7.12021 consolidated financial statements and notes

Consolidated balance sheet

Assets

(in thousands of euros)

Note

31/12/2021

31/12/2020

Non-current assets

 

 

 

Intangible assets

4.3

31,574

31,000

Goodwill

4.2

1,231,635

1,219,849

Property, plant and equipment

4.1.1

1,268,465

1,148,302

Property, plant and equipment – right-of-use assets

4.1.2

166,288

178,542

Investments in joint ventures

9

322,171

316,602

Other financial assets

4.5.1

132,482

72,408

Deferred tax liabilities

4.6

12,913

14,405

Other non-current assets

4.5.3

10,408

10,762

Total non-current assets (I)

 

3,175,936

2,991,870

Current assets

 

 

 

Inventory and work in progress

4.7

543,893

333,377

Trade and other receivables

4.5.4

622,478

467,850

Tax receivables

 

21,901

33,463

Other current assets

4.5.2

23,426

20,472

Cash and cash equivalents

4.5.5

874,890

1,081,584

Total current assets (II)

 

2,086,588

1,936,746

Total group of assets held for sale (III)

 

 

 

Total assets (I + II + III)

 

5,262,524

4,928,616

Equity and liabilities

(in thousands of euros)

Note

31/12/2021

31/12/2020

Shareholders’ equity – Group share

 

 

 

Share capital

 

128,177

129,538

Share premium

 

1,547,236

1,593,902

Retained earnings

 

941,249

777,611

Total

 

2,616,662

2,501,051

Non-controlling interests

 

119,703

119,282

Shareholders’ equity (I)

4.8

2,736,365

2,620,333

Non-current liabilities

 

 

 

Borrowings and financial debt

4.10.1

805,667

894,015

Lease liabilities

4.10.1

138,175

141,122

Deposit/consignment

 

138,828

127,894

Provisions for pensions and other employee benefit obligations

4.12

56,438

60,189

Other provisions

4.11

159,825

142,893

Deferred tax liabilities

4.6

63,071

51,103

Other non-current liabilities

4.10.3

3,214

3,975

Total non-current liabilities (II)

 

1,365,218

1,421,191

Current liabilities

 

 

 

Borrowings and short-term bank borrowings (portion due in less than one year)

4.10.1

507,521

367,297

Lease liabilities (portion due in less than one year)

4.10.1

23,742

30,072

Trade and other payables

4.10.4

601,605

459,618

Current tax liabilities

 

23,318

22,819

Other current liabilities

4.10.3

4,755

7,286

Total current liabilities (III)

 

1,160,941

887,092

Total liabilities related to a group of assets held for sale (IV)

 

 

 

Total equity and liabilities (I + II + III + IV)

 

5,262,524

4,928,616

Consolidated income statement

(in thousands of euros)

Reference notes

Chg.

31/12/2021

31/12/2020

Net revenue

5.1

18%

4,589,446

3,902,003

Consumed purchases

5.2

 

(3,319,645)

(2,702,708)

External expenses

5.4

 

(415,461)

(376,893)

Payroll expenses

5.3

 

(199,479)

(200,948)

Taxes

 

 

(122,564)

(115,867)

Gross operating profit (EBITDA)

 

5%

532,297

505,587

Other operating income

 

 

3,106

1,196

Net depreciation and provisions

5.5

 

(136,530)

(140,058)

Other operating income and expenses

5.6

 

(7,045)

(862)

Current operating income (EBIT)

 

7%

391,828

365,863

Other operating income and expenses

5.7

 

4,802

(77,919)

Operating income before profit/loss from joint ventures

 

38%

396,630

287,944

Share of net income from joint ventures

9

 

5,906

4,268

Operating income after profit/loss from joint ventures

 

38%

402,536

292,212

Income from cash holdings and cash equivalents

 

 

9,645

2,597

Gross interest expense and cost of debt

 

 

(22,220)

(19,396)

Cost of net financial debt(1)

5.8

-25%

(12,575)

(16,799)

Interest expense on lease liabilities

 

 

(8,565)

(9,188)

Other financial income and expenses

5.9

 

(11,456)

(11,234)

Income before tax

 

45%

369,940

254,991

Income tax

5.10

 

(65,201)

(59,470)

Net income from assets held for sale

 

 

 

101,383

Net income

 

3%

304,739

296,904

Net income, Group share

 

4%

292,569

280,333

of which net income from continuing operations, Group share

 

 

292,569

180,046

of which net income from assets held for sale, Group share

 

 

 

100,287

Net income, minority interests

 

-27%

12,170

16,571

of which net income from continuing operations, non-controlling interests

 

 

12,170

15,475

of which net income from assets held for sale, non-controlling interests

 

 

 

1,096

Earnings per share (in euros)

5.11

4%

2.86

2.75

Of which earnings per share from continuing operations, Group share

 

 

2.86

1.77

Of which earnings per share from assets held for sale, Group share

 

 

 

0.98

Diluted earnings per share (in euros)

5.11

5%

2.86

2.72

of which diluted earnings per share from continuing operations, Group share

 

 

2.86

1.75

of which diluted earnings per share from assets held for sale, Group share

 

 

 

0.97

(1) As from 2021, interest expenses on lease liabilities are no longer presented in the cost of net financial debt, in order to be consistent with the presentation of net financial liabilities on the balance sheet (see the cash flow statement and notes to the financial statements). The financial statements for 31 December 2020 have therefore been restated.

Statement of other comprehensive income

(in thousands of euros)

31/12/2021

31/12/2020

Total consolidated net income (I)

304,739

296,904

Foreign exchange differences (excluding joint ventures)

47,748

(153,362)

Hedging instruments

4,715

1,674

Income tax on hedging instruments

1,249

(600)

Financial assets at fair value through comprehensive income

(11,642)

 

Restatements due to hyperinflation

3,333

 

Taxes on restatements due to hyperinflation

(1,034)

 

Items recyclable in P&L from joint ventures

1,916

(2,528)

Items that will subsequently be recycled in P&L (II)

43,787

(154,816)

of which items that will subsequently be recycled in P&L – continuing operations

43,787

(159,908)

of which items that will subsequently be recycled in P&L – assets held for sale

 

5,092

Actuarial gains and losses

6,966

(3,339)

Income tax on actuarial gains and losses

(1,347)

382

Items not recyclable in P&L from joint ventures

350

(113)

Items that will not subsequently be recycled in P&L (III)

5,969

(3,070)

of which items that will not subsequently be recycled in P&L – continuing operations

5,969

(3,070)

of which items that will not subsequently be recycled in P&L – assets held for sale

 

 

Comprehensive income for the period (I + II + III)

354,495

139,018

Share attributable to the owners of the Group’s parent company

341,390

126,975

Share attributable to non-controlling interests

13,105

12,043

Consolidated statement of changes in shareholders’ equity

 

Shares
 outstanding

of which treasury shares

Share
 capital

Share
 premium

Treasury
 shares

Consolidated 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 31 December 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 31 December 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

Comprehensive income for the period

 

 

 

 

 

291,942

49,448

341,390

13,105

354,495

Change in interest

 

 

 

 

 

 

 

 

 

 

Share-based payments

 

 

 

 

 

4,386

 

4,386

 

4,386

Capital increase

3,044,687

 

3,806

101,327

 

 

 

105,133

 

105,133

Capital decrease

(4,134,083)

 

(5,167)

(147,993)

 

 

 

(153,160)

 

(153,160)

Treasury shares

 

15,035

 

 

85

(511)

 

(426)

 

(426)

Dividend payment(1)

 

 

 

 

 

(181,715)

 

(181,715)

(12,684)

(194,399)

Other changes

 

 

 

 

 

3

 

3

 

3

Shareholders’ equity as of 31 December 2021

102,541,281

73,122

128,177

1,547,236

(1,949)

1,126,410

(183,212)

2,616,662

119,703

2,736,365

(1) See note 4.8 for the portion of the dividend paid in shares.

 

Consolidated statement of cash flows

(in thousands of euros)

31/12/2021

31/12/2020

Total consolidated net income from continuing operations

304,739

195,521

Net income from assets held for sale

 

101,383

Adjustments:

 

 

Elimination of income of joint ventures

(5,906)

(6,712)

Elimination of depreciation and provisions

163,201

189,105

Elimination of profit and loss from disposals

(599)

(84,172)

Elimination of dividend earnings

(91)

(578)

Other income and expenditure with no impact on cash and cash equivalents(1)

3,468

54,304

Cash flow after cost of net financial debt and tax

464,812

448,851

Elimination of tax expenses

65,201

69,259

Elimination of the cost of net financial debt and interest expense on lease liabilities

21,140

28,788

Cash flow before cost of net financial debt and tax

551,153

546,898

Impact of change in working capital*

(214,456)

132,232

Tax paid

(42,039)

(88,142)

Cash flows related to operating activities

294,658

590,988

Impact of changes to consolidation scope (cash acquired – cash disposed)

 

(29,955)

Acquisition of financial assets: Retail & Marketing division(2)

(83,985)

8,513

Acquisition of financial assets: Rubis Terminal division

 

 

Disposal of financial assets: Retail & Marketing division

3,463

 

Disposal of financial assets: Support & Services division

 

 

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

(205,682)

(245,396)

Change in loans and advances granted

(1,653)

(28,445)

Disposal of property, plant and equipment and intangible assets

8,733

4,984

(Acquisition)/disposal of other financial assets

(157)

(18,104)

Dividends received

20,298

679

Other cash flows from investing activities (2)

 

232,489

Cash flows related to investing activities

(258,983)

3,864

Consolidated statement of cash flows (continued)

(in thousands of euros)

Reference notes

31/12/2021

31/12/2020

Capital increase

4.8

6,995

3,855

Share buyback (capital decrease)

4.8

(153,160)

 

(Acquisition)/disposal of treasury shares

 

85

(925)

Borrowings issued

4.10.1

730,694

147,020

Borrowings repaid

4.10.1

(677,276)

(360,583)

Repayment of lease liabilities

4.10.1

(40,827)

(38,188)

Net interest paid(3)

 

(20,923)

(29,223)

Dividends payable

 

(83,577)

(83,337)

Dividends payable to non-controlling interests

 

(13,191)

(11,732)

Acquisition of financial assets: Retail & Marketing division

 

 

 

Disposal of financial assets: Retail & Marketing division

 

 

 

Acquisition of financial assets: Rubis Terminal division

 

 

(1,654)

Disposal of financial assets: Rubis Terminal division

 

 

 

Other cash flows from financing operations

 

 

2,160

Cash flows related to financing activities

 

(251,180)

(372,607)

Impact of exchange rate changes

 

8,811

(35,127)

Impact of change in accounting policies

 

 

 

Change in cash and cash equivalents

 

(206,694)

187,118

Cash flows from continuing operations

 

 

 

Opening cash and cash equivalents(4)

4.5.5

1,081,584

860,150

Opening cash and cash equivalents of groups of assets held for sale

 

 

34,316

Change in cash and cash equivalents

 

(206,694)

187,118

Reclassification of cash and cash equivalents in assets held for sale

 

 

 

Closing cash and cash equivalents(4)

4.5.5

874,890

1,081,584

Financial debt excluding lease liabilities

4.10.1

(1,313,188)

(1,261,312)

Cash and cash equivalents net of financial debt

 

(438,298)

(179,728)

(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), 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.

 

* Breakdown of the impact of change in working capital:

 

 

Impact of change in inventories and work in progress

4.7

(205,280)

Impact of change in trade and other receivables

4.5.4

(150,960)

Impact of change in trade and other payables

4.10.4

141,784

Impact of change in working capital

 

(214,456)

Notes to the consolidated financial statements for the year ended 31 December 2021

Note 1.General information
1.1Annual financial information

The financial statements for the year ended 31 December 2021 were finalised by the Management Board on 9 March 2022 and approved by the Supervisory Board on 10 March 2022.

The 2021 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.

1.2Overview of the Group’s activities

Rubis SCA (hereinafter “the Company” or, together with its subsidiaries, “the Group”) is a Partnership Limited by Shares registered and domiciled in France. Its registered office is located at 46, rue Boissière 75116 Paris, France.

The Rubis Group operates two businesses in the energy sector:

  • the Retail & Marketing activity, which specialises in the distribution of fuels (in service 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 30 April 2020 (see note 3.2.2), the Rubis Terminal activity has been consolidated in the Group’s financial statements using the equity method. The Rubis Terminal Infra joint venture specialises in the storage of bulk liquid products (fuels, chemicals and agrifood products) for commercial and industrial customers.

The Group is present in Europe, Africa and the Caribbean.

Note 2.Accounting policies
2.1Basis of preparation

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, in particular, to the fair values of assets and liabilities acquired in business combinations, the recoverable amount of goodwill, intangible assets and property, plant and equipment, and the measurement of employee benefit obligations (including share-based payments), the measurement of other provisions and leases (lease term used and borrowing rates, described in note 4.1.2).

The consolidated financial statements for the year ended 31 December 2021 include the financial statements of Rubis SCA and its subsidiaries.

The financial statements of foreign subsidiaries are prepared in their functional currency.

The results and financial position of Group subsidiaries whose functional currency differs from the reporting currency (i.e. the euro) and is not the currency of an economy in hyperinflation, 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 recognised 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.

Since 2021, Suriname has been a hyperinflationary country. The impacts of hyperinflation in this country were not material across the Group over the financial year.

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.

2.2Accounting standards applied
Standards, interpretations and amendments applicable as of 1 January 2021

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 2021:

Standard/
Interpretation

Date of mandatory
 application

Benchmark interest rate reform – phase 2

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

1 January 2021

Amendments to IFRS 16

Covid-19 rent concessions beyond 30 June 2021

1 April 2021