RUBIS: Full-year 2024 results - Another year of strong cash-flow
generation
Paris, 13 March 2025, 5:45pm
- Diversified
portfolio at play, with headwinds in Africa offset by
strong performance of energy distribution in the Caribbean
region
- EBITDA of
€721m, at the higher-end of the €675-725m guidance range, -3% yoy
on a comparable basis, and -10% yoy reported vs a record
2023
- Net income
Group share of €342m, inside the €340-375m guidance range, -4% yoy
on a comparable basis, -3% yoy reported including €83m net
capital gain from the disposal of Rubis Terminal
- 2.03€
proposed dividend per share1, to be paid in
2025, up 2.5% vs 2023 -
29th year of
consecutive dividend growth for the Group
- Cash flow
from operations up 18% to €665m in 2024 underpinned by
lower working capital needs
- Corporate
Net Financial Debt to EBITDA
ratio2 of 1.4x at
Dec-2024, stable vs Dec-2023, attesting to the robustness
of Rubis balance sheet - Total Net Financial Debt3 of
€1,292m down -5% yoy
- Governance changes:
Strengthening of the missions of the Supervisory
Board and proposal for the appointment of two new
Managing Partners in preparation for the
succession of Gilles Gobin and Jacques Riou
FY 2024 KEY FIGURES
|
(in million euros) |
FY 2024 |
FY 2023 |
Var % |
Var %
(comp. basis) |
|
Revenue |
6,644 |
6,630 |
0% |
|
|
EBITDA |
721 |
798 |
-10% |
-3% |
|
Net income, Group share |
342 |
354 |
-3% |
-4% |
|
EPS (diluted), in euros |
3.30 |
3.42 |
-4% |
|
|
DPS1 |
2.03 |
1.98 |
3% |
|
|
Cash flow from operations |
665 |
563 |
18% |
|
|
Corporate NFD/EBITDA2 |
1.4x |
1.4x |
0.0x |
|
|
Net Financial Debt (NFD)/EBITDA3 |
1.9x |
1.8x |
0.1x |
|
On 13 March 2025, Clarisse
Gobin-Swiecznik, Managing Partner, commented: “2024
has been a very busy year for Rubis. The Group continued its strong
trajectory and managed to deliver an operating performance
comparable to the records set over the last two years despite a
highly volatile macro-environment combined with specific
operational headwinds. Once again, our robust cash flow generation
supports our growing dividend policy. I am particularly proud and
thankful to all our teams for reaching these figures.
As regards governance, we have worked
alongside the Supervisory Board to bring significant improvements
to the Company’s Governing Bodies. The Internal Rules to the
Supervisory Board have been updated to match market standards. This
reflects the continuous improvement mindset of the Managing
Partners.
Another important change to our current
governance structure will be submitted to our next AGM and consists
of the entry of two additional Managing Partners. We are convinced
that Marc Jacquot and Jean-Christian Bergeron are the right
candidates considering their experience and expertise in
complementary areas. I am very enthusiastic at the prospect of
working with them at the Management Board and I am convinced Rubis
will perfectly tackle new challenges in the coming years.
As we enter 2025, the level of
unpredictability of the global economic and geopolitical landscape
is not decreasing. However, we remain confident about 2025,
leveraging a resilient portfolio, ambitious leadership, and a clear
vision. We expect Group EBITDA to reach €710m to €760m in 2025.
Dividend, it remains a priority in our capital allocation
policy.”
HIGHLIGHTS
On 19 December 2024, Rubis announced the
appointment of Jean-Christian Bergeron as Chief Executive Officer
of Rubis Énergie, the Energy Distribution division of the Group,
effective 1 January 2025.
Jean-Christian Bergeron joined the Group in 2019
as Managing Director of the East Africa subsidiaries, based in
Kenya. In this role, he led and implemented Rubis Énergie’s
strategy, contributing to the Group’s expansion in this key
region.
As the new CEO of Rubis Énergie, Jean-Christian
Bergeron’s main mission will be to accelerate Rubis Énergie’s
growth ambitions by identifying new market opportunities and
capitalising on his expertise in the development of the retail
network.
- Disposal of
Rubis Terminal
Following the final agreement signed on 10 April
2024, Rubis completed on 16 October 2024 the sale of its 55% stake
in the Rubis Terminal JV (now branded Tepsa) to I Squared
Capital.
Rubis received a first payment of €124 million
at closing, c. €77 million of which were returned to shareholders
through an exceptional interim dividend for 2024 of €0.75 per share
paid on 8 November 2024. The remainder of the proceeds will be
dedicated to the acceleration of the development of both Energy
Distribution and Renewable Electricity Production businesses.
- First
investor event - Photosol Day unveiling 2027 ambitions
On 17 September 2024, Rubis held its “Photosol
Day”, presenting a comprehensive analysis of the evolution of the
photovoltaic markets, Photosol’s positioning, and the mid-term
ambitions for the Company.
These targets will be achieved building upon 4
pillars: a fertile ground for growth, a well-thought positioning, a
well-established firm with unique photovoltaic strengths, a clear
roadmap to accelerate product and geographical diversification.
- Governance
changes
-
Strengthening the missions of the Supervisory
Board
As part of its continuous improvement process
and following discussions with shareholders, the Supervisory Board
undertook an in-depth review of its missions with the Management
Board during the second half of 2024.
In light of this work, the internal regulations
of the Supervisory Board have been amended to include:
- a prior opinion of
the Board on important and strategic operations for the Group;
- a formalisation of
annual information (or at each update) to the Supervisory Board on
the Group's strategy on the one hand, and on the budget and its
main parameters on the other;
- information from
the Compensation, Appointments and Governance Committee, on the
succession plan for the top management of the Group's branch heads
and Rubis’ Management Committee.
-
Proposal for the appointment of two new Managing
Partners in preparation for the
succession of Gilles Gobin and Jacques Riou
As part of the succession process the founders,
Gilles Gobin and Jacques Riou, initiated several years ago, the
appointment of Jean-Christian Bergeron and Marc Jacquot as Managing
Partners -who are not General Partners- from 1 October 2025 is
submitted for approval at the upcoming Annual Shareholders’
Meeting. The Supervisory Board and its Appointments Committee have
been kept informed throughout this process. These appointments are
aimed at ensuring an orderly transition within the Management Board
of Rubis.
Marc Jacquot is Group Chief Financial Officer
within the Group Management Committee since March 2024, and
Jean-Christian Bergeron is Chief Executive Officer of Rubis
Énergie, the Group's energy distribution branch, since 1 January
2025.
Gilles Gobin and Jacques Riou intend to step
down from their positions within the Management Board after the
Annual Shareholders’ Meeting convened to approve the 2026 financial
statements, to be held in 2027.
-
Sustainability
- CDP
extra-financial rating renewed for the
4th
consecutive year
In February 2025, CDP renewed Rubis' B rating
for the 4th consecutive year. This once again rewards the Group's
efforts and the transparency of its climate policy. Rubis is one of
the best-rated issuers by its peers.
-
Upcoming publication of first Sustainability report
(CSRD) including strategy and updated Climate ambitions for
2030
Rubis’ first Sustainability Report (CSRD format)
presenting all the key information on environment, social and
business conduct will be published at the end of April 2025. This
report will notably include a detailed presentation of Rubis’
climate strategy and targets for 2030.
FY 2024 FINANCIAL
PERFORMANCE
Consolidated financial statements as of 31
December 2024
|
(in million euros) |
FY 2024 |
FY 2023 |
Var % |
|
Revenue |
6,644 |
6,630 |
0% |
|
EBITDA |
721 |
798 |
-10% |
|
o/w Energy Distribution |
731 |
797 |
-8% |
|
o/w Renewable Electricity Production |
26 |
29 |
-11% |
|
EBIT |
504 |
621 |
-19% |
|
o/w Energy Distribution |
549 |
647 |
-15% |
|
o/w Renewable Electricity Production |
-8 |
4 |
-307% |
|
Net income, Group share |
342 |
354 |
-3% |
|
EPS (diluted), in euros |
3.30 |
3.42 |
-4% |
|
Cash flow after cost of net financial debt and tax |
519 |
583 |
-11% |
|
Cash flow from operations |
665 |
563 |
18% |
|
Capital expenditure |
248 |
283 |
-13% |
|
o/w Energy Distribution |
165 |
206 |
-20% |
|
o/w Renewable Electricity Production |
82 |
77 |
6% |
After a record 2023 and despite headwinds faced
in Africa (Kenya and Nigeria), Rubis delivered a solid performance
in 2024 with a €721m EBITDA (-10% yoy) and a €504m EBIT (-19% yoy).
Hyperinflation contributed positively to EBITDA and EBIT by
0.6%.
To be comparable year-on-year, this performance
needs to be analysed in light of several factors:
Focus on elements to be taken into
account to analyse variations on a comparable basis (see Appendix
for further detail)
At EBITDA and EBIT levels, FY 2024 includes
-
Compensation-related impacts (IFRS2, among others): €21m
- Advisory fees
(strategy and M&A): €5m
- Hyperinflation:
€(24)m EBITDA ; €(22)m EBIT
FY 2023 included
-
Compensation-related impacts (IFRS2, among others): €9m
- FX passthrough in
Nigeria: €(32)m
- Refund by the State
of the 2022 revenue shortfall in Madagascar: €(11)m
- Hyperinflation:
€(22)m
When adjusted for these elements, EBITDA
decreased by 3% yoy and EBIT by 10%.
Other operating income and
expenses reached €86m in 2024, up from €7m in 2023 and
include the equity gain from the sale of Rubis Terminal for €89m
(before tax).
Share of net income from
associates amounted to €7m in 2024, corresponding mainly
to the performance of Rubis Terminal over the first quarter, before
its classification as held for sale.
Cost of Net Financial Debt (incl. IFRS
16 interest) increased by 14% to €97m vs €84m in FY 2023.
This variation is explained by the increase in interest rates
Group-wise, and a higher debt at Photosol consistent with capacity
in operation increase.
Within Other finance income and expenses, gross
FX financial charges reached €47m in 2024, of
which €32m were realised over the first-half, vs a very high €105m
in 2023. Main contributors were Kenya (€17m) and Nigeria (€12m).
The measures put in place over H1 to hedge mechanically the Group’s
exposure to Kenyan Shilling and Nigerian Naira have proven
efficient.
Profit before tax increased by 2% yoy. Net
income Group share decreased by 3% at €342m, impacted, as was
anticipated, by the OECD Global Minimum Tax first-time application
for €23m for FY 2024.
On a comparable basis and excluding the impact
of Rubis Terminal divestment, Net income Group share decreased by
4% over 2024.
Cash Flow from operations for 2024
increased by 18% to €665m, reflecting the strong
improvement in working capital in 2024, illustrating a sound
inventory management.
Capex reached €248m, down 13% vs FY
2023, of which €82m were dedicated to Renewable
Electricity Production, up 6% yoy. The remaining €165m (vs €206m in
2023 when 2 LPG vessels were acquired) were spent in the Energy
Distribution business line and are split between maintenance (65%)
and growth and energy transition investments (35%).
Impact of IAS 29: Hyperinflation (non-cash
impacts)
Rubis has applied IAS 29 in hyperinflationary
countries (Haiti, Suriname), as defined in IFRS. Adoption of IAS 29
in hyperinflationary countries requires their non-monetary assets
and liabilities and their income statement to be restated to
reflect the changes in the general purchasing power of their
functional currency, leading to a gain or loss included in the net
income. Moreover, their financial statements are converted into
euros using the closing exchange rate of the relevant period.
|
IAS 29: Impact on reported data |
FY 2024 |
FY 2023 |
Impact on growth rate |
|
EBITDA |
24 |
22 |
0.6% |
|
EBIT |
22 |
22 |
0.6% |
|
Net income Group share |
- 10 |
0 |
-2.8% |
FY 2024 COMMERCIAL
PERFORMANCE
1. ENERGY
DISTRIBUTION - RETAIL & MARKETING
Volume sold and gross margin by
product in FY 2024
| |
Volume (in '000
m3) |
Gross margin (in €m) |
Adjusted Gross
margin(1) (in
€m) |
|
|
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
|
LPG |
1,310 |
1,279 |
2% |
309 |
303 |
2% |
309 |
303 |
2% |
|
Fuel |
4,280 |
4,048 |
6% |
433 |
449 |
-4% |
433 |
438 |
-1% |
|
Bitumen |
429 |
391 |
10% |
74 |
96 |
-24% |
74 |
65 |
14% |
|
TOTAL |
6,018 |
5,718 |
5% |
815 |
849 |
-4% |
815 |
806 |
1% |
(1) Adjusted for
exceptional items and FX effects.
Volume sold and gross margin by
region in FY 2024
| |
Volume (in '000
m3) |
Gross margin (in €m) |
Adjusted Gross
margin(1) (in
€m) |
|
|
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
FY 2024 |
FY 2023 |
FY 2024 vs FY 2023 |
|
Europe |
925 |
876 |
6% |
220 |
209 |
6% |
220 |
208 |
6% |
|
Caribbean |
2,267 |
2,219 |
2% |
328 |
306 |
7% |
328 |
306 |
7% |
|
Africa |
2,826 |
2,623 |
8% |
267 |
334 |
-20% |
267 |
291 |
-8% |
|
TOTAL |
6,018 |
5,718 |
5% |
815 |
849 |
-4% |
815 |
806 |
1% |
(1) Adjusted for
exceptional items and FX effects.
2024 saw volume increasing across the board from
an already high comparable base.
-
LPG volume was slightly up. The main drivers for
growth over the year were Autogas in Spain and France, where recent
hybrid systems including LPG developed at an interesting pace. Bulk
in France, Portugal and Morocco were also strong contributors, with
continued increases in market shares. These strong dynamics were
partially offset by softer packed and bulk demand in South Africa.
Gross margin grew in line with volume and unit margin remained
stable.
- As regards
fuel:
- In
the retail business
(service stations representing 51% of fuel volume and 55% of fuel
gross margin) volume grew by +1% over the year. Gross
margin decreased by -10%, driven by:
- Increasing volume
in East Africa, with Kenya, Ethiopia and Rwanda leading the way
thanks to the opening of new service-stations. Madagascar also saw
significant volume growth over the year, benefiting from optimised
inventory management, avoiding product shortage, key competitive
advantage. As a reminder, 2023 had seen exceptional elements in
Madagascar and in Kenya, leading to a particularly high comparable
base on retail gross margins;
- Activity continued
to be very dynamic in the Caribbean, with Jamaica, Barbados, and
Guyana performing way above expectations. The situation in Haiti
continues to weigh on the global picture.
-
The Commercial and Industrial
business (C&I, representing 27% of fuel volume
and 25% of fuel gross margin) increased by 4% in volume and 1% in
gross margin over the period, led by Guyana and Barbados.
-
The aviation
segment (representing 19% of fuel volume and 16%
of fuel gross margin) was very dynamic with volume growth
reaching +25% over 2024 and gross margin at +14%. This
performance was driven by Kenya and by the Eastern Caribbean
region, where airlines increased their frequencies, but pressure on
margins remained high due to the decrease in Oil price and accrued
competition.
-
Bitumen volume was up 10% yoy, mainly driven by
Togo and South Africa, offsetting the lower demand in Nigeria. When
restated for the passthrough of FX impact to customers in 2023,
gross margin showed a +14% increase yoy.
In Q4 2024, margins remained stable yoy despite
an increase in volume of +7% yoy, illustrating an improving demand
for bitumen and a slight recovery of fuel retail distribution in
Africa, but continued pressure on margins. The adjustment in the
pricing formula for retail distribution in Kenya which was
initially expected to take place in the second half of 2024 has not
happened in 2024. This delay generates a gap between Rubis inflow
and its costs, thereby degrading margins.
2. ENERGY
DISTRIBUTION - SUPPORT & SERVICES
The dynamics observed since the beginning of
2024 in the Support & Services activity have continued over Q4,
leading to a yearly global volume growth of 5% and margins down
10%.
In the Caribbean, the strong
momentum in trading activity pursued its dynamic pace with +30% in
volume and +26% gross margin over the year, benefiting fully from
the two vessels acquired in 2023.
In Africa, the lower level in
bitumen shipping activity was under control over the last quarter
with a -18% decrease in volume but improved margins (+19%). Over
the year, bitumen shipping was down 33% in volume and 5% in
margin.
3. RENEWABLE ELECTRICITY
PRODUCTION – PHOTOSOL
|
Operational data |
FY 2024 |
FY 2023 |
Var % |
|
Assets in operation (MWp) |
523 |
435 |
20% |
|
Electricity production (GWh) |
460 |
472 |
-2% |
|
Sales (in €m) |
49 |
49 |
1% |
Over the year 2024, Photosol installed
88MWp, leading its assets in operation to grow by 20% yoy
at 523 MWp. The secured portfolio increased by 22% to 1.1 GWp with
184MWp new projects secured over 2024. The pipeline reached 5.4GWp
(+24% yoy). Revenue for 2024 stood at €49m, stable vs 2023 despite
portfolio expansion, reflecting the impact of lower spot prices,
reducing the level of extra-revenue generated by plants temporarily
benefitting from spot price and weather-related disruptions.
FY 2024 OPERATING
PERFORMANCE
EBITDA breakdown
|
(in million euros) |
FY 2024 |
FY 2023 |
Var % |
|
Europe |
106 |
100 |
6% |
|
Caribbean |
232 |
227 |
2% |
|
Africa |
170 |
249 |
-32% |
|
Retail & Marketing |
508 |
576 |
-12% |
|
Support & Services |
223 |
221 |
1% |
|
Renewable Electricity Production |
26 |
29 |
-11% |
|
Holding |
-36 |
-28 |
-28% |
|
Total Group EBITDA |
721 |
798 |
-10% |
1. ENERGY
DISTRIBUTION - RETAIL & MARKETING
Looking at the operating performance by region,
the dynamics for the year 2024 were as follows:
-
Europe continues to benefit from its strong LPG
positioning (LPG accounts for >90% of regional gross profit)
EBITDA increased by 6%, in line with volume and gross margin
growth.
- the
Caribbean region maintained a high level of
activity, particularly in the retail and aviation segments. EBITDA
increased by 2%, led by Jamaica and Guyana;
- lastly, in
Africa, the difficult operating conditions in
Nigeria and Kenya, combined with high volatility in foreign
exchange rate in Kenya led to an increased pressure. EBITDA
decreased by 32% yoy. When adjusting the 2023 comparable base for
the payment by the Malagasy State of the 2022 revenue shortfall in
Madagascar (€11m) and the neutralisation of foreign exchange losses
in Nigeria (€32m), this decrease reaches -18%.
2. ENERGY
DISTRIBUTION - SUPPORT & SERVICES
The Support & Services
business recorded EBITDA of €223m (+1% yoy) in 2024. The lower
level of activity in the bitumen shipping business was offset by
the strong performance of the Caribbean region.
The SARA refinery and logistics operations
present specific business models with stable earnings profile.
3. RENEWABLE ELECTRICITY
PRODUCTION – PHOTOSOL
EBITDA reached €26m over 2024, down 11% from
€29m in 2023, hampered by:
- weather-related
effects (lower load factor, local hailstorms damaging panels);
- decrease in spot
prices, thereby downgrading the level of extra-revenue generated by
plants temporarily benefitting from spot price;
- acceleration of
development costs to support Photosol’s future growth.
Power EBITDA4 reached €35.5m for 2024
as anticipated during the Photosol Day.
BALANCE SHEET
|
(in million euros) |
Dec-2024 |
Dec-2023 |
Var % |
|
Net financial debt (NFD) |
1,292 |
1,360 |
-5% |
|
NFD/EBITDA |
1.9x |
1.8x |
0.1x |
|
Non-recourse project debt |
431 |
367 |
17% |
|
Corporate net financial debt(1) (corporate NFD) |
861 |
992 |
-13% |
|
Corporate NFD/EBITDA |
1.4x |
1.4x |
0.0x |
(1) Corporate net financial
debt – excluding non-recourse debt – see Appendix for further
detail.
Rubis corporate net financial debt (corporate
NFD) reached €861m at the end of 2024, leading to a corporate
NFD/EBITDA at 1.4x (stable vs end-2023).
On the back of these strong operating and
financial results and a solid balance sheet in FY 2024, the
management proposes another increase in dividend per share to €2.03
(+2.5% vs 2023).
OUTLOOK
After a solid performance in 2023 and 2024, the
Management Board anticipates the Caribbean region
will start to normalise with a slightly lower growth rate in 2025.
In Europe, positive operating momentum will
continue in the Energy Distribution business. As was announced
previously, the acceleration of development costs in the Renewable
Electricity Production division will weigh on 2025 EBITDA, paving
the way for future growth. The economic situation in
Africa remains unstable. The performance of the
region is subject to the adjustment of the pricing formula for
retail distribution in Kenya, and political decisions taken in
Nigeria with regards to the construction of bitumen roads.
Group EBITDA is expected to €710m to
€760m in 2025 (assuming IAS 29 - hyperinflation impact
unchanged versus 2024).
Below EBITDA, cost of debt is expected to
increase in line with Photosol development and FX management is
closely monitored in Kenya and Nigeria.
Rubis intends to maintain a disciplined capital
allocation policy balancing the use of cashflow from operations
between maintenance investments, dividend, and leaving room for
sustainable and profitable growth investments, including
M&A.
Reminder: Photosol 2027
ambitions:
- Secured
portfolio5 above 2.5 GWp
- Consolidated EBITDA6:
€50-55m, of which c.10% EBITDA contribution from farm-down
initiatives
- Power EBITDA7:
€80-85m
- Secured EBITDA8:
€150-200m
NON-FINANCIAL RATING
- MSCI: AA
(reiterated in Dec-24)
- Sustainalytics:
29.2 (from 30.7 previously)
- ISS ESG: C (from C-
previously)
- CDP: B (reiterated
in Feb-25)
Conference for investors and
analysts
Date: 13 March 2025, 6:00pm
To access via the audio webcast:
https://channel.royalcast.com/rubisen/#!/rubisen/20250313_1
Participants from Rubis:
- Clarisse Gobin-Swiecznik,
Managing Partner
- Jacques Riou, Managing
Partner
- Marc Jacquot, Group
CFO
- Jean-Christian Bergeron, CEO of
Rubis Énergie
Upcoming events
Q1 2025 trading update: 5 May 2025
General Meeting: 12 June 2025
Q2 & H1 2025 results: 9 September 2025
Q3 & 9M 2025 trading update: 4 November 2025
|
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. EBIT
BREAKDOWN
|
(in million euros) |
FY 2024 |
FY 2023 |
Var % |
|
Europe |
59 |
60 |
-1% |
|
Caribbean |
190 |
194 |
-2% |
|
Africa |
133 |
222 |
-40% |
|
Retail & Marketing |
382 |
475 |
-20% |
|
Support & Services |
167 |
172 |
-3% |
|
Renewable Electricity Production |
-8 |
4 |
-307% |
|
Holding |
-37 |
-29 |
26% |
|
Total Group EBIT |
504 |
621 |
-19% |
2. Q4 FIGURES
Revenue breakdown
|
Revenue (in €m) |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
|
Energy distribution |
1,664 |
1,702 |
-2% |
|
Retail & Marketing |
1,411 |
1,447 |
-2% |
|
Europe |
205 |
198 |
+3% |
|
Caribbean |
592 |
622 |
-5% |
|
Africa |
614 |
627 |
-2% |
|
Support & Services |
254 |
255 |
-1% |
|
Renewable Electricity production |
8 |
8 |
+2% |
|
TOTAL |
1,672 |
1,710 |
-2% |
Retail & Marketing: volume sold and gross
margin by product in Q4
| |
Volume (in '000 m3) |
Gross margin (in €m) |
Adjusted Gross margin (in €m) |
|
(in '000 m3) |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
|
LPG |
345 |
327 |
5% |
81 |
76 |
6% |
81 |
76 |
7% |
|
Fuel |
1,084 |
1,043 |
4% |
112 |
112 |
0% |
112 |
112 |
0% |
|
Bitumen |
121 |
85 |
42% |
17 |
22 |
-25% |
17 |
15 |
8% |
|
TOTAL |
1,551 |
1,456 |
7% |
210 |
210 |
0% |
210 |
203 |
3% |
(1) Adjusted for
exceptional items and FX effects.
Retail & Marketing: volume sold and gross
margin by region in Q4
| |
Volume (in '000 m3) |
Gross margin (in €m) |
Adjusted Gross margin (in €m) |
|
|
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
Q4 2024 |
Q4 2023 |
Q4 2024 vs Q4 2023 |
|
Europe |
242 |
227 |
6% |
59 |
53 |
11% |
59 |
53 |
11% |
|
Caribbean |
569 |
568 |
0% |
83 |
82 |
1% |
83 |
82 |
1% |
|
Africa |
741 |
660 |
12% |
68 |
75 |
-10% |
68 |
68 |
0% |
|
TOTAL |
1,551 |
1,456 |
7% |
210 |
210 |
0% |
210 |
203 |
3% |
(1) Adjusted for
exceptional items and FX effects.
3. ADJUSTMENTS AND
RECONCILIATIONS:
Composition of net debt/EBITDA excluding IFRS
16
|
(in million euros) |
Dec-2024 |
Dec-2023 |
Var % |
|
Corporate net financial debt(1)
(corporate NFD) |
861 |
992 |
-13% |
|
EBITDA (a) |
721 |
798 |
-10% |
|
Rental expenses IFRS 16 (b) |
56 |
46 |
21% |
|
EBITDA Photosol prod (c) |
31 |
34 |
-10% |
|
EBITDA pre IFRS 16 & excl. Photosol prod (a)-(b)-(c) |
634 |
717 |
-12% |
|
Corporate NFD / EBITDA pre IFRS 16 & excl. Photosol
prod |
1.4x |
1.4x |
0.0x |
|
Non-recourse project debt |
431 |
367 |
17% |
|
Total Net financial debt (NFD) |
1,292 |
1,360 |
-5% |
|
NFD / EBITDA pre IFRS 16 |
1.9x |
1.8x |
0.1x |
(1) Corporate net financial
debt – excluding non-recourse debt.
KPIs on a comparable basis
|
|
FY 2024 |
FY 2023 |
Var % |
|
EBITDA (reported) |
721 |
798 |
-9.6% |
|
Hyperinflation |
- 24 |
-22 |
|
|
EBITDA (reported) excluding Hyperinflation |
697 |
776 |
-10.3% |
|
Naira passthrough |
|
-32 |
|
|
Madagascar shortfall refund |
|
-11 |
|
|
Compensation-related impacts (including IFRS 2) |
21 |
9 |
|
|
Other |
5 |
|
|
|
EBITDA (on a comparable basis) |
723 |
742 |
-2.6% |
|
|
FY 2024 |
FY 2023 |
Var % |
|
EBIT (reported) |
504 |
621 |
-18.9% |
|
Hyperinflation |
- 22 |
- 22 |
|
|
EBIT (reported) excluding Hyperinflation |
482 |
599 |
-19.5% |
|
Naira passthrough |
|
- 32 |
|
|
Madagascar shortfall refund |
|
- 11 |
|
|
Compensation-related impacts (including IFRS 2) |
21 |
9 |
|
|
Other |
5 |
|
|
|
EBIT (on a comparable basis) |
509 |
564 |
-9.9% |
|
|
FY 2024 |
FY 2023 |
Var % |
|
Net income Group share (reported) |
342 |
354 |
-3.2% |
|
Hyperinflation |
10 |
|
|
|
Net income Group share (reported) excluding
Hyperinflation |
353 |
354 |
-0.4% |
|
Costs linked to Photosol acquisition |
|
6 |
|
|
M&A-related litigation refund |
|
-17 |
|
|
Other |
|
-1 |
|
|
Adjusted Net income Group share (reported) |
353 |
342 |
3.1% |
|
Naira passthrough |
|
|
|
|
Madagascar shortfall refund |
|
-9 |
|
|
Compensation-related impacts (including IFRS 2) |
18 |
8 |
|
|
Other |
4 |
|
|
|
First-time application of OECD Global Minimum Tax |
23 |
|
|
|
Net income Group share (on a comparable
basis) |
397 |
341 |
16.6% |
|
Rubis Terminal Last 9 months 2023 |
|
-12 |
|
|
Equity gain Rubis Terminal Disposal |
-83 |
|
|
|
Net income Group share (on a comparable basis at constant
perimeter) |
314 |
329 |
-4.4% |
4. FINANCIAL
STATEMENTS
Consolidated statement of financial position
|
ASSET (in thousands of euros) |
31/12/2024 |
31/12/2023 |
|
Non-current assets |
|
|
|
Intangible assets |
113,618 |
90,665 |
|
Goodwill |
1,763,436 |
1,659,544 |
|
Property, plant and equipment |
1,895,219 |
1,746,515 |
|
Property, plant and equipment – right-of-use assets |
248,901 |
230,764 |
|
Interests in joint ventures |
29,385 |
310,671 |
|
Other financial assets |
127,522 |
168,793 |
|
Deferred taxes |
24,687 |
28,770 |
|
Other non-current assets |
188,463 |
11,469 |
|
TOTAL NON-CURRENT ASSETS (I) |
4,391,231 |
4,247,191 |
|
Current assets |
|
|
|
Inventory and work in progress |
715,790 |
651,853 |
|
Trade and other receivables |
871,761 |
781,410 |
|
Tax receivables |
30,844 |
34,384 |
|
Other current assets |
48,095 |
42,214 |
|
Cash and cash equivalents |
676,373 |
589,685 |
|
TOTAL CURRENT ASSETS (II) |
2,342,863 |
2,099,546 |
|
ASSETS HELD FOR SALE |
0 |
0 |
|
TOTAL ASSETS (I + II) |
6,734,094 |
6,346,737 |
|
EQUITY AND LIABILITIES (in thousands of
euros) |
31/12/2024 |
31/12/2023 |
|
Shareholders’ equity – Group share |
|
|
|
Share capital |
129,005 |
128,994 |
|
Share premium |
1,537,708 |
1,553,914 |
|
Retained earnings |
1,166,915 |
948,449 |
|
TOTAL |
2,833,628 |
2,631,357 |
|
Non-controlling interests |
127,739 |
131,588 |
|
EQUITY (I) |
2,961,367 |
2,762,945 |
|
Non-current liabilities |
|
|
|
Borrowings and financial debt |
1,333,342 |
1,166,074 |
|
Lease liabilities |
220,350 |
200,688 |
|
Deposit/consignment |
152,681 |
151,785 |
|
Provisions for pensions and other employee benefit obligations |
52,907 |
40,929 |
|
Other provisions |
184,542 |
137,820 |
|
Deferred taxes |
73,177 |
83,659 |
|
Other non-current liabilities |
163,472 |
148,259 |
|
TOTAL NON-CURRENT LIABILITIES (II) |
2,180,471 |
1,929,214 |
|
Current liabilities |
|
|
|
Borrowings and short-term bank borrowings (portion due in less than
one year) |
635,337 |
783,519 |
|
Lease liabilities (portion due in less than one year) |
37,116 |
38,070 |
|
Trade and other payables |
863,686 |
792,512 |
|
Current tax liabilities |
39,601 |
25,245 |
|
Other current liabilities |
16,516 |
15,232 |
|
TOTAL CURRENT LIABILITIES (III) |
1,592,256 |
1,654,578 |
|
TOTAL EQUITY AND LIABILITIES (I + II + III) |
6,734,094 |
6,346,737 |
Consolidated income statement
|
(in thousands of euros) |
%
2024/
2023 |
31/12/2024 |
31/12/2023 |
|
NET REVENUE |
0% |
6,643,939 |
6,629,977 |
|
Consumed purchases |
|
(4,943,668) |
(4,945,929) |
|
External expenses |
|
(540,764) |
(488,810) |
|
Employee benefits expense |
|
(289,855) |
(253,739) |
|
Taxes |
|
(148,659) |
(143,646) |
|
EBITDA |
-10% |
720,993 |
797,853 |
|
Other operating income |
|
2,834 |
6,740 |
|
Net depreciation and provisions |
|
(214,617) |
(189,454) |
|
Other operating income and expenses |
|
(5,415) |
6,222 |
|
CURRENT OPERATING INCOME |
-19% |
503,795 |
621,361 |
|
Other operating income and expenses |
|
86,396 |
7,350 |
|
OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT
VENTURES |
-6% |
590,191 |
628,711 |
|
Share of net income from joint ventures |
|
6,806 |
14,930 |
|
OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT
VENTURES |
-7% |
596,997 |
643,641 |
|
Income from cash and cash equivalents |
|
12,828 |
15,869 |
|
Gross interest expense and cost of debt |
|
(95,940) |
(87,858) |
|
COST OF NET FINANCIAL DEBT |
15% |
(83,112) |
(71,989) |
|
Interest expense on lease liabilities |
|
(13,463) |
(12,370) |
|
Other finance income and expenses |
|
(67,884) |
(134,409) |
|
PROFIT (LOSS) BEFORE TAX |
2% |
432,538 |
424,873 |
|
Income tax |
|
(81,435) |
(57,860) |
|
NET INCOME |
-4% |
351,103 |
367,013 |
|
NET INCOME, GROUP SHARE |
-3% |
342,293 |
353,694 |
|
NET INCOME, NON-CONTROLLING INTERESTS |
-34% |
8,810 |
13,319 |
Consolidated statement of cash flows
|
(in thousands of euros) |
31/12/2024 |
31/12/2023 |
|
TOTAL CONSOLIDATED NET INCOME |
351,103 |
367,013 |
|
Adjustments: |
|
|
|
Elimination of income of joint ventures |
(6,806) |
(14,930) |
|
Elimination of depreciation and provisions |
250,269 |
222,146 |
|
Elimination of profit and loss from disposals |
(89,197) |
1,344 |
|
Elimination of dividend earnings |
(708) |
(363) |
|
Other income and expenditure with no impact on cash
(1) |
14,702 |
7,623 |
|
CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND
TAX |
519,363 |
582,833 |
|
Elimination of income tax expenses |
81,435 |
57,860 |
|
Elimination of the cost of net financial debt and interest expense
on lease liabilities |
96,574 |
84,359 |
|
CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND
TAX |
697,372 |
725,052 |
|
Impact of change in working capital* |
38,792 |
(91,682) |
|
Tax paid |
(70,986) |
(70,752) |
|
CASH FLOWS RELATED TO OPERATING ACTIVITIES |
665,178 |
562,618 |
|
Impact of changes to consolidation scope (cash acquired - cash
disposed) |
6,592 |
387 |
|
Acquisition of financial assets: Energy Distribution division |
(8,291) |
(3,396) |
|
Acquisition of financial assets: Renewable Energies division |
(10,210) |
(8,543) |
|
Disposal of financial assets: Rubis Terminal division |
124,403 |
|
|
Acquisition of property, plant and equipment and intangible
assets |
(247,862) |
(283,340) |
|
Change in loans and advances granted |
13,230 |
(30,252) |
|
Disposal of property, plant and equipment and intangible
assets |
4,619 |
6,175 |
|
(Acquisition)/disposal of other financial assets |
(161) |
(193) |
|
Dividends received |
6,340 |
6,111 |
|
CASH FLOWS RELATED TO INVESTING ACTIVITIES |
(111,340) |
(313,051) |
Consolidated statement of cash flows
(continued)
|
(in thousands of euros) |
31/12/2024 |
31/12/2023 |
|
Capital increase |
8,832 |
4,096 |
|
Share buyback (capital decrease) |
(25,027) |
|
|
(Acquisition)/disposal of treasury shares |
(796) |
633 |
|
Borrowings issued |
1,303,894 |
1,028,541 |
|
Borrowings repaid |
(1,328,075) |
(1,092,443) |
|
Repayment of lease liabilities |
(41,993) |
(36,516) |
|
Net interest paid (2) |
(97,384) |
(81,285) |
|
Dividends payable |
(282,284) |
(197,524) |
|
Dividends payable to non-controlling interests |
(12,269) |
(13,993) |
|
Acquisition of financial assets: Renewable Energies division |
(2,827) |
(14,627) |
|
Other cash flows from financing operations |
1,065 |
8,502 |
|
CASH FLOWS RELATED TO FINANCING ACTIVITIES |
(476,864) |
(394,616) |
|
Impact of exchange rate changes |
9,714 |
(70,173) |
|
CHANGE IN CASH AND CASH EQUIVALENTS |
86,688 |
(215,222) |
|
Cash flows from continuing operations |
|
|
|
Opening cash and cash equivalents (3) |
589,685 |
804,907 |
|
Change in cash and cash equivalents |
86,688 |
(215,222) |
|
Closing cash and cash equivalents (3) |
676,373 |
589,685 |
|
Financial debt excluding lease liabilities |
(1,968,679) |
(1,949,593) |
|
Cash and cash equivalents net of financial debt |
(1,292,306) |
(1,359,908) |
(1) Including change in fair value of
financial instruments, IFRS 2 expense, etc.
(2) Net financial interest paid includes the impacts related to
restatements of leases (IFRS 16).
(3) 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 |
(41,665) |
|
Impact of change in trade and other receivables |
(38,788) |
|
Impact of change in trade and other payables |
41,469 |
|
Impact of change in working capital |
38,792 |
The Management Board, which met on 12 March
2025, approved the accounts for the 2024 financial year; these
accounts were examined by the Supervisory Board on 13 March
2025. The audit procedures and the procedures carried out
on the sustainability information are in progress.
1 In addition to the €0.75 exceptional
interim dividend paid in November 2024 and related to Rubis
Terminal disposal.
2 Ratio excluding IFRS 16
– lease obligations. Debt excluding
Photosol SPV project non-recourse debt;
EBITDA excl. Photosol
prod.
3 Ratio excluding IFRS 16
– lease obligations. Debt including Photosol
SPV project non-recourse debt.
4 Aggregated EBITDA from
operating PV through electricity sales
5 Includes ready to build, under
construction and in operation capacities.
6 EBITDA reported in Rubis Group
consolidated financial statements.
7 Aggregated EBITDA from operating PV
through electricity sales.
8 Illustrative EBITDA coming from secured
portfolio.
- RUBIS: Full-year 2024 results - Another year of strong
cash-flow generation
Grafico Azioni Rubis (TG:BYNN)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Rubis (TG:BYNN)
Storico
Da Mar 2024 a Mar 2025
