RUBIS_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS 9

2017 consolidated financial statements and notes

12/31/2017

Borrowings and financial debt (in thousands of euros)

1 to 5 years

More than 5 years

Credit institution loans

1,131,012

86,176

Other loans and similar liabilities

8,245

8,819

TOTAL

1,139,257

94,995

Pledged property, plant and equipment

As of December 31, 2017 (in thousands of euros)

Other guarantees

Pledged securities

Unsecured

Total

Mortgages

Credit institution loans

49,205

2,465

65,462

1,328,806

1,445,938

Bank overdrafts

4,931

40,379 16,796

45,310 17,401

Other loans and similar liabilities

605

TOTAL

49,205

3,070

70,393

1,385,981

1,508,649

The change in borrowings and other current and non-current financial liabilities between December 31, 2016 and December 31, 2017 breaks down as follows:

Changes in consolidation

Translation adjustments

12/31/2016

Issue

Repayment

12/31/2017

(in thousands of euros)

Current and non-current borrowings and financial debt

1,061,338

73,716

768,643

(378,140)

(13,627)

1,511,930

• the acquisition of Dinasa’s operations in Haiti for €0.8 million; • the acquisition of Galana’s operations in Madagascar for €11 million.

Issues made during the period are mainly explained by the financing of capital expenditure and changes in the structure of the 3 divisions.

The main changes in the scope of consolidation are as follows: • the acquisition of the additional 50% of Rubis Terminal Petrol (formerlyDelta Rubis Petrol) for €61.8 million;

12/31/2017

Fixed rate

Variable rate

(in thousands of euros)

Credit institution loans

168,414 76,798 245,212

1,048,774

Credit institution loans (short-term portion)

151,952

TOTAL

1,200,726

• net debt to shareholders’ equity ratio of less than 1; • net debt to Ebitda ratio of less than 3.5. As of December 31, 2017, the Group’s ratios show that Rubis can comfortably meet its commitments; likewise, the Group’s

overall position and its outlook remove any likelihood that events might result in an acceleration of maturities. Failure to comply with these ratios would result in the early repayment of the loans.

Financial covenants The Group’s consolidated net debt totaled €687 million as of December 31, 2017. Credit agreements include the commitment by the Group and by each of its operating segments to meet the following financial ratios during the term of the loans:

2017 Registration Document I RUBIS

IF THE WORLD TURNED THE OTHER WAY ROUND NO ONE WOULD KNOW.

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