RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 Consolidated financial statements and notes

7.2 CONDENSED FINANCIAL INFORMATION - SUBSIDIARY WITH NON-CONTROLLING INTERESTS: EASIGAS SA AND ITS SUBSIDIARIES

The amounts presented below are before the elimination of intercompany transactions and accounts.

12/31/2019

12/31/2018

(in thousands of euros)

Fixed assets

70,536

57,114

Net financial debt (cash and cash equivalents – liabilities)

4,678

1,931

Current liabilities (including loans due in less than 1 year and short-term bank borrowings)

14,866

13,768

12/31/2019

12/31/2018

(in thousands of euros)

NET REVENUE NET INCOME

126,947 12,701

133,681 11,800

Group share

6,780 5,921

6,568 5,232

Share attributable to non-controlling interests

OTHER COMPREHENSIVE INCOME Group share

Share attributable to non-controlling interests COMPREHENSIVE INCOME FOR THE PERIOD

12,701

11,800

Group share

6,780 5,921 4,611

6,568 5,232 3,909

Share attributable to non-controlling interests Dividends paid to non-controlling interests Cash flows related to operating activities Cash flows related to investing activities Cash flows related to financing activities

20,567 (8,846) (9,206)

15,008 (6,909) (7,708)

Impact of exchange rate changes

593

(110)

CHANGE IN CASH AND CASH EQUIVALENTS

3,108

281

Note 8. Investments in joint operations

Group investments in joint operations refer only to Rubis Énergie. These entities are not material as of December 31, 2019.

Note 9. Investments in joint ventures

ACCOUNTING POLICES These investments, which are consolidated by the equity method, involve joint ventures and companies in which the Group has significant influence. They are initially recognized at acquisition cost, including any goodwill generated. Their net book value is then increased or decreased to recognize the Group share of the entity’s profits or losses after the date of acquisition. Whenever losses are greater than the value of the Group’s net investment in the equity method, these losses are not recognized unless the Group has entered into a commitment to recapitalize the entity or provide it with funding. If there is an indication that an investment may be impaired, its recoverable value is tested as described in note 4.2. Impairment losses shown by these impairment tests are recognized as a deduction from the net book value of the corresponding investments.

The Group qualifies 2 partnerships (Rubis Terminal Antwerp and Zeller & Cie) as joint ventures within the meaning of IFRS. Zeller & Cie’s contribution is not material for the

Group. In accordance with IFRS 5 as of December 31, 2019 (see note 3.3), information relating to investments in joint ventures has been reclassified on separate lines in the

balance sheet for the year 2019 and the income statement for the years 2019 and 2018.

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