RUBIS - 2019 Universal Registration Document

8 FINANCIAL STATEMENTS - 2019 separate financial statements, notes and other information

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

Note 1. Presentation of the Company

273

Note 2. Accounting rules and methods

273

Note 3. Notes relating to selected balance sheet items

274

Note 4. Notes related to selected income statement items

277

Note 5. Other information

278

Note 1. Presentation of the Company

• 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; Rubis Énergie and Rubis Support and Services operate on 3 continents (Europe, Africa and the Caribbean).

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 rules and methods

2.2 FINANCIAL ASSETS Equity interests are recognized at their acquisition cost. A provision for impairment is recognized if their value in use falls below their book value. The value in use is determined on the basis of discounted future cash flows. Value in use is calculated based on the various intangible items that are recognized when the equity interests are acquired and is remeasured annually. 2.3 INVESTMENT SECURITIES Investment securities are recognized at their acquisition cost. In the event of disposals of securities of the same kind giving the same rights, the cost of the securities disposed of was determined using the “First-In First-Out” (FIFO) method. At the close of each fiscal year, a provision for impairment is recognized if the book value is higher than:

• their market value for listed securities or units of UCITS; • their probable realizable value for negotiable debt securities. COMMITMENTS The evaluation of the amount of retirement benefits in respect of Rubis employees was determined using the projected unit credit method. 2.4 PENSION

The financial statements for the year ended December 31, 2019 are presented in accordance with legal and regulatory provisions applicable in France. The annual financial statements of Rubis are presented in thousands of euros. The following should be noted in relation to the way in which the financial statements are presented.

2.1 PROPERTY, PLANT

AND EQUIPMENT AND INTANGIBLE ASSETS

2.5 REVENUE

Property, plant and equipment and intangible assets are valued at their acquisition cost. Depreciation for impairment is calculated according to the straight-line method as follows: Duration Intangible assets 1 to 10 years Facilities and fixtures 4 to 10 years Office equipment 3 to 10 years Movable property 4 to 10 years

Revenue comprises management fees received from subsidiaries.

2.6 TAX CALCULATION The income tax expense includes tax on current earnings and tax on extraordinary items.

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