RUBIS_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS 9

2017 consolidated financial statements and notes

3.2.3 Acquisition of the leading distributor of petroleum products in Madagascar

3.2.4 Adding to our distribution activity in Corsica In October 2017, the Group bought EG Retail SAS’s fuel distribution business in Corsica, together with the associated logistical assets. The EG group is a specialist in fuel distribution, operating in Europe with nearly 2,700 sites and revenues of €6 billion. The transaction involves: • the marketing of fuels in Corsica through a network of 17 authorized distributors currentlyoperating in theBPchain,making Rubis the local No. 1 with a network of 64 stations. The contribution of these assets to 2017 net income was not material; • the 21.5% investment in the DPLC oil depots inAjaccio and Bastia, bringing the Group’s stake to 75%, the impact on the Group shareholders’ equity, and on the non-controlling interests, is not material; • theCorsican customers carryinga “Go the Easy Way” card. 3.2.5 Pro forma financial information The condensed pro-forma financial information for the year ended December 31, 2017 was prepared in accordance with IFRS to reflect the effects of acquisitions made during the year as if they had taken place on January 1, 2017. The financial information used to prepare the pro-forma financial statements is the 2017 financial data of the entities that were the subject of a change in scope of consolidation

during the year, restated on the basis of the following assumptions: • full consolidation over a full year (12 months) of Dinasa in Haiti and Galana in Madagascar (the acquisition from EG Retail SAS of its fuel distribution business in Corsica has not given rise to any restatements as its effects are not considered material); • restatements related to compliance with theGroup’s accountingprinciples applied retroactively as of January 1, 2017; • elimination of reciprocal transactions; • translation of financial data into foreign currencies using the average conversion rate for the 2017 financial year; • restatement of the net financing cost of acqusitions as if they had taken place on January 1, 2017; • correlated determination of corporate income tax expense by applying the tax rate prevailing in each of the relevant countries/territories to the results of the entities in question. The pro-forma financial information is provided for information purposes only. It represents a hypothetical situation, and as such does not represent the actual situation or results of the Group as they would have been if the acquisitions had taken place on January 1, 2017. The pro-forma financial information does not constitute a forecast of changes in the Group’s financial position.

In July 2017, the Group completed the acquisition of the Galana Group, Madagascar’s largest distributor of petroleum products. With 260,000 m 3 of petroleum products distributed in 2016, Galana operates in each of the main market segments: networks (71 gas stations), commercial (including mining and power generation), LPG and lubricants. In support of its distribution activity, the company has strategic and autonomous import logistics capacity, consisting of the island’s only storage terminal for imports of petroleum products (260,000 m 3 ) with dedicated maritime access, located in Tamatave. The fair values of the main items of net assets acquired are summarized below:

Contribution as of the date of inclusion in the scope

(in thousands of euros)

Goodwill

166,399 31,515 18,870 76,291 10,111 71,875

Fixed assets Inventories

Trade and other receivables Cash and cash equivalents Trade and other payables

The new subsidiaries have made a positive contribution to Group earnings since July 1, 2017, when they were fully consolidated. The fair value of the assets acquired and liabilities assumed will be finalized in the twelve months following the takeover, which is to say before July 1, 2018.

2016 reported

2017 reported 2017 pro forma

(in thousands of euros)

Net revenue

3,932,652

4,171,744

3,003,880

EBIT

368,011 362,275 282,838

407,882 398,966 309,536

299,675 291,697 227,377

Income before tax TOTAL NET INCOME

2017 Registration Document I RUBIS 194