2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 135 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements 4 The provisions of IFRS 13 were applied to determine this fair value less disposal costs. The Group based itself in particular on offers and estimates transmitted by independent shipbrokers considering that these stacked vessels are being sold simultaneously “as is where is”, with transaction and reactivation costs payable by the purchasers. This planned sale of 41 fully-owned vessels thus generated an impairment charge of -€167.2 million in the 2017 financial statements (see note 3.2). Note that a provision of €1.4 million was booked for the spare parts earmarked for these vessels in inventories (see note 3.6). Similarly, as mentioned in note 2.1, the Group decided to dispose of seven specialized vessels considered as non-strategic. These sales, initiated and approved at the same time as for “non-smart” vessels, will also be “as is where is” and according to the same process. Based on the same IFRS 5 analysis, these vessels are not considered as assets held for sale as of December 31, 2017 nor at the closing date. Likewise, pursuant to the same standards, each asset has been pulled out its CGU and tested individually for impairment, generating impairment of -€29.6 million. Property, plant and equipment presented above include assets held under finance leases which break down as follows: 3 Details of gross property, plant and equipment held under finance leases: (in € millions) Land Buildings Technical facilities Vessels and maintenance Other property, plant and equipment Total 01.01.2016 - - - 63.5 - 63.5 Acquisitions - - - 16.0 - 16.0 Disposals - - - (1.7) - (1.7) Change in scope - - - - - - Currency translation adjustment - - - (0.1) - (0.1) Reclassification and other changes - - - 31.4 - 31.4 12.31.2016 - - - 109.2 - 109.2 Acquisitions - - - 0.6 - 0.6 Disposals - - - - - - Change in scope - - - - - - Currency translation adjustment - - - (0.1) - (0.1) Reclassification and other changes - - - 17.4 - 17.4 12.31.2017 - - - 127.0 - 127.0