2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 22 MANAGEMENT REPORT 3 Results 2. RESULTS 2.1 FINANCIAL PERFORMANCE Segment information and the reconciliation of adjusted financial information with the consolidated financial statement are presented in note 4 to the consolidated financial statements. 2017 2016 Change 2017/2016 Change % Operational indicators Number of vessels (FTE)* 511.9 512.3 (0.4) -0.1% Total fleet in operation (FTE) 333.7 386.4 (52.7) -13.6% Number of stacked vessels (FTE) 178.2 125.9 +52.3 +41.5% Utilization rate of fleet in operation (1) 82.4% 83.1% -0.7 pt Average utilization rate (2) 53.7% 62.7% -9.0 pts Average daily rate $/d 8,725 9,586 (861) -9.0% * FTE: Full Time Equivalent. (1) Utilization rate of the fleet in operation: over a period, the number of revenue-generating days, divided by the number of calendar days, for vessels that are not stacked. (2) Utilization rate: over a period, the number of revenue-generating days, divided by the number of calendar days. In € millions, unless otherwise noted 2017 2016 Change € million Change % Financial performance Adjusted revenues 860.6 1,102.6 (242.0) -21.9% (change at constant rate) -21.3% Operating and general costs (608.3) (719.6) +111.3 +15.5% Adjusted EBITDAR (excl. capital gains) 252.4 383.0 (130.6) -34.1% as a % of adjusted revenue 29.3% 34.7% -5.4 pts Bareboat charters expense (164.4) (188.7) +24.3 +12.9% Adjusted EBITDA 87.8 193.3 (105.5) ns Impairment (196.8) (36.0) (160.8) ns Adjusted EBIT (403.9) (165.1) (238.8) ns EBIT (406.6) (175.3) (231.3) ns Net income (group share) (576.3) (279.6) (296.7) -106.1% For definitions of financial indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. 2.1.1. For the income statement FY 2017 saw a further decline in activity, which resulted in a reduction in the operating fleet to 334 vessels and an increase in the number of stacked vessels, with 52 additional units. Adjusted revenues totaled €860.6 million, down 21.9% compared to the previous year, the result of a stable utilization rate for a fleet in operation (1) of 82.4% and an average daily rate decrease of approximately $1,000/day, to $8,725. Adjusted EBITDAR generated totaled €252.4 million, down 34.1% compared to 2016. The decrease in operating costs, net of additional charges for stacked vessels, and general expenses was 15.5% year- on-year. As a result, the adjusted EBITDAR margin decreased to 29.3% compared to 34.7% the previous year. The sharp decline in adjusted EBIT of -€403.9 million compared to -€165.1 million in 2016 is mainly the result of impairment on vessels of €196.8 million, of which €167.2 million for the non-smart fleet, and provisions for impairment of €30 million, of which €24.5 million for trade receivables. In terms of financial income, the cost of net financial debt amounted to €54.6 million compared to €43 million the previous year. This item also includes foreign exchange losses of €83 million, of which €73 million in unrealized losses, impairment of financial receivables of €28 million and other non-recurring financial expenses of €22 million related to the treatment of the Group’s debt as of December 31, 2017 and the uncertain nature of future cash flows related to it. Net income, group share of -€576.3 million reflected the impact of the crisis in the sector, its impact on asset values and the risk of recoverability for certain receivables. (1) Utilization rate of the fleet in operation: over a period, the number of revenue-generating days, divided by the number of calendar days, for vessels that are not stacked.