Groupe Bourbon confirms its results and continues its strategic transformation

EBITDA : 177.1 M€, up 15.3% Group share of net earnings : 57.3 M€, up 4.14%

* The pro forma 2001 figures allow for 66% consolidation of the Retailing branch, rather than 100% as published.

• GROUPE BOURBON turnover grew by 8.8%. At a constant rate of exchange, this growth would have been 14.5%. International business now accounts for 42%, as compared with 39% in 2002.

• The EBITDA developed by 15.3%, fuelled principally by the Maritime branch and, to a lesser extent, the Retailing division.

• The EBIT remained on a par with that of 2002 because of the burden of depreciation (+19 M€ in 2003) generated by major investments in the Maritime branch.

• The group share of net earnings came to 57.3M€, an increase of 4.4% as compared with 2002 (and an increase of 32% with regard to 2001 pro forma).

 

• Cash flow, the main yardstick for investment effectiveness, increased by 24.4% to reach 160 M€, thus continuing its steady high-growth pattern.

• By assigning 293 M€ of its 356 million euros of gross investments for 2003 to Offshore Marine Services, the group reaffirmed the strategic importance of development in this field.

Groupe Bourbon confirms its development plan for 2003-2007

Marine Services : intensive development in the deep-water oilfield business

Overall turnover for Marine Services increased by 14.2 %

• Offshore Services : 39.6% increase in turnover (53% at constant exchange rates). With 16 vessels delivered in 2002, 19 in 2003 and another 34 on order, most of the investments planned for 2003-2007 are signed for and already under construction. Among the milestones for 2003 was the 100% buyout, in July, of the Norwegian Havila, now known as Bourbon Offshore Norway.

• Towage : the harbour business, a mature, settled market, reflected the prevailing economic climate.

• Dry bulk transport : the sharp increase in international freight rates boosted earnings appreciably in this field, notably from our self-owned fleet.

In 2004, increased investments will continue in the offshore business and the bulk transport activity is expected to continue its outstanding performances.

Retailing : good progress on an international scale

Retailing turnover increased by 8.7 %

• In France : domestic development developed along satisfactory lines (+5% in Réunion).

• International business grew by 30% (44% at constant exchange rates).

Earnings dipped slightly with regard to 2002, affected by the costs of transferring purchasing to the Casino central purchasing department, of changing trade names, of the merger with SPAR, of the opening of the Riche Terre store and of investment development in Mauritius and Mayotte. 2004 will see continued expansion of our international stores, which already account for more than 50% of our overall sales area.

*********

Groupe Bourbon's development is built around the implementation of a 5-year investment plan, principally in the deep-water oilfield sector.
The Retailing branch should improve its results over coming years. Groupe Bourbon has decided not to exercise its sell option on Casino in the year 2004.

At the Annual General Meeting in La Réunion on June 8th 2004, a net dividend of €1.40 per share will be moved (an increase of 29.6%), together with the allotment of one bonus share for 6 held.

Paris, March 24th, 2004

Groupe Bourbon has been listed by Euronext in the "Oil Services" category since February 2^nd 2004.

Image 7 press contact Catherine Gros 01 53 70 74 70 cgros@image7.fr
Groupe Bourbon press relations Christa Roqueblave 01 40 13 86 06 christagb@wanadoo.fr
Groupe Bourbon financial relations Patrick Mangaud 01 40 13 86 09 patrick@mangaud.com