RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 Consolidated financial statements and notes

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019

Note 1. General information

222

Note 7. Non-controlling interests

266

Note 2. Accounting policies

222

Note 8. Investments in joint operations

267

Note 3. Scope of consolidation

225

Note 9. Investments in joint ventures

267

Note 4. Notes to the balance sheet

233

Note 10. Other information

268

Note 5. Notes to the income statement

256

Note 6. Summary segment information

263

Note 1. General information

1.1 ANNUAL FINANCIAL INFORMATION

IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards), as well as the interpretations of the IFRS Interpretations Committee.

• Rubis Support and Services , which houses all infrastructure, transportation, supply and services activities that support the development of downstream distribution and marketing activities; • Rubis Terminal , which via its subsidiary Rubis Terminal and the companies owned by the subsidiary in France (including Corsica), the Netherlands, Belgium and Turkey, specializes in the storage and trading of petroleum products, fertilizers, chemical products and agrifood products. The Group is present in Europe, Africa and the Caribbean.

The financial statements for the year ended December 31, 2019 were finalized by the Board of Management on March 11, 2020 and approved by the Supervisory Board on March 12, 2020. The 2019 consolidated financial statements have been prepared in accordance with the international accounting standards issued by the IASB (International Accounting Standards Board) and adopted by the European Union. These standards include

1.2 OVERVIEW OF

THE GROUP’S ACTIVITIES

The Rubis Group operates 3 businesses in the energy sector: • Rubis Énergie , which specializes in the trading and distribution of liquefied petroleum gas (LPG) and petroleum products;

Note 2. Accounting policies

2.1 BASIS OF PREPARATION The consolidated financial statements are prepared based on historical costs with the exception of certain categories of assets and liabilities, in accordance with IFRS rules. The categories concerned are specified in the notes below. To prepare its financial statements, the Group’s Management must make estimates and assumptions that affect the book value of assets and liabilities, income and expenses, and the data disclosed in the Notes to the financial statements.

The Group’s Management makes these estimates and assessments on an ongoing basis according to past experience as well as various factors that are deemed reasonable and that constitute the basis for these assessments. The amounts that will appear in its future financial statements may differ from these estimates, in accordance with changes in these assumptions or different conditions. The main significant estimates made by the Group’s Management pertain in particular to the fair value of business combinations,

goodwill impairment tests, property, plant and equipment and intangible assets, provisions and changes in employee benefit obligations. and leases (duration of term and incremental borrowing rates, described in note 2.2). The consolidated financial statements for the year ended December 31, 2019 include the financial statements for Rubis and its subsidiaries. The subsidiaries operate in their local currencies, which are used to denominate the majority of their transactions. The exceptions are Rubis Terminal Petrol, located in Turkey,

222 i Rubis 2019 Universal Registration Document