2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 139 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 3.6 INVENTORIES ANDWORK IN PROGRESS With a net value of €65.2 million as of December 31, 2017, inventories and work in progress broke down as follows: 3 Gross values: (in € millions) 12.31.2017 12.31.2016 Gross Raw materials and supplies 69.1 83.1 Work in progress 1.2 1.0 Finished and intermediate products 0.0 0.0 Merchandise - - TOTAL 70.3 84.1 3 Impairments: (in € millions) 12.31.2017 12.31.2016 Impairment Raw materials and supplies (5.1) (0.2) Work in progress - - Finished and intermediate products - - Merchandise - - TOTAL (5.1) (0.2) The provision of €(5.1) million recognized in 2017 is partly linked to the new strategy and the decision to sell 41 vessels considered as “non-smart”, the spare parts for this fleet having been impaired in the amount of €(1.4) million. It also includes a provision of €(1.9) million for over-stocked spare parts. The residual provision of €(1.8) million relates to the current market environment. 3.7 TRADE AND OTHER RECEIVABLES, CURRENT FINANCIAL ASSETS AND OTHER CURRENT ASSETS Receivables with maturity of under one year are classified as current assets. The current portion of the financial assets is detailed below: (in € millions) 12.31.2017 12.31.2016 Gross Impairments Net Gross Impairments Net Trade and receivables 382.1 (34.5) 347.6 476.2 (21.7) 454.5 Current financial assets 63.5 (18.5) 45.0 35.0 (4.0) 31.0 Other current assets 27.5 - 27.5 27.9 - 27.9 TOTAL 473.0 (53.0) 420.0 539.1 (25.7) 513.3 Current financial assets and the other current assets break down as follows: (in € millions) 12.31.2017 12.31.2016 Loans and securities 40.3 24.0 Accrued interest on loans and receivables 4.2 4.8 Financial assets at fair value through profit and loss - - Derivative financial instruments 0.4 2.2 TOTAL CURRENT FINANCIAL ASSETS 45.0 31.0 State, Income tax 10.8 8.5 Prepaid expenses 16.7 19.4 TOTAL OTHER CURRENT ASSETS 27.5 27.9 Derivative instruments are presented in note 3.19.