Overview of activities

Simplified organisation chart

Business lines

ENERGY DISTRIBUTION

WITH THE CREATION OF A DIVISION DEDICATED TO THE PRODUCTION OF RENEWABLE ELECTRICITY (RUBIS RENOUVELABLES), THE GROUP WISHED TO CONSOLIDATE ITS RETAIL & MARKETING AND SUPPORT & SERVICES ACTIVITIES (CARRIED OUT BY RUBIS ÉNERGIE) INTO A SINGLE DIVISION CALLED ENERGY DISTRIBUTION FROM JANUARY 2023.

Thus, Energy Distribution now includes the distribution of fuels, fuel oils, lubricants, liquefied gas and bitumen (Retail & Marketing) and logistics (provided through Support & Services), which includes trading-supply, the refinery activity (SARA) and shipping.

Rubis Énergie has effective control of the entire supply chain (purchasing, transport, storage, distribution) thanks to fully-owned and time-charter vessels, import terminals, gas cylinder filling plants and a network of 1,054 service stations.

THE GROUP ALSO PROVIDES ITS CUSTOMERS WITH LESS CARBON-INTENSIVE SOLUTIONS, SUCH AS BIOFUELS OR HYBRID SOLUTIONS INCORPORATING SOLAR ENERGY.

Retail & Marketing

Retail & Marketing represents 73% of the Energy Distribution division’s EBIT. The Group distributes its products to both private individuals (network of service stations and distribution of bulk and bottled liquefied gas) and professionals (manufacturing, poultry farming, agriculture, hotels, construction and public works, the transport sector, etc.).

This business benefits from diversification both geographically and by product segment, ensuring stable and resilient performance, little affected by geopolitics and economic cycles.

AFRICA

In Africa, the Group has a network of 556 service stations, spread over eight countries.The Group’s African subsidiaries have excellent market shares and are in the top 3(1) in most countries, across all market segments. Our main competitors in this area are NOC, Oilibya, Puma, TotalEnergies, Vivo Energy (Shell and Engen brands), as well as independent local players.

The growth levers identified on this continent seeing rapid expansion, both demographic and economic, are as follows:

•   fuels in service stations

Since 2021, in East Africa, a vast programme of renovation and rebranding of “RUBiS” service stations has been underway.The customer offering has also been enriched by additional services (convenience stores, catering services, car washing, minor maintenance, etc.) which increase footfall and therefore volumes;

•   bitumen

The need for road infrastructure continues to grow in the area, as illustrated by the significant development of the bitumen distribution business. From three countries when it entered this sector (in 2015, with the acquisition of Eres), the Group is now present in eight countries, the most recent being Angola (in early 2023);

•   liquefied gas as an alternative energy

Liquefied gas is considered the best energy alternative to charcoal and wood for cooking and heating. The governments of South Africa, Madagascar and Kenya are therefore targeting a significant increase in the market penetration of liquefied gas and investing in infrastructure designed to develop this energy (storage terminals, in particular).

BREAKDOWN OF VOLUMES BY PRODUCT SEGMENT

(1) Rubis estimates.

CARIBBEAN

Like Africa, Rubis manages the entire supply chain and has a network of 406 service stations, spread over 18 territories. The Group has very good market shares and is in the top 3 (1) in most countries, across all market segments. The main competitors in this region are GB Group, Guyoil, Parkland (Sol), and TotalEnergies, as well as independent local players.

BREAKDOWN OF VOLUMES BY PRODUCT SEGMENT

The growth levers identified for these niche markets are as follows:

•   geographic expansion

To meet the needs of companies and manufacturers, and in particular to support existing customers, Rubis has chosen to develop its commercial activity in new markets, such as Guyana and Suriname;

•   the development of non-fuel revenues in service stations

In its network of service stations, Rubis is developing new customer services that generate additional revenue to the historical distribution activity. These modern, lively and high quality service stations contribute significantly to the Group’s excellent brand image in the region;

•   the development of marine biofuels

The Group has expanded its offering to its professional customers by offering low-sulphur fuel oils, as well as HVO (Hydrotreated Vegetable Oil) to supply vessels in the area. HVO is a 100%-renewable fuel that drastically reduces CO2 emissions.

(1) Rubis estimates.

EUROPE

In Europe, Rubis is mainly present in the liquefied gas segment, the Group’s long-standing activity under the Vitogaz brand, with residential and professional customers. This segment represents more than 90% of earnings in the region. In Corsica and the Channel Islands, Rubis distributes fuels through a network of 92 service stations, and also offers aviation and marine fuels. In most of the European countries in which it operates, the Group is in the top 3(1) market players, facing competitors such as Cepsa, DCC, Galp, Repsol, SHV and UGI.

BREAKDOWN OF VOLUMES BY PRODUCT SEGMENT

The growth levers identified for these mature markets are as follows:

•   LPG-fuel

The Group distributes LPG-fuel in France, Spain, Switzerland and Portugal.This alternative to conventional fuels produces less CO2 and almost no particles. The private vehicule market has seen the emergence of many new models incorporating this technology;

•   biofuels

Rubis is positioned in the distribution of biofuels, such as HVO (biofuel made from used oils, which reduces CO2 emissions by 90% compared to the use of conventional diesel) or EcoHeat100, a 100%-renewable domestic fuel currently marketed in the Channel Islands;

•   hybrid solutions

The Group is developing new hybrid solutions to support its professional customers in their energy transition. In partnership with Rubis Photosol, projects combining liquefied gas and solar panels have been developed for manufacturing and agricultural professionals.

(1) Rubis estimates.

Support & Services

SUPPLY AND SHIPPING

For its own needs, but also with a view to optimising its resources, Rubis now has 16 vessels to handle all its shipping operations; some of these vessels are owned by the Group (five bitumen tankers, three fuel tankers, as well as two new liquefied gas transport vessels since February 2023), the others being chartered on a time charter basis.

Rubis is a member of the Sea Cargo Charter, an initiative in favour of responsible shipping, greater transparency in climate reporting and better decision-making for the chartering of vessels, in accordance with the United Nations decarbonisation targets and the CO2 emission reduction targets set in the Group’s CSR Roadmap, Think Tomorrow 2022-2025.

REFINING AND STORAGE

The Antilles refinery (SARA), 71%-owned by Rubis Énergie, is located in Martinique and is the sole supplier of fuels to the three French departments in the Americas: French Guiana, Guadeloupe (and its dependencies) and Martinique. The retail prices for products and the profitability of SARA are regulated by the public authorities through a decree. It has a production capacity of 800,000 tonnes per year and produces a full range of products complying with European environmental standards: fuels for road, sea and air mobility, liquefied gas, etc., adapted to local needs. SARA wants to go even further and is positioning itself as both a producer and supplier of low-carbon fuels for land, air and maritime mobility, such as hydrogen and biofuels.

RENEWABLE ELECTRICITY PRODUCTION

RUBIS RENOUVELABLES INCLUDES THE ACTIVITIES OF RUBIS PHOTOSOL, ACQUIRED IN APRIL 2022, AS WELL AS THE 18.5% STAKE IN HDF ENERGY. IN THE MEDIUM TERM, THE OBJECTIVE FOR THIS DIVISION IS TO CONTRIBUTE 25% OF THE GROUP’S EBITDA.

Photovoltaic electricity: Rubis Photosol

Photosol is one of the independent leaders in photovoltaic production in France with 384 MWp of operational capacity (78 plants) and 119 MWp under construction. From the development of facilities to dismantling, including design, financing, operation and maintenance, Photosol is present throughout the whole value chain.The electricity produced is mainly resold through long-term contracts obtained through the call for tenders mechanism of the French Energy Regulatory Commission (CRE). Photosol is also positioned in the emerging market of Corporate Power Purchase Agreements (CPPA), with an initial contract signed in early 2023 to supply renewable electricity, over the long term, to some of the French sites of the Leroy Merlin brand. Several other projects are in discussions to diversify commercial outlets.

In France, the only country where it operates, Rubis Photosol competes with multinational subsidiaries such as Engie, TotalEnergies and the Mulliez Group (Voltalia), as well as independent producers such as Neoen, Tenergie and Akuo Energy. Rubis Photosol is very well positioned on the French solar energy market, with an identified project portfolio of more than 3.5 GWp, and ranks among the leading players in the sector in terms of megawatts owned and operated, as well as in terms of winning volumes of photovoltaic tenders in France(1).

Photosol mainly focuses on large ground-based or shade-type power plants, with recognised know-how in the field of agrivoltaics. The Company has deliberately focused on less-competitive strategic locations and on the development of complex projects to stand out from the major groups present in this market, a strategy very similar to that developed by Rubis internationally. Numerous synergies exist to develop this activity in areas where the Rubis Group is present.

(1) Source Finergreen.

Since the end of 2022, with the purchase of the assets of Mobexi, Photosol has added to its offer by entering the shade segment for large roofs and car parks (capacity of between 100 kWp and 3 MWp), in order to best meet the energy needs of companies in the public and private sectors, local authorities and the agricultural world.

Finally, Rubis Photosol aims to expand its development in several European Union countries where the Company could capitalise on the know-how it has acquired in France.

Hydrogen-electricity: HDF Energy

HDF Energy is the global pioneer in hydrogen-electricity. As part of its acquisition, Rubis entered into an industrial and financial agreement that notably provides for a majority investment priority in the projects that HDF Energy is developing in Africa, the Caribbean and Europe.

The Group has already invested in two future Renewstable® plants developed by HDF Energy in French Guiana and Barbados. Each of these plants will have an installed capacity of 50 MWp. The context of an island economy, characterised by the high cost of carbon-based energy, makes it possible to consider several similar projects in the Caribbean, as well as the Indian Ocean and the Mediterranean region.

HDF is also working in collaboration with Rubis Terminal on the construction of a first hydrogen barge for the electrification of quayside vessels in the port of Rouen.This barge will supply electricity and hydrogen to large vessels, reducing their polluting emissions during stopovers by more than 80%. In the long term, this concept could be extended to the ARA zone.

BULK LIQUID STORAGE (JOINT VENTURE)

THE RUBIS TERMINAL JV SPECIALISES IN THE STORAGE AND HANDLING OF BULK LIQUID AND LIQUEFIED PRODUCTS, SUCH AS CHEMICAL PRODUCTS, FUELS, BIOFUELS AND AGRIFOOD PRODUCTS. ITS ROLE IS TO ACT AS AN ESSENTIAL LINK IN THE LOGISTICS CHAIN OF ITS CUSTOMERS (SUPERMARKETS, OIL GROUPS, CHEMICAL AND PETROCHEMICAL COMPANIES, TRADERS, ETC.) BY STORING THEIR LOCAL OR IMPORTED PRODUCTS, FOR SHORT OR LONG PERIODS ACCORDING TO THEIR NEEDS.

Following the signing of a partnership with the infrastructure fund I Squared Capital, Rubis Terminal is now 55%-owned by Rubis SCA and accounted for under the equity method since 30 April 2020. The Company is the fourth-largest terminal operator in Europe and the largest in France(1).

The joint venture has a storage capacity of 4 million m3. Its 15 terminals are located in strategic hubs in France, the Netherlands, Belgium and Spain, where they benefit from maritime, river, pipeline, rail and road connections.

Rubis Terminal is diversifying its product range by developing biofuels, the storage of French strategic reserves, chemical products and the agrifood sector, which accounted for nearly 70% of storage revenues in 2022.

Today, the increasing storage volumes dedicated to UCO (used cooking oils) in Spain, biofuels (such as B100 and E85) in France and Spain, and the launch of our ethanol hub in the Netherlands illustrate this shift towards less carbon-intensive products. Rubis Terminal has become one of the largest chemical stockists in Europe.The integration of new products, in particular biosourced, as well as new long-term energies such as green hydrogen, following the signature of a Memorandum of Understanding in October 2022, are among the next major steps.

In 2022, Rubis Terminal inaugurated new capacities in Rotterdam and Antwerp. The year 2023 will be marked by the start-up of operations of new tanks for chemical products in Tarragona (Spain) during the first quarter and capacity extensions in the ARA zone over the short/medium term.

(1) Based on capacities excluding crude oil, excluding competitors who have their own pipeline network.