RUBIS_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS 9

2017 consolidated financial statements and notes

Post-employment benefits Post-employment benefits as of December 31, 2016 and 2017 were assessed by an independent actuary, using the following assumptions:

Assumptions (within a range depending on the entity)

2016

2017

Discount rate Rate of inflation

0 to 15.90% 0 to 16.5% 0 to 8.90% 0 to 3.20%

Rate of wage increases

0 to 15%

0 to 25%

Age when voluntary retirement taken

60 to 66 years

60 to 66 years

Actuarial differences are offset against shareholders’ equity. The discount rates used were determined by reference to the yields on high-quality corporate bonds (minimum rating of AA)

with terms equivalent to those of the commitments on the date of assessment. The calculation of the sensitivity of the provision for commitments to a change of one-quarter of a percentage point in the

discount rate shows that the total obligation and the components of earnings would not be significantly affected, in view of the total sum recognized in the Group’s accounts under employee benefits.

Sensitivity assumptions (in thousands of euros)

Provision for commitments

Measurement of the provision as of 12/31/2017

45,757 47,466 41,122

Measurement of the provision - assuming discount rate cut by 0.25% Measurement of the provision - assuming discount rate raised by 0.25%

DETAIL OF COMMITMENTS (in thousands of euros)

12/31/2016

12/31/2017

Actuarial liabilities for commitments not covered by assets Actuarial liabilities for commitments covered by assets

38,148 31,011 (31,011) 38,148

41,051 37,739 (37,739) 41,051

Market value of hedging assets

Deficit

Limitation of assets (overfunded plans)

5,308

4,631

PROVISION RECOGNIZED AS OF DECEMBER 31

43,456

45,682

CHANGE IN ACTUARIAL LIABILITIES (in thousands of euros)

2016

2017

ACTUARIAL LIABILITIES AS OF JANUARY 1

78,790

73,253

Service cost for the period Interest expense for the period Benefits paid for the period

4,997 1,827

2,617 2,034

(13,566)

(4,416)

Actuarial losses/(gains) and limitation of assets

355 779

3,193 4,269

Newly consolidated companies and change in percentage of interest*

Foreign exchange differences

(4,023) 69,159

(2,160) 78,790

ACTUARIAL LIABILITIES AS OF DECEMBER 31

* Made up largely of the actuarial liabilities of Galana Raffinerie et Terminal SA (newly consolidated) and Rubis Terminal Petrol (newly consolidated).

CHANGE IN HEDGING ASSET (in thousands of euros) Hedging assets as of January 1 Newly consolidated Foreign exchange difference Expected return on fund assets

2016

2017

37,739

33,985

(2,652)

(2,945)

2,650

7,160 (469)

Benefits paid

(6,725)

2017 Registration Document I RUBIS

Actuarial differences

8

Hedging assets as of December 31

31,011 (5,308) 25,703

37,739 (4,631) 33,107

Limitation of assets

ASSETS RECOGNIZED AS OF DECEMBER 31

217