RUBIS - 2019 Universal Registration Document

2 ACTIVITY REPORT - 2019 activity report

THE BITUMEN MARKET In 2015, Rubis Énergie finalized the acquisition of the Belgian company Eres NV, based in Antwerp, and all its subsidiaries, then present in 3 West African countries (Nigeria, Togo and Senegal). Having since opened a subsidiary in Cameroon, in 2019 Eres (now Rubis Asphalt Middle East (RAME) and based in Dubai) took over all the activities previously carried out in Antwerp and specialized in the supply, transport and distribution of bituminous products. These products, mainly bitumen, but also emulsions and bitumen additives (PMB), are mainly used in road construction. They are used, mixed with aggregates and applied hot, for the finishing layers of road surfaces in order to ensure that vehicles can run smoothly and, above all, to prevent the road surface from deteriorating under the effect of precipitation. Africa, more than elsewhere, has an extremely limited tarmacked road network, which, by impacting the cost of trade, is today widely considered to be a factor contributing to the development of poverty. West Africa has only one refinery producing bitumen in limited quantities and this bitumen cannot be transported to neighboring countries by road. In response to this situation, RAME operates ships, 2 of

the largest in the world, allowing the acquisition of bitumen in the Mediterranean or the United States and transportation to West Africa, as well as 2 smaller ships that allow access to the shallow waters of the Gulf of Guinea. In addition to these maritime operations, RAME has maritime terminals in the 4 countries where it is present. From these terminals, where bitumen is stored in liquid form at a temperature of 150°C, and using their own trucks, RAME's African affiliates supply public works companies throughout the sub-region, including Senegal, Mali, Guinea, Ghana, Niger, Burkina Faso, Benin, Nigeria and Cameroon. Nearly 350,000 tonnes of product are imported and distributed in this way each year, enabling the construction of roads that would not be possible without these large-scale logistics operations. In addition to this African activity, and depending on market conditions and price arbitrage, RAME trades nearly 150,000 tonnes of bitumen per year using its large vessels to transport bitumen to importing countries (United States, Latin America, Middle East, India, Asia, etc.). This means that 500,000 tonnes of bitumen are transported and sold by the Rubis bitumen division every year. Olivier Néchad Chief Executive Officer Rubis Asphalt Middle East

RUBIS SUPPORT AND SERVICES

Martinique (SARA) – Barbados and Dubai (trading) – Shipping

RESULTS OF THE SUPPORT AND SERVICES DIVISION AS OF DECEMBER 31, 2019

Change at constant scope (2)

2019 Before IFRS 16

2019 (1)

2018

Change (2)

(in millions of euros)

Sales revenue

845 131 108

845 127 108

1,062

-20% +20% +23% +23% +23% +52%

-21% +19% +22%

Ebitda

106

Ebit

88

• SARA

40 68

40 68

32 55

• Trading – Supply – Shipping – Logistics

Cash flow

119

115

76 59

Capital expenditure

57

57

(1) Reported data. (2) Calculation of the change between 2018 and 2019, before IFRS 16.

• in support-logistics, the shipping activity (11 chartered vessels) and “storage and pipe” in Madagascar. The results of the SARA refinery increased by 23%. The contribution of the trading-supply- shipping segment was €68 million, broken down as follows:

• trading-supply-shipping volumes totaled 1.3 million m 3 , vs. 1.6 million m 3 in 2018. These volumes generated a strong increase in the unit margin; • port and pipeline service activities in Madagascar (new scope) contributed €16 million.

This subgroup includes Rubis Énergie’s supply tools for petroleum products and bitumen: • the 71% interest in the refinery in the French Antilles (SARA); • the trading-supply activity in the Caribbean (Barbados) and Africa/Middle East, with new operational headquarters in Dubai;

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