Rubis Adr

Ladies and gentlemen, good afternoon and thank you for giving us some of your time. Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Let me at this point in time just give you a quick overview of how things have gone since over the last few years. 2019 is the last full year pre-COVID and that set a record high. Adr Adr Adr Adr Adr Adr Adr almost reached the 2019 record numbers as concerns 2022 well the environment isn't much more comfortable to operate in and we are producing very good results over H1 So I think it made sense to remind you of this. Over the last few years, what we've been trying to say is that our business model is particularly resilient. Adr Adr Adr Adr Moreover, we have made a very large acquisition, Photosol, that was integrated into our results over the second half of the second trimester, the second quarter of the first half. As you may know, Photosol specializes in renewables and maybe more specifically PV in France. and it's a very sizable business somewhere around 800 million very early on in the half year we sold off a large terminal in Turkey the conditions were good with a capital gain why did we do so why did we sell it well Adr Adr Adr Adr Can I also say that, again, the balance sheet is very robust. Corporate debt to EBITDA is 2.1, roughly, perfectly reasonable, despite the acquisitions. Lastly, we have further developed our ESG policies, we announced a carbon footprint reduction goals to minus 30% compared to 2019. So a 20 percentage points increase in the reduction.

But we'll come back to that later.

If you look at the figures for the period, as you can see, volumes are up 7%. This time we actually run a comparison with 2019. That's the extra column so that you can see what happened over this very important period. So unit margins has gone up 6% over last year. It's still down on 2019 however but over that fairly lengthy period there has been a change in the mix and other some of the unit margins are lower Adr Adr I would say that growth is particularly well particularly balanced in the three regions we operate in Europe Caribbean and Africa at least that part of Africa where we do business net income 170 million so up 25% on last year up 8% on 2019 we also offer here an adjusted net income quite simply because there are a number of non-recurring expenses, for instance, related to the high expenditure related to photosol. And conversely, selling off turkey has led to some additional income. All in all, it actually is a small difference, only about one million between net income and net adjusted income. It sort of comes out in the wash, but it was worth looking at. So adjusted net income, 169, up 17%. Adjusted earnings per share, up 20%. and we know that this is the ultimate criterion we know how significant that is for our shareholders so let's look at the group as it is well there are basically three business lines all in energy we have our traditional business of retail and support and services which make up a single consistent economic unit spread across 40 areas across three regions I mentioned. We're talking here about distributing LGP bitumen. It includes the petrol stations also. and also CNI the commercial oil and industrial so basically everything you can find in a standard petrol station business we also have a sizable renewable energies business which accounts for something like 20% of the group value so our recent investment is a massive significant investment Adr Adr and these are on the ground, not up on the roofs, and we have things that are as extensive as possible. And then, thirdly, we have Rubis Terminal, a joint venture on storage together with our American partners. You're familiar with that if you've been following us for some time. The Turkish terminal... Adr Adr Adr Adr and it recognized to be one indeed. And again, if you look at things since 2019, storage, so Rubis Terminal, has been enduring growth ever since 2019, namely 2020 and also 21 and 22. So a growth to the tune of 5%. Adr Adr We're mainly handling now chemicals, biofuels and foodstuffs. If you look at Europe, we're mainly handling LPG, which admittedly is fossil fuel, but widely acknowledged to be a transition fuel for rural and suburban areas and is difficult to substitute. we're also one of the leading PV electricity producers and we have this storage facility outside of Europe we're mainly handling standard fuels LPG and bitumen so products with a larger carbon content but products that are perfectly adjusted to economies that are very different from European economies before we delve into the figures a little more let me mention briefly Photosol which is really a key acquisition for the future on a par with the other two businesses I mentioned what you can see here is two sets of things on the right of the slide you can see our pipeline and our Adr Adr And we have 57 megawatts awarded, meaning that we have all the authorizations, the contracts have been awarded, and we have the green light from the CRE. We just need to get going and build it. On pipeline, so on the right, there's 65 megawatt for which we've secured the land and the building permits. and on that basis we can therefore put in a tender to secure contracts and implement these production capacities. Advanced development accounting for 1.1 gig that basically covers grounds or lands that have been signed so we're just missing basically the building permit. And the early stage, well, you've basically a gentleman's agreement with the owner of the plot or the land, a plot that is near enough the network. And what we need to do there is do the technical work and secure the authorizations and licenses before we can move on to production. As concerns the 57 megawatt awarded, I'm sure you've read the papers. And you can expect our subsidiary to have been heavily involved in this. But there's basically an issue now between the contracts that have been signed and will lead to construction and the upcoming inflationary phase with high inflation rates. So we are in talks with the government to get them to offset these additional costs that would challenge the forecasts. Things are going ahead fairly smoothly. It's quite obvious, isn't it, that we cannot come to final investment decisions if the economic model is knocked off kilter because of the significant increases in construction costs over the last few months. So what do we intend to do? Well we want to have high growth. From the very beginning we said that we were aiming for 40% growth on capacity over the next few years. We consolidated on April the first and we should get 20 percentage points for this year. We hope and we expect to see that increase over the next few years to now photo soul is all about agrovoltaic. So using farmland and as as a land for PV. Now, IRR is aimed quite high, obviously at 7% to 9%. The cost of capital is actually... Adr Adr so we will get growth and secure growth in France we'll be looking at other domestic markets in Europe look at other things that look that are close to photovoltaic we'll be looking at add-ons with hydrogen and stuff like that we'll also be branching out into the corporate market EDF is not the only one to buy green electricity. Other large corporations wish to do so and have reliable long-term expectations. So capital allocation.