Rubis (RUI) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen. It's a great pleasure for all of us to be welcome you here, to be actually in a room where people are present physically. It's very nice to have an audience here to have people actually here in the room with us. We'd like to thank you very much for taking the trouble to come all the way here. And for those of you who weren't able to come to be with us, thank you very much for being with us online as we've been doing things for couple of years. Along with Clarisse Gobin-Swiecznik and Bruno Krief, we're going to be presenting to you the 2021 full year results for Rubis Group. We're very fortunate to have Robin Ucelli and David Guinard here with us, who are the founders and shareholders and managers of Photosol. Of course, we'll be talking to you about Photosol today. We've reached an agreement to form an association and Rubis will take a controlling stake, but mainly it's an association which is going to come to closing actual fruition in the next few weeks. So I thank the 2 of them for taking the time from their schedules to come talk to us about these business activities that there's end of 2021, beginning of 2022. It's an interesting period. It's the end of a 2-year period, which was a very exciting time, 2020, 2021. Several special features and as you're familiar, of course, with some of the main features. Clearly, the COVID pandemic with lockdowns, restrictions on mobility and the impact that had in development and so forth. A second item it mentioned the feature. We've seen huge changes in oil product prices. First of all, they plummeted in the first year, up until reaching around $15, then skyrocketing and prices reaching the level of $80 even beyond $80 now toward the beginning of this year, as we all realize. So in a fairly short period of time, there were huge fluctuations in oil prices and big slopes. On a third highlight in 2020 and subsequently, we saw CSR policies became ever more important. It was ever important to take into account environmental targets and objectives and to speed things up. It also appears to me that people have become less and less interested in fossil fuels and carbonized fuels that are an important part of the landscape. Now why do I bring the 2 years together in talking about this? Some may say I'm not optimistic during the COVID pandemic, I think we can say that if I'm not just I think I hope we can say it's over with. Secondly, just after 2019, of course, 2019, there wasn't COVID. And for Rubis, 2019 had been a record year in terms of profits and contributions from all group units. So our comparison ended 2021 to 2019 I think is a very interesting comparison to make. So how did Rubis respond to this 2-year period as I've described it briefly? Well, yet again, during this time, when oil prices were going -- swinging up and down and there were a lot of external shocks due to the pandemic, the group demonstrated exceptional resistance, resilience. To simplify, 2020, the first year, about minus 10% compared to the record year of 2019 and 2021. And once again, are seeing the figures we'll be commenting on that are similar to our 2019 record figures. Now on to CSR and decarbonization, those issues. We've been working to step up all the restructuring of CSR policies to get top quality ratings from several rating organizations that are internationally recognized. We've also worked on a decarbonization program for current activities, a very ambitious program, which its targets were already given in September, and we've -- we worked these and improved on them further. And lastly, there were some external growth, inner external growth, we're talking about green energy. I'd remind you, we both invested and established a partnership with Hydrogen De France, HDF, plus as a partnership I mentioned earlier that we have with the Photosol group. They're major specialists, French specialist in photovoltaic farms. On our first page, I think I've already gone through most of the points. Let's move on to talk about some of the specific figures. As you see, 5,400,000 cubic meters. This is a growth in volume of 7%, it's a strong growth in volumes versus 2020 and down 2% compared to 2019. We'll talk about this. The unit margin has remained very strong. A EUR 117 per cubic meter. This is an average unit margin. It's just down by a few points compared to both previous annual periods. EBIT EUR 392 million. Here, we can see plus 7% compared to 2020 and minus 11% in EBIT compared to 2019. At this juncture, I'd like to make a clarification. The downtick in the reported figures compared to 2019 isn't across-the-board reduction. We'll come back to the point later. Mainly, almost completely actually, this comes from 1 or 2 countries. It's due to 1 or 2 countries, each of them having their own characteristics. If we restate, if we take that into account, if we sort of adjust this, we end up right back at the level of 2019. For instance, if we talk about net income group share of EUR 293 million, up 4% compared to 1 year and minus 5% compared to 2019. Now if you take into account the change in structure of Rubis Terminal. As you know, we've set up a joint venture, 55-45 with a U.S. group in 2020 for Rubis Terminal. So the adjusted net income is 16% greater than 2021, reaching the 2019 level actually. And now if we look at our cash flow, which is a very good indicator of business strength and soundness, we see cash flows up 7%, up 1%, which is therefore a big increase compared to both 2020 and 2019. This has all been achieved all while maintaining strict financial discipline. At the end of 2021, our net debt EUR 438 million, which is lower than a year's worth of EBITDA after EUR 200 million in investments, EUR 150 million in share buybacks, EUR 200 million in WCR increases due to the increase in nominal prices for oil products and EUR 80 million in investments in Hydrogen De France, HDF. And later on during our presentation, you'll see that after taking a stake in Photosol, these ratios necessarily will increase but will nevertheless remain entirely reasonable. So broadly, those are the main points I wanted to make to you to give an overview. I'll hand over to Bruno now to delve into greater detail.

Ladies and gentlemen, good evening. Continuing with the presentation of the various business units, to begin with Rubis Energy, the umbrella company of the group that presents as its name indicates in our traditional businesses of LPG fuels, lubricants, bitumen and all the sub-segments that make up this industry. Continuing straight into some data here, where on the context of the year 2021, it's a recovery of volumes that you can see that's the red line versus 2020. And when moving towards the end of Q4, towards the 2019 volumes, we see something rather strange in these 3 lines. But the red line is between the 2 and it tends to join the record level of 2019 with 7% volume growth in '21 versus 2020. The unit margin, now a key component of profitability, you have the graph showing you the resistance of the resilience of the unit margin over the 3 years. Thanks once again to the positioning of Rubis, multi-country, multi-segment, present downstream, present also upstream with great many clients, highly diversified client base. So maintenance of margin in this highly volatile context. And at least for Africa and Europe, a level of '21 that exceeds the level that we saw back in 2019. So that's holding good prospects. Moving on to a description by region, Europe, Caribbean, Africa formed the 3 regions where we're present. I'd begin by saying that in Europe we experienced a pretty limited impact of COVID on LPG, LPG that makes up 90% of profits. I'd say that the margin in this European segment was higher than 2019 levels that clearly demonstrates the quality of results. And I'd also add that the subsidiaries on the whole progressed very well commercially with notable market share gains, be it in Switzerland, France and Spain, where some segments really have the wind in their sails. EBIT EUR 71 million, sharply up versus 2020 and above the 2019 level. Caribbean, well, Caribbean was obviously exposed for the reasons, muted due to tourism and aviation that represent a large part of the business, aviation that since March 2020 and across 2020 and H1 '21 was very calm level and since that date, we're seeing a recovery in the market. But in '21, we're about half the levels seen in 2019. So there's a reservoir of growth with the recovery of these volumes into '22, '23. Volumes, as you can see are up 5% between '21 and '20. And for these reasons, a 10% lower than the level seen in 2019. In terms of the results, we're at EUR 82 million. That's flat versus '20, levels seen in 2020 remains a strong lag behind 2019. The explanation is the decline of Haiti over the period that was strong, precipitous for social economic reasons, doubled with the impact of COVID and the authorities abandoned the price structure regime, which led to a significant decline in result. But I'd say that over the past few months of '21, we saw an effort on the part of the government to begin discussions with the oil industry and to try and find a solution for better price regulation. So the situation was still in a country that remains very chaotic, but a realization on the part of the authorities that it's important to move ahead to make available to the country and to open up the oil sector is vital. I would also add that Haiti being what it is, second point that had a negative impact is of course aviation that towards the end of the year is up sharply. Africa now. Well, Africa, how can I characterize the excise? Second, record year for bitumen, strong increase in Eastern Africa, Kenya and the surrounding countries. And then you have the LPG segment that once again held up well. The bitumen sector in terms of sales and earnings, if we take the bitumen overall, that is upstream support and services and distribution. It's a record year, a year of progress. We managed to penetrate new markets, both in Western Africa as in Southern Africa, we have a new -- that's a new window for Rubis because this market has become short bitumen because the closure of 2 refineries that were previously exporters, balances clearly in a situation of importing. We're trying to take positions, also positions in Gabon. We're seeking to enter Angola, Guinea. So there's a big effort underway and the strong demand because Africa really is in demand in terms of building new infrastructure and the bitumen that goes with that. For East Africa, an area acquired in 2019 as you know, a major remanagement program is underway. So to date, at the end of '21, management has obviously taken control of that, revisited all the contract to set the terms and conditions with the major clients. So it was a big cleanup operation from the management standpoint, and that challenge was to get the customers back in the service station for a rebranding of service stations under the Rubis brand. And it's a rebranding doubled with the installation of convenience stores in the service stations. And we saw that in the 2, 3 months that follow the revamping of these stations. We're seeing a very strong increase in footfall and unit throughput. There are 170 stations equipped in Eastern Africa. And if I take Kenya in '21 alone, volumes are up by 26% as compared to 2020 and '21 was once again a year during which the country and the region suffered chronically from the health restrictions and COVID. So the outlook is clearly there. The Indian ocean that was heavily impacted in 2020, the results are rebounding positive once again and with the exception of Madagascar, which for about 8 months now, a country in which the authorities have decided on price freeze. The price formula, the price structure is no longer applied, which obviously led to a deficit in the results, a deficit in the results but a certain understanding of the situation on the part of the authorities, which allow us not to pay the taxes. So there's a result impact, but there's not a cash impact. We managed to offset the lack of margin through less cash out because the tax is levied at entry that are not returned. We experienced a similar situation in 2018 before until a decree transformed the tax situation and to raise the loss of earnings in the region, a EUR 136 million EBIT for the year up versus both 2019 and 2020. The next slide is really just a summary of what we've just described. So EBIT per region with the various impacts that I just mentioned. Let's now move to support and services, which is the upstream segment of our business, that is to say refining, supply, trading and logistics. You have a further increase of earnings over the year, coming in at a EUR 123 million with quite an unusual situation of SARA, that's the refinery that operates under an administrative price regime and administered profitability, 9% of equity, the profit for shareholders. There's a lag this year between the accounting result and the cash flow, the cash flow that's stable at EUR 42 million. That's the average cash flow for the year over the past 5 years. But this year, we've seen a situation of major stoppage with major works that led to provisions on amortization and booking of these major works that had an impact on the EBIT, but neutralized in the cash flow from operations also dividends paid to shareholders and net income because the 9% net income at corporate level will be 9% of the equity will be return to shareholders. In terms of trading fuel or bitumen were plus EUR 8 million and plus EUR 11 million, so that's excellent performance achieved with as regards shipping new vessels, new ships that have joined the fleet to better optimize the rounds and also to generate productivity efficiencies. And you have earnings growth ditto for bitumen with new logistics tools. And in the Indian Ocean, we're playing a role in the region Reunion and Madagascar that also brings in this EUR 15 million, up over last year, EUR 15 million of EBIT. Support and services strong and bitumen, strong in Caribbean trading as to SARA decline in EBIT, but cash flow stable. Let's turn now to what is our major business unit, which is the Rubis Terminal JV, specialized in the storage of liquids industrial fuels, food oils and chemicals and fertilizers is interesting to note on this chart that the space of 3 years, the shape of the group has changed in so far as the capacities and resources of the petroleum group have moved to EUR 65 million. Thanks to the acquisition down to 45 because of the acquisition of the Spanish unit that bought in both chemicals and biofuels and the recent exit of Turkey, which was a specialized depot, 600,000 cubic meters in petroleum products. So there's clearly a shift of Rubis Terminal into chemicals, agrifood and biofuels. If we extend the chart into '22, '23, we'll see continued decline of the exposure of petroleum products because a large part of the Rotterdam depot 75 million square meters, tanker in heavy fuel for vessels was already in present to be at least 100% to Shell that is transforming its major Pernis refinery at Rotterdam into a bio refinery and was looking the additional storage capacity nearby. So the facilities that we have released long term to Shell. So it's these heavy fuel will become 100% biofuels down to reducing down to 40%, the share of petroleum products. What else can I add? Income was up 6% growth in EBITDA excluding Turkey high use factor of capacities, 95% excellent integration of the Spanish unit, Tepsa making Rubis Terminal, a pretty unique player in Europe because the only to be present both in ARA in the Mediterranean with an important position in France. So it's ARA, France, Mediterranean, where Rubis Terminal is positioned that allowed it to whether the COVID period without -- with a steady increase in earnings. This is what we're seeing here. Revenues up a EUR 130 million, excluding Turkey. EBITDA, as you can see at a EUR 121 million and above all, free cash flow, that's sharply up if we take account. We presented data, excluding Turkey because the depot exited at the end of the year '21. And if we take account of maintenance CapEx, while free cash flow is materially up over the period and 15% up over '21. I'd say that in terms of cash return, that is the free cash flow after tax and after financial expenses, that is significant because the shareholders have a level of financing. That's a EUR 38 million of financial expenses, but it's part of the leverage setup that we put in place with I Squared partners the free cash flow after financial expense and tax reaches EUR 50 million, which gives a cash return of 9% for shareholders. That's a level and is compared to our peers, that's quite high.

Let me also say, there is potential for improvement. There's the possibility in the next few years and maybe within this year reviewing the current debt structure to make best use of lowest interest rates to cut financial expenses by EUR 12 million to EUR 15 million versus the EUR 38 million that we had in 2021.

In summary, here's our income statement highlights. Sales not highly relevant, as you know, EUR 4.59 billion, 2021, of course a $120 per barrel oil prices could bring this up even further. But the reality of our performance isn't to be found in our sales or revenue, but rather in our margins, our net income and EBIT. So let's make this point. The important thing is the restatement we mentioned. We're talking about net earnings adjusted for continuing activities, which means excluding Rubis Terminal for the full period. If you look at this growth, EUR 248 million in 2021, a growth of 16% compared to 2020, basically flat down 1% compared to 2019, which was a record year, 2019, of course, excluding Rubis Terminal. So here, we're comparing fully comparable things because you've excluded all of 2019 results that have been consolidated at a 100% for Rubis Terminal. We restated for the portion of earnings at Rubis Terminal, EUR 5.9 million and EUR 4.3 million in 2020. As Jacques has said a few months ago, the past 3 years, made it possible for us once again to see just how resilient our business model is. Rubis is able to produce growth. Let's talk briefly now about cash flow. Cash flow before changes in WCR. Now before 2020 and 2021, there was a big swing. We talked about this during the introduction. Barrel prices plummeted in 2020 and then started going up strongly at the beginning of 2021. This, you see that EUR 113 million and minus EUR 200 million. So around EUR 300 million is worth of swing in terms of working capital requirements during these 2 years. And we can see this very clearly. This was a major effect on our balance sheet. Capital expenditure around EUR 200 million, around a third of this in investments for growth and then 2/3 in investing and maintenance. We've talked about the various investments and acquisitions, divestments in recent years, mainly it was the acquisition of HDF, EUR 79 million. You've also got the share buyback program, which was in 2021. This was a EUR 153 million. These were then canceled of course. In spite of the major swing in WCR and increased investments and share buybacks, we see financial debt for the group as a whole is EUR 438 million. If you measure this in terms of EBITDA, it's modest to -- below 1, which means that we're moving into this very unpredictable period, things going in management's directions. We're entering this period with a very strong and sound balance sheet. So those were the highlights of 2021.

Good afternoon, everyone. If you don't know about me, I'm Clarisonic. I've been in this group for 11 years. I spent 9 years in subsidiaries and a few years at Rubis Terminal and then I was at Rubis Energy. I then came to Rubis as Deputy Managing Director a 1.5 years ago in charge of energy transition, CSR and communication. Today, I'd like to talk to you about our CSR policy, which for 2 years now, we've worked on a great deal. 2020 was the time when we put together the architecture of our CSR policy for the group. 2021 then was a year of factoring in CSR into the group's strategy. Let me talk quickly about the commitments and the actions we've undertook in 2021. I already outlined for you during the quarterly report, the first road map of ours, 2021 - 2025. We're currently implementing this road map in all of our subsidiaries. There are 3 main pillars here in our CSR policy: environment, climate, social and societal focusing on 9 indicators -- 19 indicators, sorry. I'll talk to you about our membership of the UN Global Compact. This formalizes many of our corporate actions that we've already been involved in several years now. This is something that's very much part of the policy that we're implementing group to date. Now in addition to the membership of the Global Compact this year, we also became part of the C cargo charter initiative has to do with decarbonization of cargo shipments. And also for the first time this year, we're involved with the CDP. It's a specialized non-financial ratings agency specializing in the environment. They gave us the B rating, which is very important for the group. I'd like to talk to you briefly also about the 2 investments we made this year in the framework of renewable energy and our energy transition. First of all, an initial stake in HDF Energy's IPO, this has allowed to an 18.5% stake that we took, which makes us the second equity shareholder of HDF Group. And most -- and especially important point, this also includes an investors' pack for a majority stakeholder in any HDF projects development where Rubis is established. Acquisition of 80% of Photosol also, we announced this end of 2021. I'll talk about these deals in greater detail in a moment, but I do believe that these are integrated illustration of our momentum in additional decarbonized energy alongside our long-standing energy activities. These developments will continue to sell through the inventory. We've got a third branch now called Rubis Renewable. The long-term objective will be to balance our long-standing activities with energy transition activities, which are fully decarbonized. Another priority objective of ours under our CSR policy at Rubis is to decarbonize to the extent possible, our historical activities as well and to support them toward further diversification. All the details the non-financial data are available in our 2021 registration document, which will come out in April. In 2022, we'll be continuing our action plan to reach the targets that we set for ourselves in our road map, specifically implementation of our climate strategy and also the establishment of a target to cut our CO2 emissions under scope 3A. We'll also be setting an internal carbon price. In the social era, we'll focus on training to help our employees in upskilling and also will be doing a mapping of human rights in the societal -- under the societal pillar. This is the slide I won't spend a great deal of time on, but I believe it's an illustration that gives us some of the non-financial ratings agencies and the ones that we're going to be focusing on in our CSR policy. We're selecting 4 of these. We think these are the 4 that are best in line with the Rubis profile. As I mentioned previously, we got B rating from the CDP. This ranks us in the top 25% in our industry and that's highly encouraging. I'd talk to you now about our climate strategy. There are 3 main points here showing that we very much intend to continue decarbonizing our historical businesses, diversifying our distribution activities at Rubis energy and developing new businesses in renewable energy. Regarding decarbonization of our businesses, we've identified actions which should enable us to reach up to a 30% reduction in our carbon emissions to the scopes 1 and 2 aligned on the SBTi well below 2 degrees versus the 20% we'd announced last September. About a 150 actions have been identified amongst our affiliates to set up the decarbonization plan, such as solarization of assets at Kenya, Western and Eastern Guyana, and also biomass at SARA, and also using alternative biofuel in some of our shipping. Regarding our CO2 emissions, we based our 2019 carbon balance sheet using the ADM agency's methodology. We reviewed that methodology to align our carbon balance sheet with the GHG protocol so that it's based on the global scale. Now to talk about diversification of activities at Ruby Energy, it's a very important point we worked a great deal on this year. We'll be focusing on 3 major areas. First of all, studying changes in mobility in the Caribbean and in Africa. Next, diversification when it comes to distribution and bioproducts. I mentioned this earlier last time with HVO, BioGPL and RDME among others. And we'll also be proposing innovative solutions for our professional clients. So the facilities can operate either with diesel GPL or photovoltaic. Here, we're talking LPG or photovoltaic and we're thinking of professional clients in Africa and the Indian Ocean amongst others. Now I'd talk to you about our 2 investments in new energy. Before giving the floor to David and Robin to present the company to us and talk about our shared adventure, let me talk to you about Hydrogen De France, HDF. They're pioneer in hydrogen electricity developing power -- renewable energy power plants using solar or wind, and they also make high power fuel cells that are required for hydrogen power plants. So green electricity production is in stored. The storage of power through hydrogen makes it possible for them to make up for any shortfall intermittent reduction. This is very meaningful in locations where we're located, where electricity expenses with high carbon content and not highly reliable. I think of the CEOG project, the construction was begun in 2021, CEOG, that's an example. In French Guiana, we're currently duplicating that CEOG project in Barbados. The CEOG project should begin construction in 2024, Barbados ended 2025. Let's talk about Photosol. This acquisition, I believe, it means it's safe to say that we are becoming a multi-energy group. Photosol the #2 independent player in the solar market in France. The transaction, the deal will be finalized through the end of the first half of the year 2022. With this deal, I believe we're moving and making a major step forward towards renewable energy. We're becoming a major player in solar energy in France. I'd also like to add that this deal in the medium term for this group will represent about an EBITDA of about 25% compared to our historical operations. This will all be under a third branch of activity called Rubis Renewable as I mentioned previously. I 'also like to add that our ambition with this third branch is to continue studying all opportunities, which we can build on further. And we hope to achieve a great deal of things with Robin and David at Photosol, who now will be coming to present Photosol for you in just a moment's time.

So we have the same remote control. I don't forget to say a word in the way you set up, I find that fascinating the way you created a company with pleasure. First of all, Clarisse, Jacques, Bruno, thanks very much for the trust and confidence placed in us. We've known one another for many months now, and thanks for giving us this opportunity to present Photosol. It's a new exercise for us as for David will tell you why. So we're going to present Photosol simply the business, what we do day-to-day and the ambitions with the group. So Photosol is a photovoltaic energy producer. We produce power that's sold on before reselling the electricity. There are various skills to be put in place. Firstly, project development, secure the land with the lease promises of 5, 6 years, it takes 5, 6 years in France for projects to take shape, fauna flora studies, impact studies obtained planning permission. That's a long-term laborious process once we've obtained permission to sign a contract to sell the power with HDF. These are long contracts with 20-year contracts. And as David was increasingly, we're going to move to contracts with private companies, PPA. So Photosol is first and foremost a developer. But once the project is developed and it's got all the authorization, we fund and we own 100% of our plants. Funding is essentially bank debt project without recourse on the shareholder very lengthy periods. We're looking at maturities of '20, '22 years, slightly longer than the PPA with Natixis, post-office Bank, BPI, large French banks. We own 100% of our plants that we developed for ourselves to own the plant. And once the plant is built, we operate and we maintain the plant. That's to say we receive all the data from the plant, then we can intervene preventively or remedial curatively to optimize the plant. A few figures that position us well on the French PV market. Photosol operates just over 450 megawatts of power, making it the third, fourth portfolio in France behind ENGITotal HDF with a lot of M&A. This Photosol portfolio is really internal growth. We have a pipe of about 3.5 gig, 4,000 hectares. It's just over 4,000 soccer pictures to give you an idea where small players, small Tom Thumb in terms of many players. We have 80 people in France, 60 in Paris and 20 in the region, 80 employees doing the maintenance and running the plants. And as you can see on the map, a geographic positioning center of France South, whereas that was the strategy from the outset as I'll describe in a moment. So Photosol was set up in 2008 and emerged as one of the major players on the PV market in France. We won 100% of the projects, the tenders were the second ranked second and independent, not far from the giants I mentioned earlier, and this positioning, this position in the market really was forged over time. And there are actually 2 phases in Photosol's growth first period 2008 through 2014, 2015, where both of us, we started from scratch in our Paris apartments to develop the initial first few projects. And we built Photosol gradually third, fourth, fifth person and gradually integrated the businesses. One of the big challenges was, of course, to convince the banks to partner with us. They're highly capital intensive. We need 80%, 90% leverage for a project to a match so we necessarily needed that trust. It took a few years, but as of 2015, all the foundations, the base was there. We had our initial plants, our teams our operation and maintenance team. We accelerated strongly as of '15, in particular, as of 2018. I think that over 3 years, we recruited. We were at 40%. We moved to 80 employees over 2 years. The operational portfolio moved from 200 to 450 mega in the space of 2 and the pipeline times for over a few years, a strong acceleration since 2018. That's one of the reasons for the tie-up with Rubis. Now this growth was based on a few factors that I would describe as differentiating versus our peers. The first is that from the word go, we decided to focus on projects and geography that I would describe as somewhat different, somewhat unusual in the map we saw that we were very present in the center and southwest of France and not the sunniest region were in the Southeast, Mediterranean, there's 15 mediation more, 15% more revenue. But our positioning on this second area in France was dictated simply by the possibility to have more land, cheaper land, better connection and faster connection conditions and greater political support rather than going to competitive areas. So we chose that different geographical positioning and to focus on projects that other players were looking technical burial areas. The air bases that have pay everyone looked at that, but we wanted to find project of some 200 megawatts on farmland. David will tell you about that. We're strong believers in AgriPV, which first one dated back to 2013, whereas our peers have only just started. So our positioning is somewhat unusual, somewhat out of sync with the market and that really allowed us to get this very good place on the French market. Second, differentiating affected where we incorporate all aspects of the business were developers for ourselves. We monitor, we track construction. We own 100% of the assets, whereas many developers develop and sell. We have our maintenance teams. Photon, our maintenance company is one of the leading maintenance in France with close on 500 meg maintained. And very often players of our size tend to be developed for third parties or maintenance operators. For others, they develop -- they keep the plant for a year and then sell it to circulate capital. We include all the business -- the values on all these segments, development, financing, development, refinancing portfolios and repowering soon that is redevelopment, reconstruction of the plant, so to own the plant creates a lot of value made great sense to us. And third factor, I don't know if it's differentiating, but at least it's very valuable to us. We provide a lot of value. We ascribe value to entrepreneurship, where died in the wall entrepreneurs for 13 years. Now we have a team of some 12 managers, very independent, very self-reliant, agile, development rests on 2 strong pillars. Local agility and a strong record. Now, we built it over time, but we need to remain agile and at the same time have the firepower of a multinational. A few words about the business model and why it's particularly relevant and resilient in an inflationary context or in the context of rising interest rates. Once the plant has been built, it can generate cash flows that are very predictable. The revenue is a buy and tariff defined by a contract signed with HDF or with a strong counterparty. These are 10-year with a set tariff with an index clause and depending on the sunlight the radiation varies from 2%, 3% -- 2%. So we have a top line that's very predictable and below costs that of most part, contractual maintenance, insurance contract rent. It's in a least 20 years, renewable 10 years, 10 years. So we have strong predictability of EBITDA of PV plant, which we can put in place very long-term project finance, '10, '20 years with fixed rates from year 1. And I see a few bankers in the room were very fortunate banks for to finance. So we have very low margins about 100 basis points by way of margin. And when the plant isn't yet built. In other words, we have planning permission and before the financing we can during the tenders, we can define our price, a price that we will charge that will be in the contract, depending on the economic factors based on the CapEx, on the costs, on inflation, on our forecast. So even if prices of PV modules of components, steel, raw materials increase, supply chain, we can pass on these increases, the tenders. So the risk area is between when we've won a tender and when we signed the financing contract a few months, during which we can be slightly exposed to an abrupt macroeconomic change. And so of course, the general context for the development of renewals and PV in particular, is very positive. David Guinard, our Chief Executive and Co-founder of Photosol and the association between Robin. He was actually more in charge of the financial part. I was in charge of development. I'm going to tell you a bit more about this and 2 major challenges that we're facing on a daily basis and they're more kind of topical or the political environment, discussions about energy, the future of energy in France. And more broadly on the European level and access to land, which is our basic resource. And from -- we're talking a few hundred hectares, but in terms of France's ambitions announced recently by the President and part of several reports public, we're talking several hundred thousands of hectares that will be needed to receive PV and these issues most progress the development, both in compliance with biodiversity without conflict with other uses such as providing food. Hence, AgriPV and very fascinating, especially in the current context of the presidential elections and more tragically, energy supplier issues that we're facing today. And maybe just to give you some key figures when we founded the company 14 years ago, the first contracts that we could sign in fact, we have one plant that's selling its power at that price at EUR 600, EUR 650 per megawatt hour. Today, the last tender published 2 days ago, the average price at EUR 58 and it was up versus the previous tender where we went down to EUR 56 megawatt hour ratio over 10, 12 in the space of 12 years. And the trend is ever downwards whereas the reference prices that we're facing, be it the base price, EUR 40 of the RN price at which EDF sells power to its competitors. But the market price, which in '21, was on average higher than EUR 100 kilowatt. I have never seen before and recently, I have looked at the figures, but is over double that. Today, we see that solar power has done the work of becoming a competitive source of energy with the role that's important. The energy mix today, which is no longer denied by anyone we've spoken a lot about nuclear power revival, people saying, "Is it the end of PV if we revise nuclear?" It's the same time frame that's today. Even if, of course, I'd like it to go for, we develop a PV power 3, 4 plant, 4 years. It's a lot short in developing a nuclear power plant and we can develop that across France in far more significant volumes. We produced power another time in there. So this is a good fit with wind, hydro and nuclear. PV is really coming to the floor and becoming part of the overall energy mix. For this, you need hectors, acres. You need to have land and RTE report a few months back talks about several hundred thousand hectares, even 200,000 hectares will be required. So this must not conflict with other types of land use. We opted a few years ago to start working with the blended use in farming, setting up plants that would maintain farming underneath the PV panels and actually making efforts to increase yield per hectare. Initially, it was empirical. Lots of people didn't believe us. We asked the INRAE to study this and give us some tenures with the data on power plants. And in a few months now, we and others as well as a whole have been able to think this through and get the government to move forward. The parliament did a quick committee task on for instance recently, and they did a hearing that we were present at. They issue a recommendation, which is designed to put together regulations, making distinctions between real AgriPV projects from sort of fake AgriPV projects, smoke and mirrors project. This will make it possible to move in this direction. Photosol's well-positioned here for 10 years now. We've been working on these types of AgriPV projects. A beautiful picture here of sunset at one of our power plants. It may seem anecdotal because it's funny story, but it's important. The French president talked about 100 gigawatts by 2050, 25 by '28 and another report talks about 240 gigawatts by 2050. This will require recently objectives that require this type of project. Rubis, laughing a few months ago when I talked a lot about sheep and it's not just a joke. It's very much a part of these projects and our strategy. Later, we'll talk about why we got together with Rubis and begin working together on our shared future. Let me say though, the 4 points we have on the left side of the screen show items where we've got a real agreement with Rubis is a good fit. Robin and all the Photosol teams realized that we could write our future together based on these themes, such as driven by excellence. When we created Photosol, we built it an industry producing electricity that had major players active already. We said, but we've got an ability with our strengths to compete with HDF to develop major projects. And then systematically for every megawatt installed, we would produce the maximum of megawatt hours. Our maintenance teams were to be best in the class, so we could produce the most amount of power from each individual panel. This is really the genetic makeup of our company. We are 2 entrepreneurs as well as Robin said earlier, all of our teams are driven by this idea. I believe that this is something we liked a lot at Rubis. In spite of the size, they're much bigger than we are, they have nevertheless kept the entrepreneurs mindset and we're going to continue with the entrepreneurs focus. As Robin said earlier, agility is fundamental to get the building permits to continue to innovate in markets that are constantly in transition and to find new niches where we can always continue generating power at the lowest price possible in as many places as possible because land is possible. Again, we said we're positioning in certain areas of countries that were less in demand by competitors. For a couple of 3 years now, we've worked on this ahead of our competitors. We're reselling electricity outside the CRE bids and the regulated power, i.e., direct sales to people instead of in over-the-counter contracts, some corporate purchasing power purchasing agreements, PPAs, which gives everyone a good long-term visibility. We can find purchasers who want to secure a green electricity price, which is competitive and which gives them a good long-term price visibility. This will be a major growth driver for us in future projects. CSR, Gary's talked about. This is a major subject for Rubis and we fit perfectly in here. Our indicators are slightly different. We don't have exactly the same exact markets. But if we compare the CSR policy at Rubis and what we do on a daily basis, we can say that there's a lot of commonalities, and we're very much working in a green sector. To tell you why this transaction now, why we've gotten together with Rubis, we mentioned earlier since the beginning and especially now, where we've come to now with our ambitions of Photosol in the French market and with -- considering the policy designed to develop photovoltaic in France. We needed to have the firepower, we need to be able to boost our development and move on major opportunities. That's why we, a few months ago, started considering, getting together with another company, which would help us ramp things up. There are several stages in Photosol. We wanted to move on to this next stage so we could boost our development and be successful in the 3.5 gig as we run the pipeline and then conceivably look into other markets as well. Rubis has brought that to us, has brought us this possibility of having the wherewithal together having the wherewithal to meet these targets and achieve a lot of synergy. It's true, we're in 2 very different sectors of activity. Nevertheless, we were already working with several Rubis' subsidiaries and land use and PV projects on their land. So we're continuing to jointly develop various strategies and own our synergies so that we can step up our shared growth. People are talking about hydrogen nowadays. HDF is one of the major players in hydrogen in a couple of special specific outlets in that huge marketplace. Photovoltaic also interested lots of complementarities between producing sun -- solar energy and these other areas as well. So last point on prospects for development, future opportunities. For 14 years now, I'm moving this direction taken in the last 3 or 4 years, we've been making our projects come true and working on our pipeline. We've also looked at other possible areas of development that we could build on. We talk about PPAs briefly. I want to also duplicate the model we had in foreign -- duplicate our marketing -- our policy in foreign markets. We can't be wholly and solely French, that would be limited. There's lot of possible synergy to have similar activities into the European markets to use the same rationale and strategy. This is a further focus we're working on with Rubis very quickly in all Rubis geographies. We work on related industries. We didn't talk about storage, storage of energy, electricity will be a major challenge in upcoming years. Photocells working in our innovation division on storage. So we'll also be able to make our contributions there as well. I hope we'll have an opportunity to talk about this at future similar meetings where we can delve into greater details. It's been a real pleasure to be on this set of the stage, 15 years ago, I was in the audience. And I'm discovering how it is to be the other side the table and it's interesting, different part of the industry.

Thank you very much, Rob. And David, I believe that you understand our excitement, why we're so excited in photocell, you've seen how enthusiastic they are. You've also seen how successful these business people as entrepreneurs have been, and you've also understood their vision, their strategic vision, they've proven that they're able to actually implement their strategic vision and they are very strict and coordinated in doing so and have achieved remarkable results. Thank you very much to both of you for coming to the other side of the stage, so to speak, other side of the fence conclusions and outlook. In summary, 2021 sales are good, margins are good, results are good, cash flow is up. The financial situation is sound. The dividend is up by over 3%. And this year, there will not be payment of dividend in shares. It will be paid, a dividend we paid fully in cash. Now, continuing operations, let me say, the first 2 months of this year are getting off to a very good start. Following up on the last part of last year and the end of last year, so that's a good outlook. Regarding our current activities, bitumen, LPG networks, as Bruno has also said. $renewal of Eastern Africa areas, we moved into recently improving performance there. Now Haiti, delicate point and to a lesser degree, Madagascar. These are issues we're familiar with in the industry. We always manage to make geopolitical situation in Haiti, I can't reach anything. We think things are going a bit better. Relationship between oil industry and the government. We have to look together in the long term than the right solutions always end up being found.

I'd also add regarding Rubis Terminal. Rubis Terminal grew in 2020, 2021 also grew. The underlying are good. They'll probably be refinancing the debt. Bruno mentioned this will further improve the overview. So that's on our traditional businesses. To talk about the renewables branch, this is our new growth driver, new pillar for growth. As you've seen, the investments aren't small, marginal over EUR 800 million invested. You saw the additional investment programs. There will be further ones in the upcoming years. Enterprise value reached EUR 1.5 billion very quickly. I'd remind you, currently, Rubis, in terms of enterprise value, around EUR 3.5 billion. When Clarisse said, "We become a multi-energy company," that's absolutely true. It's happened. If we look at the relative proportions of the various business activities, there are great prospects for growth in the areas we've just been talking about. Just look at the official development plans for photovoltaic in France. Just look at the European PV development plans. Just look at basically the great requirements we have. We're especially discovering these in the past few weeks. We need to have several sources of energy, not a single source of energy. This is crystal clear. These are long-standing principles but that have become very obvious in recent days. Every source of energy has its place, a very important place. You wouldn't want to limit yourself to one single source of energy. We see currently that is not a good idea. It's ill-advised. Many people have understood that, but also add that on photovoltaic to comment on a point that Rob and David made. PV brings us right to hydrogen and developing the hydrogen marketplaces it's a green hydrogen. It's an ill-defined marketplace today as beginning stages, green hydrogen. Our view is this is going to be an enormous market, we together with HDF and Photosol, we'll have to find the right segments that are in line with who we are and who we intend to become to find our position in that specific additional marketplace, green hydrogen. So I would say, yes, Rubis currently has become a multi-energy group. 2 major divisions, one, carbonized. But it's, of course, working to decarbonize activities. Then the noncarbonated division with single-digit internal growth. The green division, which is growing strongly double digit, one of them providing significant free cash flow. The other more green, which needs investments and needs cash flow, which is used to reduce indebtedness of all the SPVs. One, business line has a higher WACC and the other one, the cost of capital is lower. The 2 will develop at the same time. We're fortunate now to have both of these, depending on geography in Europe outside of Europe, depending on market segment, depending on the different clients that we're working for. We're able to provide very -- a very diverse range of solutions either separately or together combined solutions. This is very much what we're offering. It's the best of both worlds in energy, i.e., this is how Rubis Group is going to be continuing its development in future years in the medium and long term. So I believe we've looked at all the points from our presentation. Thank you for listening. We'd like to answer any questions you might have now.

From CIC. I have a question on Rubis Terminal. What is the level of debt today leveraged or in amount terms, could you indicate what the ambitions are in this area and on the expansion of bitumen, does it require the acquisition of new sources of bitumen as you attempted to do a few years back? The very swift and sharp increase in prices the past few weeks, how will that impact on your distribution margin? 3 questions in one.

On Rubis Terminal, debt today at the end of '21 reaches EUR 760 million net. Of course, that represents a multiple of EBITDA of 5.5x. That's in response to your question, that's the situation turning. Well, Rubis Terminal has a culture of growth of expansion, a lot of internal growth. That's through a lot of M&A in 2020, representing about 1/3 of assets with the Spanish affiliate Tepsa, also there's an ability to respond, react with the exit from Turkey. Recently, Rubis Terminal has changed radically over the past 10 years in terms of its portfolio of stored products. It's moved towards biofuels. It's a pioneer in launching biofuel value chain in France. It innovated. It started from scratch in the ARA region back in 2010 in order to become a major player in Antwerp and Rotterdam and chemicals with, for examples, the significant contracts that we have with major players such as Shell, but also other major petrochemical companies in the region. So there's a key role to be played by Rubis Terminal in the energy transition. Now that Rubis Terminals business is to be rooted, anchored in the territory. It's not agri voltaic, it's in the ports, the logistics, the supply chain hubs and has this ability to respond to logistics issue score liquid products. And in the energy transition, there will be new needs, be it for the storage of other liquids, biofuels, be it the need for gas storage tomorrow soon. Hydrogen, why not. There's a whole logistics setup to be built. And Rubis Terminal from these locations that are key that generate value, yes, is seeking to position itself to take part in this expansion. It has the means. It has the expertise clearly and Rubis and its shareholders SCA and High Square are powerful shareholders to help it to propel itself forward. There's a question on bitumen. Yes, question on bitumen. What underpins the expansion? Obviously, if we want M&A growth in the group, I mean, this is something that we know how to do and that we like to do, but you can't forecast that. We can't make plans. But what certain is bitumen, we're talking about Africa here. There are commercial breakthroughs that are truly remarkable. Our starting point was the Nigerian market, where we have a major market share in the countries -- neighboring countries in West Africa. But we found a way of penetrating African markets that don't have the size of Nigeria or South Africa, allows us to insert ourselves between a bulk logistics, very powerful. It's essentially in Nigeria and South Africa and logistics across Africa that flow drum based rather, don't offer operators in the sense of a certain size, don't offer guarantees of origin, quality, regularity. So we have logistics with specialized bitutainers and equally specialized ships that allows us to land in commercial ports a number of these bitutainers and offer our new customers on intermediate quantities, the high-level service and the quality of an international company. We've been able to start from South Africa, move into Cameroon, Gabon. We're currently establishing a foothold and so therefore picking up point by Bruno South Africa that was long and bitumen is now becoming short. Bitumen short requires imports in Eastern Africa where we're penetrating. So there's a dynamism on behalf of Rubis group in Africa. In internal growth is dynamism, suffices to boost this part of the business. Last year, I think it was a question on prices. I don't -- in fact we've anticipated your question. This is the magic chart of Rubis on its carbonized, because we're going to speak about carbonized or the other. Over 10 years in fact on screen. We could have done it over 20 years. The graph would look similar. You have the diesel, low sulfur content, the red line, low tenure and the average, the variations, the variations at least. And it's quite explicit. For example, in 2015, listing of 15% margin of '15. In the year '17, '18, you have hikes of 20%, 24% of prices, which is considerable and markets remain stable, even slightly up. The situation closes to our 2020, you'll recall that anecdotal moved it to negative prices for a few days in oil. But there was a 40% collapse of petroleum products over the period, down to almost $15. Margins rose 5% conversely in 2011. That's why I like to talk to you about this 2-year period '20, '21. That's very significant. You have 54% growth and the margins declined barely by 5%. It's a fundamental chart of our -- the ability to pass on the sharp changes in international prices onto the end user market. So to answer your question on these price variations, there's no doubt that we'd be able to do as well in the future, which is the specific characteristics of energy markets generally and particularly that of oil products.

I'm from BNP Paribas Exane. I have 2 questions. My first is, sorry, rather a neophyte question, sorry, question on photocell on a PV installation. You speak of 20 years of duration of operation for the 20s. Can you give you an idea of the amount to be invested and the total operating profit EBIT after 20 years it can no longer be used? Or can you still operate it?

I'll perhaps let our friends answer that one. The last question is a very simple answer. Yes, it's still utilizable. The land is an asset and will increasingly become a key asset. Then you put the panels of whatever color and technology. So it's not really up to me to answer that.

Well, yes, just to supplement, I didn't mention repowering, you cited the term. Today, the panels that we're installing, been installing for some 10 years have a lifetime of the order 35, 40 years. So these are very long-term things. There are a number of items that need to be regular changed in a plant very minor, just the converters. That's why it's important to have your own maintenance within Photosol because it gives you a better idea of how the plant is run and have very significant and reliable preventive maintenance so as to increase the life cycle of plants. But it's true that when you have the land, we have most the leases run for 40 years, we anticipate the fact that we're going to go beyond the first 2-year phase of power selling and possibly reinvest in panels that see their performance constantly improve. We're already working on repowering our plants of 10 years ago. We need to know is the first 20-year period is important because it's that which we design the financing, the bank financings beyond 20 years, we're in a rationale where the bulk of the cost disappeared because it's very complicated to have exact figures on total EBITDA over 20 years. But to give you an order of magnitude give or the business model of an SPV over the first 2 years, 80% of revenue or rather cash generated that serves to reimburse the debt nearly 20% to cover the cost and the margin. But when you arrive at the end of debt reimbursement of the 20 years remaining of power production, the operating costs are very low. So there's real value on the selling of electricity beyond that. The average cost of a plant. Well, it depends, depends on location, nature of the land complexity, but we're around between EUR 0.70 and EUR 0.80 the installed watt. I'll let you do the math on that.

Let me build on that with 2 or 3 ratios that might be of interest. These are capital-intensive businesses, building a PV plant, lots of initial CapEx, as David said, you have to then repay the debt, 80% to 90% over the 20-year period. We have a little ratio that's pretty good. We work with it will take. It's operating income over investment. It's highly correlated to the level of debt, the margins between the 2. We started the first fossil plants. ROI was about 12% for the plants went out, it's around 8%. We used to finance at 5%, 15 years. Now we financed 1%, 1.2% for 23 years. Let's look at the difference between operating income and debt. That's an important criteria in the value creation. Second criteria and the value creation is the quality of development. What we see is that the business of development is where you can generate value for the plant when it's financing. You charge for development expenses and so forth, upfront amounts. The more sunny the plant is, the lower connections, the lower the CapEx, the greater upfront value we can generate. And as a third source of value creation, maintenance, O&M. Of course, this also depends on location of the plant. A lot of these are operated at the same time. Questions can be full cost. Is it easy land, flat land or is it a plant that's on a waste landfill and they've got gas emissions and the grasses to be cut by hand. The reason I mention this is because the plus point is to be active in all years, development, financing, holding the asset and also subsequent refinancing when macro ecommerce make for that and also operation to get margins over a year through operations. So no one single answer to your question, sorry. But to talk about value pockets and Photosol's positioning all of those value areas.

I have another question. On the share buybacks, I think there was a plan EUR 289 million -- EUR 250 million. Did you finalize the EUR 250 million?

We never committed to buy back all of EUR 250 million worth. The resolution had to do with a cap or a maximum of EUR 250 million that could be bought back. We used that resolution for the amount you're familiar with, i.e., EUR 150. Remember, in the meantime, there was a little investment of EUR 80 million made in HDF and then a little bigger investment, EUR 750 million in Photosol, there will be further investments. Therefore, also the priority is rather than just buy back our own shares, we want to also ensure the future to ensure the future, you don't buy back your own shares, you buy new assets to place them alongside existing assets and create tomorrow's profitability. That's my view on share buybacks. We've done this. That's great. It's actually hard to measure the effect of this. There are lots of talking about the pros and cons of share buybacks and the effect. You know Rubis' share price performance in the past 2 years. Not all that wonderful. But to figure out how the share buyback had an impact on the value of our share price. Well, in our share buyback, the resolution passed in December 2019 is valid until May of 2022. You can guess with -- in the next 2 months, we don't intend to do any share buybacks. Last question, if you don't mind, to react regarding oil prices that are high right now. In times when oil prices are high, there is a significant risk that some countries, some authorities, governments might question price formulas. This has happened in the past. Do you see this on the horizon in your geographies, where you're active right now in upcoming months. You're right. Generally speaking, there are limits inherent in every system, think of Madagascar. That's the case there. We mentioned this subject earlier. But my point here is, as I was saying, energy is essential. These are import markets, we can't start a loss. Therefore, governments are very well cognizant of the situation. We have to think of the long term, the government and we are, as operators and importers of oil products in this instance. Well, we have a long-term relationship with them of each other. Experiences that go back to the last century tell us that our partners works pretty well, ups and downs, but maybe there can be a problem from time to time. Often, governments, this is the case in Madagascar. Often, governments recognize the sort of indebtedness they have to the various operators, what they owe them. So what it's all about is to figure out how the situation can be regularized. There's no hard and fast rule. It also depends, of course, it could sometimes depend on election dates. It's not only in France that elections are important times. Another important consideration is price changes. Something goes up really fast can also go down fairly fast to look at some of the curves, you can see on the screen. Things can turn around. This is what your business is all about. If you're in the oil industry, you have to manage the relationship with governments. Let me specify. We're talking about specific geographies. Countries that have structured prices and it's not the case in all countries, of course, nor is it the case in all marketplaces. Very often, you have places where service station prices are regulated, but no regulation of fuel for ships or aircraft or C&I's major clients and so forth, those are unregulated. So we have to grapple with all the different parameters at the same time. Are there further questions? Yes, go ahead.

Yes, I had a question. This one's on your policy regarding external growth in the press release. You say you wish to develop -- continue developing through acquisitions. Could you tell us what's your current priority, renewable energy or carbonized energy? Today, in your view, do you have enough assets or might you continue investing in other renewable sources of energy in addition to PV and Hydrogen. Could you also tell us what your power is going to be, how much wherewithal you have for M&A after you've acquired Photosol and it's in your financials?

On our policy of external growth, it's been a constant. We're continuing to develop this. Whether we'll invest in carbon or carbonized. Well, let me tell you, we'll invest in companies that are top quality and that fit beautifully or a beautiful addition to our portfolio, which we will continue investing in oil products assets as well. Oil products are going to become biofuels. They're evolving as well. Clarisse talked about this already a lot. We're working hard to source various products, LPG and others that are decarbonized. Various refineries converting to bio refineries so that we as distributors can have access to biofuels. It seems it's possible to replace a conventional fuel with a liquid biofuel. We'll do this as efficiently as possible. So that's on carbonized non-carbonate. Of course, we'll also continue investing in PV. Our friends here have demonstrated very well what their intentions are, which we'll also in the very future be our intentions. We have and we're working on green hydrogen and our policy in this area. As to other energy sources, I believe that while we've covered most of this, we're not moving into nuclear for the time being. Hydro, fairly complex to find a dam that's up for grabs as typical in France and other countries. Geothermal, this is an activity which so far hasn't been highly successful. Oddly enough, you can say too, it seems easy. If you've got a source of hot water, you can use it. But to my knowledge, this industry isn't developing a pace. We've tried to invest in biogas didn't find the ratios that we thought were right that will be appropriate for a group of our size not big as some competitors but EUR 3 billion. We need to invest in well-developed groups. We -- so that it's meaningful when we say we're multi-energy and we've got to the requisite assets and the right proportions on the balance sheet. So jokes aside. Photovoltaic and related markets, I believe, will be appropriate for quite some time and will be developing well. Financial firepower that's in finance work finances we would have. That was your underlying question. We said we finished the year with a ratio of net debt over EBITDA of 0.9%. With the acquisition of Photosol that 0.9% will become 2.5%. Out of the 2.5, 2.5x EBITDA, there's 1.7% -- 1.7% of this is something from the conventional business area, EUR 500 million generated by Rubis Energy. The remainder, the EUR 400 million is debt accommodated in SPVs. So project funding, nonrecourse, it's the 1.7 the corporate debt we need to look at. We can have a 1.7%. You can go to 2.2%. This would be viable. This would be around EUR 500 million EBITDA in terms of investment capacity. If I add to this, the Photosol project in itself over the next 5 years includes around EUR 700 million in investments, which is basically self-financed through the cash flow generated by the existing SPVs. So basically, all in all, there you see our EUR 1 billion in financing capacity, EUR 700 million spent Photosol that's basically prefunded with the leverage of 80% to 90%. So no injection of cash by shareholders for the initial -- for the first EUR 700 million, plus the EUR 500 million between EUR 300 million and EUR 500 million, which is available through Rubis Energy. So it's a hybrid model basically, which produces about EUR 1 billion in development capacity. I think we pretty much rounded this off. Thanks very much for your attention. Be delighted to see you in person unless there are further questions?

No. Look forward to seeing you all next time for the next account presentation. Thank you. Refreshments next door.