The Group’s financial position was sound at the end of the fiscal year, with a net debt to Ebitda ratio of 1.2 (reported data), which will fall to 0.4 after the completion of the Rubis Terminal transaction. The Group‘s balance sheet continues to show high liquidity with €490 million in debt repayable within 2 years and €860 million in cash and cash equivalents.
CONDENSED BALANCE SHEET (in millions of euros)
Total shareholders’ equity • including Group share
Financial debt excluding lease liabilities
Net financial debt
Ratio of net debt/shareholders’ equity
(1) Reported data.
Cash flow reached €524 million, an increase of 36% (before IFRS 5 restatement) compared with 2018, reflecting the quality of the results.
ANALYSIS OF CHANGES IN NET FINANCIAL POSITION SINCE THE BEGINNING OF THE FISCAL YEAR (in millions of euros) FINANCIAL POSITION (EXCLUDING LEASE LIABILITIES) AS OF DECEMBER 31, 2018
524 (56) (62)
Change in working capital Rubis Terminal investments Rubis Énergie investments
Rubis Support and Services investments
Rubis SCA investments
Net acquisitions of financial assets
Change in loans and advances and other flows
Dividends paid out to shareholders and minority interests
Increase in shareholders’ equity
Impact of change in scope of consolidation and exchange rates Reclassification of the year-end net debt of assets held for sale
FINANCIAL POSITION (EXCLUDING LEASE LIABILITIES) AS OF DECEMBER 31, 2019
• Rubis Terminal: €62 million including €18million for maintenance and adaptation and €44 million for extensions, contract- backed renovations or capacity building, of which Rotterdam (€32 million), Mulhouse gasoline extension (€3.8 million), bitumen in Dunkirk (€3.6 million), and IMO 2020 adaptation (€2.7 million). The acquisition of financial assets for the amount of €396 million represents the purchase of KenolKobil and Gulf Energy Holdings securities, which represents the overall investment made by the Group in East Africa. The €134 million increase in shareholders’ equity includes the €109 million capital
The most noteworthy items in respect of investments are: • Rubis Énergie: €109 million spread over the division’s 22 profit centers for facility upgrades (terminals, gas stations), capacity extensions (bottles, tanks, terminals or stations), purchases of facilities or business assets, and the construction of an import depot in Suriname to start a fuel distribution business; • Rubis Support and Services: €57 million focused on the SARA refinery (€41 million) and the acquisition of a new vessel for the Caribbean region for €14 million;
increase resulting from the payment of the dividend in shares (in the proportion of 70.6%), the exercise of warrants within the framework of the equity line established with Crédit Agricole CIB and Société Générale (€20 million) and the annual subscription to the Company savings plan reserved for employees (€5 million). In economic terms, the cash flow from operations (after interest, tax, normative change in WCR and capital expenditure for maintenance and adaptation) amounted to €347 million versus €232 million in 2018 (+50%).