RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 Consolidated financial statements and notes

Non-current borrowings and financial debt (in thousands of euros)

1 to 5 years More than 5 years

Credit institution loans

1,076,070

36,516 11,782 48,298

Other loans and similar liabilities

6,027

TOTAL

1,082,097

Pledged property, plant and equipment

Pledged securities

Other guarantees

As of 12/31/2019 (in thousands of euros)

Total

Mortgages

Unsecured

Credit institution loans

85

25,878 75,332

1,341,404

1,367,367

Bank overdrafts

8,448

25,414 17,683

109,194 18,276

Other loans and similar liabilities

174

419

TOTAL

8,707

101,629

1,384,501

1,494,837

The change in borrowings and other current and non-current financial liabilities between December 31, 2018 and December 31, 2019 breaks down as follows:

1/1/2019 First-time application of IFRS 16

Translation differences

Changes in consolidation

12/31/2019

12/31/2018

Issue Repayment Reclassifications (1)

(in thousands of euros)

Current and non-current borrowings and financial debt Lease liabilities (current and non-current)

1,449,599

(3,173)

35,960 595,315

(314,019)

(269,464)

3,058 1,497,276

179,803 176,630

34,623 53,199

(21,967)

(59,824)

(3,021)

182,813

TOTAL

1,449,599

70,583 648,514 (335,986)

(329,288)

37 1,680,089

(1) Reclassification into liabilities related to a group of assets held for sale (see note 3.3).

The changes in the scope of consolidation mainly relate to the acquisition of KenolKobil Plc (see note 3.2.1). Issues made during the period are mainly explained by the financing of capital expenditure and changes in the structure of the 3 divisions.

Fixed rate

Variable rate

(in thousands of euros)

Credit institution loans

26,938 15,028 41,966

1,085,648

Credit institution loans (short-term portion)

239,753

TOTAL

1,325,401

Financial covenants The Group’s consolidated net debt totaled €637 million as of December 31, 2019. Credit agreements include the commitment by the Group and by each of its operating segments to meet the following financial ratios during the term of the loans:

• net debt to shareholders’ equity ratio of less than 1; • net debt to Ebitda ratio of less than 3.5. As of December 31, 2019, the Group’s ratios show that Rubis can comfortably meet its commitments; likewise, the Group’s

overall position and its outlook remove any likelihood that events might result in an acceleration of maturities. Failure to comply with these ratios would result in the early repayment of the loans.

Schedule of lease liabilities

12/31/2019

Less than 1 year

1 to 5 years More than 5 years

(in thousands of euros)

Schedule of lease liabilities

34,696

58,860

89,257

182,813

Other information relating to leases (IFRS 16) As of December 31, 2019, the amount of rent paid (restated leases and exempted leases) totaled €77.8 million. Rents not restated as of December 31, 2019 break down as follows: • leases exempted:

• term of less than 12 months for €41.7 million, • assets with a low unit value for €0.3 million; • variable portion of rents of €9.4 million.

248 i Rubis 2019 Universal Registration Document