2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 137 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 3.4.1 Aggregate financial information The main financial items of the companies consolidated by the equity method are presented below (figures indicated at 100%, unless otherwise indicated); as well as individual data for the most significant company: (in € millions) 12.31.2017 of which Sonasurf Angola of which IAS 29 impact 12.31.2016 of which Sonasurf Angola Non-current assets 86.3 14.4 6.9 96.6 10.3 Current assets 81.9 51.2 0.9 97.4 53.5 Total assets 168.2 65.6 7.8 194.1 63.8 Non-current liabilities 79.0 9.3 5.5 50.9 9.9 Current liabilities 88.3 55.5 2.3 143.2 53.8 Total liabilities 167.3 64.7 7.8 194.1 63.8 Revenues 145.5 70.8 5.5 182.0 77.8 Net income 7.9 1.5 2.3 (2.6) (0.7) Other comprehensive income: share of affiliates under the equity method (1.8) ns ns 0.1 ns The principal subsidiary consolidated using the equity method is Sonasurf Angola, a 50% held operating joint venture under joint control. Note that Angola was recognized as hyperinflationary as from 2017. Accordingly, the financial statements of Sonasurf Angola were consolidated on the basis of IAS 29, of which the full impact is detailed in the table above. The list of companies recognized according to the equity method can be found in note 5.7.2. 3.4.2 Commitments given or received for associated or joint venture companies At December 31, 2017, loans guaranteed by mortgages or pledges of equipment or securities totaled €32.1 million, as against €46.5 million at December 31, 2016. The total value of pledged assets was €55 million. 3.4.3 Transactions with associates and joint ventures The financial statements include certain commercial transactions between the Group and its associates and joint ventures. The main transactions were the following: (in € millions) 12.31.2017 12.31.2016 Revenues 41.9 71.3 Direct costs (12.2) (13.9) Trade receivables 47.0 53.8 Trade payables 30.0 28.4 3.5 NON-CURRENT FINANCIAL ASSETS The non-current portion of the financial assets is detailed below: (in € millions) 12.31.2017 12.31.2016 Available-for-sale assets 0.1 0.1 Receivables from non-consolidated companies - - Loans and securities 16.1 160.9 Financial assets at fair value - 0.1 Other non-current financial assets 4.3 6.6 Derivative financial instruments 0.0 0.0 TOTAL 20.6 167.6 Loans and securities mainly include vendor loans associated with certain vessel disposals (see note 2).