RUBIS // AN INFRASTRUCTURE BASE DEDICATED TO ENERGY LOGISTICS AND DISTRIBUTION

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CONSOLIDATED BALANCE SHEET at 31 DECEMBER 2009
ASSETS
(in thousands of euros) Note 2009 2008 2007
NON-CURRENT ASSETS
Intangible assets 4-3 5,225 4,971 4,337
Goodwill 4-2 245,175 243,214 235,697
Tangible assets 4-1 465,966 413,129 330,629
Investments accounted for using the equity method 4-4 18,328 18,331 18,334
Other financial assets 4-5.1 12,152 10,659 4,689
Deferred taxes 4-6 3,972 3,944 3,214
Other non-current assets 4-5.3 1,168 1,205 1,013
TOTAL NON-CURRENT ASSETS (I)   751,986 695,453 597,913
CURRENT ASSETS
Inventory and work in progress 4-7 52,368 47,091 42,777
Trade and other accounts receivable 4-5.4 148,469 140,725 126,460
Tax receivables   1,326 1,998 4,001
Other current assets 4-5.2 3,777 3,013 3,934
Marketable securities and other investments 4-5.5 99,314 53,069 56,241
TOTAL CURRENT ASSETS (II)   305,254 282,388 271,578
TOTAL Group assets intended for disposal (III)        
TOTAL ASSETS (I + II + III )   1,057,240 977,841 869,491

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CONSOLIDATED BALANCE SHEET at 31 DECEMBER 2009
LIABILITIES
(in thousands of euros) Note 2009 2008 2007
SHAREHOLDERS' EQUITY - GROUP SHARE
Share capital   54,109 51,481 49,674
Additional paid-in capital   225,226 206,773 190,402
Retained earnings   211,525 185,283 176,040
TOTAL   490,860 443,537 416,116
MINORITY INTERESTS   14,471 14,142 13,687
SHAREHOLDERS' EQUITY (I) 4-8 505,331 457,679 429,803
NON-CURRENT LIABILITIES
Borrowings and financial debt 4-10.1 217,665 203,046 123,003
Deposits on containers   58,904 57,677 54,882
Commitments to employees 4-12 12,080 10,245 9,418
Other provisions 4-11 20,292 21,169 26,917
Deferred taxes 4-6 28,659 24,765 25,588
Other long-term liabilities 4-10.3 7,156 1,807 1,806
TOTAL NON-CURRENT LIABILITIES (II)   344,756 318,709 241,614
CURRENT LIABILITIES
Borrowings and short-term bank borrowings (portion due in less than one year) 4-10.1 62,735 61,430 64,899
Trade accounts payable and other accounts payable 4-10.4 132,493 120,530 122,331
Tax liabilities   3,682 5,551 1,686
Other current liabilities 4-10.3 8,243 13,942 9,158
TOTAL CURRENT LIABILITIES (III)   207,153 201,453 198,074
TOTAL Liabilities related to a group of assets intended for disposal (IV)        
TOTAL LIABILITIES (I + II + III + IV)   1,057,240 977,841 869,491

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CONSOLIDATED INCOME STATEMENT at 31 DECEMBER 2009
(in thousands of euros) Note % 2009 2008 2007
Sales of goods 476,262 675,918 521,584
Revenue from manufacturing of goods and rendering of services 475,653 516,415 330,282
SALES REVENUE 5-1 -20% 951,945 1,192,333 851,866
Other income from business activity 265 848 465
Purchases used in the business 5-2 (641, 930) (913,292) (616,252)
External expenses 5-4 (112,484) (105,499) (93,793)
Personnel expenses 5-3 (71,529) (62,169) (49,787)
Taxes (14,350) (13,913) (12,224)
Net depreciation and provisions 5-5 (33,731) (24,895) (25,805)
Other operating income and expenses 5-6 (571) (961) (803)
GROSS OPERATING PROFIT 15% 111, 752 97,460 79,810
CURRENT OPERATING PROFIT 7% 77,715 72,452 53,667
Other operational income and expenses 5-7 (1,217) (360) 3,619
OPERATING PROFIT 6% 76,498 72,092 57,286
Income from cash and cash equivalents 1,707 2,375 2,660
Interest expense and cost of debt (gross) (9 ,235) (11,765) (8,678)
INTEREST EXPENSE AND COST OF DEBT (NET) 5-8 -20% (7,528) (9,390) (6,018)
Other financial income and expenses 5-9 655 805 (526)
NET PROFIT BEFORE TAXES 10% 69,625 63,507 50,742
Income tax expense 5-10 (19,746) (18,516) (10,971)
NET PROFIT AFTER TAX 11% 49,879 44,991 39,771
Share of net profit of companies consolidated using the equity method (3) (3) (1)
TOTAL NET PROFIT 11% 49,876 44,988 39,770
GROUP’S SHARE OF NET PROFIT 11% 47,212 42,723 37,535
MINORITY INTEREST NET PROFIT 18% 2,664 2,265 2,235
Basic earnings per share (in euros) 5-11 6% 4,48 4,22 4,01
Diluted earnings per share (in euros) 5-11 5% 4,32 4.12 3.89

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OTHER COMPREHENSIVE EARNINGS
(in thousands of euros) 31-dec.-09 31-dec.-08 31-dec.-07
Consolidated organization's net earnings 49 876 44 988 39 770
Foreign exchange reserves 284 (77) (1 312)
Hedging instruments 5 995 (11 754) 1 485
Actuarial gains and losses (244) (291)  
Tax on other comprehensive earnings (1 871) 3 942 (511)
Total earnings for the period 54 040 36 808 39 432
Share attributable to the owners of the Group's parent company 51 376 34 546 37 206
Share attributable to minority interests 2 664 2 262 2 226

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CHANGE IN CONSOLIDATED SHAREHOLDERS’ EQUITY
  Shares in circulation incl. Treasury shares Capital Paid-in capital Treasury shares Consolidated reserves and earnings Foreign exchange difference Shareholders' equity attributable to the owners of the Group's parent company Non-controlling interests (minority interests) Consolidated organization's shareholders' equity
 
(in number of shares)
((in thousands of euros))
Shareholders' equity at 31 December 2006 8,718,223 4,880 43,591 131,145 (290) 159,223 (2,318) 331,351 13,107 344,458
Total revenue and expenses recorded for the financial period           38,518 (1,312) 37,206 2,226 39,432
Legal reserve charged against additional paid-in capital   (608) 608   0    
Percentage change in interest           0 5 5
Share-based payments     607   607   607
Capital increase 1,216,543 6,083 59,865       65,948   65,948
Re-acquired treasury shares (611)     14     14   14
Dividend distribution       (18,972)   (18,972) (1,655) (20,627)
Other changes       (38)   (38) 4 (34)
Shareholders' equity at 31 December 2007 9,934,766 4,269 49,674 190,402 (276) 179,946 (3,630) 416,116 13,687 429,803
Total revenue and expenses recorded for the financial period           34,630 (84) 34,46 2,262 36,808
Legal reserve charged against additional paid-in capital     (182) 182 0
Percentage change in interest           0 175 175
Share-based payments       1,221   1,221   1,221
Capital increase 361,503   1,807 16,553     18,360   18,360
Re-acquired treasury shares   5,898   (162)     (162)   (162)
Dividend distribution       (26,570)   (26,570) (1,973) (28,543)
Other changes       26   26 (9) 17
Shareholders' equity at 31 December 2008 10,296,269 10,167 51,481 206,773 (438) 189,435 (3,714) 443,537 14,142 457,679
Total revenue and expenses recorded for the financial period           51,105 271 51,376 2,664 54,040
Legal reserve charged against additional paid-in capital     (263) 263 0
Percentage change in interest             5 5
Share-based payments       1,465   1,465   1,465
Capital increase 525,475   2,628 18,717     21,345   21,345
Re-acquired treasury shares   (8,467)   334     334   334
Dividend distribution       (27,282)   (27,282) (2,261) (29,543)
Other changes       85   85 '79) 6
Shareholders' equity at 31 December 2009 10,821,744 1,700 54,109 225,227 (104) 215,071 (3,443) 490,860 14,471 505,331

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CONSOLIDATED CASH FLOW STATEMENT at 31 DECEMBER 2009
(in thousands of euros) Note 2009 2008 2007
Total consolidated net profit from continuing operations   49,876 44,988 39,770
Net profit from discontinued operations  
Adjustments
Share of profit (loss) from equity-accounted associates   2 3 1
Depreciation, amortisation, and provisions   35,977 25,319 31,850
Gains (losses) on asset sales and dilutions   929 451 906
Dividend received   (131) (289) (160)
Income and expenses that do not affect cash flow (*)   396 647 (4,195)
Cash flow from discontinued operations  
Cash flow after taxes and borrowing costs   87,049 71,119 68,172
Income tax expense   19,746 18,516 10,971
Borrowing costs   7,528 9,389 6,018
Cash flow from discontinued operations  
Cash flow before taxes and borrowing costs   114,323 99,024 85,161
Change in working capital   3,589 (23,789) (12,925)
Taxes paid   (17,645) (15,169) (16,887)
Cash flow from discontinued operations  
Cash flow from operating activities   100,267 60,066 55,349
Effect of change in scope: Rubis Energie Caraïbes and Rubis Energie France  
Effect of change in scope: Fuel Supplies Channel Islands     10,756
Effect of change in scope: Rubis Energie Europe ex-France   17,703
Acquisition of financial assets: Rubis Energie Caraïbes business     (2,828)
Acquisition of financial assets: Rubis Energie Europe business   (3,925) (29,322) (60,259)
Acquisition d'actifs financiers : Rubis Terminal business     30
Sale of financial assets: Rubis Energie Italie business  
Acquisition of tangible and intangible assets   (88,578) (99,328) (62,538)
Change in loans and advances   (246) (1,012) (2,063)
Sale of tangible and intangible assets   752 939 464
Acquisition of financial assets   (1,112) (2,028) (130)
Dividends received   131 289 160
Other cash flow from investing activities  
Cash flow from discontinued operations  
Cash flow from investing activities   (92,978) (122,504) (106,663)
Issue of share capital   21,680 18,534 65,948
Acquisition of treasury shares   337 (175) 14
Proceeds from borrowings   116,612 135,465 136,777
Repayments of borrowings   (99,428) (57,942) (101,871)
Interest paid   (7,666) (9,387) (5,896)
Dividends paid to shareholders   (27,282) (26,572) (18,972)
Dividends paid to minority interests   (2,261) (1,973) (1,655)
Cash flow from discontinued operations  
Cash flow from financing activities   2,172 57,950 74,345
Effect of changes in exchange rates   292 (356) (405)
Effect of changes in accounting method  
Net change in cash over the period   9 753 (4,844) 22,626
CASH FROM CONTINUING OPERATIONS
Opening cash balance (*) 4.5.5 89,561 94,405 71,779
Net change in cash over the period   9,753 (4,844) 22,626
Closing cash balance (*) 4.5.5 99,314 89,561 94,405
Financial liabilities 4.10.1 (280,400) (264,476) (187,902)
Cash balance including financial liabilities   (181,086) (174,915) (93,497)

(*) Cash and cash equivalents excluding bank overdrafts

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