General Prensentaion

History

RUBIS IS AN INDEPENDENT FRENCH GROUP, WORKING AT THE HEART OF ENERGY FOR MORE THAN 30 YEARS TO PROVIDE SUSTAINABLE AND RELIABLE ACCESS TO ENERGY TO AS MANY PEOPLE AS POSSIBLE. WE MEET THE ESSENTIAL MOBILITY, COOKING AND HEATING NEEDS OF OUR INDIVIDUAL CUSTOMERS AND PROVIDE THE ENERGY NECESSARY FOR THE OPERATION OF INDUSTRIES AND PROFESSIONALS.

WITH NEARLY 4,500 EMPLOYEES SPREAD OVER THREE GEOGRAPHICAL AREAS (AFRICA, THE CARIBBEAN AND EUROPE), OUR GROUP IS ORGANISED IN A DECENTRALISED MANNER, ENABLING US TO OPERATE OUR ACTIVITIES AS CLOSELY AS POSSIBLE TO LOCAL CHALLENGES.

1990

Creation of Rubis.

1993

Acquisition of Compagnie Parisienne des Asphaltes, which will become Rubis Terminal. Launch of the Bulk Liquid Storage activity.

1994

Acquisition of Vitogaz.
Launch of the Retail & Marketing activity in France, which will become Rubis Énergie.

1995

IPO on the Stock Exchange.

2000

Launch of international Retail & Marketing activities: Europe and Morocco, then the Antilles in 2005, Africa in 2010 and the Caribbean in 2011.

2008

International development of the Storage activity: Antwerp and Rotterdam, then Spain in 2020.

2015

New bitumen distribution activity and creation of the Support & Services activity, including trading-supply and shipping.

2020

Rubis Terminal becomes a joint venture.

2021

Acquisition of a stake in HDF Energy.

2022

Acquisition of 80% of Photosol France and creation of the Rubis Renouvelables division.

Aware of the energy sector’s key contribution to combating climate change, Rubis is diversifying its activities and its offering towards low-carbon solutions.

Key figures

 

THE FINANCIALYEAR WAS MARKED BY THE CREATION OF THE RUBIS RENOUVELABLES DIVISION, MAINLY COMPRISING RUBIS PHOTOSOL, CONSOLIDATED SINCE APRIL, BRINGING RUBIS DIRECTLY INTO THE ENERGY TRANSITION.

 

Following two years of health crisis, 2022 was marked by new extremes: a doubling in the price of oil, war in Ukraine, inflationary pressures, currency shocks and the end of the era of negative interest rates.

 

In this environment, the Group once again demonstrated the strength of its business model, generating growth in adjusted net profit(1) of 11%.

 

The multi-country, multi-segment positioning of Rubis Énergie, as well as its dual midstream/downstream structure, have enabled it to absorb the various external shocks while continuing to improve its EBIT. Rubis Photosol contributed over nine months to an EBITDA of €18 million, with an increase of +23% in plants commissioned compared to 2021. As for the Rubis Terminal JV, it increased its storage revenue by 6%.

(1) Net profit (loss) adjusted for non-recurring items (Haiti impairment, acquisition of Photosol, disposal of the terminal in Turkey and refinancing of Rubis Terminal) and IFRS 2.

STOCK MARKET INDICATORS

* Amount proposed to the Shareholders’ Meeting of 8 June 2023.

Strategy

A GROUP AT THE HEART OF ENERGY

RUBIS AIMS TO GIVE AS MANY PEOPLE AS POSSIBLE ACCESS TO RELIABLE AND SUSTAINABLE ENERGY WHILE DEVELOPING LESS CARBON-INTENSIVE SOLUTIONS, THEREBY PROMOTING SUSTAINABILITY.

We strive to meet the essential energy needs of populations in Africa, the Caribbean and Europe, both for travel (through a network of more than 1,000 service stations, bitumen activities which contribute to the construction of roads and infrastructure, as well as through the production of solar electricity) and for cooking and heating (thanks to liquefied gas sold in bulk or in bottles and to solar electricity). This role as a vital player in the daily life of populations puts the Group in an essential position and makes it largely immune to economic cycles.

A LEADER IN NICHE MARKETS OR MARKETS WITH HIGH GROWTH POTENTIAL

RUBIS IS POSITIONED IN MARKETS IN WHICH IT CAN OCCUPY LEADING POSITIONS. OUR SUCCESS IS ENSURED BY SEVERAL FACTORS, INCLUDING THE CONTROL OF THE IMPORT LOGISTICS TOOL, WHICH PROVIDES ADVANTAGES IN TERMS OF COSTS AND QUALITY OF SUPPLY. THIS STRATEGIC CHOICE GUARANTEES OUR CUSTOMERS LONG-TERM ACCESS TO THE ENERGY THEY NEED ON A DAILY BASIS.

The markets in which the Group operates are deep and energy needs are essential and growing, particularly in geographical areas where our presence has strengthened in recent years (Africa and the Caribbean).

In Europe, Rubis is positioned in sensitive markets, such as liquefied gas (butane and propane), with high barriers to entry, and where growth stems from efficiency, reactivity and market share gains.

In a context of rising collective awareness, at the European Union level and with the entry into force of several texts intended to promote renewable energies in Europe, the arrival of Rubis on the renewable energy market is a real growth driver in France and, in the short term, in Europe.

The organisation is decentralised, with each profit centre corresponding to a Group subsidiary. This system ensures that local managers have a deep understanding of their market and region and provides for an appropriate investment policy. This method of organisation has demonstrated its effectiveness. It results in motivated and responsible teams, flexibility allowing reactivity and efficiency, and market share gains.

In the majority of our geographical operations and for all types of products distributed, we are positioned among the top 3(1) players in the market.

(1) Rubis estimates.

BEING EFFICIENT OVER THE LONG TERM

FOR THE PAST 30 YEARS, RUBIS HAS PURSUED AN EXTERNAL GROWTH STRATEGY BASED ON STRICT FINANCIAL DISCIPLINE, INCLUDING MODEST ACQUISITION MULTIPLES AND FINANCIAL LEVERAGE, AND A CLEAR STRATEGIC APPROACH (NICHE POSITIONING, STRONG MARKET POSITIONS BACKED BY CONTROL OF RESOURCE ACCESS INFRASTRUCTURE AND OUTLOOK FOR EARNINGS GROWTH) TO ENSURE VALUE CREATION FOR ALL STAKEHOLDERS.

With each acquisition, the implementation of a strategy, our talented teams, the deployment of capital and setting up a new organisation, not forgetting the Company’s flexibility, have made it possible to form a multi-local, decentralised and independent group with sound market positions protected by concrete assets, guaranteeing its long-term profitability. Rubis thus posted solid performances.

    1 year   3 years   5 years   10 years   15 years  
    2021-2022   2019-2022   2017-2022   2012-2022   2007-2022  
EBITDA   +26%   +9%   +6%   +12%   +15%  
EBIT   +30%   +7%   +7%   +13%   +16%  
Net income, Group share   -10%   -5%   0%   +11%   +14%  
Earnings per share   -1O%   -6%   -2%   +6%   +7%  
Dividend per share   +3%   +3%   +5%   +8%   +8%  

 

 

CONTRIBUTING TO A MORE SUSTAINABLE WORLD

FOR MORE THAN 10 YEARS, WE HAVE PLACED OUR CSR COMMITMENTS AT THE HEART OF OUR STRATEGY. A NEW MILESTONE WAS REACHED IN 2021 WITH THE PUBLICATION OF OUR FIRST CSR ROADMAP, THINK TOMORROW 2022-2025, TO DESCRIBE OUR COMMITMENT, MEASURE OUR ACTIONS AND OFFER GREATER TRANSPARENCY TO OUR STAKEHOLDERS.

Think Tomorrow is a tool for managing our daily actions, a commitment to a sustainable future and an opportunity to develop our activities.

The Rubis Terminal JV is continuing to roll out its CSR principles in line with Rubis’ general principles. This year, it published its first 2022-2030 Roadmap and its first Sustainability Report.

For 2023, the Group’s CSR Roadmap will be rolled out at Rubis Photosol, which will conduct its first full carbon footprint assessment.

Our Think Tomorrow 2022-2025 Roadmap is based on three pillars:

  REDUCING OUR ENVIRONMENTAL FOOTPRINT

Description

As an energy player, we have a key role to play in the fight against climate change. Since 2019, we have been accelerating our projects on decarbonisation and the energy transition, in particular with the creation of a Climate Committee and the definition of a decarbonisation strategy. Likewise, since its creation, the Group has endeavoured to carry out its activities while minimising their environmental impact.

 

Main achievements 2022

•  Definition of an internal carbon pricing methodology.

•  Definition of an additional objective for the major items of scope 3A emissions (indirect emissions excluding products sold), i.e., -20% reduction in outsourced emissions from shipping and road transport externalised by 2030 (representing 45% of scope 3A, baseline 2019).

•  Preliminary analysis of the impact of our activities on biodiversity.

KEY OBJECTIVE

2030

Reduce the CO2 emissions
of our industrial sites, vessels
and trucks by 30% (scopes 1 and 2),
and by 20% for CO2 emissions
of our shipping and road transport
(scope 3A) (baseline 2019,
Rubis Énergie, at constant scope).

   PROVIDING A SAFE AND STIMULATING WORKING ENVIRONMENT

Description

Rubis has always put people at the heart of its concerns and ensures that it provides its employees with a safe working environment and supports their development.

 

Main achievements 2022

•  Establishment of a talent pool at Rubis Énergie.

•  Awareness-raising workshop on disability for General Managers of subsidiaries and CSR Advisors.

•  Number of women on the Management Committees (Rubis Énergie): 28.6% in 2022 vs 27.4% in 2021.

•  Frequency rate of occupational accidents down by 40% since 2015.

KEY OBJECTIVE

2025

Achieve 30% women on average
on the Management Committees of Rubis Énergie
and its subsidiaries.

  CONTRIBUTING TO A MORE VIRTUOUS SOCIETY

Description

The role of Rubis is to provide access to energy to as many people as possible, particularly in regions where a large part of the population is energy-deprived. Rubis ensures that this mission is carried out in compliance with international standards, by adopting responsible and solidarity-based behaviour wherever the Group is present.

 

Main achievements 2022

•  Human rights risk mapping

•  First Group CSR seminar, bringing together subsidiaries, General Managers, CSR Advisors and the functional departments.

•  Deployment of our e-learning anti-corruption module

KEY OBJECTIVE

2023

100% of employees made aware
of ethics and anti-corruption rules.

Business model

(1) These data include the Rubis Terminal JV.
(2) These data include the Rubis Terminal JV and exclude Rubis Photosol.
(3) Amount proposed to the Shareholders’ Meeting of 8 June 2023. Data as of 31 December 2022.