2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 157 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 c) Loans and receivables at amortized cost Loans and receivables at amortized costs can be analyzed as follows: (in € millions) 12.31.2017 12.31.2016 Gross Valuation allowance Net Gross Valuation allowance Net Loans and receivables at amortized cost 110.9 (18.5) 92.4 228.2 (4.0) 224.2 Trade and receivables 382.1 (34.5) 347.6 476.2 (21.7) 454.5 TOTAL 493.0 (53.0) 440.0 704.4 (25.7) 678.7 Loans and receivables mainly include vendor loans associated with certain vessel disposals (see note 2). Profits and losses recorded as equity and as income/loss on loans and receivables at amortized cost were as follows: (in € millions) 12.31.2017 Interest Subsequent valuation Income from sale Currency translation adjustment Valuation allowance Shareholders’ equity - (4.8) - - Income/loss 1.9 - (24.0) - TOTAL 1.9 (4.8) (24.0) - Proceeds from interest and impairment recorded relate primarily to payment for the seller loans associated with certain vessel sales. (in € millions) 12.31.2016 Interest Subsequent valuation Income from sale Currency translation adjustment Valuation allowance Shareholders’ equity - 2.8 - - Income/loss 5.1 - (4.0) - TOTAL 5.1 2.8 (4.0) - Proceeds from interest and impairment recorded relate primarily to payment for the seller loans associated with certain vessel sales. d) Cash and cash equivalents Cash and cash equivalents totaled €243.6 million as of December 31, 2017 versus €281.5 million as of December 31, 2016. This item does not include liquid assets subject to restrictions. The policy for managing financial risks is presented in note 3.18. The cash and cash equivalents item is presented in note 3.8. 3.19.2 Derivative financial instruments The fair value of the derivative financial instruments as of December 31, 2017 and December 31, 2016 breaks down as follows: Financial assets (in € millions) 12.31.2017 12.31.2016 Current Non-current Total Total Derivative instruments to hedge debt - 0.0 0.0 0.0 Derivative instruments to hedge revenue in foreign currencies and other 0.4 - 0.4 2.1 TOTAL 0.4 0.0 0.5 2.2