Wrap Text
2021 Full Year Results
Vivo Energy plc
(Incorporated in England and Wales)
(Registration number: 11250655)
(Share code: VVO)
LEI: 213800TR7V9QN896AU56
ISIN: GB00BDGT2M75
Vivo Energy plc (the "Company")
This short form announcement is the responsibility of the Directors and represents only a summary of the information
contained in the full announcement. Consequently, it does not contain full or complete details. Any investment decisions
made by investors and/or shareholders should be based on consideration of the full announcement as a whole and
investors and/or shareholders are encouraged to review the full announcement.
The full announcement is accessible on the Company's website at https://investors.vivoenergy.com/results-and-
presentations/2022 and on the JSE website at
https://senspdf.jse.co.za/documents/2022/jse/isse/VVOE/VivoFY21.pdf.
Copies of the full announcement may also be requested by contacting Investor Relations at investors@vivoenergy.com.
Vivo Energy plc
(LSE: VVO & JSE: VVO)
2 March 2022
2021 Full Year Results
Vivo Energy plc, the leading pan-African retailer and distributor of Shell and Engen-branded fuels and lubricants,
today announces its consolidated financial results for the twelve-months ended 31 December 2021.
Christian Chammas, CEO of Vivo Energy plc, commented:
“We delivered a strong performance in 2021, demonstrating the robustness of our business model, and continued
to deliver against our growth strategy. We were pleased with the recovery in volumes to close to pre-pandemic
levels. This was predominantly driven by our Retail segment, which is now above 2019 levels, as mobility improved
and we continued to expand the network, opening a net total of 133 new sites during the year. The strong
operational performance resulted in Adjusted EBITDA rising to $447 million, 24% ahead of 2020, and 4% ahead of
2019.”
KEY PERFORMANCE INDICATORS1
Twelve-month Twelve-month
period ended period ended
($ in millions), if not otherwise indicated 31 Dec 2021 31 Dec 2020 Change
Volumes (million litres) 10,302 9,637 +7%
Revenues 8,458 6,918 +22%
Gross Profit 693 617 +12%
Gross Cash Unit Margin ($/’000 litres) 75 72 +4%
Gross Cash Profit 777 697 +11%
EBITDA 442 360 +23%
Adjusted EBITDA 447 360 +24%
Net Income 152 90 +69%
Attributable Net Income 140 80 +75%
Diluted EPS (US cents) 11 6 +83%
Adjusted Net Income 157 90 +74%
Adjusted Diluted EPS (US cents) 11 6 +83%
1 Refer to the non-GAAP financial measures definitions and reconciliations to the most comparable IFRS measures on pages 15 to 17 of the
full announcement.
Financial Highlights
• Sales volumes were 7% ahead of 2020, reflecting lighter COVID-19 mobility restrictions in our markets
• Revenue increased by 22%, primarily due to higher average crude oil prices and volume growth
• Gross cash profit increased by 11% to $777 million
• Gross cash unit margin of $75 per thousand litres (2020: $72), remained strong largely due to the supply
and pricing environment
• Adjusted EBITDA up 24% to $447 million and EBITDA up 23% to $442 million
• Net income increased to $152 million (2020: $90 million)
• Diluted EPS of 11 cents and Basic headline EPS of 11 cents, both 83% higher than 2020
• Declared a further interim dividend of 4.0 cents per share in respect of the 2021 financial year
Strategic and Operational Highlights
• Recommended offer by BidCo, a subsidiary of an investment vehicle advised by employees of the Vitol
Group (‘the Vitol Offer’), to acquire all of the shares in Vivo Energy plc they do not currently own
• Post period end, shareholders voted in favour of the transaction, which is still subject to a range of
regulatory approvals, with the transaction expected to be completed in Q3 2022
• Expansion of our Retail network by a net total of 133 retail sites, significantly above initial guidance
• Maintained our strong HSSEQ performance with 0.04 Total Recordable Case Frequency
Notes to editors:
Media contacts: Investor contact:
Vivo Energy plc Vivo Energy plc
Rob Foyle, Head of Communications Giles Blackham, Head of Investor Relations
+44 7715 036 407 +44 20 3034 3735
rob.foyle@vivoenergy.com giles.blackham@vivoenergy.com
Tulchan Communications LLP
Martin Robinson, Harry Cameron
+44 20 7353 4200
vivoenergy@tulchangroup.com
About Vivo Energy
Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The
Group has a network of over 2,450 service stations in 23 countries operating under the Shell and Engen brands
and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card
services, shops, restaurants and other non-fuel services. It provides fuels, lubricants and liquefied petroleum gas
(LPG) to business customers across a range of sectors including marine, mining, construction, power, transport,
wholesalers and manufacturing. The Company employs around 2,700 people and has access to over 1,000,000
cubic metres of fuel storage capacity and has a joint venture, Shell and Vivo Lubricants B.V., that sources, blends,
packages and supplies Shell-branded lubricants.
Vivo Energy plc has a primary listing on the London Stock Exchange, and is a member of the FTSE 250 index, with
a secondary inward listing on the Johannesburg Stock Exchange.
For more information about Vivo Energy, please visit www.vivoenergy.com
Forward looking-statements
This report includes forward-looking statements. These forward-looking statements involve known and unknown
risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the
Directors’ current beliefs and expectations about future events. Forward-looking statements are sometimes
identified by the use of forward-looking terminology such as: “believe”, “expects”, “may”, “will”, “could”, “should”,
“shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”,
“anticipates” or “targets” or the negative thereof, other variations thereon or comparable terminology, but are
not the exclusive means of identifying such statements. These forward-looking statements include all matters that
are not historical facts. They appear in a number of places throughout this report and include statements
regarding the intentions, beliefs or current expectations of the Directors or the Group concerning, among other
things, the future results of operations, financial condition, prospects, growth, strategies of the Group and the
industry in which it operates. No assurance can be given that such future results will be achieved; actual events
or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties
could cause actual results to vary materially from the future results indicated, expressed, or implied in such
forward-looking statements. Such forward-looking statements contained in this report are current only as of the
date of this report. The Company and the Directors do not intend, and will not update any forward-looking
cautionary statements in this report. As a result, you should not place undue reliance on such forward-looking
statements set forth in the document. You should interpret all subsequent written or oral forward-looking
statements attributable to the Group or to persons acting on the Group’s behalf as being qualified by the
statements. This announcement may contain references to Vivo Energy’s website. These references are for
convenience only and Vivo Energy is not incorporating into this announcement any material posted on
www.vivoenergy.com.
2 March 2022
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Date: 02-03-2022 09:00:00
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