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UPDATE 1st Semester 2002 12 September 2002

UPDATE 1st Semester 2002 12 September 2002 REMINDER Since January 2002, the Groupe Bourbon accounts have been reported on the following bases : proportional 66.66% consolidation of the distribution business

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UPDATE 1st Semester 2002 12 September 2002

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  1. UPDATE 1st Semester 2002 12 September 2002

  2. REMINDER Since January 2002, the Groupe Bourbon accounts have been reported on the following bases : • proportional 66.66% consolidation of the distribution business • reclassification of the industrial fishery branch in the item «  other business », • the standards applied in the Maritime Services branch have been adjusted to compare with those of listed corporations in the profession : • amortization extends from a period of 8 to 12 years to a period of 8 to 20 years • financial expenses for ships under construction are now capital expenditure • capital gains on vessels sold are accounted in Operations

  3. Milestones : 1st semester 2002 • A good first semester, both for operations and income • Opening of shopping mall in Le Port (Réunion) • Permit granted for for a second shopping mall in Mauritius • Startup of Exxon contract in Angola • Acquisition of a 51 % share in Island Offshore II and a 25 % stake in Havila Supply • Transfer of Rivage Guadeloupe following closure of coastal cruise business

  4. Groupe Bourbon 1st semester 2002 Turnover = 446.5 M€ Current operating income = 40.8 M€ Net result, group shareholding = 26.2 M€

  5. Key figures. 1st semester 2002 • Increase in turnover of distribution and maritime services branches respectively 13.1% and 6.6%. • Turnover from international business now represents 40%, as compared with 31.4% last year. • Increase in EBITDA and current operating income reflect a good first semester. • The cash flow generated, one of Groupe Bourbon’s strengths, helps finance the investment program announced.

  6. In millions of € June 02 June 01 pro forma % 2001 pro forma Turnover (sales) 446.5 415.6 7.4 % 852.2 EBITDA 74.3 59.5 23.9 % 135.7 EBIT 40.8 28.8 41.7 % 71.0 Net result. group shareholdings 26.2 14.3 83.2 % 48.9 Cash flow 69.2 41.9 67.6 % 109.6 Net investment 105.9 75.3 - 107.8 Key figures, 1st semester 2002

  7. Turnover1st semester 2002 8 % Other business 38 % Maritime Services 40 % International 54 % Distribution 60 % France (Réunion)

  8. Turnover, 1st semester 2002Distribution and Maritime 30 % Bulk transport 33 % Towage & Assistance 16 % International 84 % France (Réunion) 37 % Offshore oil

  9. Other business SUGAR in VIETNAM • The sugar business in Vietnam posted a first semester in line with forecasts, with sales backed up into the second semester. INDUSTRIAL FISHING • As usual, the first semester accounted for the bulk of the year’s results. • Business still depends on the quotas apportioned by the French government.

  10. Other businessKey figures, 1st semester 2002

  11. Distribution 1st semester 2002

  12. DistributionMilestones, 1st semester 2002 • Growth of business in line with the 2002-2006 business plan, both for France (Réunion) and on an international scale. • In Réunion, the mall-based hypermarket still generates the best results. • Opening of the Sacré Coeur shopping mall (22000 square meters) with : • a Jumbo Score covering 5700 square meters. • four specialist medium-sized stores (household appliances, culture, sports and textiles) and a 3000 square-meter Bricorama • 35 boutiques. • Construction begun on second shopping mall for Mauritius. Reminder : figures as shown correspond to 66.66 % of business handled

  13. DistributionKey figures, 1st semester 2002 • The increase in turnover follows store openings in Reunion in 2002 and in Mayotte and Vietnam in 2001, together with consolidation of Mauritius. • Increased earnings reflect our careful control of logistics and operating costs. • Investments for the semester went principally into completion of the Le Port shopping mall (Reunion) and acquisitions required for expansion in Mauritius. Reminder : figures as shown correspond to 66.66 % of business handled

  14. DistributionKey figures, 1st semester 2002

  15. Distribution France (Réunion)Key figures, 1st semester 2002 • The share of turnover brought in by the Cora and Jumbo hypermarkets increases to reach 73% of total, a two percentage point increase over last year. • The current operating income mirrors the adjustment of cost markons begun in 2001 and careful management of overheads, notably payroll expenses. • The cash-and-carry business and the integrated food-processing workshops both contribute positively to growth of income. Reminder : figures as shown correspond to 66.66 % of business handled

  16. Distribution France (Réunion)Key figures, 1st semester 2002

  17. International distributionKey figures, 1st semester 2002 • Growth in turnover should be considered in the light of the store openings in the 1st semester of 2001 (Vietnam and Mayotte) and of the consolidation of Mauritius. • Good performances from the Mayotte hypermarket • The dip in business in Madagascar was limited to 10% ; the second semester should bring the return of normal results. • The store name changeover in Mauritius was warmly welcomed by clients. • After a sluggish first six months in Vietnam, business seems to be picking up in the second semester. Reminder : figures as shown correspond to 66.66 % of business handled

  18. International distributionKey figures, 1st semester 2002

  19. DistributionOutlook and prospects • Opening of the Le Port shopping mall - a new mass marketing concept for Reunion : • Hypermarket devoting generous space to foodstuffs and fresh products • Home furnishings and cultural goods centralized in specialist stores under their own trade names : Home City and Agora. • Extended shopping facilities and and wider choice of restaurants and eateries. • International development in 2003 will benefit from new sales outlets currently under construction : • The Riche Terre shopping mall with a Cora hypermarket of 6000 square metres in Mauritius • New Score stores in Mayotte and Madagascar • Extension of Mien Dong Cora (+ 1500 sqm) in downtown Ho Chi Minh City.

  20. Maritime services 1st semester 2002

  21. Maritime servicesMilestones, 1st semester 2002 • Business in line with expectations, including : • marked progression in offshore work • stabilization of towage activity • bulk transport turnover affected by the drop in freight rates. • Accelerated growth in terms of outfit (Island Offshore II) and human resources (Havily Supply). • Increase in current operating income, where absolute value allows for Groupe Chambon’s adoption of the standard accounting practices for the profession. • Partnership policy, notably in Angola, will henceforth boost net result for group share. • Semester characterized by a drop in the US$ and a correspondingly positive incidence on financial operations, with a 4.2M€ unrealized exchange gain.

  22. Maritime servicesKey figures, 1st semester 2002 • Increase in turnover fuelled by strong growth in offshore oil work (+ 54.5%). • EBITDA benefits from continued interaction between the three activities. • Semester figures show operating margin in line with target set for 2006. • Investments reflect shareholdings taken in Island Offshore (51 %) and Havila (25 %) for a total of 42 M€.

  23. Maritime servicesKey figures, 1st semester 2002

  24. Offshore oilfieldsKey figures, 1st semester 2002 • The consolidation of Delba Maritima and the two-year charter of a vessel for a client in Angola : • boost growth for the semester by 26% • but account for a 7% drop in the EBE/turnover ratio • Offshore business is developing according to plan, notably with the extension of the Exxon contract in Angola. • Investments reflect acquisitions in Norway, the launching of a PSV and a crewboat and progress payments on work in hand.

  25. Offshore oil businessKey figures, 1st semester 2002 77.6 18.1 59.5

  26. Towage & AssistanceKey figures, 1st semester 2002 • Business stable over the semester, as expected for a mature activity • Operating ratios improved by reorganization in France and overseas growth • Investments levels reduced in view of the massive investments made over 1998 - 2000. • Shoreline protection activity pending renewal of tenders for the Abeille Flandre and the Languedoc.

  27. Towage & AssistanceKey figures, 1st semester 2002

  28. Bulk transportKey figures, 1st semester 2002 • 5.5 million metric tons transported as compared with 5.8 million in the first semester of 2001 • Drop in freight rates accounts for that in value of turnover • Profitability of business still remains satisfactory • Third 49,000 ton bulker, built in China, delivered in July 2002

  29. Bulk transportKey figures, 1st semester 2002

  30. Maritime servicesOutlook and prospects • The French government has confirmed renewal of shoreline protection measures. • National and European regulations expected for harbor towage business. • A major investment program (27 vessels currently under construction) to back the needs of our development policy in the deep-water offshore business

  31. Marine support for deepsea offshore fields Strategy regarding marine support for deepsea offshore oilfields

  32. Marine support for deepsea offshore fields • The market in 2001 Approx.165 vessels 163 vessels Approx. 1200 vessels Approx. 450 vessels 5 vessels Approx. 550 vessels 46 vessels 18 vessels Approx. 280 vessels 40 vessels 44 vessels Approx. 40 vessels Approx. 260 vessels 15 vessels Deepwater offshore vessels Standard offshore vessels

  33. Market growth Oil production from deepsea drilling will increase by 15% per year between 2000 and 2005 Overall world output 100 - TCAM (1970-2000) : 1.7% 50 - 2.2% (2000-2010) : Offshore 10 - Oil TCAM (1970-2000) : 4.6% production 3.1% (2000-2010) : (in Mb/day.) Deepwater output 1 - TCAM (1985-2000) : 19.8% 14.9% (2000-2005) : 0 1960 1970 1980 1990 2000 2010 Years

  34. Market growth Oil companies are going deeper and deeper to find oil and gas 3 000 2 600 (D) 2 500 2 000 1 853 Traditional offshore Depth (in meters) 1 500 Deepsea operations 753 1 000 314 500 114 60 0 1980 2005 1970 1990 2000 1960 Year

  35. Market growth On the long term, the advantages of deepwater offshore business far outweigh inconveniences, mainly cost-related For Against Plus Moins Technical difficulties multiply with depth • • Gradual depletion of standard offshore resources • • Deepwater fields much larger than standard fields Operating costs - development and production - multiply with depth Production from deepwater fields 2 to 3 times greater than standard fields • Development can be temporarily restricted (linked to oil prices) • • Greater geographical diversification (reduced country risk)

  36. Market growth Average offshore productivity : deepsea / standard Examples of fields (2001) : 70 000 Plus Moins Name Zone Depth Production 60 000 ((in B/DOE) - 50 000 Average Arkwright UK 95m 4 500 (1) productivity 40 000 Sygna Norway 250m (in barrels 11 000 per day oil 30 000 GoMex Tahoe II 450m 26 000 equivalent (B/DOE)) 20 000 Petronius GoMex 525m 31 000 10 000 Barracuda Brazil 1 050m 45 000 0 100-299 300-499 0-99 500-999 1500+ 1000-1499 Mensa GoMex 1 590m 52 000 Depth Girassol Africa 1 400 m 120 000-200 000 (in meters) Traditional offshore Deepwater drilling

  37. Market growth Proven oil reserves discovered to date (2001) and estimated by 2008 in deepwater fields 25 000 2008 Plus Moins 20 000 15 000 Volume 2001 (millions 10 000 of barrels) 2008 5 000 2001 0 Gulf of Mexico North Sea Others West Africa Brazil

  38. Market growth Growth of fields and reserves under production - 2001 - - 2008 - 200 200 North Sea 70 70 Number of fields under production 60 60 North Sea Gulf of Mex 50 50 Gulf of Mex 40 40 Brazil 30 30 West Africa 20 20 (2) Brazil West Africa (2) 10 10 0 0 20 000 40 000 60 000 20 000 40 000 60 000 Proven reserves (mmbbl) Proven reserves (mmbbl)

  39. Products and markets Operations / Development Production Production Repairs/ Maintenance Crew boat Anchoring Supply Towage Near : standard crewboats : 300 Proche : ROVs main. & repairs, cons. support Crew boat classique 300 Traditional offshore AHTS / standard supply vessels 1 471 AHTS / Supply classiques Distant : Surfers 70 Eloigné : Surfers 1 471 70 74 North Sea Helicopters Hélicoptères ROVs main. & repairs, cons. support Tugs Tugs special- purpose PSVs 50 50 ROV Maintenance/ • special-purpose • AHTS • 10,000 bhp PSV Réparation AHTS spécifiques spécifiques Support de > 10 Kbhp Near : standard crewboats Proche : > 2 000 dwt > 2 000 dwt construction Crew boat < 10 ans < 10 ans classique 158 152 2 Deepwater offshore 2 Distant but calm: Surfers :10 ) Eloigné calme : Surfers 10 Distant & difficult : helicopters Eloigné difficile : Hélicoptère MSV 19 MSV 19

  40. A marine services marketwith an annual growth rate of 15 % 80 % of new vessels required for West Africa, Brazil and the Gulf of Mexico 170-180 180 160-170 160-170 165 160 2008 140 100-110 120 130 110 Number of vessels 110 - - - 100 140 120 120 80 60 40 2001 2008 40 44 46 163 38 20 2001 0 North Sea West Africa Brazil Gulf of Mexico Others

  41. The Golden Triangleof deepwater offshore By 2008, the three markets of Africa, Brazil and the Gulf of Mexico will represent the same volume of deepwater business Approx. 165 Approx. 200 vessels vessels 5 vessels Approx. Approx. 1200 vessels, of which 240 under renewal Approx. 450 vessels 400 vessels 160-170 - vessels 170-180 40 vessels vessels 160-170 Approx. 280 vessels vessels Approx. 260 Approx. 30 vessels 20 vessels vessels Deepwater offshore vessels Standard offshore vessels

  42. Possible strategies 1 1 Gulf of Mex Brazil Africa North Sea MSV 2 deepsea AHTS 3 Petrobras deepsea PSV Exxon Exxon TotalFinaElf standard AHTS TotalFinaElf Chevron Chevron standard PSV Shell Shell B.P Tugboat Passenger

  43. Groupe Bourbon strategy Accelerate growth to gain market shares : • through acquisitions and partnerships and by adapting teams, organization, management and supervision to a strategy of rapid growth Island Offshore Vessels Les vessels Delba Maritima Organization, teams and skills Market shares Havila L'organisation. Les parts

  44. Groupe Bourbon strategy • Bourbon’s financial structure allows the group to bankroll fast-lane growth in the offshore business.

  45. Structure of tied-up capital The strategy followed and the corresponding investments will increase bottom-line tied-up capital. As at June 30th 2002 : • in the asset column, net fixed assets represent 91 % of tied-up capital • in the liabilities column, net debts account for 52 % of tied-up capital

  46. Structure of tied-up capital M€ 834 900 758 800 700 600 500 434 400 400 300 200 76 100 0 Working capital requirements Net fixed assets Tied-up capital Shareholders’ equity & reserves Net debts

  47. Fixed assets and net debts Groupe Bourbon indebtedness corresponds to : • financing of assets which have high strategic value and/or are easily transferrable (sales positions, new vessels) • around three years of cash flow, guaranteed and self-renewing (medium-term contracts). Groupe Bourbon’s overall debts represent just 70 % of the gross value of its vessels.

  48. Fixed assets and net debts M€ M€ M€ 1148 1148 1200 1148 1200 Other business 214 Autres 214 1000 Distribution 1000 Distribution 758 Maritime Maritime 758 291 800 758 291 800 161 161 600 600 434 196 434 196 400 400 643 643 401 401 130* 130* 200 200 0 0 Immobilisations Immobilisations Dettes nettes Cash flow annuel Net fixed assets Gross fixed assets Net debts Annual cash flow brutes nettes * on the basis of a ratio net debts / 3.3 times annual cash flow ( average over past three years) * sur la base d'un ratio dettes nettes / cash flow annuel de 3.3 fois

  49. Groupe Bourbon 1st semester 2002 September 12th, 2002

  50. Exercise of stock warrantsand increase of capital On September 9th 2002, the board of directors noted that all stock warrants had been surrendered. Upon issue of the corresponding 368 172 shares, the position was : Financière Jaccar • Overall Groupe Bourbon shares now total 7,032,000 • the increase of capital amounted to 17.8 M€ 32 % Public 58 % 10 % Gevaert

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