2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 146 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements In addition, in accordance with IAS 1 (IAS 1.135B), the Group points out that it did not comply with all of its equity covenants (adjusted gearing ratio defined under the debt rescheduling agreement: Net debt/Shareholders’ equity) for the 2017 fiscal year. Finally, a review of the cross-default and similar clauses in the other loan agreements showed that the theoretical application of such clauses could lead to acceleration of the amounts due as of December 31, 2017, it being specified that such clauses had not been triggered as of the closing date. The long-term portion of the loans subject to this theoretical acceleration totaled €131.2 million as of December 31, 2017. In accordance with IFRS 7.18, the details of the reclassifications are presented below: Nature of the loan Before reclassification After reclassification Balance as of December 31, 2017 of which current portion of which non-current portion Impact of reclassification on current liabilities of which current portion of which non-current portion Restructured borrowings whose covenants were breached: CLUB DEAL – €320M 32.0 9.8 22.2 22.2 32.0 - CLUB DEAL – €340M 326.0 11.5 314.5 314.5 326.0 - CLUB DEAL – €450M 168.8 13.8 154.9 154.9 168.8 - Bilateral borrowings 149.5 21.1 128.4 128.4 149.5 - Other borrowings with covenants that have been breached: Bilateral borrowings 404.8 35.4 369.3 369.3 404.8 - Borrowings containing cross-default or similar clauses: Bilateral borrowings 164.9 33.7 131.2 131.2 164.9 - 1,245.9 125.3 1,120.5 1,120.5 1,245.9 - Gross financial liabilities (€1,608.8 million as of December 31, 2017) appear on the balance sheet under “Borrowings and financial liabilities”, “Borrowings and financial liabilities (portion less than one year)”, and “Bank overdrafts and short-term lines”. a) Analysis bymaturity The maturities on the gross financial liabilities are as follows: (in € millions) 12.31.2017 12.31.2016 Bank overdrafts and short-term lines 76.4 293.3 Debt < 1 year 1,348.5 1,237.8 Debt between 1 and 5 years 143.0 147.0 Debt > 5 years 40.9 71.7 TOTAL 1,608.8 1,749.7 Of which: Finance lease liabilities 74.1 62.5 Debt < 1 year 45.3 30.8 Debt between 1 and 5 years 28.8 27.8 Debt > 5 years 0.0 3.9 The significant balance of financial liabilities due in less than one year results essentially from the reclassification into short-term of the loans for which, as of the closing date, the Group does not have an unconditional right to defer payment of the liabilities for at least 12 months after the current fiscal year (IAS 1.69 d).