2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 158 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements Financial liabilities (in € millions) 12.31.2017 12.31.2016 Current Non-current Total Total Derivative instruments to hedge debt 0.5 8.9 9.4 18.4 Derivative instruments to hedge foreign currency and other risks - 5.0 5.0 25.3 TOTAL 0.5 14.0 14.4 43.7 Hedging the interest rate risk As of December 31, 2017 and December 31, 2016, the Group held different swap contracts to cover changes in the rates on its variable rate borrowings. The swap contracts swap are used to hedge the rate risk for firm commitments. The terms of these agreements had initially been negotiated to coincide with the terms of the firm commitments. These interest rate swaps are all attached to borrowings whose future flows are no longer expected, resulting in the elimination of the item covered and the disqualification of these hedging instruments. The change in the fair value of these instruments has been recognized in net income. The same applies to the stock of financial instruments previously recognized in other comprehensive income, now reclassified to net income (loss) in the amount of -€6.6 million. Hedging the foreign exchange risk At December 31, 2017, the Group had no foreign exchange hedge in place. As soon as the conditions for their set-up are met, new forward currency contracts will be negotiated to coincide with the terms of the firm commitments. For 2017, the change in fair value of the derivative instruments booked directly under consolidated reserves (group and non-controlling interests) represented a net unrealized deferred tax impact of €14.6 million, broken down as follows: (in € millions) 2017 2016 Change in fair value of hedge derivatives 18.3 3.2 of which: forward sales/revenue 3.3 (6.7) interest rate swaps and others 15.0 9.9 Effect of deferred taxation (3.7) (3.2) NET IMPACT 14.6 0.0 The derivative instruments are put in place in accordance with the Group’s risk management policy and are analyzed in note 3.19. 3.19.3 Financial liabilities As of December 31, 2017 and December 31, 2016, financial liabilities broke down as follows: (in € millions) 12.31.2017 12.31.2016 Current Non-current Total Total Financial liabilities 1,425.0 183.8 1,608.8 1,749.7 Derivative financial instruments 0.5 14.0 14.4 43.7 Trade and other payables 334.7 0.8 335.5 352.0 Other liabilities 6.1 1.0 7.0 8.3 TOTAL 1,766.2 199.5 1,965.8 2,153.7