total NFD increased to €1,286m, out of which €357m is the non-recourse debt at SPV level of Photosol.
Rubis corporate net financial debt (corporate NFD) increased to €930m at the end of FY 2022 (from €438m for FY 2021) with corporate NFD/EBITDA pre-IFRS 16 at 1.5x. The main reason behind this increase is the acquisition of the 80% stake in Photosol (€341m cash paid and consolidation of €65m of its corporate net debt).
Capex reached €259m, out of which €49m (19%) are renewable investments (Photosol) and decarbonisation. The remaining €210m are split between maintenance (80%) and growth and energy transition investments (20%) at Rubis Énergie.
On the back of strong operational results and solid balance sheet in FY 2022, the management proposes another increase in dividend per share to €1.92 (+3% vs 2021).
RUBIS ÉNERGIE
Rubis Énergie incorporates the Retail & Marketing of fuels (in service stations or for professionals), lubricants, liquefied gases and bitumen, as well as the logistics behind the Retail & Marketing activity through Support & Services, grouping together SARA refinery, trading/supply and shipping operations.
Overall, Rubis Énergie has reported an excellent development in FY 2022 with a strong increase in EBIT to €540m driven by double-digit growth in both Retail & Marketing and Support & Services. Operational cash flow before change in working capital reached €440m in FY 2022, slightly down vs FY 2021 (-7%) due to higher interest costs and FX losses. Capex increased slightly to €215m (+4% yoy) despite strong investment in bitumen and Eastern Africa, illustrating the cost discipline approach of the Group.
RUBIS ÉNERGIE FINANCIAL highlights
(in million euros)
2022
2021
2022 vs
2021
EBITDA
680
551
23%
EBIT, of which
540
412
31%
Retail & Marketing
396
289
37%
Support & Services
144
123
17%
Operational cash flow before change in working capital
440
475
-7%
Capital expenditure
215
206
4%
RETAIL & MARKETING (73% OF RUBIS éNERGIE EBIT)
The Retail & Marketing business operates in three geographic areas: Europe, the Caribbean and Africa.
Overall, volumes are up 2% compared to FY 2021 with an excellent development in Eastern Africa (focus on the service-station network) and buoyant aviation driven by tourism and end of Covid-linked restriction measures in the Caribbean region.
Volumes sold by region in FY 2019-2022
(in '000 m3)
2022
2021
2020
2019
2022
vs 2021
Europe
856
872
816
890
-2%
Caribbean
2,173
2,070
1,963
2,298
5%
Africa
2,458
2,459
2,269
2,296
0%
TOTAL
5,487
5,401
5,049
5,494
2%
Gross profit reached €801m, up 27% vs 2021, driven by both volume, solid unit margin development across all regions. Gross profit growth stood at +21% when adjusted for FX pass-through in Nigeria (bitumen), while unit profit has increased by 19% yoy to €140/m3.
2022 has been a busy year for Rubis Énergie in terms of initiatives taken on climate topics. In line with what was announced, an internal carbon pricing methodology was defined for risks appraisal in capex or equity investments.
Work on scope 3A emissions identification was completed and a new decarbonisation target was set. This target mainly concerns outsourced road and maritime transport, which accounts for the largest share (45%) of Rubis scope 3A emissions and reaches -20% by 2030 vs the 2019 baseline.
Retail & Marketing gross and unit profit in FY 2022 (1)
Gross profit
(in €m)
Split
2022 vs 2021
Unit profit
(in €/m3)
Change yoy
Europe
197
25%
1%
230
3%
Caribbean
280
35%
35%
129
29%
Africa
324
40%
40%
132
40%
TOTAL
801
100%
27%
146
25%
EBIT by ReGION FY 2019 – 2022
(in €m)
2022
2021
2020
2019
2022
vs 2021
Europe
58
71
61
61
-18%
Caribbean
134
82
80
139
62%
Africa
205
136
128
123
51%
TOTAL RETAIL & MARKETING
396
289
269
324
37%
SUPPORT & SERVICES (27% of RUBIS éNERGIE EBIT)
The Support & Services business recorded EBIT of €144m (+17% yoy) for the FY 2022 period, supported by the recovery in the Caribbean region with supply and shipping activities and strength of the bitumen sector.
EBIT from Support & Services excluding SARA grew by 22% yoy:
volumes handled in trading and supply showed an increase in unit margins, while shipping benefited from the combined effect of better freight rates, investments in new vessels and the development of bitumen sales in Africa; port and pipe services activities in the Indian Ocean maintained their historical pace.Shipping activities, as well as SARA refinery, present major decarbonisation challenges for the Group. Thus, in line with the Sea Cargo Charter entered into in 2022, a pilot project was launched to introduce 800 tonnes of biofuels (HVO) in the bunkering of vessels serving activities in the French Guiana zone. This first step is a key element of Rubis strategy to reduce the Group’s carbon footprint.
EBIT support & services IN FY 2019 – 2022
(in €m)
2022
2021
2020
2019
2022
vs 2021
EBIT, of which
144
123
120
108
+17%
SARA
25
26
44
40
-2%
Others
119
97
76
68
+22%
RUBIS RENOUVELABLES
Rubis Renouvelables division includes Rubis Photosol activities, acquired in April 2022, as well as the 18.5% stake in HDF Energy.
The accounts of Photosol have been included in the Group's consolidation from 1st April 2022.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FY 2022
(in €m)
FY 2022
Installed capacity (MWp)
384
Electricity production (GWh)
403
Sales
33
EBITDA
18
Capex
44
Project net financial debt (non-recourse)
357
As of 31 December 2022, Rubis Photosol has increased its secured portfolio to 503 MWp vs 462 MWp in FY 2021. The development pipeline reaches 3.5 GWp, of which 1.4 GWp are in advanced development phase.
FY 2022 was marked by the growth in the project pipeline and strengthening of the development team. The main achievements include:
entry into the rooftop segment with the bolt-on acquisition of Mobexi: at a time when the latter is being encouraged by the energy acceleration law passed in February 2023 which defines agrivoltaism, acceleration zones and simplifies the administrative work; the signature of a first corporate PPA with Leroy Merlin that positions Rubis Photosol in the market segment poised to the strong growth (February 2023); the first steps in the collaboration with Rubis Énergie, working on the development of bundled offers and possible international expansion.FY 2022 saw strong inflation of the equipment costs and administrative congestion in the granting of building permits and connections to the network. An agreement was reached between the industry and the CRE[7] to release resources to compensate for the additional costs of equipment in the form of an authorisation to sell the electricity production of projects in operation from September 2022 at the market price (higher than the contractual feed-in price) for a period of 18 months.
The bottleneck in the building permits processing and delays in the grid connection lead to a delay of 12-18 months in the realisation of the project pipeline. As such the mid-term ambitions were reviewed to reflect the current situation:
accumulated capex: 700 M€ over 2022-2026 (vs 2022-2025 previously announced); EBITDA: €65-70m by 2027 (vs 2025 previously); installed capacities: 1 GWp by 2026 (vs 2025 previously), 2.5 GWp by 2030 (unchanged).A complete carbon assessment of Rubis Photosol's activities will be carried out in 2023, and more generally, a CSR roadmap will be defined during the year.
RUBIS TERMINAL JV (accounted for using the equity method)
The Rubis Terminal JV has delivered solid performance with +6% yoy storage revenue growth to €235m, with acceleration in H2 2022 (+8%), driven by biofuels, chemicals and agri-food. Adjusted EBITDA[8] has increased by 2% to €124m in FY 2022.
The share of Rubis profit stood at €4.7m in FY 2022 (flat vs FY 2021). 2022 results include a capital gain generated by the sale of activities in Turkey (+6m€) and are more than offset by the non-recurring costs linked to the refinancing of its debt in H2 2022.
On annual basis, Rubis Terminal generates free cash flow after tax, financial charges, and maintenance investment of €40-50m, which, compared to total equity of €547m (for 100%) gives a cash return of 9%.
In 2022, Rubis Terminal issued its first sustainability report which is available for consultation on Rubis Terminal’s website, and highlights the Group's approach, performance and roadmap for sustainable development.
RUBIS TERMINAL JV FINANCIAL PERFORMANCE
(in million of euros)
2022
2021
2022 vs 2021
Storage revenue (incl. 50% of Antwerp)
235
222
6%
adj. EBITDA (incl. 50% of Antwerp)
124
122
2%
Capital expenditure, of which
77
58
Maintenance
27
27
Growth
50
31
Share of net income at Rubis P&L
5
5
Dividends paid to Rubis
33
19
Value of Rubis Terminal JV at Rubis balance sheet
288
305
Webcast for the investors and analysts
Date: 16 March 2023, 6:00pm
Link to register for the webcast: https://channel.royalcast.com/landingpage/rubisfr/20230316_1/
Participants from Rubis:
Jacques Riou, Managing Partner Bruno Krief, CFO Clarisse Gobin-Swiecznik, Managing Director Fred Royer, Managing Director, Rubis Asphalt Middle East
Next events:
Q1 2023 Trading update: 4 May 2023 (after market close)
Annual Shareholders’ Meeting: 8 June 2023, 14:00 CET
H1 2023 results: 7 September 2023 (after market close)
Q3 2023 Trading update: 7 November 2023 (after market close)
Press Contact
Investors Contact
RUBIS Communication department
RUBIS Investor Relations Department
Anna Patrice: Tel: +(33) 1 45 01 72 32
Tel: +(33) 1 44 17 95 95
Clemence Mignot-Dupeyrot : Tel: +(33) 1 45 01 87 44
appendix
Consolidated financial statements as of 31 DECEMBER 2022
(in million of euros)
2022
2021
2022 vs
2021
Revenue
7,135
4,589
55%
EBITDA
669
532
26%
EBIT, of which
509
392
30%
Rubis énergie
540
412
Rubis Renouvelables
-1
Net income, Group share
263
293
-10%
Adjusted net income(1), Group share
326
293
11%
Adjusted EPS (diluted), in euros
3.16
2.86
10%
Dividend per share, in euros
1.92(2)
1.86
3%
Operational cash flow before change in working capital
432
465
-7%
Capital expenditure, of which
259
206
Rubis Énergie
215
206
Rubis Renouvelables
44
-
Net financial debt (NFD)
1,286
438
NFD/EBITDA
2.0x
0.9x
Corporate net financial debt(4) (Corporate NFD)
930
438
Corporate NFD/EBITDA
1.5x
0.9x
Reconciliation of net income Group share to adjusted net income Group share
(in million of euros)
FY 2022
FY 2021
FY 2019
2022
vs 2021
2022
vs 2019
Net income, Group share
263
293
307
-10%
-14%
Non-recurring items: share of net income from JV and others (Rubis Terminal)
-2
-3
-
-
-
Expenses related to the acquisitions
16
-
6
-
-
IFRS 2 expenses (Rubis SCA)
8
4
5
-
-
Goodwill impairment
40
Adjusted net income, Group share (excluding non-recurring items and IFRS 2)
326
293
319
11%
2%
Number of shares (diluted)
103
103
100
Adjusted EPS (diluted) excl. non-recurring items and IFRS 2
3.16
2.86
3.20
10%
-1%
Net income from discontinued operations
-
-
- 28
-
-
Share of net income from JV (mainly Rubis Terminal)
- 8
-6
-
-
-
Adjusted net income, Group share excluding JV (mainly Rubis Terminal)
317
288
291
10%
10%
Number of shares (diluted)
103
103
100
Adjusted EPS (diluted) excl. JV (mainly Rubis Terminal)
3.08
2.80
2.92
10%
5%
Composition of net debt/EBITDA excluding IFRS 16
(in million of euros)
31/12/2022
31/12/2021
Corporate net financial debt (Corporate NFD)
930
438
EBITDA
669
532
Rental expenses IFRS 16
40
42
EBITDA pre-IFRS 16
629
490
EBITDA pre-IFRS 16 corporate
603
490
Corporate NFD/EBITDA pre-IFRS 16
1.5x
0.9x
Non-recourse project debt (Photosol)
357
-
Total net financial debt (Total NFD)
1,286
438
Total NFD/ EBITDA pre-IFRS 16
2.0x
0.9x
Retail & marketing volume development by product in FY 2022
(in '000 m3)
Split
Volume development
Gross profit
Volumes
vs 2021
vs 2019
(constant scope) (1)
LPG
37%
22%
2%
-1 %
Service stations
27%
38%
5%
- 8 %
Bitumen
13%
9%
-9%
49 %
Commercial
15%
22%
-3%
+5 %
Aviation
7%
9%
10%
- 14 %
Other
2%
2%
-
-
Total
100%
100%
2%
-1%
(1) Constant scope: excluding acquisition of KenolKobil in East Africa.
Retail & Marketing division ADJUSTED gross and unit profit in FY 2022 (1)
Gross profit
(in €m)
Split
2022 vs 2021
Unit profit
(in €/m3)
Change yoy
Europe
197
26%
1%
230
3%
Caribbean
280
37%
35%
129
29%
Africa
290
38%
26%
118
26%
TOTAL
767
100%
21%
140
19%
RETAIL & MARKETING VOLUME DEVELOPMENT BY REGION IN FY 2022
(in ‘000 m3)
2022
2021
2020
2019
2022
vs 2021
Europe
856
872
816
900
-2%
Caribbean
2,173
2,070
1,963
2,298
+5%
Africa
2,458
2,459
2,269
2,296
0%
TOTAL
5,487
5,401
5,049
5,494
+2%
Retail & marketing Gross profit IN FY 2019-2022
(in million of euros)
2022
2021
2020
2019
2022
vs 2021
Europe
197
195
193
192
+1%
Caribbean
280
207
208
267
+35%
Africa
324
231
226
218
+40%
TOTAL
801
632
628
677
+27%
RETAIL & MARKETING unit PROFIT IN FY 2019-2022
(in €/m3)
2022
2021
2020
2019
2022
vs 2021
Europe
230
223
237
213
+3%
Caribbean
129
100
106
116
+29%
Africa
132
94
100
95
+40%
TOTAL
146
117
124
123
+25%
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Asset (in thousands of euros)
31/12/2022
31/12/2021
Non-current assets
Intangible assets
79,777
31,574
Goodwill
1,719,170
1,231,635
Property, plant and equipment
1,662,305
1,268,465
Property, plant and equipment – right-of-use assets
221,748
166,288
Interests in joint ventures
305,127
322,171
Other financial assets
204,636
132,482
Deferred taxes
18,911
12,913
Other non-current assets
9,542
10,408
TOTAL NON-CURRENT ASSETS (I)
4,221,216
3,175,936
Current assets
Inventory and work in progress
616,010
543,893
Trade and other receivables
770,421
622,478
Tax receivables
36,018
21,901
Other current assets
21,469
23,426
Cash and cash equivalents
804,907
874,890
TOTAL CURRENT ASSETS (II)
2,248,825
2,086,588
TOTAL ASSETS (I + II)
6,470,041
5,262,524
EQUITY AND LIABILITIES (in thousands of euros)
31/12/2022
31/12/2021
Shareholders’ equity – Group share
Share capital
128,692
128,177
Share premium
1,550,120
1,547,236
Retained earnings
1,054,652
941,249
Total
2,733,464
2,616,662
Non-controlling interests
126,826
119,703
EQUITY (I)
2,860,290
2,736,365
Non-current liabilities
Borrowings and financial debt
1,299,607
805,667
Lease liabilities
196,914
138,175
Deposit/consignment
148,588
138,828
Provisions for pensions and other employee benefit obligations
40,163
56,438
Other provisions
98,008
159,825
Deferred taxes
92,480
63,071
Other non-current liabilities
94,509
3,214
TOTAL NON-CURRENT LIABILITIES (II)
1,970,269
1,365,218
Current liabilities
Borrowings and short-term bank borrowings (portion due in less than one year)
791,501
507,521
Lease liabilities (portion due in less than one year)
27,735
23,742
Trade and other payables
781,742
601,605
Current tax liabilities
28,771
23,318
Other current liabilities
9,733
4,755
TOTAL CURRENT LIABILITIES (III)
1,639,482
1,160,941
TOTAL EQUITY AND LIABILITIES (I + II + III)
6,470,041
5,262,524
CONSOLIDATED INCOME STATEMENT
(in thousands of euros)
Chg.
31/12/2022
31/12/2021
NET REVENUE
55%
7,134,728
4,589,446
Consumed purchases
(5,690,380)
(3,319,645)
External expenses
(403,404)
(415,461)
Employee benefits expense
(236,965)
(199,479)
Taxes
(134,485)
(122,564)
EBITDA
26%
669,494
532,297
Other operating income
940
3,106
Net depreciation and provisions
(167,747)
(136,530)
Other operating income and expenses
6,327
(7,045)
CURRENT OPERATING INCOME
30%
509,014
391,828
Other operating income and expenses
(58,136)
4,802
OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES
14%
450,878
396,630
Share of net income from joint ventures
5,732
5,906
OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES
13%
456,610
402,536
Income from cash and cash equivalents
11,868
9,645
Gross interest expense and cost of debt
(42,363)
(22,220)
COST OF NET FINANCIAL DEBT
143%
(30,495)
(12,575)
Interest expense on lease liabilities
(10,234)
(8,565)
Other finance income and expenses
(80,116)
(11,456)
PROFIT (LOSS) BEFORE TAX
-9%
335,765
369,940
Income tax
(63,862)
(65,201)
NET INCOME
-11%
271,903
304,739
NET INCOME, GROUP SHARE
-10%
262,896
292,569
NET INCOME, NON-CONTROLLING INTERESTS
-26%
9,007
12,170
Earnings per share (in euros)
-10%
2.56
2.86
Diluted earnings per share (in euros)
-11%
2.55
2.86
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of euros)
31/12/2022
31/12/2021
TOTAL CONSOLIDATED NET INCOME FROM CONTINUING OPERATIONS
271,903
304,739
Adjustments:
Elimination of income of joint ventures
(5,732)
(5,906)
Elimination of depreciation and provisions
100,928
163,201
Elimination of profit and loss from disposals
84
(599)
Elimination of dividend earnings
(190)
(91)
Other income and expenditure with no impact on cash (1)
65,270
3,468
CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX
432,263
464,812
Elimination of income tax expenses
63,862
65,201
Elimination of the cost of net financial debt and interest expense on lease liabilities
40,729
21,140
CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX
536,854
551,153
Impact of change in working capital*
(31,353)
(214,456)
Tax paid
(84,543)
(42,039)
CASH FLOWS RELATED TO OPERATING ACTIVITIES
420,958
294,658
Impact of changes to consolidation scope (cash acquired - cash disposed)
57,031
Acquisition of financial assets: Retail & Marketing division
(83,985)
Acquisition of financial assets: Renewable Energies division (2)
(341,122)
Disposal of financial assets: Retail & Marketing division
3,463
Disposal of financial assets: Support & Services division
Investment in joint ventures
Acquisition of property, plant and equipment and intangible assets
(258,416)
(205,682)
Change in loans and advances granted
(451)
(1,653)
Disposal of property, plant and equipment and intangible assets
5,942
8,733
(Acquisition)/disposal of other financial assets
(2,779)
(157)
Dividends received
34,609
20,298
Other cash flows from investing activities (5)
4,063
CASH FLOWS RELATED TO INVESTING ACTIVITIES
(501,123)
(258,983)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(in thousands of euros)
31/12/2022
31/12/2021
Capital increase
3,404
6,995
Share buyback (capital decrease)
(5)
(153,160)
(Acquisition)/disposal of treasury shares
(41)
85
Borrowings issued
1,191,102
730,694
Borrowings repaid
(847,812)
(677,276)
Repayment of lease liabilities
(33,180)
(40,827)
Net interest paid (3)
(38,908)
(20,923)
Dividends payable
(191,061)
(83,577)
Dividends payable to non-controlling interests
(11,303)
(13,191)
Acquisition of financial assets: Retail & Marketing division
Disposal of financial assets: Retail & Marketing division
Acquisition of financial assets: Renewable Energies division
(5,306)
Other cash flows from financing operations (2)
(41,975)
CASH FLOWS RELATED TO FINANCING ACTIVITIES
24,915
(251,180)
Impact of exchange rate changes
(14,733)
8,811
Impact of change in accounting policies
CHANGE IN CASH AND CASH EQUIVALENTS
(69,983)
(206,694)
Cash flows from continuing operations
Opening cash and cash equivalents (4)
874,890
1,081,584
Change in cash and cash equivalents
(69,983)
(206,694)
Closing cash and cash equivalents (4)
804,907
874,890
Financial debt excluding lease liabilities
(2,091,108)
(1,313,188)
Cash and cash equivalents net of financial debt
(1,286,201)
(438,298)
(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
(2) The impact of changes in the scope of consolidation is described in note 3 of the notes of the consolidated statements.
(3) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(4) Cash and cash equivalents net of bank overdrafts.
(*) Breakdown of the impact of change in working capital:
Impact of change in inventories and work in progress
(77,342)
Impact of change in trade and other receivables
(142,683)
Impact of change in trade and other payables
188,672
Impact of change in working capital
(31,353)
[1] Adjusted EPS – EPS excluding non-recurring items and IFRS2 charges, see Appendix.
[2] The Management Board, which met on 15 March 2023, approved the accounts for the 2022 financial year; these accounts were examined by the Supervisory Board on 16 March 2023. With regard to the process of certification of the accounts, the Statutory Auditors have to date substantially completed their audit procedures.
[3] Adjusted net income – net income excluding non-recurring items and IFRS2 charges, see Appendix.
[4] Corporate net financial debt – net financial debt excluding non-recourse project debt at SPV (special purpose vehicle) level. Corporate net debt/EBITDA is the ratio of corporate net debt to EBITDA pre-IFRS16 and excluding Photosol SPV EBITDA.
[5] Adjusted EBITDA = + Recurring EBITDA - IFRS 16 impact - share-based compensations + 50% share of ITC EBITDA.
[6] Operational cash flow before changes in working capital (French “Capacité d’autofinancement”) = cash flow after taxes, net interest costs and before change in working capital.
[7] CRE – Commission de Régulation de l’Énergie or French Energy Regulatory Commission is an independent body that regulates the French electricity and gas markets - The measures taken by the State to support the sector, allowing the sale at market price over 18 months are issued from an amending notice of the specifications CRE published on 30 August 2022.
[8] Adjusted EBITDA = Recurring EBITDA - IFRS 16 impact - share-based compensations + 50% share of ITC
File: RUBIS: FY 2022 Results: Strong operating performance, solid balance sheet and further increase in dividend
Language: English Company: RUBIS 46, rue Boissière 75116 Paris France Phone: +33 144 17 95 95 Fax: +33 145 01 72 49 E-mail: investors@rubis.fr Internet: www.rubis.fr ISIN: FR0013269123 Euronext Ticker: RUI AMF Category: Inside information / News release on accounts, results EQS News ID: 1584731 End of Announcement EQS News Service
1584731 16-March-2023 CET/CEST