RUBIS_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS 9

2017 consolidated financial statements and notes

NOTE 9. Investments in joint ventures

ACCOUNTING POLICIES These investments, which are consolidated by the equity method, involve joint ventures and companies in which the Group has significant influence. They are initially recognized at acquisition cost, including any goodwill generated. Their net book value is then increased or decreased to recognize the Group share of the entity’s profits or losses after the date of acquisition. Whenever losses are greater than the value of the Group’s net investment in the equity method, these losses are not recognized unless the Group has entered into a commitment to recapitalize the entity or provide it with funding. If there is an indication that an investment may be impaired, its recoverable value is tested as described in note 4.2. Impairment losses shown by these impairment tests are recognized as a deduction from the net book value of the corresponding investments.

Following the acquisition of storage operations held in Turkey (see note 3.2 “Changes in the scope of consolidation”), the Group has only one joint venture within the meaning of IFRS.

CONDENSED FINANCIAL INFORMATION – ITC RUBIS TERMINAL ANTWERP JOINT VENTURE

The figures below were prepared in accordance with IFRS at 100%.

Company statement of financial position (in thousands of euros)

12/31/2016

12/31/2017

Current assets

5,351

3,248

Non-current assets TOTAL ASSETS Current liabilities Non-current liabilities TOTAL LIABILITIES

222,134 227,485 137,690 14,301 151,991

202,476 205,724 133,955

2,800

136,755

Current liabilities mainly include current account financing by the 2 joint venturers.

The assets and liabilities of the joint venture specifically include the following:

12/31/2016

12/31/2017

(in thousands of euros)

Cash and cash equivalents

1,077 2,500

654 802

Current financial liabilities (excl. trade payables and provisions) Non-current financial liabilities (excl. trade payables and provisions)

14,300

2,800

12/31/2016

12/31/2017

(in thousands of euros)

Net revenue

25,586

18,811

Total net income

6,520

3,162

Other comprehensive income Comprehensive income for the period

6,520

3,162

2017 Registration Document I RUBIS

229