2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 159 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 a) Financial debt The financial debt is analyzed in note 3.14. It broke down as follows as of December 31, 2017 and December 31, 2016: (in € millions) 12.31.2017 12.31.2016 Current Non-current Total Total Bonds - - - - Commercial paper - - - - Draws on credit facilities - - - - Borrowings on finance leases 45.3 28.8 74.1 62.5 Other bank loans 1,296.0 155.1 1,451.1 1,386.3 Accrued interest 7.2 - 7.2 7.6 Total borrowings 1,348.5 183.8 1,532.3 1,456.4 Bank overdrafts and short-term lines 76.4 - 76.4 293.2 Accrued interest 0.0 - 0.0 0.1 TOTAL FINANCIAL DEBT 1,425.0 183.8 1,608.8 1,749.7 As of December 31, 2017, accrued interest not due includes €1.4 million of accrued interest for the bond issue (see note 3.9). b) Derivative financial instruments Derivative financial instruments recognized as liabilities on the balance sheet are presented in note 3.19.2. c) Trade and other payables (in € millions) 12.31.2017 12.31.2016 Trade payables 198.3 194.2 Debt on non-current assets - 3.5 Social security liabilities 42.6 49.1 Tax liabilities 81.9 83.8 Other liabilities 11.9 19.4 Deferred income 2.3 4.0 TOTAL 337.0 353.9 The balance sheet value of all these debts represents a good approximation of their fair value. 3.19.4 Fair value of financial assets and liabilities The method for valuing financial assets and liabilities is detailed in notes 1.5.7 to 1.5.18. 3.19.5 Management of the risks related to financial instruments The Group’s risk management policy is presented in note 3.18. a) Credit risk Receivables outstanding and non-impaired broke down as follows as of December 31, 2017 and December 31, 2016: (in € millions) 12.31.2017 Total Assets outstanding at year-end Assets impaired Assets not impaired or outstanding < 30 days 31-60 days 61-90 days > 91 days Total Loans and receivables at amortized cost - - - - - 18.5 92.4 110.9 Trade and other receivables 17.0 9.5 2.7 58.7 87.9 34.5 259.7 382.1 TOTAL 17.0 9.5 2.7 58.7 87.9 53.0 352.1 493.0