7.1 2020 consolidated financial statements and notes
Consolidated balance sheet
(in thousands of euros) | Note | 12/31/2020 | 12/31/2019 |
Non-current assets | |||
Intangible assets | 4.3 | 31,000 | 31,464 |
Goodwill | 4.2 | 1,219,849 | 1,245,020 |
Property, plant and equipment | 4.1 | 1,148,302 | 1,067,911 |
Property, plant and equipment – right-of-use assets | 4.1 | 178,542 | 182,622 |
Investments in joint ventures | 9 | 316,602 | |
Other financial assets | 4.5.1 | 72,408 | 169,493 |
Deferred tax assets | 4.6 | 14,405 | 15,778 |
Other non-current assets | 4.5.3 | 10,762 | 34,360 |
Total non-current assets (I) | 2,991,870 | 2,746,648 | |
Current assets | |||
Inventory and work in progress | 4.7 | 333,377 | 526,628 |
Trade and other receivables | 4.5.4 | 467,850 | 611,335 |
Tax receivables | 33,463 | 21,871 | |
Other current assets | 4.5.2 | 20,472 | 16,598 |
Cash and cash equivalents | 4.5.5 | 1,081,584 | 860,150 |
Total current assets (II) | 1,936,746 | 2,036,582 | |
Total group of assets for disposal (III) | 3.3 | 963,856 | |
TOTAL ASSETS (I + II + III) | 4,928,616 | 5,747,086 |
(in thousands of euros) | Note | 12/31/2020 | 12/31/2019 |
Shareholders’ equity – Group share | |||
Share capital | 129,538 | 125,222 | |
Share premium | 1,593,902 | 1,480,132 | |
Retained earnings | 777,611 | 841,726 | |
Total | 2,501,051 | 2,447,080 | |
Non-controlling interests | 119,282 | 146,547 | |
Shareholders’ equity (I) | 4.8 | 2,620,333 | 2,593,627 |
Non-current liabilities | |||
Borrowings and financial debt | 4.10.1 | 894,015 | 1,130,395 |
Lease liabilities | 4.10.1 | 141,122 | 148,117 |
Deposit/consignment | 127,894 | 122,335 | |
Provisions for pensions and other employee benefit obligations | 4.12 | 60,189 | 56,611 |
Other provisions | 4.11 | 142,893 | 129,236 |
Deferred tax liabilities | 4.6 | 51,103 | 52,001 |
Other non-current liabilities | 4.10.3 | 3,975 | 4,993 |
Total non-current liabilities (II) | 1,421,191 | 1,643,688 | |
Current liabilities | |||
Borrowings and bank overdrafts (portion due in less than one year) | 4.10.1 | 367,297 | 366,881 |
Lease liabilities (portion due in less than one year) | 4.10.1 | 30,072 | 34,696 |
Trade and other payables | 4.10.4 | 459,618 | 643,256 |
Current tax liabilities | 22,819 | 25,894 | |
Other current liabilities | 4.10.3 | 7,286 | 17,582 |
Total current liabilities (III) | 887,092 | 1,088,309 | |
Total liabilities related to a group of assets for disposal (IV) | 3.3 | 421,462 | |
TOTAL EQUITY AND LIABILITIES (I + II + III + IV) | 4,928,616 | 5,747,086 |
Consolidated income statement
(in thousands of euros) | Note | Chg. | 12/31/2020 | 12/31/2019 |
Sales of merchandise | 2,889,661 | 3,974,959 | ||
Revenue from goods and services | 1,012,342 | 1,253,528 | ||
NET REVENUE | 5.1 | -25% | 3,902,003 | 5,228,487 |
Purchases consumed | 5.2 | (2,702,708) | (3,949,764) | |
External expenses | 5.4 | (376,893) | (420,496) | |
Payroll expenses | 5.3 | (200,948) | (199,279) | |
Taxes | (115,867) | (134,952) | ||
EBITDA | -4% | 505,587 | 523,996 | |
Other operating income | 1,196 | 8,654 | ||
Net depreciation and provisions | 5.5 | (140,058) | (122,942) | |
Other operating income and expenses | 5.6 | (862) | 1,940 | |
EBIT | -11% | 365,863 | 411,648 | |
Other operating income and expenses | 5.7 | (77,919) | (7,007) | |
Operating income before profit/loss from joint ventures | -29% | 287,944 | 404,641 | |
Share of net income from joint ventures | 4,268 | |||
Operating income after profit/loss from joint ventures | -28% | 292,212 | 404,641 | |
Income from cash and cash equivalents | 2,597 | 5,414 | ||
Gross interest expense and cost of debt | (19,396) | (22,614) | ||
Interest expense on lease liabilities | (9,188) | (7,552) | ||
Cost of net financial debt | 5.8 | 5% | (25,987) | (24,752) |
Other financial income and expenses | 5.9 | (11,234) | (9,919) | |
Income before tax | -31% | 254,991 | 369,970 | |
Income tax | 5.10 | (59,470) | (75,503) | |
Net income from assets held for sale | 3 | 101,383 | 31,795 | |
Total net income | -9% | 296,904 | 326,262 | |
Net income, Group share | -9% | 280,333 | 307,227 | |
of which net income from continuing operations, Group share | 180,046 | 279,257 | ||
of which net income from assets held for sale, Group share | 100,287 | 27,970 | ||
Net income, minority interests | -13% | 16,571 | 19,035 | |
of which net income from continuing operations, minority interests | 15,475 | 15,210 | ||
of which net income from assets held for sale, minority interests | 1,096 | 3,825 | ||
Earnings per share (in euros) | 5.11 | -12% | 2.75 | 3.12 |
of which earnings per share from continuing operations, Group share | 1.77 | 2.84 | ||
of which earnings per share from assets held for sale, Group share | 0.98 | 0.28 | ||
Diluted earnings per share (in euros) | 5.11 | -12% | 2.72 | 3.09 |
of which diluted earnings per share from continuing operations, Group share | 1.75 | 2.81 | ||
of which diluted earnings per share from assets held for sale, Group share | 0.97 | 0.28 |
Statement of other comprehensive income
(in thousands of euros) | 12/31/2020 | 12/31/2019 |
TOTAL CONSOLIDATED NET INCOME (I) | 296,904 | 326,262 |
Foreign exchange differences (excluding joint ventures) | (153,362) | (33,754) |
Hedging instruments | 1,674 | 955 |
Income tax on hedging instruments | (600) | (318) |
Items recyclable in P&L from joint ventures | (2,528) | |
Items that will subsequently be recycled in P&L (II) | (154,816) | (33,117) |
of which items that will subsequently be recycled in P&L – Continuing operations | (159,908) | (36,058) |
of which items that will subsequently be recycled in P&L – Assets held for sale | 5,092 | 2,941 |
Actuarial gains and losses | (3,339) | (7,437) |
Income tax on actuarial gains and losses | 382 | 1078 |
Items not recyclable in P&L from joint ventures | (113) | |
Items that will not subsequently be recycled in P&L (III) | (3,070) | (6,360) |
of which items that will not subsequently be recycled in P&L – Continuing operations | (3,070) | (6,030) |
of which items that will not subsequently be recycled in P&L – Assets held for sale | (330) | |
COMPREHENSIVE INCOME FOR THE PERIOD (I + II + III) | 139,018 | 286,785 |
Share attributable to the owners of the Group’s parent company | 126,975 | 266,858 |
Share attributable to non-controlling interests | 12,043 | 19,927 |
Consolidated statement of changes in shareholders’ equity
Shares outstanding |
of which treasury shares |
Share capital |
Share premium |
Treasury shares |
Conso- lidated reserves and earnings |
Translation differences |
Shareholder’s equity attributable to the owners of the Group’s |
Non- controlling Interests (minority interests) |
Total consolidated shareholders’ equity | ||
(in number of shares) | (in thousands of euros) | ||||||||||
SHAREHOLDERS’ EQUITY AS OF DECEMBER 31, 2018 | 96,813,744 | 36,128 | 121,017 | 1,350,696 | (1,677) | 772,684 | (45,926) | 2,196,787 | 137,230 | 2,334,017 | |
Impact of the first-time application of IFRS 16 | (2,306) | (2,306) | (13) | (2,319) | |||||||
SHAREHOLDERS’ EQUITY AS OF JANUARY 1 2019 | 96,813,744 | 36,128 | 121,017 | 1,350,696 | (1,677) | 770,378 | (45,926) | 2,194,481 | 137,217 | 2,331,698 | |
Comprehensive income for the period | 302,012 | (35,154) | 266,858 | 19,927 | 286,785 | ||||||
Change in interest | |||||||||||
Share-based payments | 5,382 | 5,382 | 5,382 | ||||||||
Capital increase | 3,363,688 | 4,205 | 129,436 | 408 | 134,049 | 3,900 | 137,949 | ||||
Treasury shares | (14,890) | 569 | 269 | 838 | 838 | ||||||
Dividend payment | (154,522) | (154,522) | (14,497) | (169,019) | |||||||
Other changes | (6) | (6) | (6) | ||||||||
SHAREHOLDERS’ EQUITY AS OF DECEMBER 31, 2019 | 100,177,432 | 21,238 | 125,222 | 1,480,132 | 1,109 | 923,915 | (81,080) | 2,447,080 | 146,547 | 2,593,627 | |
Comprehensive income for the period | 278,555 | (151,580) | 126,975 | 12,043 | 139,018 | ||||||
Change in interest | (665) | (665) | (26,526) | (27,191) | |||||||
Share-based payments | 8,799 | 8,799 | 8,799 | ||||||||
Capital increase | 3,453,245 | 4,316 | 113,770 | 397 | 118,483 | (765) | 117,718 | ||||
Treasury shares | 36,849 | (925) | (555) | (1,480) | (1,480) | ||||||
Dividend payment | (197,965) | (197,965) | (12,007) | (209,972) | |||||||
Other changes | (176) | (176) | (11) | (187) | |||||||
SHAREHOLDERS’ EQUITY AS OF DECEMBER 31, 2020 | 103,630,677 | 58,087 | 129,538 | 1,593,902 | (2,034) | 1,012,305 | (232,660) | 2,501,051 | 119,282 | 2,620,333 |
Consolidated statement of cash flows
(in thousands of euros) | 12/31/2020 | 12/31/2019 |
TOTAL CONSOLIDATED NET INCOME FROM CONTINUING OPERATIONS | 195,521 | 294,467 |
NET INCOME FROM ASSETS HELD FOR SALE | 101,383 | 31,795 |
Adjustments: | ||
Elimination of income of joint ventures | (6,712) | (4,170) |
Elimination of depreciation and provisions | 189,105 | 198,127 |
Elimination of profit and loss from disposals | (84,172) | (6) |
Elimination of dividend earnings | (578) | (622) |
Other income and expenditure with no impact on cash and cash equivalents(1) | 54,304 | 3,962 |
CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX | 448,851 | 523,553 |
Elimination of tax expenses | 69,259 | 89,407 |
Elimination of cost of net financial debt | 28,788 | 30,546 |
CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX | 546,898 | 643,506 |
Impact of change in working capital* | 132,232 | (78,097) |
Tax paid | (88,142) | (67,494) |
CASH FLOWS RELATED TO OPERATING ACTIVITIES | 590,988 | 497,915 |
Impact of changes to consolidation scope (cash acquired – cash disposed) | (29,955) | 64,189 |
Acquisition of financial assets: retail & marketing division(2) | 8,513 | (264,131) |
Disposal of financial assets: Rubis Terminal division(2) | 175,360 | |
Investment in joint ventures | (96,261) | |
Acquisition of property, plant and equipment and intangible assets | (245,396) | (229,775) |
Change in loans and advances granted | (28,445) | (419) |
Disposal of property, plant and equipment and intangible assets | 4,984 | 6,919 |
(Acquisition)/disposal of other financial assets | (18,104) | (139,126) |
Dividends received | 679 | 1,455 |
Other cash flows from investment operations(2) | 232,489 | |
CASH FLOWS RELATED TO INVESTMENT ACTIVITIES | 3,864 | (560,888) |
(in thousands of euros) | Note | 12/31/2020 | 12/31/2019 |
Capital increase(6) | 4.8 | 118,483 | 134,050 |
(Acquisition)/disposal of treasury shares | (925) | 568 | |
Borrowings issued | 4.10.1 | 147,020 | 601,230 |
Borrowings repaid | 4.10.1 | (360,583) | (313,696) |
Repayment of lease liabilities | 4.10.1 | (38,188) | (21,845) |
Net interest paid(3) | (29,223) | (28,641) | |
Dividends payable(6) | (197,965) | (154,522) | |
Dividends payable to non-controlling interests | (11,732) | (14,603) | |
Acquisition of financial assets: Rubis Terminal division | (1,654) | ||
Other cash flows related to financing operations | 2,160 | 972 | |
CASH FLOWS RELATED TO FINANCING ACTIVITIES | (372,607) | 203,513 | |
Impact of exchange rate changes | (35,127) | (2,043) | |
Impact of change in accounting policies | |||
CHANGE IN CASH AND CASH EQUIVALENTS | 187,118 | 138,497 | |
Cash flows from continuing operations | |||
Opening cash and cash equivalents(4) | 4.5.5 | 860,150 | 755,969 |
Opening cash and cash equivalents of groups of assets held for sale(5) | 34,316 | ||
Change in cash and cash equivalents | 187,118 | 138,497 | |
Reclassification of cash and cash equivalents in assets held for sale(5) | 3.3 | (34,316) | |
Closing cash and cash equivalents(4) | 4.5.5 | 1,081,584 | 860,150 |
Financial debt excluding lease liabilities | 4.10.1 | (1,261,312) | (1,497,276) |
Cash and cash equivalents net of financial debt | (179,728) | (637,126) |
(1) | Including change in fair value of financial instruments, goodwill (impairment see note 4.2), etc. |
(2) | The impact of changes in consolidation scope is described in note 3 to the consolidated financial statements. |
(3) | Net financial interest paid includes the impacts related to restatements of leases (IFRS 16). |
(4) | Cash and cash equivalents net of bank overdrafts. |
(5) | See note 3 on the impact of the application of IFRS 5 from December 31, 2019. |
(6) | Including the payment of the dividend in shares in the amount of €115 million. |
Notes to the consolidated
financial statements
for the year ended December 31, 2020
The financial statements for the year ended December 31, 2020 were finalized by the Management Board on March 10, 2021 and approved by the Supervisory Board on March 11, 2021.
The 2020 consolidated financial statements have been prepared in accordance with the international accounting standards issued by the IASB (International Accounting Standards Board) and adopted by the European Union. These standards include IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards), as well as the interpretations of the IFRS Interpretations Committee.
• | the retail & marketing activity, which specializes in the distribution of fuels (in gas stations or to professionals), lubricants, liquefied gases and bitumen; |
• | the support & services activity, which houses all infrastructure, transportation, supply and services activities that support the development of downstream distribution and marketing activities. |
Since April 30, 2020 (see note 3.2.2), the Rubis Terminal business has been consolidated in the Group’s financial statements using the equity method. The Rubis Terminal Infra joint venture specializes in the storage of bulk liquid products (petroleum products, chemicals and agrifood products) for commercial and industrial customers.
The consolidated financial statements are prepared based on historical costs with the exception of certain categories of assets and liabilities, in accordance with IFRS rules. The categories concerned are specified in the notes below.
To prepare its financial statements, the Group’s Management must make estimates and assumptions that affect the book value of assets and liabilities, income and expenses, and the data disclosed in the notes to the financial statements .
The Group’s Management makes these estimates and assessments on an ongoing basis according to past experience as well as various factors that are deemed reasonable and that constitute the basis for these assessments.
The amounts that will appear in its future financial statements may differ from these estimates, in accordance with changes in these assumptions or different conditions.
The main estimates made by Group Management relate to the fair values of business combinations, the recoverable amount of goodwill, intangible assets and property, plant and equipment, changes in employee benefit obligations, the valuation of other provisions, and leases (term of the lease and borrowing rates, described in note 4.1.2).
The consolidated financial statements for the year ended December 31, 2020 include the financial statements of Rubis and its subsidiaries.
The results and financial position of all Group subsidiaries whose functional currency differs from the reporting currency (i.e. the euro) are translated according to the following principles:
• | assets and liabilities are translated at the exchange rate prevailing as of the balance sheet date; |
• | income and expenses are translated at the average exchange rate for the period; |
• | these exchange differences are recognized in other comprehensive income, under “Foreign exchange reserves”; |
• | cumulative translation differences are reclassified to profit or loss in the event of the disposal or liquidation of the investment to which they relate. |
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rates prevailing as of the balance sheet date.
All significant transactions conducted between consolidated companies as well as internal profits are eliminated.
Foreign exchange differences arising from the elimination of transactions and transfers of funds denominated in foreign currencies between consolidated companies, are subject to the following accounting treatment:
• | foreign exchange differences arising from the elimination of internal transactions are recorded as “Foreign exchange differences” in shareholders’ equity and as “Non-controlling interests” for the portion attributable to third parties, thereby offsetting their impact on consolidated income; |
• | foreign exchange differences on fund movements for reciprocal financing are classified under a separate heading in the consolidated statement of cash flows. |
The consolidated financial statements are denominated in euros and the financial statements are presented in thousands of euros.
The following standards, interpretations and amendments, published in the Official Journal of the European Union as of the closing date, were applied for the first time in 2020:
Standard/Interpretation | Date of mandatory application | |||
Amendments to IFRS 3 | Definition of a business | January 1, 2020 | ||
Amendments to IFRS 16 | Covid-19-related rent concessions | June 1, 2020 | ||
Amendments to IAS 1 and IAS 8 | Definition of “material” | January 1, 2020 | ||
Conceptual framework | Revised conceptual framework for financial reporting (replacing the 2010 framework) |
January 1, 2020 | ||
Benchmark interest rate reform (IBOR) – phase 1 | Amendments to IFRS 9, IAS 39 and IFRS 7 | January 1, 2020 |
The first-time application of these standards, interpretations and amendments did not have a material impact on the Group’s financial statements.
The IFRS IC decision on the determination of the term of certain leases and the depreciation period for fixtures and fittings that cannot be separated from the leased assets has led the Group to review the term of certain leases. The impact on right-of-use assets and lease liabilities amounted to €12 million and was recognized as of January 1, 2020, insofar as it was not material on the 2019 balance sheet (opening and closing positions) or income statement.
The Group has not opted for the early adoption of the standards, interpretations and amendments whose application is not mandatory as of December 31, 2020 or which have not yet been adopted by the European Union.
The Group’s performance was penalized by the Covid crisis in 2020. While April 2020 saw a very significant drop in activity (-42%), the following months saw a steady return to normal, coupled with an increase in unit margins, enabling EBIT to stabilize in the second half of the year (following a decline of 21% in the first half).
The impact on reported EBITDA and EBIT as of December 31, 2020 was estimated at -€63 million (compared with -€46 million estimated at the end of the first half). This estimate is calculated by comparing volumes achieved in 2020 with those achieved in 2019 over the period from April to December, independent of the growth initially forecast in the business plans.
The most severely affected activity was aviation, while the LPG activities (residential and agrifood) held up very well. The bitumen market in Africa was largely immune to the global pandemic.
The Rubis Terminal JV showed considerable resilience throughout the year, thanks in particular to the return of contango, which generated strong demand for storage capacity.
Since January 1, 2014, the Group has applied the new standards relating to the scope of consolidation (IFRS 10, 11, 12 and amended IAS 28).
All companies in which Rubis exercises control, i.e. in which it has the power to influence the financial and operating policies in order to obtain benefits from their activities, are fully consolidated.
Control as defined by IFRS 10 is based on the following three criteria that must be met simultaneously in order to determine the exercise of control by the parent company:
• | the parent company has power over the subsidiary when it has effective rights that give it the ability to direct the relevant activities, i.e. activities that have a significant impact on the subsidiary’s returns. Power may be derived from voting rights (existing and/or potential) and/or contractual arrangements. The assessment of power depends on the nature of the relevant activities of the subsidiary, the decision-making process within it and the breakdown of the rights of its other shareholders; |
• | the parent company is exposed or entitled to variable returns due to its ties with the subsidiary, which may vary depending on its performance; |
• | the parent company has the ability to exercise its power to influence returns. |
In a joint arrangement, the parties are bound by a contractual agreement giving them joint control of the Company. Joint control is deemed to exist when decisions regarding the relevant activities require the unanimous consent of the parties that collectively control the business.
• | joint operations: these are partnerships in which the parties exercising joint control over the business have direct rights to the assets, and obligations for related liabilities, of the business. Joint operations are accounted for according to the percentage interest held by the Group in the assets and liabilities of each joint operation. |
• | joint ventures: these are partnerships in which the parties exercising joint control over the business have rights to the net assets of the enterprise. The Group accounts for its joint ventures using the equity method, in accordance with IAS 28. |
The consolidated financial statements for the year ended December 31, 2020 include the Rubis financial statements and those of its subsidiaries listed in the table below.
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
Rubis | 46, rue Boissière | |||||||||||
75116 | ||||||||||||
SIREN: 784 393 530 | Parent | Parent | Parent | Parent | ||||||||
Rubis Patrimoine | 46, rue Boissière | |||||||||||
75116 Paris | ||||||||||||
SIREN: 319 504 106 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Coparef | 46, rue Boissière | |||||||||||
75116 Paris | ||||||||||||
SIREN: 309 265 965 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Cimarosa | 46, rue Boissière | |||||||||||
75119 Paris | ||||||||||||
SIREN: 844 648 691 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
RT Invest | 33, av. de Wagram | |||||||||||
75017 Paris | ||||||||||||
SIREN: 879 569 531 | 55.00% | 55.00% | JV (EM) | |||||||||
Rubis Terminal Infra | 33, av. de Wagram | |||||||||||
75017 Paris | ||||||||||||
SIREN: 879 860 245 | 55.00% | 55.00% | JV (EM) | |||||||||
Rubis Énergie | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 552 048 811 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogaz France | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 323 069 112 | 100.00% | 100.00% | 100.00% | 100.00% | FC |
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
Sicogaz | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 672 026 523 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Sigalnor | Route du Hoc | |||||||||||
76700 Gonfreville l’Orcher | ||||||||||||
SIREN: 353 646 250 | 65.00% | 65.00% | 65.00% | 65.00% | FC | |||||||
Starogaz | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 418 358 388 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Norgal | Route de la Chimie | |||||||||||
76700 Gonfreville l’Orcher | ||||||||||||
SIREN: 777 344 623 | 20.94% | 20.94% | 20.94% | 20.94% | JO | |||||||
Frangaz | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 491 422 127 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vito Corse | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 518 094 784 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Restauration and | Tour Franklin | |||||||||||
Services | 100, Terrasse Boieldieu | |||||||||||
92800 Puteaux | ||||||||||||
SIREN: 793 835 430 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogaz Switzerland AG | A Bugeon | |||||||||||
CH – 2087 Cornaux | ||||||||||||
Switzerland | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energia Portugal SA | Avenida Conde Valbom 96-98 | |||||||||||
1050-070 Lisboa | ||||||||||||
Freguesia das Avenidas Novas | ||||||||||||
Concelho de Lisboa | ||||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis II Distribuição | Avenida Conde Valbom 96-98 | |||||||||||
Portugal SA | 1050-070 Lisboa | |||||||||||
Freguesia das Avenidas Novas | ||||||||||||
Concelho de Lisboa | ||||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Sodigas Seixal Sociedade | Avenida Vinte e Três de Julho 1833 | |||||||||||
de Distribuição de Gàs | Flor da Mata | |||||||||||
SA | 2840-263 Seixal | |||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Sodigas Açores | Avenida Vinte e Três de Julho 1833 | |||||||||||
Flor da Mata | ||||||||||||
2840-263 Seixal | ||||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Sodigas Braga | Rua Rio Mau, N06 | |||||||||||
Sociedade de Distribuição | 4 700-760 Panoias | |||||||||||
de Gàs, SA | União de Freguesias de Merelim | |||||||||||
(São Paio), Panoias e Parada de | ||||||||||||
Tibães, Concelho de Braga | ||||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Spelta – Produtos | Rua Achada Diogo Dias, No. 2 | |||||||||||
Petrolíferos, SA | 9135-401 Santa Cruz, Funchal | |||||||||||
Portugal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogas España SA | Avda. Baix Llobregat 1-3, 2A | |||||||||||
Poligono Industrial Màs Blau II | ||||||||||||
08820 El Prat de Llobregat | ||||||||||||
Barcelona | ||||||||||||
Spain | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Fuel Supplies Channel | PO Box 85 | |||||||||||
Islands Ltd (FSCI) | Bulwer Avenue, St Sampson | |||||||||||
Guernsey GY1 3EB | ||||||||||||
Channel Islands | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
La Collette Terminal Ltd | La Collette | |||||||||||
Saint Helier | ||||||||||||
Jersey JE1 0FS | ||||||||||||
Channel Islands | 100.00% | 100.00% | 100.00% | 100.00% | FC |
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
St Sampson Terminal Ltd | Bulwer Avenue, St Sampson | |||||||||||
Guernsey GY1 3EB | ||||||||||||
Channel Islands | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogaz Maroc | Immeuble No.7 Ghandi Mall | |||||||||||
Boulevard Ghandi | ||||||||||||
20380 Casablanca | ||||||||||||
Morocco | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Lasfargaz | Immeuble No.7 Ghandi Mall | |||||||||||
Boulevard Ghandi | ||||||||||||
20380 Casablanca | ||||||||||||
Morocco | 82.89% | 82.89% | 82.89% | 82.89% | FC | |||||||
Kelsey Gas Ltd | 1st Floor Standard Chartered Tower, | |||||||||||
19 Cybercity Ebene | ||||||||||||
Republic of Mauritius | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogaz Madagascar | 122, rue Rainandriamampandry | |||||||||||
Faravohitra – BP 3984 | ||||||||||||
Antananarivo 101 | ||||||||||||
Madagascar | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Eccleston Co Ltd | 1st Floor Standard Chartered Tower, | |||||||||||
19 Cybercity Ebene | ||||||||||||
Republic of Mauritius | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Vitogaz Comores | Voidjou BP 2562 | |||||||||||
Moroni | ||||||||||||
Union of the Comoros Islands | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Gazel | 122, rue Rainandriamampandry | |||||||||||
Faravohitra – BP 3984 | ||||||||||||
Antananarivo 101 | ||||||||||||
Madagascar | 49.00% | 49.00% | 49.00% | 49.00% | FC | |||||||
Rubis Antilles Guyane | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 542 095 591 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Stocabu | L’avenir du Morne Caruel | |||||||||||
Route des Abymes | ||||||||||||
97139 Abymes (Guadeloupe) | ||||||||||||
SIREN: 388 112 054 | 50.00% | 50.00% | 50.00% | 50.00% | JO | |||||||
Société Industrielle de Gaz | Voie principale ZI de Jarry | |||||||||||
et de Lubrifiants | 97122 Bay – Mahaut (Guadeloupe) | |||||||||||
SIREN: 344 959 937 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Société Anonyme de la | California | |||||||||||
Raffinerie des Antilles | 97232 Lamentin (Martinique) | |||||||||||
(SARA) | SIREN: 692 014 962 | 71.00% | 71.00% | 71.00% | 71.00% | FC | ||||||
Société Antillaise des | Tour Franklin | |||||||||||
Pétroles Rubis | 100, Terrasse Boieldieu | |||||||||||
92800 Puteaux | ||||||||||||
SIREN: 303 159 875 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Guyane Française | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 351 571 526 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Caraïbes Françaises | Tour Franklin | |||||||||||
100, Terrasse Boieldieu | ||||||||||||
92800 Puteaux | ||||||||||||
SIREN: 428 742 498 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Société Réunionnaise de | Tour Franklin | |||||||||||
Produits Pétroliers (SRPP) | 100, Terrasse Boieldieu | |||||||||||
92800 Puteaux | ||||||||||||
SIREN: 310 837 190 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Société d’importation et de | Tour Franklin | |||||||||||
distribution de Gaz liquéfiés | 100, Terrasse Boieldieu | |||||||||||
dans l’océan Indien (Sigloi) | 92800 Puteaux | |||||||||||
SIREN: 310 879 598 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Bermuda Ltd | 2, Ferry Road | |||||||||||
Saint Georges’s GE 01 | ||||||||||||
Bermuda | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Sinders Ltd | 2, Ferry Road | |||||||||||
Saint Georges’s GE 01 | ||||||||||||
Bermuda | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Bermuda Gas & Utility | 2, Ferry Road | |||||||||||
Company Ltd | Saint Georges’s GE 01 | |||||||||||
Bermuda | 100.00% | 100.00% | 100.00% | 100.00% | FC |
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
Rubis Eastern Caribbean | One Rubis Plaza Welches | |||||||||||
SRL | St James BB 23027 | |||||||||||
Barbados | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Caribbean | One Rubis Plaza Welches | |||||||||||
Holdings Inc. | St James BB 23027 | |||||||||||
Barbados | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis West Indies Ltd | 10 Finsbury Square | |||||||||||
London EC2A 1AF | ||||||||||||
United Kingdom | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Guyana Inc. | Ramsburg, Providence | |||||||||||
East Bank Demerara | ||||||||||||
Guyana | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Bahamas Ltd | H&J Corporate Services | |||||||||||
Ocean Centre, Montagu | ||||||||||||
Foreshore, East Bay Street | ||||||||||||
PO Box SS 19084 Nassau | ||||||||||||
Bahamas | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Cayman Islands Ltd | c/o HSM Corporate Services | |||||||||||
& Management Ltd., | ||||||||||||
68 Fort Street, | ||||||||||||
George Town, | ||||||||||||
PO Box 31726 | ||||||||||||
Grand Cayman KY1 – 1207 | ||||||||||||
Cayman Islands | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Turks & Caicos Ltd | Caribbean Management | |||||||||||
Services Ltd 122 Blue | ||||||||||||
Mountain Road | ||||||||||||
PO Box 127, Providenciales, | ||||||||||||
Turks and Caicos Islands TKCA 1ZZ | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Jamaica Ltd | 236 Windward Road | |||||||||||
Rockfort, Kingston 2 | ||||||||||||
in the Parish of Kingston | ||||||||||||
Jamaica | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Easigas (Pty) Ltd | Gate 5, Hibiscus Road | |||||||||||
Alrode 1451 Gauteng | ||||||||||||
South Africa | 55.00% | 55.00% | 55.00% | 55.00% | FC | |||||||
Easigas Botswana (Pty) Ltd | Acumen Park, Plot 50370, | |||||||||||
Fairground Office Park, | ||||||||||||
PO Box 1157, Gaborone | ||||||||||||
Botswana | 55.00% | 55.00% | 55.00% | 55.00% | FC | |||||||
Easigas Swaziland (Pty) Ltd | PO Box 24 Mbabane H100 | |||||||||||
Swaziland 7441 | 55.00% | 55.00% | 55.00% | 55.00% | FC | |||||||
Easigas Lesotho (Pty) Ltd | 2nd Floor, Metropolitan Life Building | |||||||||||
Kingsway | ||||||||||||
PO BOX 1176 Maseru | ||||||||||||
Lesotho | 55.00% | 55.00% | 55.00% | 55.00% | FC | |||||||
Ringardas Nigeria Ltd | 49 Mamman Nasir Street | |||||||||||
Asokoro Abuja | ||||||||||||
Nigeria | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
European Railroad | Zone des Hydrocarbures | |||||||||||
Established Services SA | Port Autonome de Dakar Mole 8 | |||||||||||
(Eres Sénégal) | BP 844 – Dakar | |||||||||||
Senegal | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
European Railroad | Zone Industrielle | |||||||||||
Established Services | du Port Autonome de Lomé | |||||||||||
Togo SA (Eres Togo) | Route C4 – BP 9124 | |||||||||||
Lomé Togo | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Eres Cameroun | Zone des Professions Maritimes | |||||||||||
Base Oilfield | ||||||||||||
“Bolloré Transport | ||||||||||||
& Logistics Cameroun” | ||||||||||||
BP 3891 | ||||||||||||
Douala – Cameroon | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Eres Libéria Inc. | 1st Floor, City Builders Plaza, | |||||||||||
Freeport Area Bushrod Island | ||||||||||||
Monrovia | ||||||||||||
Republic of Liberia | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
REC Bitumen SRL | One Rubis Plaza Welches | |||||||||||
St James BB 23027 | ||||||||||||
Barbados | 100.00% | 100.00% | 100.00% | 100.00% | FC |
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
Bahama Blue Shipping | One Rubis Plaza Welches | |||||||||||
Company | St James BB 23027 | |||||||||||
Barbados | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Pickett Shipping Corp. | Via España No.122 | |||||||||||
Torre Delta | ||||||||||||
Piso 14 Apartado 0823-05658 | ||||||||||||
Panama | ||||||||||||
Republic of Panama | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Blue Round Shipping Corp. | Via España No.122 | |||||||||||
Torre Delta | ||||||||||||
Piso 14 Apartado 0823-05658 | ||||||||||||
Panama | ||||||||||||
Republic of Panama | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Saunscape International Inc. | Via España No.122 | |||||||||||
Torre Delta | ||||||||||||
Piso 14 Apartado 0823-05658 | ||||||||||||
Panama | ||||||||||||
Republic of Panama | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Biskra Shipping SA | Via España No.122 | |||||||||||
Torre Delta | ||||||||||||
Piso 14 Apartado 0823-05658 | ||||||||||||
Panama | ||||||||||||
Republic of Panama | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Atlantic Rainbow Shipping | c/o Rosas Y Rosas | |||||||||||
Company SA | Via España No.122 | |||||||||||
Torre Delta | ||||||||||||
Piso 14 Apartado 0823-05658 | ||||||||||||
Panama | ||||||||||||
Republic of Panama | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Woodbar Co Ltd | 1st Floor Standard Chartered Tower, | |||||||||||
19 Cybercity Ebene | ||||||||||||
Republic of Mauritius | 85.00% | 85.00% | 85.00% | 85.00% | FC | |||||||
Rubis Énergie Djibouti | Avenue Georges Pompidou | |||||||||||
BP 153 | ||||||||||||
Djibouti | ||||||||||||
Republic of Djibouti | 85.00% | 85.00% | 85.00% | 85.00% | FC | |||||||
Distributeurs Nationaux SA | 2 rue Jean Gilles | |||||||||||
(Dinasa) | Route de l’aéroport Delmas | |||||||||||
Port-au-Prince | ||||||||||||
Haiti | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Chevron Haïti Inc. | c/o Coverdale Trust Services | |||||||||||
Limited | ||||||||||||
30 De Castro Street | ||||||||||||
PO BOX 4519 | ||||||||||||
Road Town Tortola | ||||||||||||
British Virgin Islands VG 1110 | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Société de Distribution | 2 rue Jean Gilles | |||||||||||
de Gaz SA (Sodigaz) | Route de l’aéroport Delmas | |||||||||||
Port-au-Prince | ||||||||||||
Haiti | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Terminal Gazier de | Route de Varreux | |||||||||||
Varreux SA | Port-au-Prince | |||||||||||
Haiti | 50.00% | 50.00% | 50.00% | 50.00% | JO | |||||||
RBF Marketing Ltd | 236 Windward Road | |||||||||||
Rockfort, Kingston 2 in the Parish | ||||||||||||
of Kingston | ||||||||||||
Jamaica | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Galana Distribution | 1st Floor, Standard Chartered Tower, | |||||||||||
Pétrolière Company Ltd | 19, Cybercity, Ebene, | |||||||||||
Republic of Mauritius | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Galana Distribution | Immeuble Pradon Trade Centre, | |||||||||||
Pétrolière SA | Antanimena, 101 Antananarivo | |||||||||||
Madagascar | 90.00% | 90.00% | 90.00% | 90.00% | FC | |||||||
Galana Raffinerie Terminal | 1st Floor, Standard Chartered Tower, | |||||||||||
Company Ltd | 19, Cybercity, Ebene, | |||||||||||
Republic of Mauritius | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Galana Raffinerie | Immeuble Pradon Trade Centre, | |||||||||||
et Terminal SA | Antanimena, 101 Antananarivo | |||||||||||
Madagascar | 90.00% | 90.00% | 90.00% | 90.00% | FC | |||||||
Plateforme Terminal | Immeuble Pradon Trade Centre, | |||||||||||
Pétrolier SA | Antanimena, 101 Antananarivo | |||||||||||
Madagascar | 80.00% | 80.00% | 80.00% | 80.00% | FC |
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | Consolidation | ||||||||
Name | Registered office | % control | % control | % interest | % interest | method* | ||||||
Rubis Middle East Supply | Unit No: AG-34-L, | |||||||||||
DMCC | AG Tower, Plot No: JLT-PH1-L1A | |||||||||||
Jumeirah Lake Tower, Dubai | ||||||||||||
United Arab Emirates | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
RAME Rubis Asphalt Middle | Unit No: AG-34-L, | |||||||||||
East DMCC | AG Tower, Plot No: JLT-PH1-L1A | |||||||||||
Jumeirah Lake Tower, Dubai | ||||||||||||
United Arab Emirates | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Recstar Middle East DMCC | Unit No: AG-26-L, AG Tower, | |||||||||||
Plot No: JLT-PH1-I1A, | ||||||||||||
Jumeirah Lake Tower, Dubai | ||||||||||||
United Arab Emirates | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Maritec Tanker | Office No G-501 | |||||||||||
Management Private Ltd | Lotus Corporate Park, Off Western | |||||||||||
Express Highway, Near Jaicoach | ||||||||||||
Signal, Goregaon (East) | ||||||||||||
Mumbai MH 400063 | ||||||||||||
India | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Gulf Energy Holdings Ltd | Geminia Insurance Plaza, | |||||||||||
Kilimanjaro Avenue, Upperhill | ||||||||||||
LR No 209/6523 | ||||||||||||
PO Box 21707-00100 | ||||||||||||
Nairobi, Kenya | 100.00% | 100.00% | FC | |||||||||
Rubis Energy Kenya PLC | Avenue 5 Building | |||||||||||
Rose Avenue, Kilimani | ||||||||||||
PO Box 44202 or 30322, 00100 | ||||||||||||
GPO | ||||||||||||
Nairobi | ||||||||||||
Kenya | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Kobil Petroleum Limited | c/o The Corporation Trust Company | |||||||||||
Corporation Trust Center | ||||||||||||
1209 Orange Street | ||||||||||||
Wilmington, DE 19801 | ||||||||||||
New Castle County | ||||||||||||
United States | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Ethiopia Ltd | Addis Ababa | |||||||||||
Kirkos Sub City | ||||||||||||
Woreda 04 – House number 030 | ||||||||||||
Ethiopia | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Uganda Ltd | Byumba Road | |||||||||||
Gatsata | ||||||||||||
BP 6074 – Kigali | ||||||||||||
Rwanda | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Uganda Ltd | Plot No. 4 Wankulukuku Road | |||||||||||
Nalukulango, Industrial Area | ||||||||||||
PO Box 27478 – Kampala | ||||||||||||
Uganda | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Zambia Ltd | Plot No. 1630 | |||||||||||
Malambo Road | ||||||||||||
PO Box 320089 – Lusaka | ||||||||||||
Zambia | 100.00% | 100.00% | 100.00% | 100.00% | FC | |||||||
Rubis Energy Zimbabwe | Kudenga House | |||||||||||
(Private) Ltd | 3 Baines Avenue, Harare | |||||||||||
Zimbabwe | 55.00% | 55.00% | 55.00% | 55.00% | FC |
* FC: Full consolidation; JO: joint operation; JV: joint venture (equity method); EM: equity method.
Rubis Antilles Guyane holds a minority interest in five economic interest groupings (EIG) in the French Antilles; as these entities are not material, they are not consolidated.
In view of the political and monetary problems in Burundi, the Group has decided since 2019 not to consolidate Kobil Burundi due to the lack of effective control over this activity. The corresponding shares were fully impaired. The political and monetary situation did not improve in 2020.
The changes in the scope of consolidation concerned business combinations as defined by IFRS 3 and the acquisition of groups of assets.
In December 2019, KenolKobil finalized the acquisition of Gulf Energy Holdings Limited, a company housing all the petroleum product distribution activities of Gulf Energy Limited.
The securities were included in “Other financial assets” in the amount of €139 million as of December 31, 2019. The final price was €129 million following the application of a price adjustment clause.
Contribution as of the date of first consolidation (in thousands of euros) | January 1, 2020 | |
Goodwill | 82,883 | |
Fixed assets (including right-of-use assets) | 28,679 | |
Inventories | 19,209 | |
Trade and other receivables, and other current assets | 14,267 | |
Borrowings (including lease liabilities) and bank overdrafts | 3,105 | |
Provisions | 473 | |
Deferred tax liabilities | 1,197 | |
Trade and other payables | 10,198 |
Goodwill amounted to €82.9 million, calculated as the difference between the final price paid and the net assets acquired. The fair value of the assets acquired and liabilities assumed was finalized within 12 months of the takeover, i.e. before December 31, 2020.
On January 21, 2020, the Group and private equity fund I Squared Capital signed an agreement, effective April 30, under which I Squared Capital indirectly acquired 45% of Rubis’ 99.8% stake in Rubis Terminal.
The governance arrangements set out in the shareholders’ agreement entered into with I Squared Capital involve joint control. The Group’s interest in the Rubis Terminal joint venture has been accounted for using the equity method since April 30, 2020.
The transaction can be analyzed as the full disposal of Rubis SCA’s interest in Rubis Terminal, followed by the recognition of a new investment corresponding to the 55% interest kept by Rubis SCA.
In the year ended December 31, 2020, income from assets held for sale amounted to €101.4 million, corresponding to:
As part of the transaction, Rubis Terminal reimbursed the current account and part of the issue premium in a total amount of €232 million (see line “Other cash flows from investment operations” in the statement of cash flows).
As of April 30, 2020, the Group recognized the residual 55% interest retained in Rubis Terminal at its fair value of €218.7 million, presented in the “Investments in associates” line.
Income from investments in associates for the eight-month period between May 1 and December 31, 2020 is presented in the “Share of net income from joint ventures” line in the amount of €4.3 million.
Accounting policies
In accordance with IFRS 5 “Non-current assets held for sale and discontinued operations”, a fixed asset (or group of assets and liabilities directly linked to it) is considered as held for sale if its book value will mainly be recovered through its sale rather than through continued use. To meet this condition, the asset must be available for immediate sale and its sale must be highly probable. Such assets or groups of assets held for sale are measured at the lower of their book value and their estimated selling price less selling costs. A discontinued operation or an operation classed as held for sale is considered as significant for the Group if it was a cash-generating unit (CGU) and is either sold or classed as an asset held for sale. The income statement and balance sheet items relating to these discontinued operations or activities held for sale are presented on specific lines of the consolidated financial statements.
• | the groups of assets and liabilities held for sale were presented on separate lines of the balance sheet as of December 31, 2019; |
• | the net income of the Rubis Group reported for the year ended December 31, 2019 includes the net contribution of the Rubis Terminal entities on a single line of the income statement, “Net income from assets held for sale”; |
• | the contribution to the Group’s consolidated earnings and cash flows up to the date of loss of control is presented below. |
INCOME STATEMENT ITEMS –
ASSETS HELD FOR SALE
(RUBIS TERMINAL CONTRIBUTION, JANUARY 1 TO APRIL 30, 2020)
12/31/2020 | 12/31/2019 | |||||||
(in thousands of euros) | (4 months) | (12 months) | ||||||
Cash flows related to operating activities | 38,165 | 76,016 | ||||||
Cash flows related to investing activities | (56,043) | (69,897) | ||||||
Cash flows related to financing activities | (16,885) | (15,788) | ||||||
Change in cash and cash equivalents | (34,316) | (9,277) |
Accounting policies | |||
The gross amount of property, plant and equipment corresponds to its acquisition cost. | |||
Maintenance and repair costs are recorded as expenses as soon as they are incurred, except for those, posted as fixed assets, incurred to extend the useful life of the property. | |||
Depreciation is calculated according to the straight-line method for the estimated useful life of the various categories of fixed assets, as follows: | |||
Duration | |||
Buildings | 10 to 40 years | ||
Technical facilities | 10 to 20 years | ||
Equipment and tools | 5 to 30 years | ||
Transportation equipment | 4 to 5 years | ||
Facilities and fixtures | 10 years | ||
Office equipment and furniture | 5 to 10 years | ||
Borrowing costs are included in fixed asset costs when significant. |
No indication of impairment was identified as of December 31, 2020, as property, plant and equipment continued to be used throughout the year.
Gross value | Change | Reclassifi- | Translation | ||||
(in thousands of euros) | 12/31/2019 | in scope | Acquisitions | Disposals | cations | differences | 12/31/2020 |
Other property, plant and equipment | 286,175 | 1,258 | 15,807 | (4,416) | 4,319 | (13,164) | 289,979 |
Prepayments and down payments on property, plant and equipment | 1360 | 6,079 | (287) | 595 | (663) | 7,084 | |
Assets in progress | 132,054 | 104,521 | (544) | (74,835) | (3,223) | 157,973 | |
Machinery, equipment and tools | 1,566,219 | 12,807 | 59,660 | (29,390) | 50,368 | (45.034) | 1,614,630 |
Land and buildings | 530,233 | 12,164 | 25,838 | (9,246) | 17,078 | (12,497) | 563,570 |
TOTAL | 2,516,041 | 26,229 | 211,905 | (43,883) | (2,475) | (74,581) | 2,633,236 |
Depreciation | Change | Reclassifi- | Translation | ||||
(in thousands of euros) | 12/31/2019 | in scope | Increases | Disposals | cations | differences | 12/31/2020 |
Other property, plant and equipment | (146,388) | (2,405) | (14,458) | 3862 | 358 | 5,302 | (153,729) |
Facilities and equipment | (1,051,003) | (5,272) | (68,055) | 27,813 | 513 | 20,812 | (1,075,192) |
Land and buildings | (250,739) | (947) | (15,239) | 8,826 | (870) | 2,956 | (256,013) |
TOTAL | (1,448,130) | (8,624) | (97,752) | 40,501 | 1 | 29,070 | (1,484,934) |
NET VALUE | 1,067,911 | 17,605 | 114,153 | (3,382) | (2,474) | (45,511) | 1,148,302 |
Accounting policies |
IFRS 16 defines the right of use conveyed by a lease as an asset which represents the lessee’s right to use the underlying asset for a given period. This right-of-use asset is recognized by the Group as of the effective date of the lease (when the asset becomes available for use). |
The Group adopted the following exemptions under the standard: |
• leases with a remaining term of less than 12 months did not give rise to the recognition of an asset or liability; |
• leases related to low-value assets were excluded. |
The discount rates used to value rights of use were determined based on the Group’s incremental borrowing rate, plus a spread to reflect the specific economic environments of each country. These rates are defined according to the asset service lives. |
The right-of-use asset is measured at cost, which includes: |
• the initial amount of the lease liability; |
• the advance payments made to the lessor, net of any benefits received from the lessor; |
• the significant initial direct costs incurred by the lessee for the conclusion of the lease, i.e. the costs that would not have been incurred if the lease had not been entered into; |
• the estimated cost of any dismantling or restoration of the leased asset in accordance with the terms of the lease, where appropriate. |
The depreciation is booked on a straight-line basis over the term of the lease and is recognized as an expense in the income statement. The right-of-use asset is impaired if there is any indication of loss in value. |
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