• Rubis: H1 2023 Results

    Источник: Nasdaq GlobeNewswire / 07 сен 2023 10:45:00   America/Chicago

    Paris, 07 September 2023, 5:45pm

    H1 2023 RESULTS

    • Solid operating performance partially offset by FX effects:
      • EBIT up 32% at €323m
      • Net income Group share at €171m, +1% vs H1 2022, +8% excl. exceptionals1
    • Healthy balance sheet: 1.6x corporate net financial debt/EBITDA2
    • Operating cash flow at €263m, up 3% vs H1 2022: cash flow generation maintained at a high level, renewing confidence in dividend distribution
    • Increased 2030 ambitions for Photosol

    H1 2023 results3 highlights

    • Energy Distribution:
      • Retail & Marketing
        • Gross margin at €448m up 18% (+4% LFL4), volumes at +1.4%
        • Eastern Africa: strong performance of LPG bulk business in Kenya and service-stations revamp programme 90% achieved.
        • Bitumen slightly behind due to elections in Nigeria – most recent countries deliver strong growth
      • Support & Services
        • Bitumen supply activity at a high level, illustrating the optimal use of vessels in the context of a lower in-house activity
      • FX impact reaching €80m (€55m net), of which €45m in Nigeria (of which €25m were included in the gross margin) and €25m in Kenya
    • Renewable Electricity Production:
      • Secured portfolio at 641 MWp, up 27% vs Dec-22
      • 6 new projects permitted (113 MWp total) over the first-half
      • First steps of international development with new projects in Italy, Spain and Poland
    • Publication of the new Code of Ethics
    • Publication of the annual update and monitoring of the Think Tomorrow 2022-2025 CSR Roadmap: CO2 emissions for scopes 1 et 2 are down 3% vs 2019 (in line with our objectives)

    KEY FIGURES

    CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2023

    (in million euros) H1 2023 H1 2022 Var %
    Revenue 3,324 3,290 1%
    EBITDA 409 314 30%
    o/w Energy Distribution 416 323 29%
    o/w Renewable Electricity Production 10 7 51%
    EBIT 323 244 32%
    o/w Energy Distribution 341 259 32%
    o/w Renewable Electricity Production -1 1 -245%
    Net income, Group share 171 170 1%
    EPS (diluted), in euros 1.66 1.65 1%
    Operational cash flow before change in working capital (1) 263 255 3%
    Capital expenditure 132 97 36%
    o/w Energy Distribution 108 85 27%
    o/w Renewable Electricity Production 24 12 99%
    Net financial debt (NFD) 1,446 1,436 1%
    NFD/LTM EBITDA 2.0x 2.6x -0.7x
    Corporate net financial debt (2) (corporate NFD) 1,104 1,102 0%
    Corporate NFD/EBITDA 1.6x 2.1x -0.5x

    (1)   Operational cash flow after net financial costs and tax and before change in working capital.
    (2)   Corporate net financial debt – excluding non-recourse debt.

    On 7 September 2023, Clarisse Gobin-Swiecznik, Managing Partner, commented on the results: "As is the case since the creation of the Group, this half-year illustrates how solid Rubis is. The geographical and product diversification is more relevant than ever, in a context of monetary turmoil in some of the countries we operate in. Despite the FX charges we have incurred over this half-year, the financial performance is strong, with a net income at +8% when restated for the exceptional elements of last year. Our healthy financial situation makes us confident in our ability to finance growth and development going forward.

    One year after its acquisition, Photosol has passed major thresholds, among which the acquisition of Mobexi, which will widen the addressable market in France, and the beginning of its international development in Europe. We have updated our 2030 ambitions accordingly and reaffirm Photosol will contribute to Rubis EBITDA by at least 25% in 2030.

    This first-half also saw the publication of the annual update and monitoring of the Think Tomorrow 2022-2025 CSR Roadmap. Our CO2 trajectory for scopes 1 et 2 is down 3% vs 2019 (baseline restated to take into account perimeter changes), Photosol will be integrated into this Group roadmap, once its carbon footprint and CSR assessment is finalised. The work on human rights on the basis of our risk mapping carried out in 2022 and responsible sourcing has also started with Rubis Énergie and Photosol.

    The ambitious plans we have set ourselves for 2023 unfold as we expected, which enable us to provide some visibility on our 2023 performance. Assuming market conditions remain stable, we believe we can reach an EBITDA of €690m to €730m in 2023, and reiterate our target of growing the dividend distribution, in line with Group distribution policy.”

    H1 2023 FINANCIAL PERFORMANCE

    H1 2023 has seen very strong increase in EBITDA to €409m (+30% yoy) and EBIT to €323m (+32% yoy).

    Group EBITDA and EBIT are inflated from FX pass-through in Nigeria (€25m) in H1 2023. When adjusted for this effect, EBITDA increased by 22% yoy and EBIT by 21% yoy.

    This growth in earnings reflects the progress made by operations, which enabled to absorb severe FX losses (€80m vs. €19m in H1 2022), particularly on Kenyan and Nigerian currencies.

    The 3% increase in cash flow from operating activities to €263m, slightly above the 1% rise in net income, attests to the quality of our results. Cash flow generation after changes in WCR is significantly higher (2.5x) than H1 2022, when the significant rise in product prices led to a sharp cash drain.

    Rubis corporate net financial debt (corporate NFD) remained stable at €1,104m at the end of H1 2023, leading to a corporate NFD/EBITDA at 1.6x.

    Capex reached €132m, of which €24m are renewable investments. The remaining €108m are split between maintenance (80%) and growth and energy transition investments (20%) in the Energy Distribution business line.

    ENERGY DISTRIBUTION

    Retail & Marketing

    The first half of 2023 has seen a stable volume vs H1 2022, which was particularly strong. When excluding exceptional items and FX effect in Nigeria, gross margin grew by 4%. EBIT landed at €247m, vs €184m in H1 2022 (+34% yoy, +4% LFL5). Capex increased slightly to €70m (+7% yoy).

    VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN H1

      Volume (in '000 m3) Gross margin (in €m) Adjusted (1) gross margin (in €m)
      H1 2023 H1 2022 H1-23 vs H1-22 H1 2023 H1 2022 H1-23 vs H1-22 H1 2023 H1 2022 H1-23 vs H1-22
    LPG 654 626 5% 158 150 5% 158 150 5%
    Fuel 1,988 1,953 2% 231 181 28% 219 199 10%
    Bitumen 225 249 -10% 59 48 25% 34 48 -28%
    TOTAL 2,867 2,828 1% 448 378 18% 411 396 4%

    (1)   Adjusted for exceptional items and FX effects.

    After a slightly increasing Q1, LPG saw a dynamic Q2 underpinned by a strong demand in bulk product in Kenya, where the bulk offer to professional customers was launched in H2 2022 and is developing quickly. Morocco and Portugal also performed particularly well in the bulk business over this first-half. Gross margin grew in line with volume and unit margin stayed stable.

    As regards fuel:

    • retail (service stations, representing 61% of H1 fuel gross margin) volume was stable over H1. Gross margin increased by 59% underpinned by the strong performance of the Eastern Caribbean region, where margins increased significantly, particularly in Dominica, where operations resumed in 2023, and in Guyana;
    • after an important decrease in Q1, Commercial and Industrial customers (C&I, representing 23% of H1 fuel gross margin), caught up over Q2, leading to a 6% decrease in volume over the first half. Gross margin decrease was under control at -4% yoy;
    • the strong volume growth observed in the aviation segment (representing 12% of H1 fuel gross margin) in Q1 continued in Q2, driven by Kenya and the Caribbean region. Gross margin stayer overall stable at -3%.

    Bitumen volume was down 10% yoy. Nigeria, Senegal and Togo saw significant decreases vs a strong H1 2022. The take-off of sales in South Africa only partially offset the temporary drop in volumes in Nigeria due to the installation of a new administration after the February 2023 elections.

    The table below provides volume and gross margin split by region for H1.

    VOLUME SOLD AND GROSS MARGIN BY REGION IN H1

      Volume (in '000 m3) Gross margin (in €m) Adjusted (1) gross margin (in €m)
      H1 2023 H1 2022 H1-23 vs H1-22 H1 2023 H1 2022 H1-23 vs H1-22 H1 2023 H1 2022 H1-23 vs H1-22
    Europe 451 443 2% 111 110 0% 111 110 0%
    Caribbean 1,091 1,117 -2% 146 128 14% 146 128 14%
    Africa 1,326 1,268 5% 191 139 37% 155 158 -2%
    TOTAL 2,867 2,828 1% 448 378 18% 411 396 4%

    (1)   Adjusted for exceptional items and FX effects.

    Adjusted unit margin came in at 144€/m3, stable up qoq, and up 2% vs H1 2022.

    EBIT BY REGION

    (in million euros) H1 2023 H1 2022 Var %
    Europe 38 41 -8%
    Caribbean 76 60 27%
    Africa 133 82 61%
    TOTAL RETAIL & MARKETING 247 184 34%

    By region, the dynamics of this first half were as follows:

    • Europe benefits from its strong LPG positioning (LPG accounts for >90% of regional gross profit) This segment remained stable (+1%) despite a climatic index down 4% over the period. The overall margin was stable: the increase in LPG sales was absorbed by withdrawals in the aviation and commercial segments. The 8% decline in EBIT was mainly due to Portugal, where competition is fairly aggressive on the cylinder segment, and to the Channel Islands;
    • the Caribbean region - excluding Haiti – remained buoyant, with volumes up 5%, following two consecutive years of double-digit growth. The deterioration of the situation in Haiti (volumes: -30%) affected volume trends in the region (-2%). Operating conditions were optimal, with gains in market share and a sharp rise in unit margins (+17%), leading to a healthy increase in EBIT: +27%. Guyana, Jamaica and all activities in the Caribbean islands contributed to this strong growth in results;
    • lastly, in Africa, gross margin was down 2%, adjusted for the sequencing of payment in 2023 by the State of the 2022 revenue shortfall in Madagascar (€11.3m) and the neutralisation of foreign exchange losses in Nigeria (€24.9m). The half-year was marked by extreme tension on the foreign exchange front in Kenya and Nigeria.

    Support & Services 

    The Support & Services business recorded EBIT of €94m (+25% yoy) in H1 2023, underpinned by the strong performance of shipping activities and strength of the bitumen sector.

    Volume (+47%) and margins (>3x) have seen tremendous growth in the bitumen supply activity over this first-half, benefiting from the lower level of activity in the bitumen Retail & Marketing business. This performance illustrates the flexibility provided by the ownership of the bitumen vessels, and the ability of the teams to arbitrate and make an optimised use of these assets.

    The SARA refinery and logistics operations present specific business models with stable earnings profile.

    Shipping activities present major decarbonisation challenges for the Group. In the context of the Sea Cargo Charter, entered into in 2022, the first annual disclosure report was issued in June-23 and includes a reporting of all Rubis chartering activity in 2022 and measure their alignment with a decarbonisation trajectory. A dedicated decarbonisation plan is currently being defined.

    Capex increased significantly to €39m (+96% yoy), mainly driven by the acquisition of two new LPG vessels in the Caribbean and one bitumen vessel.

    RENEWABLE ELECTRICITY PRODUCTION

    The level of assets in operation has remained stable between Q1 and Q2 2023. The secured portfolio reached 641 MWp, up from 504 MWp at the end of Dec-22. As regards pipeline, six new projects reached the Ready-to-Build status, representing a total of 113 MWp, and almost 200 MWp were added to the early-stage bucket.

    Revenue reached €25m over H1 2023, c. €4m of which coming from direct sales to the market. When restated for these direct sales to the market, revenue increased in line with the growth in Assets in operation (+19% yoy). EBITDA reached €10m over H1 2023. At the end of June-23, the level of project non-recourse debt amounted €360m.

    OPERATIONAL DATA

      Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023
    Assets in operation (MWp) 330 368 384 394 394
    Electricity production (GWh) 139 140 60 81 153
    SALES (in €m) 12 13 7 9 16

    On top of these elements, Q2 2023 saw Photosol’s first investment in Italy, in a portfolio of 10 photovoltaic and agrivoltaic projects totalling close to 100 MWp. The first two RTB6 projects were acquired by Rubis Photosol on 28 June 2023. Their capacity reaches 25 MWp. Among the remaining eight projects, two have obtained construction permits and six are at an advanced stage of development. Construction will start at the end of 2023. All projects in the portfolio will be commissioned in 2025 and 2026. Investments for the realisation of this portfolio are estimated at a maximum of €100m euros (including land acquisition). Taken as a whole, this portfolio of 10 projects will generate around 150 GWh of green electricity annually.

    Photosol is also developing project development platforms in Spain and Poland where co-development partnerships were signed with experienced local players.

    Taking into account these new international developments, together with the development of rooftops with Mobexi, Photosol 2030 ambitions were reviewed:

    • accumulated capex will reach €2.7bn over 2023-2030, of which €700m over 2023-2025 (vs €700m over 2023-2026 previously);
    • EBITDA will contribute to Rubis Group EBITDA by at least 25% by 2030 (unchanged);
    • installed capacities will reach 1 GWp by 2025 (vs 2026 previously), 3.5 GWp by 2030 (vs 2.5 GW previously).

    A complete carbon assessment of Rubis Photosol's activities is currently being carried out, and more generally, a CSR roadmap will be defined during the year, in line with Rubis’.

    BULK LIQUID STORAGE (JV)

    Rubis Terminal JV has delivered solid performance with +17% yoy storage revenue growth to €130m. EBITDA has increased by 17% to €69m in H1 2023. This performance is explained by the use of the new capacities developed in 2022 in the ARA zone, combined with the effect of inflation. Utilisation rate in H1 reached 94%.

    The product mix stayed stable over the first-half, at 72% of non-fuel products and strategic reserves.

    The share of Rubis profit stood at €5.5m in H1 2023, vs €1.8m in H1 2022 excluding the exceptional impact from the sale of operations in Turkey.

    OUTLOOK

    The solid first half of 2023 illustrates the continued relevance of the business model and its growth drivers.

    Looking at each of the products and activities, Rubis is still expecting:

    • LPG activities to continue growing in emerging countries where this energy is promoted as a cleaner alternative to replace wood or charcoal for heating and cooking;
    • fuel activities to develop in Eastern Africa and the Caribbean region, driven by the revamp of service stations and countries with high potential growth (Guyana and Suriname);
    • bitumen activities to increase, underpinned by the need for infrastructure in Western Africa;
    • shipping and supply activities to continue their growth, with the optimisation of the fleet and the acquisition of new vessels;
    • Renewable Electricity Production to pursue its development, with further development in Europe.

    The Group reaffirms it is confident that 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment). Assuming market conditions remain stable, EBITDA is expected to land between €690m and €730m, and dividend will grow in line with Group distribution policy.

    The targets set in the context of the Think Tomorrow 2022-2025 CSR Roadmap are also confirmed:

    • Environment/climate:
    • scopes 1 and 27: -30% CO2 emissions by 2030 (-3% in 2022 vs 2019),
    • scope 3A5: -20% CO2 emissions by 2030 (mainly outsourced transportation i.e., 45% of scope 3A);
    • Social: 30% women on average in Management Committees of the Energy Distribution business line by 2025 (28.6% in 2022);
    • Ethics: 100% of employees made aware of ethics and anti-corruption rules by end 2023 (90% in 2022).

    The assessment of the Group’s operations impact on biodiversity and the definition of a sustainable procurement framework are in progress, as well as Photosol full carbon footprint assessment, which will be finalised by year end.

    NON-FINANCIAL RATING

    • MSCI: AA
    • Sustainalytics: 29.7
    • ISS ESG: C-
    • CDP: B

    GOVERNANCE

    On 27 July 2023, Mr Nils Christian Bergene, independent member, was unanimously elected Chairman of the Board, replacing Mr Olivier Heckenroth. As the latter has decided to cease to be a member of the Board's two committees, the independence rates of the Accounts and Risks Committee and the Compensation and Appointments Committee have been increased from 60% to 80% and from 50% to 66.67% respectively. The Supervisory Board also appointed Mr Marc-Olivier Laurent, independent member, as Vice-Chairman.

    Webcast for the investors and analysts
    Date: 7 September 2023, 6:00pm
    Link to register for the webcast: https://channel.royalcast.com/rubisfr/#!/rubisfr/20230907_1

    Participants from Rubis:

    • Jacques Riou, Managing Partner
    • Clarisse Gobin-Swiecznik, Managing Partner
    • Bruno Krief, CFO
    • Robin Ucelli, Rubis Photosol President

    Upcoming events

    Q3 & 9M 2023 trading update: 7 November 2023 (after market close)

    Q4 2023 Trading update and FY 2023 results: 7 March 2024 (after market close)

    Capital Markets Day 2024

    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.   Q2 FIGURES

    REVENUE BREAKDOWN

      Q2 2023 Q2 2022 Q2 2023 vs Q2 2022
    Energy distribution 1,569 1,805 -13%
    Retail & Marketing 1,343 1,559 -14%
    Europe 192 204 -6%
    Caribbean 562 683 -18%
    Africa 589 673 -12%
    Support & Services 226 246 -8%
    Renewable Electricity production 16 12 +33%
    Bulk Liquid storage (JV) - For information only 66 57 +17%
    TOTAL 1,585 1,818 -13%

    RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q2

      Volume (in '000 m3) Gross margin (in €m) Adjusted gross margin (in €m)
      Q2 2023 Q2 2022 Q2 2023 vs Q2 2022 Q2 2023 Q2 2022 Q2 2023 vs Q2 2022 Q2 2023 Q2 2022 Q2 2023 vs Q2 2022
    LPG 318 293 8% 75 72 4% 75 72 4%
    Fuel 1,010 980 3% 114 95 20% 114 109 5%
    Bitumen 108 117 -8% 23 29 -20% 16 29 -43%
    TOTAL 1,435 1,389 3% 212 196 8% 206 209 -2%

    RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2

      Volume (in '000 m3) Gross margin (in €m) Adjusted gross margin (in €m)
      Q2 2023 Q2 2022 Q2 2023 vs Q2 2022 Q2 2023 Q2 2022 Q2 2023 vs Q2 2022 Q2 2023 Q2 2022 Q2 2023 vs Q2 2022
    Europe 207 195 6% 52 50 3% 52 50 3%
    Caribbean 553 554 0% 73 66 11% 73 66 11%
    Africa 676 641 5% 88 80 10% 81 93 -13%
    TOTAL 1,435 1,389 3% 212 196 8% 206 209 -2%

    2.   ADJUSTMENTS AND RECONCILIATIONS

    COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16

    (in million euros) H1 2023 H1 2022 Var %
    Corporate net financial debt8 (corporate NFD) 1,104 1,102 -1%
    LTM EBITDA 765 589 32%
    LTM Rental expenses IFRS 16 42 40 5%
    LTM EBITDA pre IFRS 16 723 549 34%
    Corporate NFD / LTM EBITDA pre IFRS 16 1.6x 2.1x -0.5x
    Non-recourse project debt 342 334 7%
    Total Net financial debt (NFD) 1,446 1,436 1%
    NFD/LTM EBITDA pre IFRS 16 2.0x 2.6x -0.7x

    NET INCOME TO ADJUSTED NET INCOME

    (in million euros) H1 2023 H1 2022 Var %
    Net Income Group Share (reported) 171 170 1%
    One-off impact of sale of Terminal Turkey & other Rubis Terminal effects   -14 ns
    Costs linked to Photosol acquisition 5 9 ns
    Other 2 -1 ns
    Adjusted Net Income Group Share 178 164 8%

    3.   FINANCIAL STATEMENTS

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    ASSET (in thousands of euros) 30/06/2023 31/12/2022
    Non-current assets    
    Intangible assets 82,091 79,777
    Goodwill 1,678,870 1,719,170
    Property, plant and equipment 1,676,334 1,662,305
    Property, plant and equipment – right-of-use assets 218,390 221,748
    Interests in joint ventures 307,206 305,127
    Other financial assets 218,286 204,636
    Deferred taxes 25,983 18,911
    Other non-current assets 12,617 9,542
    TOTAL NON-CURRENT ASSETS (I) 4,219,777 4,221,216
    Current assets    
    Inventory and work in progress 577,504 616,010
    Trade and other receivables 722,884 770,421
    Tax receivables 34,651 36,018
    Other current assets 37,128 21,469
    Cash and cash equivalents 614,288 804,907
    TOTAL CURRENT ASSETS (II) 1,986,455 2,248,825
    TOTAL ASSETS (I + II) 6,206,232 6,470,041


    EQUITY AND LIABILITIES (in thousands of euros) 30/06/2023 31/12/2022
    Shareholders’ equity – Group share    
    Share capital 128,994 128,692
    Share premium 1,553,933 1,550,120
    Retained earnings 900,808 1,054,652
    TOTAL 2,583,735 2,733,464
    Non-controlling interests 127,596 126,826
    EQUITY (I) 2,711,331 2,860,290
    Non-current liabilities    
    Borrowings and financial debt 1,295,937 1,299,607
    Lease liabilities 193,735 196,914
    Deposit/consignment 146,712 148,588
    Provisions for pensions and other employee benefit obligations 40,000 40,163
    Other provisions 115,082 98,008
    Deferred taxes 87,869 92,480
    Other non-current liabilities 99,584 94,509
    TOTAL NON-CURRENT LIABILITIES (II) 1,978,919 1,970,269
    Current liabilities    
    Borrowings and short-term bank borrowings (portion due in less than one year) 764,263 791,501
    Lease liabilities (portion due in less than one year) 29,678 27,735
    Trade and other payables 684,600 781,742
    Current tax liabilities 25,995 28,771
    Other current liabilities 11,446 9,733
    TOTAL CURRENT LIABILITIES (III) 1,515,982 1,639,482
    TOTAL EQUITY AND LIABILITIES (I + II + III) 6,206,232 6,470,041

    CONSOLIDATED INCOME STATEMENT

    (in thousands of euros) %
    2023/
    2022     		30/06/2023 30/06/2022
    NET REVENUE 1% 3,324,412 3,290,166
    Consumed purchases   (2,473,182) (2,554,483)
    External expenses   (247,080) (249,218)
    Employee benefits expense   (125,593) (111,042)
    Taxes   (69,327) (61,527)
    EBITDA 30% 409,230 313,896
    Other operating income   805 523
    Net depreciation and provisions   (87,522) (73,836)
    Other operating income and expenses   624 3,383
    CURRENT OPERATING INCOME 32% 323,137 243,966
    Other operating income and expenses   (5,260) (7,845)
    OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES 35% 317,877 236,121
    Share of net income from joint ventures   6,308 11,912
    OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES 31% 324,185 248,033
    Income from cash and cash equivalents   8,114 4,695
    Gross interest expense and cost of debt   (38,471) (15,670)
    COST OF NET FINANCIAL DEBT 177% (30,357) (10,975)
    Interest expense on lease liabilities   (5,522) (4,701)
    Other finance income and expenses   (78,462) (17,327)
    PROFIT (LOSS) BEFORE TAX -2% 209,844 215,030
    Income tax   (32,438) (41,452)
    NET INCOME 2% 177,406 173,578
    NET INCOME, GROUP SHARE 1% 170,624 169,766
    NET INCOME, NON-CONTROLLING INTERESTS 78% 6,782 3,812

    CONSOLIDATED STATEMENT OF CASH FLOWS

    (in thousands of euros) 30/06/2023 31/12/2022 30/06/2022
    TOTAL CONSOLIDATED NET INCOME 177,406 271,903 173,578
    Adjustments:      
    Elimination of income of joint ventures (6,308) (5,732) (11,912)
    Elimination of depreciation and provisions 99,133 100,928 86,044
    Elimination of profit and loss from disposals (643) 84 (1,101)
    Elimination of dividend earnings (361) (190) (186)
    Other income and expenditure with no impact on cash (1) (6,127) 65,270 8,641
    CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX 263,100 432,263 255,064
    Elimination of income tax expenses 32,438 63,862 41,452
    Elimination of the cost of net financial debt and interest expense on lease liabilities 35,880 40,729 15,676
    CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX 331,418 536,854 312,192
    Impact of change in working capital* (48,002) (31,353) (178,512)
    Tax paid (42,200) (84,543) (36,442)
    CASH FLOWS RELATED TO OPERATING ACTIVITIES 241,216 420,958 97,238
    Impact of changes to consolidation scope (cash acquired - cash disposed) 308 57,031 57,031
    Acquisition of financial assets: Renewable Energies division (2)   (341,122) (341,122)
    Acquisition of property, plant and equipment and intangible assets (131,970) (258,416) (96,890)
    Change in loans and advances granted (29,660) (451) (21,961)
    Disposal of property, plant and equipment and intangible assets 5,135 5,942 3,118
    (Acquisition)/disposal of other financial assets (5,332) (2,779) (588)
    Dividends received 5,898 34,609 12,739
    Other cash flows from investing activities   4,063 4,063
    CASH FLOWS RELATED TO INVESTING ACTIVITIES (155,621) (501,123) (383,610)

    CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

    (in thousands of euros) 30/06/2023 31/12/2022 30/06/2022
    Capital increase 4,115 3,404 3,441
    Share buyback (capital decrease)   (5) (4)
    (Acquisition)/disposal of treasury shares (384) (41) 261
    Borrowings issued 675,291 1,191,102 795,521
    Borrowings repaid (650,536) (847,812) (358,775)
    Repayment of lease liabilities (17,942) (33,180) (18,956)
    Net interest paid (2) (34,770) (38,908) (15,036)
    Dividends payable (197,524) (191,061) (191,061)
    Dividends payable to non-controlling interests (10,176) (11,303) (8,122)
    Acquisition of financial assets: Renewable Energies division (6,333) (5,306) (1,238)
    Other cash flows from financing operations   (41,975) (42,347)
    CASH FLOWS RELATED TO FINANCING ACTIVITIES (238,259) 24,915 163,684
    Impact of exchange rate changes (37,955) (14,733) 22,205
    Impact of change in accounting policies      
    CHANGE IN CASH AND CASH EQUIVALENTS (190,619) (69,983) (100,483)
    Cash flows from continuing operations      
    Opening cash and cash equivalents (3) 804,907 874,890 874,890
    Change in cash and cash equivalents (190,619) (69,983) (100,483)
    Closing cash and cash equivalents (3) 614,288 804,907 774,407
    Financial debt excluding lease liabilities (2,060,200) (2,091,108) (2,210,160)
    Cash and cash equivalents net of financial debt (1,445,912) (1,286,201) (1,435,753)

    (1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), 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 10,527
    Impact of change in trade and other receivables 3,014
    Impact of change in trade and other payables (61,543)
    Impact of change in working capital (48,002)


    1 Excluding exceptional items among which: one-off impact of the sale of the terminal in Turkey in H1 2022, items related to Photosol acquisition and other non-significant elements – See Appendix for further details.

    2 Debt excluding Photosol SPV Project non-recourse debt; EBITDA excluding IFRS 16 – lease obligations.

    3 The Management Board, which met on 6 September 2023, approved the accounts for the first half-year 2023; these accounts were examined by the Supervisory Board on 7 September 2023. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information was issued on the same date.

    4 LFL: Like-for-like i.e., excluding exceptional items and FX effects.

    5 LFL: Like-for-like i.e., excluding exceptional items and FX effects.

    6 Ready to build : - project fully permitted, land and interconnection secured

    7 Rubis Énergie constant scope – Baseline 2019.

    8 Net financial debt – Non-recourse project debt at Photosol level

     

    Attachment


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