7.2 2020 separate financial statements and notes

 

Balance Sheet

 

ASSETS

 

(in thousands of euros) Note Gross Depreciation
and impairment
Net 12/31/2020 Net 12/31/2019
Fixed assets          
Property, plant and equipment and intangible assets   2,261 941 1,320 1,128
Equity interests 4.1 1,032,607   1,032,607 1,010,102
Other financial assets 4.2 2,140   2,140 1,115
Total fixed assets (I)   1,037,008 941 1,036,067 1,012,345
Current assets          
Trade and other receivables 4.4 582,514   582,514 539,318
Investment securities 4.3 237,980 1,725 236,255 138,859
Cash   344,832   344,832 239,437
Prepaid expenses   254   254 131
Total current assets (II)   1,165,580 1,725 1,163,855 917,745
TOTAL ASSETS (I + II)   2,202,588 2,666 2,199,922 1,930,090

 

EQUITY AND LIABILITIES

 

(in thousands of euros) Note 12/31/2020 12/31/2019
Shareholders’ equity      
Share capital   129,538 125,222
Share premium   1,593,902 1,480,132
Legal reserve   12,919 12,511
Restricted reserve   1,763 1,763
Other reserves   94,626 94,626
Retained earnings   10,436 23,672
Earnings for the year   336,674 184,739
Regulated provisions   794 546
Total shareholders’ equity (I) 4.5 2,180,652 1,923,211
Provisions for contingencies and expenses (II)   299 360
Liabilities      
Bank loans   225 100
Trade and other payables   904 1,210
Taxes and social security payables   2,189 2,393
Other liabilities   15,653 2,816
Total liabilities (III) 4.6 18,971 6,519
TOTAL EQUITY AND LIABILITIES (I + II + III)   2,199,922 1,930,090

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 260
   
 

Income statement

 

(in thousands of euros) Note 12/31/2020 12/31/2019
Sales of services   7,496 5,670
Other income and expense transfers   2  
Operating income   7,498 5,670
Other purchases and external expenses   (8,395) (6,867)
Taxes, duties and similar payments   (363) (211)
Personnel costs   (5,050) (5,262)
Depreciation of fixed assets   (169) (154)
Additions to and reversals of provisions for contingencies and expenses   61 (106)
Other expenses   (1,387) (3,707)
Operating expenses   (15,303) (16,307)
Operating profit   (7,805) (10,637)
Financial income from equity investments   98,490 183,786
Financial income from other securities   602 2,442
Other interest income   828 914
Net income from disposal of marketable securities   (559) 265
Financial provisions   (1,725) (4)
Reversals of financial provisions   4 183
Interest and similar expenses   (1,045) (1,048)
Net financial income and expense   96,595 186,538
Net income before tax   88,790 175,901
Extraordinary items 5.1 233,673 (159)
Income tax 5.2 14,211 8,997
TOTAL NET INCOME   336,674 184,739

 

    261
   
 

Statement of cash flows

 

(in thousands of euros) 12/31/2020 12/31/2019
Operating activity    
Results for the year 336,674 184,739
Depreciation and provisions 2,078 329
Capital gains or losses on disposals of fixed assets (234,010)  
Cash flow (A) 104,742 185,068
Change in working capital (B): (30,993) (130,464)
• trade and other receivables (43,317) (131,435)
• trade and other payables 12,324 971
Operating cash flows (A+B) (I) 73,749 54,604
Investments    
Acquisitions of interests during the current year:    
• Rubis Terminal division (1,654)  
• Rubis Patrimoine (1,402)  
• RT Invest (96,261) (10)
Acquisitions of interests during the current year:    
• Rubis Terminal division 310,821  
Other (1,385) 455
Cash flow allocated to investments (II) 210,119 445
Cash flow from operating activities (I+II) 283,867 55,049
Financing    
Increase/(decrease) in financial liabilities 126 (125)
Increase in shareholders’ equity* 118,483 134,050
Dividend paid* (197,964) (154,522)
Cash flow from financing activities (III) (79,355) (20,597)
Overall change in cash flow (I + II + III) 204,512 34,452
Opening cash and cash equivalents 378,300 343,848
Overall change in cash and cash equivalents 204,512 34,452
Closing cash and cash equivalents 582,812 378,300
Financial debt (225) (100)
Closing cash and cash equivalents net of financial debt 582,587 378,200
* Of which payment of the dividend in shares for €115 million.

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 262
   
 

Notes to the separate financial statements for the year ended December 31, 2020

 

NOTE 1. Overview of the company

 

Rubis is a Partnership Limited by Shares registered and domiciled in France. Its registered office is located at 46, rue Boissière 75116 Paris, France.

 

Rubis is a holding company and parent of the Rubis Group.

 

The Rubis Group operates two businesses in the energy sector:

 

the retail & marketing activity, which specializes in the distribution of fuels (in gas stations or to professionals), lubricants, liquefied gases and bitumen;
   
the support & services activity, which houses all infrastructure, transportation, supply and services activities that support the development of downstream distribution and marketing activities Rubis SCA also holds a stake in the Rubis Terminal joint venture, which specializes in the storage of bulk liquid products (fuels, chemicals and agrifood products) for commercial and industrial customers.

 

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

 

NOTE 2. Significant events of the fiscal year

 

DISPOSAL OF 45% OF RUBIS TERMINAL

 

On January 21, 2020, Rubis SCA and the investment fund I Squared Capital signed a partnership agreement, which was finalized on April 30.

 

Under this agreement, Rubis SCA sold 45% of its stake in Rubis Terminal SA to I Squared Capital and contributed, at actual value, the remaining 55% to the RT Invest SA joint venture, created for the purpose of the partnership, in exchange for RT Invest SA securities.

 

As part of the transaction, Rubis Terminal also paid Rubis SCA €232 million in repayment of the current account (€97 million) and issue premiums (€135 million).

 

At December 31, 2020, the Company recognized all the impacts of this transaction in extraordinary items, generating a profit of €234 million.

 

Following this transaction, Rubis SCA holds a 55% stake in RT Invest SA for an initial value of €227 million. During the second half of 2020, Rubis SCA subscribed to a capital increase of €96 million, carried out as part of acquisition projects, bringing the amount of its investment in RT Invest SA to €323 million as of December 31, 2020.

 

COVID-19 PANDEMIC

 

The Covid-19 pandemic had an unfavorable impact, and more particularly during the first half of the year, on the sales revenue and results of the Company’s subsidiaries. In particular, the Company has included this event in the assessment of the value in use of its equity interests. As the latter remains higher than the book value of the securities held, no impairment was recognized.

 

The Company has not made use of the French government support schemes

 

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NOTE 3. Accounting rules and methods

 

The financial statements as of December 31, 2020 have been prepared and presented in accordance with the accounting policies, standards and methods in force in France pursuant to the provisions of the general chart of accounts (PCG) (ANC Regulation 2014-03 on the PCG).

 

The accounting conventions for the preparation and presentation of the separate financial statements were applied in accordance with the principle of prudence, and the following basic assumptions:

 

going concern;
   
consistency of accounting methods from one fiscal year to the next;
   
independence of fiscal years.

 

Only significant information is mentioned.

 

The valuation rule used to prepare these financial statements is that of historical cost.

 

The annual financial statements of Rubis SCA are presented in thousands of euros.

 

The following should be noted in relation to the way in which the financial statements are presented.

 

3.1 PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

 

Property, plant and equipment and intangible assets are valued at their acquisition cost.

 

Acquisition cost includes the purchase price, as well as all costs directly attributable to the acquisition of the assets in question. Acquisition expenses (transfer taxes, fees, etc.) are recognized directly as expenses.

 

Depreciation is calculated according to the pattern of consumption of the economic benefits expected from the asset. In this respect, depreciation is calculated according to the straight-line method as follows:

 

  Duration
Intangible assets 1 to 10 years
Facilities and fixtures 4 to 10 years
Office equipment 3 to 10 years
Movable property 4 to 10 years

 

When a fixed asset is intended to be sold, or when it no longer has potential, it is tested only at its level. In this case, when its net book value is significantly higher than its estimated present value, the net book value of the asset is immediately impaired to its present value.

 

3.2 EQUITY INTERESTS

 

Equity interests are recorded at their acquisition cost or contribution value. The Company has opted for the recognition of acquisition expenses in the cost price of equity interests.

 

At the end of the fiscal year, interests are estimated at their value in use determined on the basis of a multi-criteria analysis taking into account in particular the share of the equity of the subsidiary that these interests represent, and forecasts of future cash flows or market value. If the value in use is lower than the book value, an impairment expense is recognized in net financial income and expense.

 

3.3 OTHER FINANCIAL ASSETS

 

The main items included in this are Rubis SCA treasury shares held under a liquidity contract.

 

Shares are recognized at acquisition cost. In the event of disposal, the cost price of the shares sold is determined using the “first in, first out” method.

 

3.4 RECEIVABLES AND LIABILITIES

 

Receivables and liabilities are valued at their nominal value.

 

Receivables are impaired when the present value, determined with regard to the risk of non-recovery, is lower than the book value.

 

3.5 INVESTMENT SECURITIES

 

Investment securities are recognized at their acquisition cost. In the event of disposals of securities of the same kind giving the same rights, the cost of the securities disposed of is determined using the “First-In First-Out” (FIFO) method.

 

At the close of each fiscal year, a provision for impairment is recognized if the book value is higher than:

 

their market value for listed securities or units of UCITS;
   
their probable realizable value for negotiable debt securities.

 

3.6 CASH

 

Cash includes cash or equivalent bank securities.

 

Cash is valued at nominal value.

 

3.7 PENSION COMMITMENTS

 

The only pension commitment borne by the Company are employee retirement benefits, as legislation stipulates that benefits are paid to employees at the time of their retirement, depending on their length of service and their salary at retirement age. These retirement benefits are recognized as off-balance sheet commitments (note 6.2.1).

 

The evaluation of the amount of retirement benefits in respect of Rubis SCA employees was determined using the projected unit credit method.

 

3.8 PROVISIONS FOR CONTINGENCIES AND EXPENSES

 

Provisions for contingencies and expenses are recognized when there is an obligation to a third party and it is likely that an outflow of resources will be necessary to settle the obligation, the amount of which can be estimated in a sufficiently reliable manner, in favor of said third party and with no counterparty of at least an equivalent amount expected in return.

 

Contingent liabilities are not recognized but are disclosed in the notes to the financial statements unless the probability of an outflow of resources is very low.

 

3.9 SALES REVENUE

 

Sales revenue mainly consists of management fees invoiced to subsidiaries.

 

These fees are recognized when the revenue is certain in principle and amount.

 

3.10 TAX CALCULATION

 

Rubis SCA is the head of the tax consolidation group that it forms with its subsidiaries in France. Subsidiaries in the tax consolidation scope contribute to the tax expense of the consolidation group in the amount of tax they would have been liable for in the absence of consolidation. The additional tax savings or expense, resulting from the difference between the tax due by the consolidated subsidiaries and the tax resulting from the determination of the overall result, is recorded by the Rubis SCA Group parent company.

 

3.11 EXTRAORDINARY ITEMS

 

Extraordinary income and expenses include the impact of major events that are not related to the Company’s current activity or that correspond to unusual, significant, and infrequent items.

 

3.12 IDENTITY OF THE CONSOLIDATING COMPANY

 

As of December 31, 2020, Rubis SCA (SIREN: 784 393 530) is the parent company for the preparation of the consolidated financial statements of the Rubis Group

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 264
   
 
NOTE 4. Notes relating to selected balance sheet items

 

4.1 INVESTMENTS

 

  Net value as Net value as
(in thousands of euros) of 12/31/2020 of 12/31/2019
Equity interests 1,032,607 1,010,102
Impairment of securities    
TOTAL 1,032,607 1,010,102

 

As of December 31, 2019, Rubis SCA held a 99.8% stake in Rubis Terminal SA. Following the transaction between Rubis and I Squared Capital described in note 2 “Significant events of the fiscal year”, Rubis SCA held a 55% stake in RT Invest SA as of December 31, 2020 for a value of €323 million.

 

4.2 OTHER FINANCIAL ASSETS

 

The Shareholders’ Meeting authorizes the Management Board annually, with the option to delegate such powers, to buy back the Company’s own shares in order to increase the liquidity or market activity of Rubis shares as part of a liquidity contract, in compliance with the Association Française des Entreprises d’Investissement (French Association of Investment Companies) Code of Ethics.

 

As of December 31, 2020, Rubis SCA held 58,087 Rubis shares, representing a purchase price of €2,034 thousand. No impairment was recognized at December 31, 2020.

 

Changes during the year were as follows:

 

  Gross value as     Gross value as
(in thousands of euros) of 12/31/2019 Acquisitions Disposal of 12/31/2020
Treasury shares 1,109 17,290 (16,365) 2,034
TOTAL 1,109 17,290 (16,365) 2,034

 

4.3 INVESTMENT SECURITIES PORTFOLIO

 

As of December 31, 2020, the investment securities portfolio had a gross value of €237,980 thousand, and a net value of €236,255 thousand.

 

(in thousands of euros) Gross
value as of
12/31/2020
Impairment Net
value as of
12/31/2020
Market
value as of
12/31/2020*
Net
value as of
12/31/2019
Sicav 20,781 (1) 20,780 21,132 22,265
Other funds 216,835 (1,724) 215,111 215,498 114,773
Interest receivable on other funds 364   364 364 1,821
TOTAL 237,980 (1,725) 236,255 236,994 138,859
* Estimated market value as of December 31, 2020.

 

4.4 RECEIVABLES

 

Trade and other receivables, amounting to €582,514 thousand, are all due in less than one year and break down as follows:

 

€565,195 thousand in intra-group receivables;
   
€17,274 thousand in receivables from the French Treasury. This item notably includes a tax settlement of €4,861 thousand that Rubis SCA expects to obtain from the tax authorities, €8,597 thousand in receivables related to the tax consolidation, and €2,737 thousand relating to the VAT credit deferred to December 31, 2020;
   
€45 thousand in miscellaneous receivables.

 

    265
   
 
4.5SHAREHOLDERS’ EQUITY

 

STATEMENT OF CHANGES IN EQUITY:

 

(in thousands of euros) 12/31/2020 12/31/2019
Shareholders’ equity at the beginning of the year 1,922,665 1,758,398
Capital increase 4,316 4,205
Increase in the share premium 113,770 129,436
Legal reserve allocation from share premium 397 409
Dividend distribution (197,964) (154,522)
Results for the year 336,674 184,739
Shareholders’ equity at the end of the year* 2,179,858 1,922,665
* Excluding regulated provisions.

 

As of December 31, 2020, the share capital consisted of 103,630,677 shares (of which 5,188 preferred shares), fully paid up, with a par value of €1.25 each, i.e. a total amount of €129,538 thousand.

 

As of December 31, 2020, Rubis SCA held 58,087 treasury shares.

 

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

 

  Number
of shares
Share capital
(in thousands of euros)
Share premium
(in thousands of euros)
As of January 1, 2020 100,177,432 125,222 1,480,132
Payment of the dividend in shares 3,071,828 3,840 110,954
Company savings plan 102,837 128 3,726
Preferred shares purchased 2,172 3 (3)
Preferred shares converted into ordinary shares 276,408 345 (345)
Capital increase expenses     (165)
Legal reserve allocation     (397)
AS OF DECEMBER 31, 2020 103,630,677 129,538 1,593,902

 

The terms of the stock-option and free performance and free preferred share plans outstanding as of December 31, 2020 are set out in the tables below:

 

STOCK OPTIONS
Date of the Management Board meeting
Outstanding as
of 12/31/2019
Rights issued Rights exercised Rights canceled Outstanding as
of 12/31/2020
December 17, 2019 150,276       150,276
November 6, 2020   87,502     87,502
TOTAL 150,276 87,502     237,778

 

STOCK OPTIONS
Date of the Management Board meeting
Number
of options
outstanding
  Expiry of
exercise period
Exercise price
(in euros)
Options
exercisable
December 17, 2019 150,276   Mar-33 52.04  
November 6, 2020 87,502   Mar-34 29.71  
TOTAL 237,778        

 

FREE PERFORMANCE SHARES
Date of the Management Board meeting
Outstanding as
of 12/31/2019
Rights issued Rights exercised Rights canceled Outstanding as
of 12/31/2020
December 17, 2019 385,759       385,759
November 6, 2020   787,697     787,697
TOTAL 385,759 787,697     1,173,456

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 266
   
 

The vesting period for beneficiaries’ free shares is a minimum of three years from the date on which they are granted by the Management Board. The conditions for granting free shares are set by the Management Board.

 

FREE PREFERRED SHARES
Date of the Management Board meeting
Outstanding as
of 12/31/2019
Rights
issued
Rights
exercised
Rights
canceled
Outstanding as
of 12/31/2020
Of which preferred
shares acquired
but not yet converted
into ordinary shares
September 2, 2015 2,086   (2,086)      
July 11, 2016 3,814   (706)   3,108 3,108
March 13, 2017 1,932       1,932 1,706
July 19, 2017 374       374 374
March 2, 2018 345       345  
March 5, 2018 1,157       1,157  
October 19, 2018 140       140  
January 7, 2019 62       62  
December 17, 2019 662       662  
TOTAL 10,572   (2,792)   7,780 5,188

 

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.

 

4.6 DEBT AND EXPENSES PAYABLE

 

Accrued expenses totaled €1,991 thousand, breaking down as €372 thousand relating to suppliers, €225 thousand to accrued interest, €6 thousand to the General Management and €1,388 thousand to tax and social security liabilities. These expenses payable are operating expenses and financial expenses.

 

Trade payables recognized on the balance sheet, in a total amount of €533 thousand, all mature in less than three months. All the liabilities recognized on the balance sheet are due in less than one year.

 

In addition, at the Shareholders’ Meeting of June 11, 2020, the General Partners decided to defer the payment of 50% of their dividend per by-laws for the 2019 fiscal year, to the month of June 2022, or before that date if the Rubis share price reaches an average of €50 over the course of 20 consecutive trading days (opening price). This liability is recorded in the financial statements as of December 31, 2020 for an amount of €11 million.

 

4.7 ITEMS CONCERNING RELATED COMPANIES

 

All transactions with related parties concern transactions carried out with subsidiaries wholly owned by Rubis SCA and are concluded under arm’s length conditions.

 

(in thousands of euros) 12/31/2020
Receivables 565,195
Liabilities (4,677)
Income from investments 98,490
Net financial income 613

 

    267
   
 
NOTE 5. Notes related to selected income statement items

 

5.1 EXTRAORDINARY ITEMS

 

Extraordinary items for the fiscal year primarily consist of income from transactions between Rubis SCA and I Squared Capital (see note 2 “Significant events of the fiscal year”).

 

(in thousands of euros) 12/31/2020 12/31/2019
Disposals of fixed assets 405,774  
Other extraordinary income 111 90
EXTRAORDINARY INCOME 405,885 90
Net book value of assets sold (171,764)  
Other extraordinary expenses (200) (1)
Accelerated depreciation expenses (248) (248)
EXTRAORDINARY EXPENSES (172,212) (249)

 

5.2 INCOME TAX

 

(in thousands of euros) Tax base Rate Gross tax Credit Net tax
Corporation tax on net income at standard rate (27,843) 32.02% (8,712) (324) (9,036)
Corporation tax on extraordinary items at standard rate 31,272 32.02% 9,785   9,785
Corporation tax calculated on expenses related to capital increases allocated to share premiums 243 32.02% 78   78
Tax refunds     (920)   (920)
Expense/(benefit) relating to tax consolidation     (14,118)   (14,118)
TOTAL     (13,887) (324) (14,211)

 

Rubis SCA is taxed under the system for parent companies and subsidiaries. These dividends are subject to taxation on a share of fees and expenses amounting to 1%.

 

Rubis SCA has opted for the tax consolidation regime since January 1, 2001. The scope of consolidation is as follows:

 

DATE OF INCLUSION OF COMPANIES IN THE TAX CONSOLIDATION GROUP AT THE REPORTING DATE

 

January 1, 2001 Rubis
January 1, 2006 Rubis Énergie
  Rubis Antilles Guyane
  SIGL
  Sicogaz
  Starogaz
January 1, 2011 Frangaz
  Vito Corse
January 1, 2012 Société Antillaise des Pétroles Rubis (SAPR)
  Rubis Guyane Française (RGF)
  Rubis Caraïbes Françaises (RCF)
January 1, 2013 Coparef
  Vitogaz France
January 1, 2014 Rubis Restauration et Services (RRS)
January 1, 2016 Société Réunionnaise de Produits Pétroliers (SRPP)
January 1, 2018 Rubis Patrimoine
January 1, 2019 Cimarosa investissements

 

The agreed breakdown of tax is as follows (unless otherwise agreed):

 

tax expenses are paid by the companies as if there were no tax consolidation;
   
tax savings made by the Group are recognized in the income statement by the parent company;
   
tax savings are not reallocated to subsidiaries, except in the event of an exit from the Group.

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 268
   
 
NOTE 6. Other information

 

6.1 WORKFORCE

 

The workforce averaged 19 people in fiscal years 2019 and 2020.

 

6.2 OFF-BALANCE SHEET COMMITMENTS

 

6.2.1 PENSION OBLIGATIONS

 

Retirement benefits for Rubis SCA employees totaled €269 thousand, including social security contributions. The evaluation method is described in note 3.7.

 

6.2.2 FINANCIAL COMMITMENTS AND CONTRACTUAL OBLIGATIONS

 

Commitments received
(in thousands of euros)
12/31/2020 12/31/2019
Confirmed and unused lines of credit 571,964 200,000
TOTAL 571,964 200,000
     
Contractual commitments
(in thousands of euros)
12/31/2020 12/31/2019
Operating leases* 4,433 5,038
TOTAL 4,433 5,038
* For the Rubis Patrimoine subsidiary.

 

6.3 COMPENSATION OF MANAGING PARTNERS AND MEMBERS OF THE SUPERVISORY BOARD

 

General Management compensation is governed by Article 54 of the by-laws. For the 2020 fiscal year, it totaled €2,379 thousand.

 

The 13th resolution approved at the Annual Shareholders’ and General Partners’ Meetings on June 11, 2020 introduced variable compensation, the terms and conditions of which are described in chapter 5 of the 2020 Universal Registration Document. No provision was made for the variable compensation for General Management in respect of the 2020 fiscal year, as the triggering criterion was not met.

 

Compensation paid to members of the Supervisory Board for fiscal year 2020 totaled €168 thousand.

 

6.4 SUBSIDIARIES AND EQUITY INTERESTS

 

Subsidiaries: at least 50% of share capital held by Rubis SCA.

 

(in thousands of euros) Rubis
Énergie SAS
RT
Invest SA
Kelsey* Coparef SA Rubis
Patrimoine
SARL
Cimarosa
Invest. SAS
Share capital 335,000 529,326 1 40 1,402 5
Shareholders’ equity other than share capital 388,088 57,905 17 (17) (471) (5)
Government grants and regulated provisions 12,143          
Share of capital held 100.00% 55.00% 100.00% 100.00% 100.00% 100.00%
Gross book value of the securities held 685,503 323,150 4 34 23,911 5
Net book value of the securities held 685,503 323,150 4 34 23,911 5
Loans and advances from Rubis SCA not repaid 558,190       4,035  
Amounts of guarantees and securities given by Rubis SCA            
Sales revenue for the last period ended 270,590 891 803   665  
Net income for the last period ended 133,530 (206) (28) (2) (168) (3)
Dividends received by Rubis SCA during fiscal year 2020 98,490          
* The company’s accounting records are kept in US dollars. The following exchange rates were used:
  - shareholders’ equity: closing rate (€1 = US$1.2271);
  - sales revenue and net income: average rate (€1 = US$1.1413).

 

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6.5 INVENTORY OF INVESTMENTS AND SECURITIES
(in thousands of euros) Net value as of
12/31/2020
I - Shares and investments  
French equity interests  
Coparef 34
Rubis Énergie 685,503
Rubis Patrimoine 23,911
Cimarosa investissements 5
RT Invest 323,150
Foreign equity interests  
Kelsey 4
TOTAL EQUITY INTERESTS 1,032,607
II - UCITS and similar  
UCITS  
SICAV BNP SUS BD 19,950
SICAV BNP Par Money 3M 830
Other  
CMC-CIC Equival Cash C fund 3,587
Agipi fund 19,377
Open Capital fund 28,692
HR Patrimoine Capitalisation fund 43,079
Open Perspectives Capitalisation fund 20,811
Citi Term Liquidity Fund Eur 92A fund 99,929
TOTAL UCITS AND SIMILAR 236,255

 

6.6 FEES PAID TO STATUTORY AUDITORS

 

The fees paid to the Statutory Auditors during the year are set out in note 10.4 to the 2020 consolidated financial statements.

 

6.7 POST-BALANCE SHEET EVENTS

 

No significant events occurred after the closing date.

 

  RUBIS – 2020 UNIVERSAL REGISTRATION DOCUMENT 270
   
 
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