(AOF) – Rubis has unveiled its accounts for the first quarter of 2023, showing consolidated revenue of 1.740 billion euros, up 18% in a context of falling oil prices. The target consensus was 1.78 billion euros. “Our projects for 2023 are on track and our growth drivers more relevant than ever,” said Clarisse Gobin-Swiecznik, Deputy Chief Executive Officer, in a press release. volume stability.
Excluding exceptional items and exchange rate effects, margins grew at a dynamic rate (+10%).
In terms of outlook, the group is aiming for another year of improvement in net income, group share, in 2023 compared to 2022 (after impairment of goodwill) and in the dividend, in accordance with its distribution policy.
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Key points
– Number one in France for the distribution of LPG, with positions of No. 1 or 2 in most countries, created in 1990;
– Turnover of €7.1 billion generated in energy distribution and supports and services for almost all revenues, and diversified since 2022 in renewable energies;
– Strong international presence, split between Africa for 44%, the Caribbean for 36% and Europe (France, Spain and Portugal);
– Business model combining low exposure to the economic cycle, and decentralization via short circuits and the autonomy of managers, 60% of invoicing coming from contracts linked to variations in the price of crude oil and maintaining a constant margin rate;
– Split capital but not operable, due to the presence of general partners and managers with 2.3% of the capital (Gilles Gobin and Jacques Riou), the Marcel Dassault group being the leading shareholder with 5.75% of the shares);
– Slightly stretched financial structure with net debt of €1.1 billion at the end of June giving a leverage effect of 2.1.
Challenges
– Growth driven by structural factors in the oil industry: complexity of logistics, increased regulation of storage standards and a tendency for the majors to sell distribution activities;
– “Roadmap 2022-2025” environmental strategy targeting a 30% reduction in carbon emissions by 2030 vs. 2019:
– focused on the prevention of water and soil pollution, the reduction of air emissions and the desalination of seawater from the Antilles refinery, the circular economy and the use of renewable energies,
– integrated into the economic model: use of PL as a transition energy in Africa, promotion of less carbon energies (liquefied gas, biofuel), diversification into solar and hydrogen,
– legitimized by integrating ESG criteria into existing credit lines;
– External growth strategy in renewable energies: acquisition of an 18.5% stake in Hydrogène de France, world leader in electricity produced from wind or solar power associated with hydrogen fuel cells, takeover of the French Photosol , a specialist in solar power plants and Mobexi’s rooftop panel assets;
– Expertise in external growth, in Africa and the Caribbean and buoyant remodeling of the business portfolio: after the deconsolidation of the storage activity in the joint venture with I Squared Capital, refocusing on Western Europe on the one hand, chemicals and biofuels on the other.
Challenges
– Return to total debt relief, increased by Photosol’s commitments, offset however by the visibility provided by a 20-year contract term;
– In renewables, realization of Photosol projects and strengthening of the position in photovoltaic installations;
– Achievement of the medium-term objectives of the renewables division: contribution of 25% to operating profit and, at least, 2.5 GW of photovoltaic capacity installed in France by 2030;
– Towards a family management transition, prepared by the founding managers.
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Greater disparities between utilities
The World Energy Markets Observatory highlights a wide disparity in retail energy prices in Europe. Suffering from both the effect of the rise in wholesale prices and high volatility in selling prices to end consumers, the profitability of players is under pressure. While the sixteen largest European energy suppliers benefited last year from a significant increase in their turnover (+47% compared to 2020), their gross operating margin (Ebitda margin) , deteriorated from 20.2% to 19.6%. Those who had to resort to purchasing electricity on the market had to pay these additional volumes much more expensive than the level of sale prices already set and therefore saw their margins deteriorate.
Faced with the lower availability of its nuclear fleet, EDF, renationalised, should post an annual loss of 29 billion euros in 2022. Engie is doing better because it succeeded in reducing its imports of Russian gas in the first half while benefiting from high electricity prices and its increased exposure to renewable sources.