GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2022	1
ACTIVITY REPORT	2
OUTLOOK FOR THE SECOND HALF OF 2022	15
DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR	15
EVENTS AFTER THE REPORTING PERIOD	15
KEY TRANSACTIONS WITH RELATED PARTIES	15

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2022	17

STATUTORY AUD)TORS' REPORT	51

DECLARATION OF RESPONSIBLE OFFICERS 53

GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2022

ACTIVITY REPORT	2
OUTLOOK FOR THE SECOND HALF OF 2022	15
DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR	15
EVENTS AFTER THE REPORTING PERIOD	15
KEY TRANSACTIONS WITH RELATED PARTIES	15

ACTIVITY REPORT

RUBIS GROUP

Overall, the activity during the first half of ʹͲʹʹ was robust and the Group's business model enabled it to generate sharply higher earnings in a complex environment: EBIT +30% and adjusted EPS (diluted)+20%.

The period also marks the end of Covid-related restrictions, with the resumption of mobility making it possible to return to pre-crisis volumes in almost all segments, with only aviation – although up strongly – remaining at 85% of the pre-crisis level (The Caribbean)

The Group finalised the acquisition of Photosol, one of the French leaders in photovoltaics, with an entry into the consolidation scope on 1 April 2022. While this acquisition marks a key milestone in Rubis' strategy and future development, it will have a limited impact on the Group's short-term results.

	H1 2022	H1 2021	2022 vs 2021
(in millions of euros)
Revenue	3,290	2,051	60%
Gross operating profit (EBITDA)	314	257	22%
Current operating income (EBIT), of which	244	188	30%
Retail & Marketing	184	146	26%
Support & Services	75	61	22%
Renewable Energy(1)	1
Net income, Group share	170	136	25%
Adjusted net income(2), Group share	169	144	17%
Adjusted EPS (diluted)	1.64	1.37	20%
Cash flow	255	238	7%
Capital expenditure, of which	97	90
Retail & Marketing and	65	69
Support & Services	20	21
Renewable Energy	12	-

CONSOLIDATED RESULTS AS OF 30 JUNE 2022

(1) Renewable Energy: new branch created after the acquisition of Photosol.

(2) Adjusted net income, Group share, excluding non-recurring items.

The Retail & Marketing activity recorded solid growth, with an increase in volumes (+7%) and unit margins (+6%), generating EBIT up by 26%. This performance took place in a context where supply costs increased by 123%.

The Support & Services activity generated a record EBIT, up ʹʹ% to €ͷ million, thanks to growth in volumes and margins from trading and shipping activities.

The Renewable Energy activity recorded the first consolidation of Photosol's results in the second quarter following the completion of the acquisition in April 2022.

Lastly, the contribution of the Rubis Terminal JV at €ͳͳ.Ͷ million was up sharply, driven by the results of the disposal of the Turkish subsidiary.

In 2022, Rubis is actively continuing to implement its CSR Roadmap 2022-2025 and its climate approach. In particular, the Group is assessing additional decarbonisation opportunities to align with a well-below 2°C trajectory, specifically by developing an emissions reduction target for scope 3A (i.e. excluding products sold) in addition to the one set for scopes 1 and 2 (-30% in 2030, baseline 2019, Rubis Énergie perimeter at constant scope) and by setting an internal carbon price to help orient its investments.

The reported balance sheet shows consolidated net financial debt of €ͳ,Ͷ͵ million, corresponding to a ratio of net debt (excluding lease liabilities) to EBITDA of 2.6x.

Excluding non-recourse financial debt (financial debt of Photosol SPVsȌ, which amounts to €334 million, the ratio of Group net corporate debt to EBITDA (excluding Photosol's EBITDA) is reduced to 2.1x.

(in millions of euros)	30/06/2022	30/06/2021
Total equity	2,874	2,736
including Group share	2,744	2,617
Cash	774	875
Financial debt excluding lease liabilities	2,210	1,313
Net financial debt (1)	1,436	438
Corporate net financial debt (2)	1,102	438
Net debt/equity ratio (1)	50%	16%
Net debt/EBITDA ratio (1)	2.6	0.9
Net corporate debt/EBITDA ratio (2)	2.1	0.9

FINANCIAL STRUCTURE

(1) Excluding IFRS 16.

(2) Excluding non-recourse debt at the Photosol SPV level.

ANALYSIS OF CHANGES IN THE NET FINANCIAL POSITION SINCE THE BEGINNING OF THE YEAR

Cash flow reached €ʹͷͷ million, up % compared to H1 2021. The sharp increase in the price of petroleum products ȋͳʹ͵%Ȍ resulted in an increase in WCR of €179 million. The dividend payment (exclusively in cash: €191 million) was made on 16 June, impacting the financial flows of the first half-year (as opposed to a payment in cash and shares in July the previous years).

	;iŶ €ŵͿ
Financial position (excluding lease liabilities) as of 31 December 2021	(438)
Cash flow	255
Change in working capital requirement (including taxes paid)	(179)
Industrial investments	(97)
Net disposals (acquisitions) of financial assets	(343)
Photosol current account refunded by Rubis	(42)
Change in loans, guarantee deposits and advances	(22)
Dividends paid to shareholders and non-controlling interests	(199)
Increase in equity	3
Impact of change in scope of consolidation and exchange rates	(385)
Other flows	11
Financial position (excluding lease liabilities) as of 30 June 2022	(1,436)

The highlight was the completion of the acquisition of Photosol, including the payment of the portion ȋͺͲ%Ȍ of the shares for €͵Ͷͳ million.

)n line with the acquisition, Rubis made an additional payment of €Ͷʹ million to the founders for the repayment of their current accounts with Photosol.

RETAIL & MARKETING DIVISION

The Retail & Marketing activity includes all fuel distribution activities (service station networks), liquefied gas, bitumen, commercial heating oil, aviation and marine fuels and lubricants in three geographical areas: Europe, the Caribbean and Africa.

Prices of petroleum products

Diesel prices rose 123% compared to the first half of 2021, with an almost continuous increase since the collapse of prices in the first quarter of 2020.).

The Group's ability to pass on changes in supply prices in its sales prices as well as the resulting positive inventory effects made it possible to generate a 6% increase in unit margins.

)t should be noted that the Group's supplies do not interfere with the Russia/Ukraine region and that there has been no disruption to the global supply chain.

This first half of the year saw the near end of the Covid episode with the return of the aviation activity to 83% of its pre-crisis level in the Caribbean region (in volumes).

Overall, volumes were up by 7% compared to 2021. This represents an increase of 8% compared with the pre-Covid level (2019) and +3% on a like-for-like basis, excluding East Africa. The table below shows volume growth, with only the bitumen segment posting a decline (-6%) over the period, after three years of intense development.

CHANGE BY SALES SEGMENT IN H1 2022

	Breakdown		Change in volumes
;iŶ '000 ŵ3 )	Gross margin	Volumes		vs. 2021 vs. 2019 (like-for-like)(1)
LPG	40%	22%	1%	1%
Gas stations	23%	37%	9%	-4%
Bitumen	12%	9%	-6%	49%
Commercial	15%	21%	3%	-4%
Aviation	7%	8%	20%	-18%
Others	3%	3%	-	-
TOTAL	100%	100%	7%	3%

(1) Like-for-like basis: excluding KenolKobil in Eastern Africa.

CHANGE IN VOLUMES SOLD BY REGION IN Q2 2022

;iŶ '000 ŵ3 )	2022	2021	2020	2019	2022 vs. 2021
Europe	195	198	161	213	-2%
Caribbean	554	501	402	584	11%
Africa	639	631	512	733	1%
TOTAL	1,388	1,329	1,075	1,530	4%

CHANGE IN VOLUMES SOLD BY REGION IN THE FIRST HALF OF 2022

;iŶ '000 ŵ3 )	2022	2021	2020	2019	2022 vs. 2021
Europe	443	439	402	465	1%
Caribbean	1,117	983	966	1,138	14%
Africa	1,267	1,228	1,111	1,006	3%
TOTAL	2,826	2,650	2,479	2,609	7%

The gross sales profit for all products amounted to €͵ million, up ͳ͵%, with a unit margin up 6%, despite the strong increase in the supply prices (+123% on average over the period).

	Gross profit ;iŶ €ŵͿ	Breakdown	2022 vs. 2021	Gross profit ;iŶ €/ŵ3 )	Change
Europe	110	30%	8%	250	7%
Caribbean	124	34%	29%	111	14%
Africa	132	36%	5%	104	2%
TOTAL	367	100%	13%	130	6%

RETAIL & MARKETING SALES MARGIN IN THE FIRST HALF OF 2022

(in millions of euros)	2022	2021	2020	2019	2022 vs. 2021

Volumes distributed ('000 m3 )	2,826	2,650	2,479	2,609	7%
Revenue	2,833	1,805	1,703	2,134	57%
EBITDA	235	194	178	220	21%
EBIT	184	146	130	176	26%
Cash flow	183	167	143	168	10%
Investments	65	69	63	50

RESULTS OF THE RETAIL & MARKETING DIVISION AS OF 30 JUNE 2022

RETAIL & MARKETING EUROPE

Spain – France – Channel Islands – Portugal – Switzerland

(in millions of euros)	2022	2021	2020		2019 2022 vs. 2021
Volumes distributed ('000 m3 )	443	439	402	465	1%
Revenue	417	311	266	340	34%
EBITDA	64	56	52	57	14%
EBIT	46	38	35	39	21%
Investments	15	16	21	12

RESULTS OF THE RETAIL & MARKETING DIVISION IN EUROPE AS OF 30 JUNE 2022

The climate indices weighed on volumes, which posted only a slight increase (+1% vs. H1 2021). On the other hand, the positive increase in unit margins (+7%) significantly improved the subgroup's contribution with EB)T of +ʹͳ%. All profit centres contributed to this performance with the exception of Switzerland, which was down slightly.

Bulk and LPG packaged volumes were affected overall by a decrease in climate indices compared to 2021 and a strong increase (+65%) in the LPG-fuel segment driven by the arrival of new manufacturer models and by a price advantage compared to gasoline (less taxed) in a context of a sharp increase in fuel prices.

RETAIL & MARKETING CARIBBEAN

French Antilles and French Guiana – Bermuda – Eastern Caribbean – Guyana – Haiti – Jamaica – Suriname – Western Caribbean

(in millions of euros)	2022	2021	2020	2019	2022 vs. 2021
Volumes distributed ('000 m3 )	1,117	983	966	1,138	14%
Revenue	1,222	715	704	909	71%
EBITDA	74	48	65	83	53%
EBIT	58	33	49	68	78%
Investments	19	18	13	22

RESULTS OF THE RETAIL & MARKETING DIVISION IN THE CARIBBEAN AS OF 30 JUNE 2022

A total of 19 island facilities distribute fuel locally (400 gas stations, aviation, commercial, LPG, lubricants and bitumen).

The volumes sold were up by +14%, particularly in BtoB fuels (+15%) and the aviation sector (+117%), ensuring a strong increase in the gross margin (+29%), which nevertheless remained down by 5% compared to 2019, mainly due to the specific situation in Haiti..

This increase in gross margin is reflected in a strong increase in EBITDA and EBIT: +53% and +78% respectively.

Haiti is in a stable situation, with an EBIT contribution reduced to 5% of the total for the zone.

RETAIL & MARKETING AFRICA

Bitumen: Cameroon – Gabon – Liberia – Nigeria – Senegal – South Africa – Togo and subregion

White products/LPG: Botswana – Djibouti – Ethiopia – Kenya – Madagascar – Morocco – Réunion Island – Rwanda – South Africa – Uganda – Zambia – Zimbabwe

(in millions of euros)	2022	2021	2020	2019	2022 vs. 2021
Volumes distributed ('000 m3 )	1,267	1,228	1,111	659	3%
Revenue	1,195	779	733	885	53%
EBITDA	97	90	61	80	7%
EBIT	81	76	46	69	6%
Investments	31	35	29	16

RESULTS OF THE RETAIL & MARKETING DIVISION IN AFRICA AS OF 30 JUNE 2022

Volumes saw an overall increase of 3% to 8% excluding aviation in East Africa, however these volumes were subject to high volatility, with the following main changes:

a strong advance in sales in the gas station network: +25%, driven by the acceleration of rebranding investments in Kenya, with a rapid positive impact on station sales: +65%. The latter also exceptionally benefited from the closure of small independent stations during the crisis that affected the market in March-April;
a 6% decline in bitumen volumes due to a decline in road construction tenders in Nigeria, while the other countries in the region continued their growth and new markets (South Africa and Gabon) were opened.

The contribution in EBIT was +6%, affected by the pump price freeze in Madagascar since the second half of 2021, resulting in an EB)T deficit of €ͳͷ million over the period compared to ʹͲʹͳ.

Apart from the ongoing difficulties in Madagascar, EBIT for Africa was up sharply at +30% with a very significant advance of 79% in East Africa, due to the deployment of sales and the investments made to capture a new customer base in the points of sale.

It was a tense half-year in Nigeria and Kenya with regard to the exchange rate/depreciation of the local currency and recurring problems in obtaining US dollars to pay for supplies.

SUPPORT & SERVICES DIVISION

Madagascar – Martinique (SARA) – Haiti – Barbados and Dubai (trading) – Shipping

(in millions of euros)	2022	2021	2020	2019	2022 vs. 2021
Revenue	444	246	348	449	81%
EBITDA	88	82	73	62	8%
EBIT, of which	75	61	52	51	22%
SARA	10	14	14	20	-24%
Support & Services	64	48	38	30	35%
Cash flow	83	77	66	56	8%
Investments	20	21	39	29

RESULTS OF THE SUPPORT &SERVICES DIVISION AS OF 30 JUNE 2022

The Support & Services division includes Rubis Énergie's supply tools for petroleum products and bitumen:

the 71% equity interest in the refinery in the French Antilles (SARA);
the trading-supply activity in the Caribbean (Barbados) and Africa/Middle East, with operational headquarters in Dubai;
in support-logistics, the shipping ȋͳͶ vesselsȌ and Dzstorage and pipedz activity in the )ndian Ocean.

EBIT rose by 22% to a record level, driven by record sourcing activity in the Caribbean region (588,000 m3, +43%) and the logistics activity in the Indian Ocean.

RENEWABLE ENERGY DIVISION

As announced at the end of 2020, the Group implemented a strategic shift in 2021-2022 aimed at supplementing its historical business with a renewable energy division. Two significant transactions were carried out:

the acquisition in 2021 of an 18.5% stake in the share capital of HDF Energy, together with a strategic agreement for priority and majority investment in hydrogen-electricity power plant projects;
the announcement in December 2021 of the acquisition of 80% of Photosol, one of the leading independent producers of photovoltaic energy in France. This investment will enable the Group to reach a target of 25% of its EBITDA in renewable energies in the medium term, with a minimum of 2.5 GW of photovoltaic capacity installed in France by 2030.

The final acquisition of Photosol in April 2022 resulted in the creation of the Renewable Energy division, which holds 80% of the Photosol shares and the stake in HDF Energy.

The acquisition of Photosol resulted in the payment of the portion ȋͺͲ%Ȍ of the shares for €͵Ͷͳ million as well as the assumption of net debt (up to ͳͲͲ%Ȍ for €͵ͺͶ million ȋof which €͵͵Ͷ million in non-recourse debt as of 30 June 2022). Goodwill amounts to €543 million.

The financial statements of Photosol have been included in the Group's consolidation scope since 1 April 2022, i.e. for a period of three months as of 30 June 2022

(in millions of euros)	Q2 2022
Installed capacity (MWp)	330
Electricity production (GWh)	139
Revenue	12
EBITDA, of which	7
Investments	12
SPV financial debt	334

RESULTS OF THE RENEWABLE ENERGY DIVISION AS OF 30 JUNE 2022

As of 30 June ͵Ͳ, ʹͲʹʹ, Photosol's portfolio includes:

476 MW of capacity in operation, under construction or awarded;
a project pipeline exceeding 3 GW, including 1.2 GW in advanced development or tender ready and 2.3 GW in early stage.

CRE's latest call for tenders was a great success for Photosol with ͳͲͲ% of its bids awarded, i.e. 25 MWp.

In this context, it was decided to strengthen the teams at Photosol.

The French government's initiatives to strengthen and accelerate the energy transition in the context of the Russia/Ukraine crisis and the announced gas shortage are currently being discussed and are particularly aimed to reduce time periods and adjust the thresholds for the filing of building permits in the photovoltaic and wind sectors.

CONTRIBUTION OF THE RUBIS TERMINAL JV

The 2022 financial year was marked by the definitive exit of Turkey from 1 January 2022, which generated a capital gain in Rubis Terminal's financial statements of €ͳͳ.ͺ million ȋafter taxȌ and the implementation of a earn-out payment of €Ͷ.ͳ million ȋafter taxȌ paid by ) Squared Capital to Rubis. The performance for the half-year versus H1 2021 will therefore be analysed in proforma excluding Turkey in 2021.

Storage revenue ȋincluding ͷͲ% of AntwerpȌ reached €ͳͳʹ million, up ͵%. France ȋ+ͳ%Ȍ was stable, Spain up by 9% while the ARA zone including the Antwerp JV (50%) was down slightly (- 2%) due to the non-renewal of a heavy fuel oil contract with Shell, which has committed to reletting organic product capacity from the fourth quarter.

In terms of segments, petroleum products (including biofuels) were slightly down, chemicals recorded an increase of 8% and agri-food products increased by 20%.

The average capacity utilisation rate is 90.3% (85% in France, 96% in Spain and close to 100% in the ARA (Amsterdam, Rotterdam, Antwerp) zone).

)nvestments during the period amounted to €͵ͺ million, with the maintenance portion under control at €ͳ͵ million and the growth portion at €ʹͷ million, including capacity extensions in the ARA zone.

The joint venture's net debt at the end of the period was €ͳ. million, resulting in a debt to EBITDA ratio of 5.1x.

The share of net income recorded at Rubis, i.e. ͷͷ%, amounted to €ͳͳ.Ͷ million as of 30 June 2022, including the capital gain from the exit of Turkey as well as tax income, compared to €ͳ.ʹ million as of June 2021.

It is recalled that the free cash flow after tax, financial expenses and maintenance investment amounts to €ͶͲ/ͷͲ million on an annual basis, which, compared to total equity of €594 million, gives a cash return 1 of 9%.

¹ Cash return: free cash flow (after tax, financial expenses and maintenance investment)/total equity.

	2022	2021	Change vs. 2021 PF
(in millions of euros)
Storage services (incl. 50% Antwerp)	112	109	3%
Petroleum products	43	48	-10%
Biofuels	13	10	27%
Chemical products	47	44	8%
Agrifood products	8	7	20%
Breakdown by country	112	109	3%
France	55	55	1%
Spain	33	30	9%
ARA	24	24	-2%
EBITDA (1)	57	55	4%
Development investment	25	13	-
Maintenance investment	13	15	-
Cumulative investments	38	28	-

COMMERCIAL AND FINANCIAL RESULTS OF THE RUBIS TERMINAL JV

(1) Adjusted recurring EBITDA.

APPENDIX

RECONCILIATION OF NET INCOME, GROUP SHARE TO ADJUSTED NET INCOME, GROUP SHARE

(in millions of euros)	H1 2022	H1 2021	H1 2019	2022 vs 2021	2022 vs 2019
Net income, Group share	170	136	157	25%	8%
Non-recurring items : share of net income from JV and others (Rubis Terminal)	-14	-3	-
Acquisition-related costs	8	-	5
IFRS 2 expenses (Rubis SCA)	4	11	4
Adjusted net income, Group share (excluding non-recurring items and IFRS 2)	169	136	161	17%	2%
Earnings per share from divested operations	-	-	-14
Share of net income from JV (Rubis Terminal)	-2	-1	-
Adjusted net income, Group share excluding Rubis Terminal (excluding non-recurring items and IFRS 2)	167	135	148	17%	10%

COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16

(in €m)	30/06/2022	31/12/2021
Corporate net financial debt (Corporate NFD)	1,102	438
EBITDA	314	532
Rental expenses IFRS 16	19	41
EBITDA pre-IFRS 16	295	491
Corporate NFD/LTM(1) EBITDA pre-IFRS 16	2.1	0.9
Non-recours project debt (Photosol)	334	-
Total net financial debt (Total NFD)	1,436	438
Total NFD/LTM EBITDA pre-IFRS 16	2.6	0.9
(1) LTM: last 12 months.

OUTLOOK FOR THE SECOND HALF OF 2022

The first half of the year was marked by excellent growth in volumes and results. While all regions posted positive trends, the Caribbean region was the main growth driver thanks to a strong upturn in post-Covid activity and a favourable comparison basis. Although the comparison basis is expected to normalise and the current macroeconomic environment is challenging, the Group is confident in the solid growth in its results for the full year 2022.

In the medium and long term, the Company should benefit from numerous growth drivers: the newly added renewable energy segment as well as within its historical business. The latter benefits from its exposure to regions with increasing populations and energy demand, the improved portfolio in East Africa and its exposure to bitumen in Africa, given the growing need for road infrastructure in the region over the long term.

.DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR

The main risks and contingencies to which the Group could be exposed are described in Chapter ͵ DzRisk Factors, internal control and insurancedz of the ʹͲʹͳ Universal Registration Document.

Given the current geopolitical environment, the Group reminds that it does not carry out any transactions in Ukraine or Russia and does not have any assets in these territories. In addition, it does not source from Ukrainian or Russian suppliers. To date, even if the Group has not identified any direct exposure to this risk, it will continue to monitor developments in the situation and their potential impact on its activities, as well as the indirect effects of the conflict on the sector's global supply chain.

EVENTS AFTER THE REPORTING PERIOD

None.

KEY TRANSACTIONS WITH RELATED PARTIES

There was no significant variation in the nature of transactions with related parties in the first half of 2022 compared with 31 December 2021 (see note 10.3 to the consolidated financial statements for the year ended 31 December 2021).

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 18
CONSOLIDATED INCOME STATEMENT 20
OF OTHER COMPREHENSIVE INCOME 21 STATEMENT
CONSOLIDATED STATEMENT OF CHANGES IN S(ARE(OLDERS' EQUITY 22
STATEMENT OF CASH FLOWS23 CONSOLIDATED
TO THE 2022 CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS25 NOTES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

	Reference
(in thousands of euros)	notes	30/06/2022	31/12/2021
Non-current assets
Intangible assets	8.2	74,537	31,714
Goodwill	8.1	1,809,943	1,231,635
Property, plant and equipment	9.1	1,666,946	1,268,465
Property, plant and equipment – right-of-use assets	9.2	220,729	166,288
Interests in joint ventures	7	322,026	322,171
Other financial assets	10.1	191,603	132,482
Deferred taxes		22,291	12,913
Other non-current assets		11,117	10,408
TOTAL NON-CURRENT ASSETS (I)		4,319,192	3,175,936
Current assets
Inventory and work in progress		825,627	543,893
Trade and other receivables	10.3	839,263	622,478
Tax receivables		30,213	21,901
Other current assets	10.2	66,493	23,426
Cash and cash equivalents		774,407	874,890
TOTAL CURRENT ASSETS (II)		2,536,003	2,086,588
TOTAL ASSETS (I + II)		6,855,195	5,262,524

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EQUITY AND LIABILITIES

	Reference
(in thousands of euros)	notes	30/06/2022	31/12/2021
Shareholders' equity – Group share
Share capital	11	128,693	128,177
Share premium	11	1,550,157	1,547,236
Retained earnings		1,066,124	941,249
Total		2,744,974	2,616,662
Non-controlling interests		130,162	119,703
EQUITY (I)		2,875,136	2,736,365
Non-current liabilities
Borrowings and financial debt	13	1,409,694	805,667
Lease liabilities	13	194,525	138,175
Deposit/consignment		147,882	138,828
Provisions for pensions and other employee benefit obligations		40,596	56,438
Other provisions	14	80,751	159,825
Deferred taxes		93,892	63,071
Other non-current liabilities		84,434	3,214
TOTAL NON-CURRENT LIABILITIES (II)		2,051,774	1,365,218
Current liabilities
Borrowings and short-term bank borrowings (portion due in less than one year)	13	800,466	507,521
Lease liabilities (portion due in less than one year)	13	23,990	23,742

Trade and other payables		1,026,449	601,605
Current tax liabilities		43,184	23,318
Other current liabilities		34,196	4,755
TOTAL CURRENT LIABILITIES (III)		1,928,285	1,160,941
TOTAL EQUITY AND LIABILITIES (I + II + III)		6,855,195	5,262,524

CONSOLIDATED INCOME STATEMENT

	Reference
(in thousands of euros)	notes	Chg.	30/06/2022	30/06/2021
NET REVENUE	4	60%	3,290,166	2,051,085
Consumed purchases			(2,554,483)	(1,422,864)
External expenses			(249,218)	(205,291)
Employee benefits expense			(111,042)	(107,495)
Taxes			(61,527)	(58,151)
EBITDA		22%	313,896	257,284
Other operating income			523	545
Net depreciation and provisions			(73,836)	(70,599)
Other operating income and expenses			3,383	961
CURRENT OPERATING INCOME		30%	243,966	188,191
Other operating income and expenses	15		(7,845)	3,375
OPERATING INCOME BEFORE SHARE OF NET INCOME FROM
JOINT VENTURES		23%	236,121	191,566
Share of net income from joint ventures	7		11,912	1,247
OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES		29%	248,033	192,813
Income from cash and cash equivalents			4,695	4,691
Gross interest expense and cost of debt			(15,670)	(10,358)
COST OF NET FINANCIAL DEBT		94%	(10,975)	(5,667)
Interest expense on lease liabilities			(4,701)	(4,302)
Other finance income and expenses			(17,327)	(8,494)
PROFIT (LOSS) BEFORE TAX		23%	215,030	174,350
Income tax			(41,452)	(31,714)
NET INCOME		22%	173,578	142,636
NET INCOME, GROUP SHARE		25%	169,766	136,148
NET INCOME, NON-CONTROLLING INTERESTS		-41%	3,812	6,488
Earnings per share (in euros)	16	24%	1.65	1.33
Diluted earnings per share (in euros)	16	27%	1.65	1.30

STATEMENT OF OTHER COMPREHENSIVE INCOME

(in thousands of euros)	30/06/2022	30/06/2021
TOTAL CONSOLIDATED NET INCOME (I)	173,578	142,636
Foreign exchange differences (excluding joint ventures)	107,912	2,422
Hedging instruments	24,889	4,275
Income tax on hedging instruments	(6,429)	(1,137)
Financial assets at fair value through comprehensive income	3,442
Restatements due to hyperinflation	1,544
Taxes on restatements due to hyperinflation	(539)
Items recyclable in P&L from joint ventures	346	804
Items that will subsequently be recycled in P&L (II)	131,165	6,364
Actuarial gains and losses	18,357	5,824
Income tax on actuarial gains and losses	(3,111)	(968)
Items not recyclable in P&L from joint ventures	336	100
Items that will not subsequently be recycled in P&L (III)	15,582	4,956
COMPREHENSIVE INCOME FOR THE PERIOD (I + II + III)	320,325	153,956
SHARE ATTRIBUTABLE TO THE OWNERS OF THE GROUP'S PARENT COMPANY	308,263	145,276
SHARE ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	12,062	8,680

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

	Shares	Of which treasury	Share	Share	Treasury	Consolidate d reserves and	Translation	Shareholder's equity attributable to the owners of the Group's parent	Non controlling	Total consolidated shareholders'
	outstanding (in number of shares)	shares	capital	premium	shares	earnings	differences (in thousands of euros)	company	interests	equity

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						143,793	1,483	145,276	8,680	153,956
Share-based payments						10,806		10,806		10,806
Capital increase	2,981,286		3,727	101,435				105,162		105,162
Capital decrease	(2,634,083)		(3,293)	(100,657)				(103,950)		(103,950)
Treasury shares		(6,111)			(5)	305		300		300
Dividend payment						(181,715)		(181,715)	(10,741)	(192,456)
Other changes						1		1		1
Equity as of 30 June 2021	103,977,880			51,976 129,972 1,594,680	(2,039)	985,495	(231,177)	2,476,931	117,221	2,594,152
Comprehensive income for the period						148,149	47,965	196,114	4,425	200,539
Share-based payments						(6,420)		(6,420)		(6,420)
Capital increase	63,401		79	(108)				(29)		(29)
Capital decrease	(1,500,000)		(1,874)	(47,336)				(49,210)		(49,210)
Treasury shares		21,146			90	(816)		(726)		(726)
Dividend payment									(1,943)	(1,943)
Other changes						2		2		2
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
Comprehensive income for the period						202,449	105,814	308,263	12,062	320,325
Change in interest						(205)		(205)	24	(181)
Share-based payments						7,566		7,566	1,075	8,641
Capital increase	416,233		520	2,921				3,441		3,441
Capital decrease	(3,434)		(4)					(4)		(4)
Treasury shares		(7,603)			261	51		312		312
Dividend payment Change in the scope of consolidation and non controlling interests (1) Put on non-controlling						(191,061)		(191,061)	(9,271) 88,368	(200,332) 88,368
interests (1)									(81,800)	(81,800)
Other changes Equity as of 30 June 2022	102,954,080			65,519 128,693 1,550,157		(1,688) 1,145,210	(77,398)	2,744,974	1 130,162	1 2,875,136

(1) The impacts of changes in scope are described in Note 3.

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands of euros)		30/06/2022 31/12/2021	30/06/2021
TOTAL CONSOLIDATED NET INCOME FROM CONTINUING
OPERATIONS Adjustments:	173,578	304,739	142,636
Elimination of income of joint ventures	(11,912)	(5,906)	(1,247)
Elimination of depreciation and provisions	86,044	163,201	83,861

Elimination of profit and loss from disposals	(1,101)	(599)	1,168
Elimination of dividend earnings	(186)	(91)	(1,310)
Other income and expenditure with no impact on cash (1)	8,641	3,468	13,183
CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX	255,064	464,812	238,291
Elimination of income tax expenses	41,452	65,201	31,714
Elimination of the cost of net financial debt and interest expense on lease liabilities	15,676	21,140	9,969
CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX	312,192	551,153	279,974

Impact of change in working capital*	(178,512)	(214,456)	(187,946)
Tax paid	(36,442)	(42,039)	(21,773)
CASH FLOWS RELATED TO OPERATING ACTIVITIES	97,238	294,658	70,255
Impact of changes to consolidation scope (cash acquired - cash disposed)	57,031
Acquisition of financial assets: Retail & Marketing division		(83,985)	(82,591)
Acquisition of financial assets: Renewable Energy division (2)	(341,122)
Disposal of financial assets: Retail & Marketing division		3,463	3,400
Disposal of financial assets: Support & Services division
Investment in joint ventures
Acquisition of property, plant and equipment and intangible assets	(96,890)	(205,682)	(89,946)
Change in loans and advances granted	(21,961)	(1,653)	(300)
Disposal of property, plant and equipment and intangible assets	3,118	8,733	3,770
(Acquisition)/disposal of other financial assets	(588)	(157)	(6)
Dividends received	12,739	20,298	1,417
Other cash flows from investing activities (5)	4,063		9,538
CASH FLOWS RELATED TO INVESTING ACTIVITIES	(383,610)	(258,983)	(154,718)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

	Reference
(in thousands of euros)	notes	30/06/2022	31/12/2021	30/06/2021
Capital increase	11	3,441	6,995	7,024
Share buyback (capital decrease)	11	(4)	(153,160)	(103,950)
(Acquisition)/disposal of treasury shares		261	85	(5)
Borrowings issued	13.1	795,521	730,694	420,141
Borrowings repaid	13.1	(358,775)	(677,276)	(345,336)
Repayment of lease liabilities	13.1	(18,956)	(40,827)	(20,716)
Net interest paid (3)		(15,036)	(20,923)	(9,459)
Dividends payable		(191,061)	(83,577)
Dividends payable to non-controlling interests Acquisition of financial assets: Retail & Marketing division		(8,122)	(13,191)	(10,543)
Disposal of financial assets: Retail & Marketing division Acquisition of financial assets: Renewable Energy division		(1,238)
Other cash flows from financing operations (2)		(42,347)
CASH FLOWS RELATED TO FINANCING ACTIVITIES		163,684	(251,180)	(62,844)
Impact of exchange rate changes		22,205	8,811	(574)
Impact of change in accounting policies
CHANGE IN CASH AND CASH EQUIVALENTS		(100,483)	(206,694)	(147,881)
Cash flows from continuing operations
Opening cash and cash equivalents (4)		874,890	1,081,584	1,081,584
Change in cash and cash equivalents		(100,483)	(206,694)	(147,881)
Closing cash and cash equivalents (4)		774,407	874,890	933,703
Financial debt excluding lease liabilities	13.1	(2,210,160)	(1,313,188)	(1,331,940)
Cash and cash equivalents net of financial debt	13.1	(1,435,753)	(438,298)	(398,237)

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

(2) The impact of changes in the scope of consolidation is described in note 3.

(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 15.

(*) Breakdown of the impact of change in working capital:
Impact of change in inventories and work in progress	(265,107)
Impact of change in trade and other receivables	(165,925)
Impact of change in trade and other payables	252,520
Impact of change in working capital	(178,512)

1. ACCOUNTING POLICES

The financial statements for the first half of 2022 were finalised by the Management Board on 7 September 2022, and reviewed by the Supervisory Board on 8 September 2022.

The condensed half-year consolidated financial statements for the first half of 2022 of Rubis and its subsidiaries (the Group) were prepared in accordance with IAS ͵Ͷ Dz)nterim Financial Reporting.dz The condensed half-year consolidated financial statements do not include all of the information required under )FRS, and should be read in conjunction with the Group's consolidated annual financial statements published for the year ended 31 December 2021. The accounting policies applied in the preparation of the condensed half-year consolidated financial statements for the period from 1 January to 30 June 2022 are identical to those applied for the consolidated annual financial statements for the year ended 31 December 2021 except for the application of new standards applicable for financial periods open from 1 January 2022.

The main areas of judgement and estimates used in the preparation of the condensed half-year financial statements are identical to those described in note 2 to the 2021 consolidated financial statements.

The Group experiences seasonal changes in its business activities that can, from one six-month period to another, affect the level of revenue and operating income. As such, half-year results are not necessarily indicative of what may be expected for the full year in 2022.

Standards, interpretations and amendments applicable as of 1 January 2022

The following standards, interpretations and amendments, published in the Official Journal of the European Union as of the reporting date, were applied for the first time in 2022:

Standard/Interpretation		Date of mandatory application
Amendments to IAS 16	Proceeds before intended use	1 January 2022
Amendments to IAS 37	Onerous contracts – costs of fulfilling a contract	1 January 2022
Amendments to IFRS 3	Reference to the conceptual framework	1 January 2022
Annual improvements (2018-2020 cycle)	Relevant standards: IFRS 1, IFRS 9, IFRS 16 and	1 January 2022
to IFRS	IAS 41

The first-time application of these standards, interpretations and amendments did not have a material impact on the Group's financial statements.

Standards, interpretations and amendments for which early application may be chosen

The Group has not opted for the early adoption of the standards, interpretations and amendments whose application is not mandatory as of 30 June 2022 or which have not yet been adopted by the European Union.

2. SCOPE OF CONSOLIDATION AS OF 30 JUNE 2022

The condensed half-year consolidated financial statements for the six months ended 30 June 2022 include the Rubis financial statements and those of its subsidiaries listed in note 18.

3. CHANGES IN THE SCOPE OF CONSOLIDATION

ACQUISITION OF PHOTOSOL FRANCE

On 14 April 2022, Rubis completed the acquisition of 80% of Photosol (France), one of the independent leaders in photovoltaic energy in France. This acquisition creates the foundation for the development of the Group's activities in renewable energies alongside its historical energy distribution activities via Rubis Énergie and its subsidiaries (Retail & Marketing and Support & Services) and bulk liquid storage via the Rubis Terminal JV.

Photosol (France) is one of the main independent producers of renewable electricity in France, with a capacity of 330 MW in operation, 145 MW under construction and a pipeline of over 3 GW of projects as of end June 2022, and has approximately 80 employees in France. Retaining a 20% stake, Photosol's founders and senior managers remain committed to the development of the company.

The transaction meets the definition of a business combination as provided in IFRS 3 DzBusiness combinationsdz and is recognised accordingly in the consolidated financial statements at the acquisition date (i.e. at 1 April 2022).

Rubis disbursed an amount of €͵Ͷͳ million. )n addition, Rubis repaid a current account held by the founders in one of the Photosol entities for €Ͷʹ million.

Identifiable assets acquired and liabilities assumed

The following table summarises the assets acquired and liabilities assumed recognised on a provisional basis at the acquisition date:

Contribution at the date of consolidation (in thousands of euros)	1 April 2022
Fixed assets (including right-of-use assets)	411,958
Other financial assets	31,771
Inventories	1,428
Trade receivables, other receivables and other assets	28,580
Identified assets	473,737
Net financial debt (including lease liabilities)	(441,819)
Non-controlling interests	19,972
Provisions	(9,496)
Deferred tax liabilities	(18,464)
Current account liabilities	(42,347)
Trade payables, other payables and other liabilities	(74,948)
Liabilities assumed	(567,102)

The Group has identified the identifiable assets acquired and liabilities assumed at the transaction date. The main elements recognised are:

an intangible asset of €ͶͲ million recognised in respect of long-term electricity purchase contracts concluded at a contractual fixed price with electricity distributors;
interest rate hedging derivatives measured at fair value and recorded in DzOther financial assetsdz for €ʹ million.

The impacts on the other items of the Group's consolidated statement of financial position are not material.

The amounts described above have been valued on a provisional basis and reflect the provisional results of the valuation work carried out by Rubis with the assistance of an independent valuation expert.

Goodwill

In accordance with IFRS 3, the Group may measure non-controlling interests either at fair value (full goodwill method) or the portion in the net identifiable assets of the acquired company (partial goodwill method). The Group has opted for the full goodwill method for the Photosol acquisition. Preliminary goodwill amounts to €ͷͶ͵ million and mainly corresponds to the Group's ability to complete the pipeline of projects identified at the acquisition date.

Non-controlling interests amounted to €ͺ8 million as of 1 April 2022.

Put on non-controlling interests

Finally, as part of the transaction, the Group (via its subsidiary Rubis Renouvelables) has undertaken to buy back all the ordinary shares held by the founders in two stages: 50% in 2027 and 50% in ʹͲʹͺ. This Dzliquidity put optiondz must be recognised as a liability based on the discounted future purchase price of the Rubis Solaire shares at the end of December 2026 and the end of December 2027 (enterprise value - net financial debt). The fair value thus determined amounts to €ͺʹ million recognised in DzOther non-current liabilitiesdz with a corresponding decrease in non-controlling interests presented in DzTotal shareholders' equitydz.

The Photosol Group contributed to the Group's earnings from ͳ April 2022

Contribution to net income (in thousands of euros)	30 June 2022 (3 months)
Revenue	12,185
Gross operating profit (EBITDA)	6,524
Current operating income	782
Other operating income and expenses	(12,152)
Cost of net financial debt	(2,085)
Corporate income tax	2,135
Net income	(9,946)
Net income, Group share	(8,183)

4. SUMMARY SEGMENT INFORMATION

In accordance with IFRS ͺ, operating segments are those examined by the Group's main operational decision-makers (the Managing Partners).

Information by business segment

				Reconciliation
30/06/2022 (in thousands of euros)	Retail & Marketing	Support & Services	Renewable Energy	Rubis Terminal (JV)	Parent	company Eliminations	Total
Revenue	2,833,474	444,454	12,185		53		3,290,166
Intersegment revenue	17				5,111	(5,128)
Revenue	2,833,491	444,454	12,185		5,164	(5,128)	3,290,166
Gross operating profit (EBITDA)	234,568	88,081	6,524		(15,277)		313,896
Current operating income	184,417	74,610	782		(15,843)		243,966
Share of net income from joint ventures	548		(69)	11,433			11,912
Operating income after share of net income
from joint ventures	185,050	74,611	(11,439)	11,433	(11,622)		248,033
Cost of net financial debt	(8,499)	(558)	(2,085)		134	33	(10,975)
Income tax expense	(39,776)	(5,209)	2,135		1,398		(41,452)
Net income	113,410	68,752	(9,946)	11,433	(10,071)		173,578
Investments	65,124	19,847	11,794		125		96,890

		Support & Services	Reconciliation
30/06/2021 (in thousands of euros)	Retail & Marketing		Rubis Terminal (JV)	Parent	company Eliminations	Total
Revenue	1,804,901	246,032		152		2,051,085
Intersegment revenue	15			572	(587)
Revenue	1,804,916	246,032		724	(587)	2,051,085
Gross operating profit (EBITDA)	194,342	81,645		(18,703)		257,284
Current operating
income	146,245	61,355		(19,409)		188,191
Share of net income from joint ventures			1,247			1,247
Operating income after share of net income
from joint ventures	149,637	61,338	1,247	(19,409)		192,813
Cost of net financial debt	(6,364)	(464)		1,161		(5,667)
Income tax expense	(27,561)	(5,926)		1,773		(31,714)
Net income	103,132	54,792	1,247	(16,535)		142,636
Investments	69,000	20,862		84		89,946

Breakdown by region (after elimination of intersegment transactions)

				Reconciliation
30/06/2022 (in thousands of euros)	Europe	Caribbean	Africa	Rubis Terminal (JV)	Parent company	Total
Revenue	429,551	1,656,826	1,203,736		53	3,290,166
Gross operating profit (EBITDA)	70,494	151,936	106,743		(15,277)	313,896
Current operating income	46,296	124,003	89,511		(15,844)	243,966
Operating income after share of net income from joint ventures	34,764	123,540	89,918	11,433	(11,622)	248,033
Investments	26,637	37,450	32,678		125	96,890

				Reconciliation
30/06/2021 (in thousands of euros)	Europe	Caribbean	Africa	Rubis Terminal (JV)	Parent company	Total
Revenue	310,559	953,980	786,394		152	2,051,085
Gross operating profit (EBITDA)	56,111	122,444	97,432		(18,703)	257,284
Current operating income	37,701	87,686	82,213		(19,409)	188,191
Operating income after share of net income from joint ventures	37,832	87,328	85,815	1,247	(19,409)	192,813
Investments	16,203	37,452	36,207		84	89,946

Information on revenue

30/06/2022 (in thousands of euros)	Retail & Marketing	Support & Services	Renewable Energy	Parent company	Total
Region
Europe	417,366		12,185	53	429,604
Caribbean	1,221,527	435,299			1,656,826
Africa	1,194,581	9,155			1,203,736
TOTAL	2,833,474	444,454	12,185	53	3,290,166
Products and services
Fuels, liquefied gases and bitumen	2,833,474				2,833,474
Refining		372,352			372,352
Trading, supply, transport and services		72,102			72,102
Renewable Energy			12,185		12,185
Other				53	53
TOTAL	2,833,474	444,454	12,185	53	3,290,166
30/06/2021	Retail &	Support &		Parent
(in thousands of euros)	Marketing	Services		company	Total
Region
Europe	310,559			152	310,711
Caribbean	715,410	238,570			953,980
Africa	778,932	7,462			786,394
TOTAL	1,804,901	246,032		152	2,051,085
Products and services
Fuels, liquefied gases and bitumen	1,804,901				1,804,901
Refining		219,655			219,655
Trading, supply, transport and services		26,377			26,377
Other				152	152
TOTAL	1,804,901	246,032		152	2,051,085

5. NON-CONTROLLING INTERESTS

As of 30 June, 2022, the primary non-controlling interests are calculated for the following entities or sub-groups:

SARA

The Group consolidates the 71%-owned SARA using the full consolidation method; the 29% noncontrolling interests are held by Sol Petroleum Antilles SAS.

Easigas entities

The Easigas entities are consolidated using the full consolidation method, with the Group owning an interest of 55%.

Photosol entities

Since 1 April 2022, the Group fully consolidates the Photosol entities (France), some of which are less than 100% owned (see scope of consolidation in note 18).

5.1 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: SARA

The amounts presented below are before the elimination of intercompany transactions and accounts:

(in thousands of euros)	30/06/2022	31/12/2021
Fixed assets	225,234	227,845
Net financial debt (cash and cash equivalents – liabilities)	(137,512)	(65,954)
Current liabilities (including loans due in less than one year and short-term bank borrowings)	316,897	167,784

(in thousands of euros)	30/06/2022	30/06/2021
Net revenue	603,719	337,146
Net income	7,764	8,688
Group share	5,094	5,889
Share attributable to non-controlling interests	2,670	2,799
Other comprehensive income	5,440	1,805
Group share	3,862	1,282
Share attributable to non-controlling interests	1,578	523
Comprehensive income for the period	13,204	10,493
Group share	8,956	7,171
Share attributable to non-controlling interests	4,248	3,322
Dividends paid to non-controlling interests	6,825	6,798
Cash flows related to operating activities	(37,488)	(31,915)
Cash flows related to investing activities	(9,099)	(12,488)
Cash flows related to financing activities	34,800	22,757
Change in cash and cash equivalents	(11,787)	(21,646)

5.2 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: EASIGAS SA AND ITS SUBSIDIARIES

The amounts presented below are before the elimination of intercompany transactions and accounts:

(in thousands of euros)	30/06/2022	31/12/2021
Fixed assets	79,301	72,519
Net financial debt (cash and cash equivalents – liabilities)	2,702	2,454
Current liabilities (including loans due in less than one year and short-term bank borrowings)	19,743	16,571
(in thousands of euros)	30/06/2022	30/06/2021
Net revenue	95,951	68,890
Net income	6,457	5,573
Group share	3,391	2,935
Share attributable to non-controlling interests	3,066	2,638
Other comprehensive income
Group share
Share attributable to non-controlling interests
Comprehensive income for the period	6,457	5,573
Group share	3,391	2,935
Share attributable to non-controlling interests	3,066	2,638
Dividends paid to non-controlling interests	1,416	2,997
Cash flows related to operating activities	7,459	5,469
Cash flows related to investing activities	(4,434)	(5,146)
Cash flows related to financing activities	(3,038)	(4,629)
Impact of exchange rate changes	2	(168)
Change in cash and cash equivalents	(11)	(4,474)

5.3 CONDENSED FINANCIAL INFORMATION – NON-CONTROLLING SUBSIDIARY: PHOTOSOL (FRANCE) AND ITS SUBSIDIARIES

The amounts presented below are the amounts before elimination of reciprocal accounts and transactions with other Group companies:

(in thousands of euros)	30/06/2022
Fixed assets	425,042
Net financial debt (cash and cash equivalents – liabilities)	(402,935)
Current liabilities (including loans due in less than one year and short-term bank borrowings)	131,869

	30/06/2022
(in thousands of euros)	(3 months)
Net revenue	12,185
Net income	(9,946)
Group share	(8,183)
Share attributable to non-controlling interests	(1,763)
Other comprehensive income	17,873
Group share	12,236
Share attributable to non-controlling interests	5,637
Comprehensive income for the period	7,927
Group share	4,053
Share attributable to non-controlling interests	3,874
Dividends paid to non-controlling interests	1
Cash flows related to operating activities	(2,712)
Cash flows related to investing activities	(12,231)
Cash flows related to financing activities	(1,431)
Change in cash and cash equivalents	(16,374)

6. INTERESTS IN JOINT OPERATIONS

Group interests in joint operations were not material as of 30 June 2022.

7. INTERESTS IN JOINT VENTURES

The Group classifies three partnerships (the Rubis Terminal JV, CLC and Aedes & Photosol Développement) as joint ventures within the meaning of IFRS 11. Only data relating to the Rubis Terminal JV are considered material and detailed below.

The amounts presented below are the amounts prepared in accordance with IFRS on a 100% basis (except for companies consolidated by the JV Rubis Terminal using the equity method).

Summary financial information – JV Rubis Terminal

Statement of financial position of joint ventures (in thousands of euros)	30/06/2022	31/12/2021
Current assets	203,805	205,085
Non-current assets	1,434,558	1,441,911
TOTAL ASSETS	1,638,363	1,646,996
Current liabilities	781,309	189,181
Non-current liabilities	261,664	874,141
Non-controlling interests	27,239	29,806
TOTAL LIABILITIES	1,070,212	1,093,128

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

(in thousands of euros)	30/06/2022	31/12/2021
Cash and cash equivalents	56,830	40,704
Current financial liabilities (excl. trade payables and provisions)	651,762	61,931
Non-current financial liabilities (excl. provisions)	175,561	788,930

The items in the income statement are as follows:

(in thousands of euros)	30/06/2022	30/06/2021
Net revenue	215,044	183,844
Net income, Group share	17,825	2,174
Net income, Group share (consolidated share)	11,320	1,247
Other comprehensive income (consolidated share)	682	904
COMPREHENSIVE INCOME FOR THE PERIOD (consolidated share)	12,002	2,151

Net income for the period given above includes the following items:

(in thousands of euros)	30/06/2022	30/06/2021
Depreciation expense	(33,207)	(33,840)
Interest income and expense	(20,180)	(20,374)
Income tax	(1,601)	(3,577)

The Group received dividends of €ͳͳ.͵ million for the period.

On 14 January 2022, the Rubis Terminal JV completed the sale of 100% of the shares of the company holding the Turkish assets (Rubis Terminal Petrol) to Transpet Petrolcülük ve Enerji A.Ş. ȋTranspetȌ.

Rubis Terminal had signed an agreement to sell Rubis Terminal Petrol to Transpet on 15 December 2021 and all administrative approvals and conditions have since been obtained. With the completion of the transaction, Transpet becomes the sole (100%) shareholder of Rubis Terminal Petrol. Net profit ȋlossȌ at ͳͲͲ% includes a capital gain of €ͳ͵. million net of tax.

8. GOODWILL AND INTANGIBLE ASSETS

8.1 GOODWILL

Goodwill is subject to an impairment test at least once per year, or more frequently if there are indications of a loss of value, in accordance with the provisions of IAS ͵ Dz)mpairment of Assets.dz

During the first half of 2022, the Group did not identify any indication of impairment.

		Change in	Translation
(in thousands of euros)	31/12/2021	scope	differences	30/06/2022
GOODWILL	1,231,635	542,891	35,417	1,809,943

Changes in scope relate to the acquisition of Photosol.

8.2 INTANGIBLE ASSETS

Gross value (in thousands of euros)	31/12/2021	Change in scope	Acquisitions	Disposals	Reclassificatio ns	Translation	differences 30/06/2022
Other concessions, patents and similar
rights	26,437	379	3,398	(149)	(558)	500	30,007
Leases	2,404			(80)		31	2,355
Other intangible assets	32,161	41,320	1,009	(16)	36	402	74,912
TOTAL	61,002	41,699	4,407	(245)	(522)	933	107,274

Depreciation		Change in			Reclassificatio	Translation
(in thousands of euros)	31/12/2021	scope	Increases	Disposals	ns		differences 30/06/2022
Other concessions,
patents and similar rights	(12,655)	(221)	(550)	2		(398)	(13,822)
Other intangible assets	(16,773)	(324)	(1,643)	16		(191)	(18,915)
TOTAL	(29,428)	(545)	(2,193)	18		(589)	(32,737)

Changes in scope mainly relate to the acquisition of Photosol.

9. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

9.1 PROPERTY, PLANT AND EQUIPMENT

Gross value		Change in			Reclassificatio	Translation
(in thousands of euros)	31/12/2021	scope	Acquisitions	Disposals	ns		differences 30/06/2022
Other property, plant and equipment	313,136	1,566	7,024	(2,293)	3,653	7,796	330,882
Prepayments and down payments on property,
plant and equipment	4,687		1,067	(324)	(740)	183	4,873
Assets in progress	177,842	71,028	68,620	(31)	(28,415)	6,568	295,612
Machinery, equipment and tools	1,779,667	165	17,185	(6,730)	19,059	46,387	1,855,733
Land and buildings	585,930	334,997	5,688	(538)	5,983	10,197	942,257
TOTAL	2,861,262	407,756	99,584	(9,916)	(460)	71,131	3,429,357
Depreciation		Change in			Reclassificatio	Translation
(in thousands of euros)	31/12/2021	scope	Increases	Disposals	ns		differences 30/06/2022
Other property, plant and equipment	(165,125)	(512)	(7,963)	1,838	61	(3,018)	(174,719)
Facilities and
equipment	(1,159,066)	(55)	(40,022)	5,838	(55)	(24,557)	(1,217,917)
Land and buildings	(268,606)	(87,598)	(11,538)	501	(6)	(2,528)	(369,775)
TOTAL	(1,592,797)	(88,165)	(59,523)	8,177	0		(30,103) (1,762,411)
NET VALUE	1,268,465	319,591	40,061	(1,739)	(460)	41,028	1,666,946

Changes in scope mainly relate to the acquisition of Photosol.

9.2 RIGHT-OF-USE ASSETS (IFRS 16)

Gross value		Changes			Translation
(in thousands of euros)	31/12/2021	in scope	Acquisitions	Disposals	differences	30/06/2022
Other property, plant and
equipment	904		194	(2)	7	1,103
Transportation equipment	42,847	48	4,643	(1,267)	2,945	49,216
Machinery, equipment and tools	17,887		6,037		(63)	23,861
Land and buildings	181,419	51,165	8,315	(4,219)	4,777	241,457
TOTAL	243,057	51,213	19,189	(5,488)	7,666	315,637
Depreciation		Changes			Translation
(in thousands of euros)	31/12/2021	in scope	Increases	Disposals	differences	30/06/2022
Other property, plant and
equipment	(207)		(116)	2	(3)	(324)
Transportation equipment	(27,575)		(6,662)	1,185	(2,061)	(35,113)
Machinery, equipment and tools	(7,327)		(1,258)		(478)	(9,063)
Land and buildings	(41,660)		(8,551)	493	(690)	(50,408)
TOTAL	(76,769)	0	(16,587)	1,680	(3,232)	(94,908)
NET VALUE	166,288	51,213	2,602	(3,808)	4,434	220,729

Changes in scope mainly relate to the acquisition of Photosol.

10. FINANCIAL ASSETS

10.1 OTHER FINANCIAL ASSETS

DzOther financial assetsdz as of ͵Ͳ June 2022 include:

Gross value
(in thousands of euros)	30/06/2022	31/12/2021
Equity interests	86,996	86,355
Other receivables from investments	17,355	18,550
Long-term securities	3,459	3,156
Loans, deposits and guarantees	51,190	41,289
Fair value of financial instruments	46,067
TOTAL OTHER FINANCIAL ASSETS	205,067	149,350
Impairment	(13,464)	(16,868)
NET VALUE	191,603	132,482

Equity interests in non-controlled entities correspond mainly to:

18.5% equity interest in Hydrogen de France ȋDz(DF EnergydzȌ subscribed in 2021 for a total amount of €ͺ. million;
non-controlling interests held by Rubis Energia Portugal in several entities in Portugal;
shares of the EIG held by Rubis Antilles Guyane.

Other receivables from investments mainly include advances made to EIGs or joint ventures.

Loans, deposits and guarantees paid correspond to the €͵Ͳ million loan in USD, repayable in ʹͲʹͷ, granted by the subsidiary RWIL Suriname to the State of Suriname. The other items recorded in this account mainly correspond to advances made to certain distributors working for the Group, security deposits provided for in certain long-term leases and other security deposits.

)mpairments include €ͺ.ʹ million for the impact of the fair value measurement of the interest in HDF Energy due to the decline in its share price compared to the initial subscription price. The contra-entry is recognised in other comprehensive income.

The change in the fair value of financial instruments is due for €Ͷ million to the consolidation of Photosol (France), i.e. €ʹ million at the date of consolidation and €ʹͲ million in respect of revaluations made on 30 June 2022.

10.2 OTHER CURRENT ASSETS

DzOther current assetsdz as of ͵Ͳ June 2022 include:

(in thousands of euros)	30/06/2022	31/12/2021
Loans, deposits and guarantees	24,075	994
Fair value of financial instruments	10,174	3,969
GROSS CURRENT FINANCIAL ASSETS	34,249	4,963
Impairment
NET CURRENT FINANCIAL ASSETS	34,249	4,963
Prepaid expenses	32,244	18,463
CURRENT ASSETS	32,244	18,463
TOTAL OTHER CURRENT ASSETS	66,493	23,426

Loans, deposits and guarantees paid correspond mainly to guarantees granted to suppliers of petroleum products.

10.3 TRADE AND OTHER RECEIVABLES (CURRENT OPERATING ASSETS)

Trade and other receivables include the short-term portion of trade receivables and related accounts, employee receivables, government receivables, and other operating receivables.

Gross value
(in thousands of euros)				30/06/2022	31/12/2021
Trade and other receivables				747,285	508,637
Employee receivables				2,304	2,114
Government receivables				72,118	62,780
Other operating receivables				46,916	75,183
Total				868,623	648,714
Impairment		Change in
(in thousands of euros)	31/12/2021	scope	Additions	Reversals	30/06/2022
Trade and other receivables	24,566	933	3,150	(1,891)	26,758
Other operating receivables	1,670	835	97		2,602
Total	26,236	1,768	3,247	(1,891)	29,360

In the first half of 2022, losses on receivables remained stable and were not material.

10.4 CREDIT RISK

The Group's maximum credit risk exposure from trade receivables at the reporting date is as follows for each region:

In net value
(in thousands of euros)	30/06/2022	31/12/2021
Europe	113,445	82,805
Caribbean	222,278	167,105
Africa	384,804	234,161
TOTAL	720,527	484,071

11. EQUITY

As of 30 June 2022, the share capital consisted of 102,954,080 shares (of which 514 preferred sharesȌ, fully paid up, with a par value of €ͳ.ʹͷ each, i.e. a total amount of €ͳʹͺ,ͻ͵ thousand.

The various transactions impacting the share capital in the period are set out in the table below:

		Share capital	Share premium
	Number of	(in thousands of	(in thousands of
	shares	euros)	euros)
As of 1 January 2022	102,541,281	128,177	1,547,236
Company savings plan	171,576	214	3,229
Preferred shares acquired	226
Preferred shares converted into ordinary shares	244,431	306	(306)
Capital decrease by cancelling preferred shares bought back	(3,434)	(4)
Capital increase expenses			(2)
As of 30 June 2022	102,954,080	128,693	1,550,157

As of 30 June 2022, Rubis held 65,519 treasury shares.

Equity line agreement with Crédit Agricole CIB of November 2021

In November 2021, the Group signed an equity line agreement with Crédit Agricole CIB for a period of 37 months and up to the authorised limit of Ͷ,ͶͲͲ,ͲͲͲ shares with a par value of €ͳ.ʹͷ. The share subscription price will show a discount of 5% compared to the volume-weighted average of the share prices of the two trading days preceding its setting. Crédit Agricole CIB acts as a financial intermediary and does not intend to remain in the Company's share capital. As of 30 June 2022, the Group had not yet made use of this equity line.

Reconciliation of the capital increase with the statement of cash flows

Increase (decrease) in share capital	516

Increase (decrease) in share premiums	2,921
Capital increase (decrease) on the balance sheet	3,437
Share buyback (capital decrease)	4
Capital increase (decrease) in the statement of cash flows

Reconciliation of the dividend distributed between the statement of changes in shareholders' equity and the statement of cash flows

Dividend payment according to the statement of changes in shareholders' equity
Payment of the dividend in shares
Dividends paid in the statement of cash flows	191,061

12. STOCK OPTIONS AND FREE SHARES

The terms of the stock option and free share plans outstanding as of 30 June 2022 are set out in the tables below:

STOCK OPTIONS	Outstanding as		Rights	Rights	Outstanding as
Date of Management Board meeting	of 31/12/2021	Rights issued	exercised	cancelled	of 30/06/2022
17 December 2019	150,276				150,276
6 November 2020	87,502				87,502
1 April 2021	5,616				5,616
TOTAL	243,394				243,394
	Number of
STOCK OPTIONS	outstanding		Exercise expiry	Exercise price	Options
Date of Management Board meeting	options		date	(in euros)	exercisable
17 December 2019	150,276		Mar.-33	52.04
6 November 2020	87,502		Mar.-34	29.71
1 April 2021	5,616		Mar.-34	40.47
TOTAL	243,394
FREE PERFORMANCE SHARES Date of Management Board meeting	Outstanding as of 31/12/2021	Rights issued	Rights exercised	Rights cancelled	Outstanding as of 30/06/2022
17 December 2019	385,759				385,759
6 November 2020	787,697				787,697
1 April 2021	43,516				43,516
13 December 2021	160,072				160,072
TOTAL	1,377,044				1,377,044

FREE PREFERRED SHARES Date of Management Board meeting	Outstanding as of 31/12/2021	Rights exercised	Rights cancelled	Outstanding as of 30/06/2022	of which preferred shares acquired but not yet converted into ordinary shares
11 July 2016	2,469	(2,469)
13 March 2017	1,932		(1,932)
19 July 2017	374			374	374
2 March 2018	345		(345)
5 March 2018	1,157		(1,157)
19 October 2018	140			140	140
7 January 2019	62			62
17 December 2019	662			662
TOTAL	7,141	(2,469)	(3,434)	1,238	514

Preferred shares will be converted into ordinary shares at the end of a retention or vesting period based on the extent to which the performance conditions have been achieved.

13. FINANCIAL LIABILITIES

13.1 FINANCIAL DEBT

(in thousands of euros)	30/06/2022	31/12/2021
Current and non-current borrowings and financial debt	2,210,160	1,313,188
Cash	619,629	725,022
Securities and other investments	154,778	149,868
NET FINANCIAL DEBT (EXCLUDING LEASE LIABILITIES)	1,435,753	438,298
Lease liabilities (current and non-current)	218,515	161,917
NET FINANCIAL DEBT	1,654,268	600,215

Financial debt is presented in the following table, which differentiates between non-current and current liabilities:

Current
(in thousands of euros)	30/06/2022	31/12/2021
Bank loans	326,164	227,617
Interest accrued not yet due on loans and bank overdrafts	2,098	2,083
Bank overdrafts	459,638	276,492
Other loans and similar liabilities	12,566	1,329
TOTAL BORROWINGS AND SHORT-TERM BANK BORROWINGS (PORTION DUE IN LESS
THAN ONE YEAR)	800,466	507,521

Non-current (in thousands of euros)	30/06/2022	31/12/2021
Bank loans	1,370,902	786,182
Customer deposits on tanks	16,557	16,787
Customer deposits on cylinders	131,325	122,041
Other loans and similar liabilities	38,792	19,485
TOTAL BORROWINGS AND FINANCIAL DEBT	1,557,576	944,495
TOTAL	2,358,042	1,452,016
Non-current borrowings and financial debt		More than 5
(in thousands of euros)	1 to 5 years	years
Bank loans	1,024,875	346,027
Other loans and similar liabilities	17,569	21,223
TOTAL	1,042,444	367,250

The change in borrowings and other financial liabilities during the first half-year 2022 breaks down as follows:

		Change in			Translation
(in thousands of euros)	31/12/2021	scope	Issue	Repayment	differences	30/06/2022
Current and non-current
borrowings and financial debt	1,313,188	449,474	791,669	(358,867)	14,696	2,210,160
Lease liabilities (current and
non-current)	161,917	49,376	22,091	(19,039)	4,170	218,515
TOTAL	1,475,105	498,850	813,760	(377,906)	18,866	2,428,675

Changes in scope mainly relate to the acquisition of Photosol.

The issues made during the period are mainly used for the refinancing of credit facilities that have been used, the financing of capital expenditure and current operations.

(in thousands of euros)	Fixed rate	Variable rate
Bank loans	272,215	1,098,687
Bank loans (portion due in less than one year)	56,021	270,143
TOTAL	328,236	1,368,830

Interest rate risk

Characteristics of loans contracted			Less than 1	Between 1	More than 5	Existence or not of
(in thousands of euros)		Rate Total amount	year	and 5 years	years	hedging
Euros	Fixed rate	316,387	54,219	194,306	67,862
	Variable rate	1,368,536	269,849	820,522	278,165	YES
Rand	Fixed rate
	Variable rate	294	294
US dollar	Fixed rate	11,849	1,802	10,047
	Variable rate
TOTAL		1,697,066	326,164	1,024,875	346,027

Interest rate risk for the Group is limited to the loans obtained.

None of the Group's loans to date is likely to be repaid due to the enforcement of covenants.

Liquidity risk

As of 30 June ʹͲʹʹ, the Group had used confirmed credit facilities totalling €ͺ8 million. The amount of credit facilities confirmed but not used as of 30 June ʹͲʹʹ amounted to €͵92 million.

At the same time, the Group has €Ͷ million in immediately available cash on the assets side of its balance sheet.

13.2 LEASE LIABILITIES

			More than 5
(in thousands of euros)	Less than 1 year	1 to 5 years	years	30/06/2022
SCHEDULE OF LEASE LIABILITIES	23,990	66,047	128,478	218,515

Other information relating to leases (IFRS 16)

As of 30 June 2022, the amount of rent paid (restated leases and exempted leases) totalled €45.8 million and income from sub-letting amounted to €Ͷ million.

Rents not restated as of 30 June 2022 break down as follows:

leases exempted:
- o term of less than ͳʹ months, totalling €ͳͷ.ͷ million,
- o assets with a low unit value, totalling €Ͳ.͵ million;
variable portion of rents of €ͺ million.

13.3 COMMITMENTS AND CONTINGENT LIABILITIES (EXCLUDING PROVISIONS)

Rubis SCA and its subsidiaries are subject to tax audits and adjustments are sometimes proposed. The Group considers that it has solid means of defence, that it implements all legal procedures at its disposal to prevent any unfavourable outcomes and that it has set aside all the provisions necessary to cover disbursements deemed probable. The financial consequences of these tax assessments are recognised as liabilities for the amounts notified and accepted or considered uncertain and presenting a probable outflow of resources that can be reliably determined.

The Group periodically reviews its estimate of these risks in the light of changes in audits and litigation, and believes that none of the audits currently underway will have a material impact on its financial position or cash.

In December 2021, the Competition Authority was automatically tasked with a fact-finding mission on the practices observed in the fuel supply, storage and distribution sector in Corsica. The fact-finding mission continued during the first half of 2022.

14. PROVISIONS

Non-current
(in thousands of euros)	30/06/2022	31/12/2021
Provisions for contingencies and expenses	42,061	130,857
Provisions for clean-up and refurbishment of non-current assets	38,690	28,968
TOTAL	80,751	159,825

Provisions for contingencies and expenses include:

the Group's obligations in terms of collecting energy savings certificates. These provisions are recognised throughout the three-year period currently in progress (2022-2025);
a provision relating to the Rubis Group's obligation to bring the acquired assets under its banner (rebranding);
provisions relating to risks or disputes that could potentially lead to action being taken against the Rubis Group.

These items are assessed using estimates of the amounts that may be needed to settle any related obligation, and by including the probabilities of the various scenarios envisaged taking place.

Provisions for clean-up and the refurbishment of non-current assets are compliant with IAS 16. The Group has estimated its clean-up and dismantling costs largely based on the findings of outside consultants. In compliance with IAS 16, the present value of these expenses was incorporated into the cost of the corresponding facilities.

(in thousands of euros)	31/12/2021	Change in scope			Additions Reversals (1) Reclassifications	Translation	differences 30/06/2022
Provisions for contingencies and expenses	130,857		20,755	(12,452)	(97,628)	529	42,061
Provisions for clean-up and refurbishment of non-current
assets	28,968	9,496	1,593	(1,569)		202	38,690
TOTAL	159,825	9,496	22,348	(14,021)	(97,628)	731	80,751

ȋ1Ȍ )ncluding €6.6 million in reversals not applicable.

The provisions made for obligations to collect energy saving certificates relating to the past period ȋʹͲͳͺ/ʹͲʹͳȌ were reclassified as DzTrade and other payablesdz for €ͻ. million. During the second half of 2022, the Group will proceed with the liquidation of this collection campaign, thus settling the inventories and liabilities constituted during the previous financial years and relating to this fourth three-year period.

Changes in provisions for contingencies and expenses during the half-year correspond in particular to:

the Group's new obligations in terms of collecting energy-saving certificates;
the obligations of the newly acquired Photosol entities in terms of clean-up and restoration

15. THE OBLIGATIONS OF THE NEWLY ACQUIRED PHOTOSOL ENTITIES IN TERMS OF CLEAN-UP AND RESTORATION OTHER OPERATING INCOME AND EXPENSES

DzOther operating income and expensesdz as of ͵Ͳ June 2022 are set out below:

(in thousands of euros)	30/06/2022	30/06/2021
Income from disposal of property, plant and equipment and intangible assets	552	(6)
Expenses related to strategic acquisitions	(11,996)	(8)
Other expenses, income and provisions	(464)	(12)
Impact of business disposals	4,063	3,401
TOTAL	(7,845)	3,375

As of 30 June 2022, expenses related to strategic acquisitions correspond to the costs incurred in connection with the acquisition of the Photosol group.

Impact of business disposals:

during January 2022, the Rubis Terminal JV sold its entire stake in its Turkish assets (Rubis Terminal Petrol). Following this transaction, and in accordance with the agreements signed, the Group received an earn-out payment of €Ͷ million from the investment fund ) Squared Capital;
as of 30 June 2021, the Group had sold Recstar Middleast, an entity with no activity but holding trade receivables.

16. EARNINGS PER SHARE

The table below presents the income and shares used to calculate basic earnings and diluted earnings per share.

Earnings per share
(in thousands of euros)	30/06/2022	30/06/2021
Consolidated net income from continuing operations, Group share	169,766	136,148
Impact of stock options on income	60	109
Consolidated net income after recognition of the impact of stock options on income	169,826	136,257
Number of shares at the beginning of the period	102,538,186	103,628,083
Company savings plan	19,743	30,565
Capital decrease		(964,379)
Preferred shares	114,321	242
Weighted average number of shares outstanding	102,672,250	102,694,511
Free shares (performance and preferred)	34,909	1,962,186
Stock options		239,163
Diluted weighted average number of shares	102,707,159	104,895,860
Undiluted earnings per share (in euros)	1.65	1.33
Diluted earnings per share (in euros)	1.65	1.30

17. TRANSACTIONS WITH RELATED PARTIES

There was no significant variation in the nature of transactions with related parties in the first half of 2022 compared with 31 December 2021.

18. LIST OF CONSOLIDATED COMPANIES AS OF 30 JUNE 2022

The consolidated financial statements for the six months ended 30 June 2022 include the Rubis financial statements and those of its subsidiaries listed in the table below.

		30 June	30 June	30 June	30 June
	Registered	2022	2021	2022	2021	Consolidation
Name	office/Country	% control	% control	% interest	% interest	method*
Rubis SCA	46, rue Boissière 75116 Paris – France SIREN: 784 393 530	Parent	Parent	Parent	Parent
Rubis Patrimoine	France	100.00%	100.00%	100.00%	100.00%	FC
Coparef	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Renouvelables (formerly Cimarosa Investissements)	France	100.00%	100.00%	100.00%	100.00%	FC
RT Invest	France	55.00%	55.00%	55.00%	55.00%	JV (EM)
Rubis Terminal Infra	France	55.00%	55.00%	55.00%	55.00%	JV (EM)
Rubis Énergie	France	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz France	France	100.00%	100.00%	100.00%	100.00%	FC
Sicogaz	France	100.00%	100.00%	100.00%	100.00%	FC
Sigalnor	France	65.00%	65.00%	65.00%	65.00%	FC

	Registered	30 June 2022	30 June 2021	30 June 2022	30 June 2021	Consolidation
Name Starogaz	office/Country France	% control 100.00%	% control 100.00%	% interest 100.00%	% interest 100.00%	method* FC

Norgal	France	20.94%	20.94%	20.94%	20.94%	JO
Frangaz	France	100.00%	100.00%	100.00%	100.00%	FC
Vito Corse	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Restauration et Services	France	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Switzerland AG	Switzerland	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energia Portugal S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Seixal Sociedade de Distribuição de Gás S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Açores S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Braga Sociedade de Distribuição de Gás, S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Companhia Logística de Combustíveis SA	Portugal	20.00%		20.00%		JV (EM)
Spelta – Produtos Petrolíferos, SA	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Vitogas España S.A.	Spain	100.00%	100.00%	100.00%	100.00%	FC
Fuel Supplies Channel Islands Ltd (FSCI)	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
La Collette Terminal Ltd	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
St Sampson Terminal Ltd	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Maroc	Morocco	100.00%	100.00%	100.00%	100.00%	FC
Lasfargaz	Morocco	82.89%	82.89%	82.89%	82.89%	FC
Kelsey Gas Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Madagascar	Madagascar	100.00%	100.00%	100.00%	100.00%	FC
Eccleston Co Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Comores	Union of the Comoros Islands	100.00%	100.00%	100.00%	100.00%	FC
Gazel	Madagascar	49.00%	49.00%	49.00%	49.00%	FC
Rubis Antilles Guyane	France	100.00%	100.00%	100.00%	100.00%	FC
Stocabu	France	50.00%	50.00%	50.00%	50.00%	JO

Name	Registered office/Country	30 June 2022 % control	30 June 2021 % control	30 June 2022 % interest	30 June 2021 % interest	Consolidation method*
Société Industrielle de Gaz et	France	100.00%	100.00%	100.00%	100.00%	FC
de Lubrifiants Société Anonyme de la	France	71.00%	71.00%	71.00%	71.00%	FC
Raffinerie des Antilles (SARA) Société Antillaise des Pétroles Rubis	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Guyane Française	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Caraïbes Françaises	France	100.00%	100.00%	100.00%	100.00%	FC
Société Réunionnaise de Produits Pétroliers (SRPP)	France	100.00%	100.00%	100.00%	100.00%	FC
Société d')mportation et de distribution de Gaz liquéfiés dans l'Océan Indien (Sigloi)	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Bermuda Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Sinders Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Bermuda Gas & Utility Company Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Rubis Eastern Caribbean SRL	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Rubis Caribbean Holdings Inc. Barbados		100.00%	100.00%	100.00%	100.00%	FC
Renewstable Barbados	Barbados	60.07%		60.07%		FC
Rubis West Indies Ltd	United Kingdom	100.00%	100.00%	100.00%	100.00%	FC
Rubis Guyana Inc.	Guyana	100.00%	100.00%	100.00%	100.00%	FC
Rubis Bahamas Ltd	the Bahamas	100.00%	100.00%	100.00%	100.00%	FC
Rubis Cayman Islands Ltd	Cayman Islands	100.00%	100.00%	100.00%	100.00%	FC
Rubis Turks & Caicos Ltd	Turks and Caicos Islands	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Jamaica Ltd	Jamaica	100.00%	100.00%	100.00%	100.00%	FC
Easigas (Pty) Ltd	South Africa	55.00%	55.00%	55.00%	55.00%	FC
Easigas Botswana (Pty) Ltd	Botswana	55.00%	55.00%	55.00%	55.00%	FC
Easigas Swaziland (Pty) Ltd	Swaziland	55.00%	55.00%	55.00%	55.00%	FC
Easigas Lesotho (Pty) Ltd	Lesotho	55.00%	55.00%	55.00%	55.00%	FC
Rubis Asphalt South Africa	South Africa	74.00%		74.00%		FC
Ringardas Nigeria Ltd	Nigeria	100.00%	100.00%	100.00%	100.00%	FC
European Railroad Established Services SA (Eres Sénégal)	Senegal	100.00%	100.00%	100.00%	100.00%	FC

Name	Registered office/Country	30 June 2022 % control	30 June 2021 % control	30 June 2022 % interest	30 June 2021 % interest	Consolidation method*
European Railroad Established Services Togo SA (Eres Togo)	Togo	100.00%	100.00%	100.00%	100.00%	FC
Eres Cameroun	Cameroon	100.00%	100.00%	100.00%	100.00%	FC
Eres Libéria Inc	Republic of Liberia	100.00%	100.00%	100.00%	100.00%	FC
Eres Gabon	Gabon	100.00%	100.00%	100.00%	100.00%	FC
REC Bitumen SRL	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Bahama Blue Shipping Company	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Morbihan Shipping Corporation	Barbados	100.00%		100.00%		FC
Pickett Shipping Corp.	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Blue Round Shipping Corp.	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Saunscape International Inc. (liquidated)	Republic of Panama		100.00%		100.00%
Biskra Shipping SA	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Atlantic Rainbow Shipping Company SA	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Woodbar Co Ltd	Republic of Mauritius	85.00%	85.00%	85.00%	85.00%	FC
Rubis Énergie Djibouti	Republic of Djibouti	85.00%	85.00%	85.00%	85.00%	FC
Distributeurs Nationaux SA (Dinasa)	Haiti	100.00%	100.00%	100.00%	100.00%	FC
Chevron Haïti Inc.	British Virgin Islands	100.00%	100.00%	100.00%	100.00%	FC
Société de Distribution de Gaz S.A. (Sodigaz)	Haiti	100.00%	100.00%	100.00%	100.00%	FC
Terminal Gazier de Varreux S.A.	Haiti	50.00%	50.00%	50.00%	50.00%	JO
RBF Marketing Ltd	Jamaica	100.00%	100.00%	100.00%	100.00%	FC
Galana Distribution Pétrolière Company Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Galana Distribution Pétrolière SA	Madagascar	90.00%	90.00%	90.00%	90.00%	FC
Galana Raffinerie Terminal Company Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Galana Raffinerie et Terminal SA	Madagascar	90.00%	90.00%	90.00%	90.00%	FC
Plateforme Terminal Pétrolier SA	Madagascar	80.00%	80.00%	80.00%	80.00%	FC
Rubis Middle East Supply DMCC	United Arab Emirates	100.00%	100.00%	100.00%	100.00%	FC
RAME Rubis Asphalt Middle East DMCC	United Arab Emirates	100.00%	100.00%	100.00%	100.00%	FC

Name	Registered office/Country	30 June 2022 % control	30 June 2021 % control	30 June 2022 % interest	30 June 2021 % interest	Consolidation method*
Maritec Tanker Management	India	100.00%	100.00%	100.00%	100.00%	FC
Private Ltd
Gulf Energy Holdings Ltd	Kenya	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Kenya PLC	Kenya	100.00%	100.00%	100.00%	100.00%	FC
Kobil Petroleum Limited	United States	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Ethiopia Ltd	Ethiopia	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Rwanda Ltd	Rwanda	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Uganda Ltd	Uganda	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Zambia Ltd	Zambia	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Zimbabwe (Private) Ltd	Zimbabwe	55.00%	55.00%	55.00%	55.00%	FC
Rubis Solaire	France	79.97%		79.97%		FC
Aedes & Photosol Développement	France	39.99%		39.99%		JV (EM)
Airefsol Énergies 1	France	65.42%		65.42%		FC
Airefsol Énergies 7	France	67.80%		67.80%		FC
Alpha Énergies Renouvelables France		65.03%		65.03%		FC
Centrale Photovoltaïque de Ychoux	France	47.59%		47.59%		FC
Centrale Photovoltaïque Lagune de Toret	France	65.42%		65.42%		FC
Centrale Photovoltaïque le Bouluc de Fabre	France	65.42%		65.42%		FC
Cilaos	France	67.80%		67.80%		FC
Clotilda	France	67.80%		67.80%		FC
Cpes de L'ancienne Cokerie	France	65.42%		65.42%		FC
Dynamique Territoires Développement	France	79.97%		79.97%		FC
EPV	France	65.42%		65.42%		FC
Euroridge Solar Holding S.àr.l Luxembourg		79.97%		79.97%		FC
Firinga	France	67.80%		67.80%		FC
Inti SAS	France	65.42%		65.42%		FC
Maïdo	France	67.80%		67.80%		FC
Phoebus	France	65.42%		65.42%		FC

Name	Registered office/Country	30 June 2022 % control	30 June 2022 % interest	Consolidation method*
Photom Services	France	31.48%	31.48%	FC
Photosol	France	67.80%	67.80%	FC
Photosol Bordezac Développement	France	65.42%	65.42%	FC
Photosol Bourbon	France	67.80%	67.80%	FC
Photosol Brossac	France	65.24%	65.24%	FC
Photosol CRE 4	France	67.80%	67.80%	FC
Photosol Développement	France	79.97%	79.97%	FC
Photosol Hermitage	France	79.97%	79.97%	FC
Photosol Invest 2	France	28.17%	28.17%	FC
Photosol Maransin	France	79.97%	79.97%	FC
Photosol Roullet	France	79.97%	79.97%	FC
Photosol Sarrazac Développement	France	65.42%	65.42%	FC
Photosol SPV 1	France	65.42%	65.42%	FC
Photosol SPV 2	France	67.80%	67.80%	FC
Photosol SPV 3	France	65.42%	65.42%	FC
Photosol SPV 4	France	65.42%	65.42%	FC
Photosol SPV 5	France	65.42%	65.42%	FC
Photosol SPV 6	France	65.42%	65.42%	FC
Photosol SPV 7	France	65.42%	65.42%	FC
Photosol SPV 9	France	48.78%	48.78%	FC
Photosol SPV 10	France	65.42%	65.42%	FC
Photosol SPV 13	France	65.42%	65.42%	FC
Photosol SPV 14	France	65.42%	65.42%	FC
Photosol SPV 15	France	45.50%	45.50%	FC
Photosol SPV 16	France	65.42%	65.42%	FC
Photosol SPV 18	France	65.42%	65.42%	FC
Photosol SPV 22	France	65.42%	65.42%	FC

Name	Registered office/Country	30 June 2022 % control	30 June 2022 % interest	Consolidation method*
Photosol SPV 27	France	65.42%	65.42%	FC
Photosol SPV 28	France	65.42%	65.42%	FC
Photosol SPV 29	France	79.97%	79.97%	FC
Photosol SPV 31	France	79.97%	79.97%	FC
Photosol SPV 32	France	62.78%	62.78%	FC
Photosol SPV 33	France	65.42%	65.42%	FC
Photosol SPV 34	France	61.64%	61.64%	FC
Photosol SPV 35	France	65.42%	65.42%	FC
Photosol SPV 36	France	56.97%	56.97%	FC
Photosol SPV 37	France	62.20%	62.20%	FC
Photosol SPV 38	France	79.97%	79.97%	FC
Photosol SPV 39	France	55.58%	55.58%	FC
Photosol SPV 40	France	79.97%	79.97%	FC
Photosol SPV 43	France	68.35%	68.35%	FC
Photosol SPV 44	France	79.97%	79.97%	FC
Photosol SPV 45	France	79.97%	79.97%	FC
Photosol SPV 46	France	79.97%	79.97%	FC
Photosol SPV 48	France	79.97%	79.97%	FC
Photosol SPV 49	France	79.97%	79.97%	FC
Photosol SPV 50	France	79.97%	79.97%	FC
Photosol SPV 51	France	79.97%	79.97%	FC
Photosol SPV 52	France	79.97%	79.97%	FC
Photosol SPV 53	France	79.97%	79.97%	FC
Photosol SPV 54	France	79.97%	79.97%	FC
Photosol SPV 55	France	79.97%	79.97%	FC
Photosol SPV 56	France	79.97%	79.97%	FC
Photosol SPV 57	France	79.97%	79.97%	FC

Name	Registered office/Country	30 June 2022 % control	30 June 2022 % interest	Consolidation method*
Photosol SPV 58	France	79.97%	79.97%	FC
Photosol SPV 59	France	79.97%	79.97%	FC
Photosol SPV 60	France	79.97%	79.97%	FC
Photosol SPV 61	France	79.97%	79.97%	FC
Photosol SPV 63	France	79.97%	79.97%	FC
Photosol SPV 65	France	79.97%	79.97%	FC
Photosol Villefranche sur Cher Développement	France	65.42%	65.42%	FC
PV Ecarpiere	France	65.42%	65.42%	FC
Société du Parc Photovoltaïque de la Commanderie	France	63.84%	63.84%	FC
Solaire du Lazaret	France	65.42%	65.42%	FC
SPV 11	France	65.42%	65.42%	FC
SPV 12	France	65.42%	65.42%	FC
SPV 17	France	65.42%	65.42%	FC
SPV 25	France	65.42%	65.42%	FC
SPV 26	France	79.97%	79.97%	FC
SPV 30	France	53.55%	53.55%	FC
Territoires Énergies Nouvelles France		79.97%	79.97%	FC
Thorenc PV	France	67.80%	67.80%	FC
Thorenc PV Holding S.àr.l	Luxembourg	79.97%	79.97%	FC

* FC: Full consolidation; JO: joint operations; JV: joint venture (EM); EM: equity method.

Rubis Antilles Guyane holds a non-controlling interest in five economic interest groupings (EIG) in the French Antilles; as these entities are not material, they are not consolidated.

Rubis Energia Portugal and SARA currently hold non-material and non-consolidated interests. 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 securities were fully impaired. The political and monetary situation did not improve in financial year 2022.

19. EVENTS AFTER THE REPORTING PERIOD

There were no events after the reporting period that could have a material impact on the consolidated financial statements as of 30 June 2022.

STATUTORY AUD)TORS' REPORT ON THE HALF-YEAR FINANCIAL INFORMATION

To the Shareholders,

In compliance with the assignment entrusted to us by Annual General Meetings and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

the review of the accompanying condensed half-yearly consolidated financial statements of Rubis, for the period from January 1 to June 30, 2022.
the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Management Board. Our role is to express a conclusion on these financial statements based on our review.

I. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

II. Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Paris La Défense and Neuilly-sur-Seine, September 8, 2022

The statutory auditors French original signed by,

A division de KPMG S.A.

Jacques-François Lethu François Quédiniac Cédric Le Gal Partner Partner Partner

KPMG Audit Pricewaterhouse Coopers Audit

IV - DECLARATION OF RESPONSIBLE OFFICERS

RESPONSIBLE OFFICERS FOR THE HALF-YEAR FINANCIAL REPORT

Gilles Gobin: Managing Partner Jacques Riou: Chairman of Agena, co-managing company of Rubis

DECLARATION OF RESPONSIBLE OFFICERS FOR THE HALF-YEAR FINANCIAL REPORT

We declare that, to the best of our knowledge, the condensed consolidated financial statements for the past half year have been prepared in compliance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of the Company and all companies included in the consolidated group, and that the half-year activity report on page 1 gives a true and fair view of the important events that occurred during the first six months of the financial year, their impact on the financial statements, and the principal transactions between related parties, as well as a description of the main risks and contingencies for the remaining six months of the financial year.

Meudon and Paris, 8 September 2022

Jacques Riou Chairman of Agena, co-managing company of Rubis

Gilles Gobin Managing Partner

THE WILL TO UNDERTAKE, THE CORPORATE COMMITMENT

AI assistant

Rubis — Interim / Quarterly Report 2022

1636_ir_2022-09-08_108e2483-8480-4442-a8c5-6fed13c18a2f.pdf

TABLE OF CONTENTS

GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2022

ACTIVITY REPORT

RUBIS GROUP

CONSOLIDATED RESULTS AS OF 30 JUNE 2022

FINANCIAL STRUCTURE

ANALYSIS OF CHANGES IN THE NET FINANCIAL POSITION SINCE THE BEGINNING OF THE YEAR

RETAIL & MARKETING DIVISION

Prices of petroleum products

CHANGE BY SALES SEGMENT IN H1 2022

CHANGE IN VOLUMES SOLD BY REGION IN Q2 2022

CHANGE IN VOLUMES SOLD BY REGION IN THE FIRST HALF OF 2022

RETAIL & MARKETING SALES MARGIN IN THE FIRST HALF OF 2022

RESULTS OF THE RETAIL & MARKETING DIVISION AS OF 30 JUNE 2022

RETAIL & MARKETING EUROPE

RESULTS OF THE RETAIL & MARKETING DIVISION IN EUROPE AS OF 30 JUNE 2022

RETAIL & MARKETING CARIBBEAN

RESULTS OF THE RETAIL & MARKETING DIVISION IN THE CARIBBEAN AS OF 30 JUNE 2022

RETAIL & MARKETING AFRICA

RESULTS OF THE RETAIL & MARKETING DIVISION IN AFRICA AS OF 30 JUNE 2022

SUPPORT & SERVICES DIVISION

RESULTS OF THE SUPPORT &SERVICES DIVISION AS OF 30 JUNE 2022

RENEWABLE ENERGY DIVISION

CONTRIBUTION OF THE RUBIS TERMINAL JV

COMMERCIAL AND FINANCIAL RESULTS OF THE RUBIS TERMINAL JV

APPENDIX

RECONCILIATION OF NET INCOME, GROUP SHARE TO ADJUSTED NET INCOME, GROUP SHARE

COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16

OUTLOOK FOR THE SECOND HALF OF 2022

.DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR

EVENTS AFTER THE REPORTING PERIOD

KEY TRANSACTIONS WITH RELATED PARTIES

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2022

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EQUITY AND LIABILITIES

CONSOLIDATED INCOME STATEMENT

STATEMENT OF OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

1. ACCOUNTING POLICES

Standards, interpretations and amendments applicable as of 1 January 2022

Standards, interpretations and amendments for which early application may be chosen

2. SCOPE OF CONSOLIDATION AS OF 30 JUNE 2022

3. CHANGES IN THE SCOPE OF CONSOLIDATION

ACQUISITION OF PHOTOSOL FRANCE

Identifiable assets acquired and liabilities assumed

Goodwill

Put on non-controlling interests

4. SUMMARY SEGMENT INFORMATION

Information by business segment

Breakdown by region (after elimination of intersegment transactions)

Information on revenue

5. NON-CONTROLLING INTERESTS

SARA

Easigas entities

Photosol entities

5.1 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: SARA

5.2 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: EASIGAS SA AND ITS SUBSIDIARIES

5.3 CONDENSED FINANCIAL INFORMATION – NON-CONTROLLING SUBSIDIARY: PHOTOSOL (FRANCE) AND ITS SUBSIDIARIES

6. INTERESTS IN JOINT OPERATIONS

7. INTERESTS IN JOINT VENTURES

Summary financial information – JV Rubis Terminal

8. GOODWILL AND INTANGIBLE ASSETS

8.1 GOODWILL

8.2 INTANGIBLE ASSETS

9. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

9.1 PROPERTY, PLANT AND EQUIPMENT

9.2 RIGHT-OF-USE ASSETS (IFRS 16)

10. FINANCIAL ASSETS

10.1 OTHER FINANCIAL ASSETS

10.2 OTHER CURRENT ASSETS

10.3 TRADE AND OTHER RECEIVABLES (CURRENT OPERATING ASSETS)

10.4 CREDIT RISK

11. EQUITY

Rubis Interim / Quarterly Report 2022