RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 Consolidated financial statements and notes

Note 5. Notes to the income statement

ACCOUNTING POLICIES The Group uses gross operating profit (Ebitda) as a performance indicator. Gross operating profit corresponds to net revenue minus: • purchases consumed; • external expenses; • payroll expenses; • taxes and levies. The Group uses current operating income (Ebit) as its main performance indicator. Current operating income corresponds to gross operating profit after: • other operating income; • net depreciation and provisions; • other operating income and expenses. • To better present the operating performance in the business lines, the equity associates’ net income is shown on a specific line in operating income. ACCOUNTING POLICIES Revenue from the Group’s activities is recognized: • for income arising from trading and distribution activities (Rubis Énergie), upon delivery; for the bitumen business, sales revenue is mainly recognized at the bulk tank outlet; • for income earned by the support and services activities (Rubis Support and Services), recognition is upon delivery and according to the term of the service contract. Transport services associated with the supply of bitumen are mainly invoiced at the bulk tank outlet. As regards SARA, revenue from the sale of petroleum products is recognized at the bulk tank outlet when the product leaves the refinery or the other depots. Revenue from electricity sales is recognized at the end of the month on the basis of meter readings. In the case of administered margins, revenue is restated by recognizing accrued income, if applicable, or deferred income, in order to take into account the substance of the operations. Operations carried out on behalf of third parties are excluded from revenue and purchases in line with industry practices.

5.1 SALES REVENUE

Sales revenue is detailed in the table below by business segment and geographic zone of the consolidated companies.

Rubis Terminal (1)

Rubis Énergie

Rubis Support and Services

Parent company

12/31/2019 (in thousands of euros) Geographic zone Europe

Total

658,658

323

658,981

Caribbean

1,851,010 1,873,827 4,383,495

828,491 16,178 844,669

2,679,501 1,890,005

Africa

TOTAL

323 5,228,487

Products and services Petroleum products, LPG and bitumen

4,383,495

4,383,495

Refining

661,192 183,477

661,192 183,477

Trading, supply, transport and services

Other

323

323

TOTAL

4,383,495

844,669

323 5,228,487

(1) Assets held for sale (see note 3.3)

256 i Rubis 2019 Universal Registration Document