Rubis SCA (Seite 2)

[welczeck]

Antwort auf Beitrag Nr.: 71.780.237 von winston-wolfe am 14.06.22 16:55:08

Hallo winston-wolfe, ich überlege wegen der Div in Rubis zu investieren, habe aber keine Erfahrung mit franz. Dividenden. Wie läuft das den hier mit der (Doppel-)Besteuerung bzw. wie kann man ggfls. die franz. Steuer anrechnen lassen und wie aufwendig ist das?
Wäre über eine kurze Info dazu dankbar !

[winston-wolfe]

Q4 2022 trading update, stable volumes, solid gross profit growth

-- ROBUST OPERATING PERFORMANCE ILLUSTRATING THE SOLIDITY OF THE BUSINESS MODEL

-- DOUBLE-DIGIT GROWTH YOY IN RUBIS éNERGIE GROSS PROFIT

-- RUBIS PHOTOSOL: FIRST BOLT-ON ACQUISITION IN THE ROOFTOP SEGMENT (2022) AND FIRST CORPORATE PPA (2023)

Fourth quarter 2022 has seen continuing growth of gross profit at Rubis Énergie, development of Rubis Renouvelables, and excellent growth of JV Rubis Terminal:

-- Rubis Énergie showed steady activity growth supported by stable volumes in Q4 2022 yoy, excluding the impact of deterioration in Haiti. Reported volumes stood at -3% in Q4 2022 vs Q4 2021, though decline was offset by strong unit profit. Underlying gross profit increased by 11% yoy in Q4 2022 (+21% yoy FY 2022). After an exceptionally strong first half, Q3 and Q4 2022 normalised in terms of volumes (Q4 2022: +3%, FY 2022: +18% yoy) and gross profit in supply/shipping segment (Q4 2022: +1% yoy, FY2022: +15% yoy);

-- Rubis Renouvelables: revenues came in at EUR 7m with an installed capacity of 384 MWp. Q4 was marked by the development of Rubis Photosol with the bolt-on acquisition of Mobexi assets (to be consolidated from 2023), expanding solar portfolio to the rooftop segment. Moreover, the management has been working on its first corporate PPA agreement (with Leroy Merlin) which was signed at the end of January 2023 and positions Rubis Photosol in thisgrowing segment;

-- Rubis Terminal JV (accounted for using the equity method) storage revenue stood at EUR 64m with growth accelerating to +11% yoy[3] in Q4 2022, supported by double-digit increase in biofuels, agrifoods, and chemicals(FY 2022: EUR235m, +5.5% yoy).

Q4 2022 Group sales came in at EUR 1,785m with 33% increase yoy, mostly boosted by rising oil prices yoy. Sales breakdown by segment and region is presented in the table below. As a reminder, Rubis Énergie passes on changes in oil price to its clients. Thus, the level of activity of this business should be analysed through volume and unit margin.
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https://www.finanznachrichten.de/nachrichten-2023-02/5825294…

[winston-wolfe]

Rubis expands its photovoltaic offering with the acquisition of Mobexi's assets by Photosol

Following the acquisition of 80% of Photosol in April 2022 and the creation of a Renewable division, Rubis has become one of the leading photovoltaic energy producers in France, specialised in large-scale ground-mounted power plants of photovoltaic panels of more than 3 ha and over 3 MWp with the aim of enlarging its activity.

In this perspective, Rubis announces the acquisition of Mobexi's assets, a French specialist in rooftop panels, and the integration of its team of 20 employees. The Group commits EUR2 million to take over the assets that should generate revenues of around EUR6 million over 2023, corresponding to 5 MWp of rooftop installations. In the mid-term, the objective is to increase the annual installations to 25 MWp, optimising sourcing and operation & maintenance (O&M) thanks to Photosol expertise and leveraging on the Group's client base and presence worldwide.

While the French Senate has just passed a new regulation encouraging industrial and commercial companies to cover their car parks of more than 80 places with solar panels, this acquisition allows Rubis, through Photosol, to broaden its offer and to quickly respond to the needs of deploying energy solutions of smaller size for companies, farmers, and communities.
...
https://www.finanznachrichten.de/nachrichten-2022-11/5761950…

[winston-wolfe]

Q3 2022 trading update: stable volumes, solid gross profit growth

Third quarter 2022 has seen continuing growth of gross profit at Rubis Énergie, development of Rubis Renewables, and excellent growth of JV Rubis Terminal:

-- Rubis Énergie has seen steady earnings growth supported by:? Retail & Marketing: underlying[1] volume growth of +1% in Q3 2022 yoy was diluted by deterioration in Haiti and voluntarily decline of the aviation volumes (with low margins) in Africa without impact on profitability. Reported volumes stood at -3% in Q3 2022 vs Q1 2021, though decline was offset by strong unit profit and as a result +16% increase in gross profit, - Support & Services[2]: slight volumes decline in Q3 2022 (Q3 2022: -5% vs Q3 2021, 9M 2022: +23% vs9M 2021) was mostly offset by unit profit improvement leading to flat gross profit in supply/shipping segment;

-- Rubis Renouvelables: revenues came in at EUR 13m with an installed capacity of 368 MWp. Third quarter was mainly marked by the finalisation of the construction of the awarded projects of the previous CRE tenders (i.e. 79 MWp) which will be commissioned at the end of 2022 - beginning of 2023;

-- Rubis Terminal JV: storage revenue stood at EUR 56m with growth accelerating to +5% yoy in Q3 2022 (9M 2022:+4% yoy), supported by double digit increase in biofuels and agrifoods, as well as high single digit growth in chemicals.

Q3 2022 Group sales came in at EUR 2,042m with 70% increase yoy, mostly boosted by rising oil prices yoy (+80%). Sales breakdown by segment and region is presented in the table below. It is important to remind that, as a fuel distributor, Rubis passes on changes in oil price to the clients. Thus, key indicator for the earnings development is rather volume and unit margin than sales development.
...
https://www.finanznachrichten.de/nachrichten-2022-11/5752636…

[winston-wolfe]

H1 2022 results: Strong earnings growth: +20% and solid balance sheet

+20% increase in adjusted EPS amid challenging environment, first time consolidation of Photosol:

-- H1 2022 volumes: 2,826 km3, +7% vs H1 2021 and 3% ahead of pre-Covid levels (H1 2019[1]).

-- Strong unit profit[2] in the context of rising supply prices: +6% vs H1 2021.

-- H1 2022 EBIT: EUR244m, +30% vs H1 2021, supported by all regions (+14% vs H1 2019).

-- Adjusted net income[3]: EUR169m, +17% vs H1 2021, ahead of the record pre-Covid level of H1 2019 (+10% vs2019 excluding Rubis Terminal).

-- Adjusted EPS (diluted): EUR1.64, +20% vs H1 2021, ahead of the record pre-Covid level of H1 2019 (+5% vs2019 excluding Rubis Terminal).

-- Operational cash flow before changes in working capital[4]: EUR255m, +7% vs H1 2021 and +16% vs pre-CovidH1 2019 (excluding Rubis Terminal).

-- Corporate net financial debt[5] (corporate NFD) at EUR1,102m, 2.1x corporate NFD/EBITDA pre-IFRS 16, vsEUR438m as of 31/12/2021. Increase in net debt is due to the completion of Photosol acquisition, outflow from changesin working capital and dividend payment.

-- Net financial debt (NFD) at EUR1,436m, 2.6x net debt/EBITDA pre-IFRS 16, includes Photosol EUR334mnon-recourse project debt at SPV level.

Outlook

The first half of the year has demonstrated excellent volumes and earnings growth. While all regions posted positive development, the Caribbean region was the main growth driver with strong recovery post-Covid and favourable comparison base. Whereas comparison base is set to normalise and current macro-environment is challenging, the Group is confident in solid earnings growth for the full year 2022.

In the mid-and long-term, the company should benefit from numerous growth drivers - newly added renewable energy segment as well as within its historical business. The latter has advantage of its exposure to regions with growing population and growing energy demand, portfolio improvement in Eastern Africa and exposure to bitumen in Africa considering the growing need for road infrastructure on the long term.

Given the current geopolitical environment, the Group reminds that it does not carry out any transactions in Ukraine or Russia and does not have any assets in these territories. In addition, it does not source from Ukrainian or Russian suppliers. To date, even if the Group has not identified any direct exposure to this risk, it will continue to monitor developments in the situation and their potential impact on its activities, as well as the indirect effects of the conflict on the sector's global supply chain.
...
https://www.finanznachrichten.de/nachrichten-2022-09/5701322…

[winston-wolfe]

Im Hinblick auf eine frühzeitige Refinanzierung über den Infra-Debt-Markt kündigt Rubis Terminal die Rückzahlung der Anleihen 2025 im Wert von 560 Millionen Euro an.

Am 8.07. hat Rubis Terminal die förmliche Mitteilung über die vorzeitige Rückzahlung seiner im Mai 2025 fälligen vorrangigen Anleihen mit einer Verzinsung von 5,625 in Höhe von 560 Mio. veröffentlicht. Diese Anleihen werden durch ein neues ESG-gebundenes Infrastruktur-Schuldenpaket mit folgenden Elementen refinanziert:

- Ein neues Darlehen über 700 Mio. mit einer Laufzeit von 7 Jahren
- Eine Investitionsfazilität in Höhe von 82,5 Mio. €, um die Entwicklung der Gruppe mit neuen Projekten und fortgesetzter Transformation zu begleiten
- Ein RCF in Höhe von 30 Mio. zur Verwendung für allgemeine Unternehmenszwecke

Diese bahnbrechende Transaktion, die vor allem auf die intensiven Bemühungen der letzten Jahre zurückzuführen ist, den Anteil der Einnahmen aus dem Kraftstoffgeschäft zu reduzieren, zeigt das starke Engagement von Rubis Terminal in ESG-Fragen. Die Dokumentation des neuen Finanzierungspakets enthält ein Margenraster, das an die Einhaltung einer Reihe von ESG-bezogenen Ziel-KPIs durch Rubis Terminal geknüpft ist, insbesondere die Verringerung der Kohlenstoffintensität der Lagertätigkeiten der Gruppe, die Erhöhung der Verwertung von gefährlichen und ungefährlichen Abfällen und die Verringerung der durch Arbeitsunfälle verursachten Ausfallzeiten.

Darüber hinaus bestätigt das neue Finanzierungspaket die klare Positionierung der Gruppe in der Assetklasse Infrastruktur und ermöglicht es, die Fremdkapitalkosten zu senken sowie die Laufzeit der Schulden weiter zu verlängern.
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https://www.finanznachrichten.de/nachrichten-2022-07/5652649…

[winston-wolfe]

Dividende

RUBIS SCA FR0013269123 - 1,86 EUR

Bei einem Kurs von 24,48 sind das 7,6 % 👍

[Gattone]

Ja einer der viel zu billigen Titel... Unter 10x earnings, sehr gutes mgmt (kauft billig Firmen mit potential und steigert dann die profitability was dann den Kauf noch billiger macht), mit Afrika in guten Wachstums Ländern engagiert, wichtig auch egal ob hoher oder niedriger Ölpreis Rubis verdient immer ihre Marge und das sehr konstant. Sehr langfristig ausgerichtete Strategie, 2015 zb bitumen firms in Afrika gekauft und nun sukzessive ausgebaut und seit letztem Jahr mit eigenem Schiff in ganz Afrika verteilt. Bitumen Braucht man zum Straßen Bau. Mit der photo sol Akquisition wird man besser unter esg Gesichtspunkten und hat auch noch ein sehr gutes Wachstums Unternehmen gekauft, mgmt behält 20%, eines der ersten Photovoltaik Unternehmen in Frankreich die sehr aggressive Ziele haben und Photosol fokussiert sich auf second tier locations nicht ganz im Süden die billiger sind aber dafür bessere Renditen bringen.

War im tief bei 9x earnings vs vor Jahren bei 20x... Irgendwo dazwischen liegt die Wahrheit. 45-50€ auf Sicht von 2-3 Jahren.

[winston-wolfe]

Q1 2022 trading update - Excellent volume (+10% yoy) and gross profit (+7% yoy) development

Rubis achieved a very good first quarter 2022 with record volumes, up on pre-Covid levels. Although still impacted by the pandemic, the overall business benefited from the recovery of tourism in the Caribbean region, specific pockets of growth (LPG as motor gas) in Europe and continued commercial momentum in the East African station network.

In a particularly volatile and uncertain environment, the Group recorded strong growth in both volumes and gross profit, while the Rubis Terminal JV saw a slight increase of storage revenues compared to Q1 2021:

-- Retail & Marketing: with volumes up 10% in Q1 2022 vs Q1 2021 and solid development across all regions,driven mostly by the Caribbean region, volumes have increased by 29% vs Q1 2019. Excluding acquisition in EastAfrica in 2019, the Group has exceeded record pre-Covid levels with 8% increase vs Q1 2019. Reported unit margin isslightly down (-3%) despite record increase in oil prices (+86% yoy in Q1 2022 vs Q1 2021). Excludingservice-station network in Madagascar, unit margins have increased by 1% vs Q1 2021. Gross profit reported 7%growth vs Q1 2021;

-- Support & Services[1]: both volumes and improving unit margins have resulted in 19% increase in grossprofit in supply/shipping segment, while profit contribution of the logistics and refinery SARA are almost stable;

-- Rubis Terminal JV: following strong development in Q1 2021 (+6% organic growth), Rubis Terminal JV has seen some stabilisation in storage revenues growth (+1.4%), with solid progress in Spain and capacity utilisationclose to 100% in ARA zone in the chemical segment.

-- Q1 2022 Group sales came in at EUR1,473m with 49% increase yoy, mostly boosted by rising oil prices, as well as supported by strong volume growth.
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https://www.finanznachrichten.de/nachrichten-2022-05/5597255…

[winston-wolfe]

Rubis completes the acquisition of Photosol, a leading independent French solar energy player

Rubis announces today completion of strategic acquisition supporting its diversification into renewable energies.

Following an announcement made on 17 December 2021, Rubis has closed the acquisition of 80% of Photosol (France), one of the leading independent solar energy players in France. This acquisition creates a basis for the Group business development in the renewable segment, alongside the historical businesses in the distribution of energy via Rubis Énergie (Retail & Marketing and Support & Services) and bulk liquid storage via Rubis Terminal JV. The new renewable segment should benefit from Photosol's strong footprint in France and Rubis' international positioning.

Photosol is one of France's leading independent solar electricity developers with 330 MW operating capacity, 145 MW under construction and more than 3 GW of pipeline at the end of March 2022 and over 80 employees in France. Retaining 20% stake, the founders and the management of Photosol remain committed to the development of the company and pursue the objective of increasing installed capacity to 1 GW by 2025 and to 2.5 GW by 2030, supporting 40% EBITDA[1] growth over 2022-2025 (compound annual growth).
...
https://www.finanznachrichten.de/nachrichten-2022-04/5578748…