2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 109 CONSOLIDATED FINANCIAL STATEMENTS Statement of consolidated cash flows 4 STATEMENT OF CONSOLIDATED CASH FLOWS (in € millions) Notes 2017 2016 Consolidated net income (608.9) (263.0) Share of results from affiliates under the equity method 3.4 (3.7) 1.4 Tax (expense)/income 3.17 12.8 23.9 Net amortization, depreciation and provisions 490.3 340.1 Gains and losses from changes in fair value 39.3 (18.6) Calculated income and expenses related to stock options and similar benefits 3.10 – 3.11 1.3 2.0 Gains and losses on disposals 0.3 (0.6) Income tax paid (13.0) (25.9) Dividends received from affiliates under the equity method 3.4 1.5 1.1 Restatement of non-cash rental expense 2.1 92.5 14.8 Other 27.4 4.1 Cash flows 39.7 79.3 Effect of changes in working capital 56.5 91.6 Dividends received (0.1) (0.1) Cost of net debt 3.15 54.6 43.0 Cash flows from operating activities (A) 150.7 213.8 Acquisition of consolidated companies, net of cash acquired - (0.1) Sale of consolidated companies, including cash transferred - - Effect of other changes in the consolidation scope - (0.2) Payments for property, plant and equipment and intangible assets 3.2 – 3.3 (47.1) (154.3) Proceeds from disposals of property, plant and equipment and intangible assets 3.2 – 3.3 24.2 5.2 Payments for acquisitions of long-term financial assets (0.0) - Proceeds from disposal of long-term financial assets 0.1 - Dividends received 0.1 0.1 Change in loans and advances granted 20.5 (28.8) Cash flows from investment activities (B) (2.3) (178.0) Capital increase - 0.2 Capital repayment - - Net sales (acquisition) of treasury shares (0.2) (4.5) Proceeds from borrowings 3.14 269.2 293.0 Repayments of borrowings 3.14 (175.1) (309.2) Issue of Perpetual Deeply Subordinated Notes 3.9 - - Dividends paid to parent company shareholders (8.5) (25.5) Dividends paid to non-controlling interests (7.6) (18.5) Net financial interest paid (56.2) (47.2) Cash flows from financing activities (C) 21.6 (111.8) Impact from the change in exchange rates (D) (11.0) 0.4 Effect of changes in accounting principles and other reclassifications (D) 20.0 - Change in net cash (A) + (B) + (C) + (D) 179.0 (75.6) Cash at beginning of period (11.8) 63.8 Cash at end of period* 167.2 (11.8) CHANGE IN CASH 179.0 (75.6) * of which: - Marketable and other securities 3.8 - - - Cash and cash equivalents 3.8 243.6 281.5 - Bank overdrafts 3.14 (76.4) (293.3)