RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 Consolidated financial statements and notes

3.3 GROUP OF ASSETS HELD FOR SALE

ACCOUNTING POLICIES In accordance with IFRS 5 “Non-current assets held for sale and discontinued operations”, a fixed asset (or group of assets and liabilities directly linked to it) is considered as held for sale if its book value will mainly be recovered through its sale rather than through continued use. To meet this condition, the asset must be available for immediate sale and its sale must be highly probable. Such assets or groups of assets held for sale are measured at the lower of their book value and their estimated selling price less selling costs. A discontinued operation or an operation classed as held for sale is considered as significant for the Group if it was a cash-generating unit (CGU) and is either sold or classed as an asset held for sale. The income statement and balance sheet items relating to these discontinued operations or activities held for sale are presented on specific lines of the consolidated financial statements.

2019 (the 2018 balance sheet has not been restated); • the net income of the Rubis Group reported for the years ended December 31, 2019 and December 31, 2018 includes the net contribution of the Rubis Terminal entities on a single line of the income statement, “Net income from assets held for sale”; • cash flows from assets held for sale are presented below for fiscal years 2019 and 2018.

As stated in the press release of January 21, 2020, the Rubis Group and I Squared Capital signed an agreement under which I Squared Capital will acquire 45% of the stake in Rubis Terminal. Following this transaction, Rubis and I Squared Capital will jointly control the bulk liquid product storage operations. The completion of this transac tion (scheduled for the first half of 2020) will entail the loss of exclusive control for the Rubis Group for the bulk liquid storage businesses

(Rubis Terminal operating segment within the meaning of IFRS 8). Under IFRS, the switch from full consolidation to joint venture (accounted for using the equity method) is likened to a sale and comes under IFRS 5 “Non-current assets held for sale”. In accordance with this standard: • the groups of assets and liabilities held for sale are presented on specific lines of the balance sheet as of December 31,

BALANCE SHEET ITEMS – GROUP OF ASSETS HELD FOR SALE AND RELATED LIABILITIES (in thousands of euros)

12/31/2019

Non-current assets

814,597 149,259 963,856 292,567 129,075 421,642 269,464

Current assets

TOTAL GROUP OF ASSETS HELD FOR SALE

Non-current liabilities

Current liabilities

TOTAL LIABILITIES RELATED TO A GROUP OF ASSETS HELD FOR SALE

Borrowings and financial debt Cash and cash equivalents

34,316

NET FINANCIAL DEBT

235,148

INCOME STATEMENT ITEMS - ASSETS HELD FOR SALE (in thousands of euros)

12/31/2019

12/31/2018

Sales revenue

305,688 88,120 49,874 (6,045) (13,904) 31,795 4,170

325,123 77,180 45,224 (3,473) (13,513) 32,450 4,811

Ebitda

Ebit

Share of net income from joint ventures

Cost of net financial debt Corporate income tax

Net income

CONSOLIDATED CASH FLOWS – ASSETS HELD FOR SALE (in thousands of euros)

12/31/2019

12/31/2018

Cash flows related to operations

76,016 (69,897) (15,788)

66,099 (54,462) (35,339) 24,999

Cash flows related to investing activities Cash flows related to financing activities

Rubis SCA intra-group flows eliminated on consolidation

Change in cash and cash equivalents

(9,277)

2,291

232 i Rubis 2019 Universal Registration Document