Economia
RUBIS: Full-year 2024 results - Another year of strong cash-flow generation
FY 2024 KEY FIGURES
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.
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.
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.
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:
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.
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.
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
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
FY 2023 included
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.
FY 2024 COMMERCIAL PERFORMANCE
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Volume sold and gross margin by product in FY 2024
(1) Adjusted for exceptional items and FX effects .
Volume sold and gross margin by region in FY 2024
(1) Adjusted for exceptional items and FX effects .
2024 saw volume increasing across the board from an already high comparable base.
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
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
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Looking at the operating performance by region, the dynamics for the year 2024 were as follows:
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:
Power EBITDA reached €35.5m for 2024 as anticipated during the Photosol Day.
BALANCE SHEET
(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:
NON-FINANCIAL RATING
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:
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
appendix
1. EBIT BREAKDOWN
2. Q4 FIGURES
Revenue breakdown
Retail & Marketing: volume sold and gross margin by product in Q4
(1) Adjusted for exceptional items and FX effects .
Retail & Marketing: volume sold and gross margin by region in Q4
(1) Adjusted for exceptional items and FX effects .
3. ADJUSTMENTS AND RECONCILIATIONS:
Composition of net debt/EBITDA excluding IFRS 16
(1) Corporate net financial debt – excluding non-recourse debt.
KPIs on a comparable basis
4. FINANCIAL STATEMENTS
Consolidated statement of financial position
Consolidated income statement
Consolidated statement of cash flows
Consolidated statement of cash flows (continued)
(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.
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.
In addition to the €0.75 exceptional interim dividend paid in November 2024 and related to Rubis Terminal disposal.
Ratio e xcluding IFRS 16 – lease obligations . Debt excluding Photosol SPV project non-recourse debt; EBITDA
excl. P hotosol prod .
Ratio e xcluding IFRS 16 – lease obligations. Debt including Photosol SPV project non-recourse debt .
Aggregated EBITDA from operating PV through electricity sales
Includes ready to build, under construction and in operation capacities.
EBITDA reported in Rubis Group consolidated financial statements.
Aggregated EBITDA from operating PV through electricity sales.
Illustrative EBITDA coming from secured portfolio.
Attachment
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