2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 127 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 The three new subsidiaries will benefit from privileged market access thanks to the numerous partnerships already in place in the main countries where BOURBON currently operates, in compliance with the rules of the countries involved, particularly in terms of local content. Within BOURBON Marine & Logistics’ traditional fleet of 65 vessels, the 41 oldest vessels, which cannot be connected (known as the “non-smart fleet”), will be sold “as is where is” at the current market price. This planned sale of 41 fully-owned vessels generated an impairment charge of -€167.2 million in the 2017 financial statements (see note 3.3). note that a provision of €1.4 million was consequently booked for these vessels’ spare parts recorded in inventories (see note 3.6). Under this strategy, the Group also decided to dispose of seven specialized vessels considered as non-strategic for the Group. These vessels will also be sold “as is where is” and according to the same process, generating an impairment charge of -€29.6 million (see note 3.3). 2.2 CHANGES IN THE SCOPE OF CONSOLIDATION 2.2.1 Newlyconsolidated companies Six companies were created and fully consolidated in 2017, with a non-significant impact on the consolidated financial statements. The list of the consolidated companies is provided in note 5.8. 2.2.2 Deconsolidated companies No disposals took place in 2017. The only deconsolidations involved company liquidations/dissolutions and had no significant impact on the consolidated financial statements. 2.2.3 Transactions in non-controlling interests BOURBON completed transactions for the acquisition or disposal of certain non-controlling interests during 2017. In accordance with IFRS 10, their impact was recognized under consolidated reserves, as these transactions had no effect on the control exercised by BOURBON over those companies, and hence they did not entail any changes in the way those companies are consolidated. The impact on shareholders’ equity, Group share at December 31, 2017 was as follows: (in € millions) Acquisition price of the shares 0.0 Restated portion acquired 3.8 IMPACT ON SHAREHOLDERS’ EQUITY, GROUP SHARE – ACQUISITION OF NON-CONTROLLING INTERESTS (3.8) (in € millions) Acquisition price of the shares 20.2 Group interests disposed of 4.9 IMPACT ON SHAREHOLDERS’ EQUITY, GROUP SHARE – DISPOSAL OF NON-CONTROLLING INTERESTS 15.3