Results 1st semester 2002

Current operating income : +41.7 %
Net income, group shareholdings : +83.2 %

In millions of euros

June 2002

June 2001
pro forma

Var%

June 2001
as published

Sales figure / turnover

446.5

415.6

+7.4 %

525.82

EBITDA

74.3

58.9

+26.1 %

65.1

EBIT

40.8

28.8

+41.7 %

26.2

Net income, group shareholdings

26.2

14.3

+83.2 %

19.7

Cash flow

69.2

41.3

+67.6 %

54.1

Net investments

105.9

75.3

41.9 %

39.6

Results for the first semester show a marked improvement when compared with not only the pro forma figures for last year (transfer of 33.34% of VINDÉMIA to the CASINO GROUP in December 2001 and accounting standardization in the Maritime Services branch) but also the results as published in June 2001. This growth underscores the earning power of GROUPE BOURBON.

  • The consolidated turnover for Groupe Bourbon, applying the same perimeter, amounts to 446 M€, an increase of 7.4 %.
  • The twin activities, Distribution and Maritimes Services, post respective growth rates of 13.2 % and 6.6 %.
  • The bulk of this development comes from international business which has increased by 16% to now represent 40% of sales.
  • The EBITDA : 74.3 M€(+26 %) and EBIT : 40.8 M€(+42 %) reflect our careful control of logistics and operating costs in the Distribution branch and the strong growth of deepsea offshore business in the Maritime Services section.
  • The financial income includes an unrealized exchange gain of 4.1 M€on loans in dollars.
  • The unusual earnings includes a profit of 6 M€corresponding to VINDÉMIA dividends not paid to CASINO.
  • The net income, group shareholdings amounts to 26.2 M€, up by 83.2 %. This increase reflects the strong performances from both branches of our business.

The group's strength remains its capacity to generate a significant cash flow of 69.2 M€(up by 67.6%). Net investments have now reached 105.9 M€. They result mainly from the deepsea offshore business, the group's major growth vector, with the purchase of a 25% stake in HAVILA, a 51% interest in ISLAND OFFSHORE and the increase in the EXXON Angola contract. Thus, over the first semester, GROUPE BOURBON gained market shares in both branches of its business. We are continuing to implement, notably on an international scale, our original development pattern and precepts.

Paris, September 12th 2002

Company contact - Patrick Mangaud - 01 40 13 86 09 - patrick@mangaud.com
Press contact - Caroline Simon - 01 53 70 74 81 - csimon@image7.fr

www.groupe-bourbon.com