A
satisfactory first quarter, with results matching expectations,
Groupe
Bourbon's quarterly consolidated turnover increased by 10.2% to reach
264.5 million euros (an actual growth rate of 16.4% at constant exchange
rates) and thus contributes to the successful accomplishment of the business
plan for 2003-2007. |
|
In millions of euros |
1st quarter 2004 |
1st quarter 2003 as published |
Variation |
|
Consolidated turnover |
264.5 |
240 |
10.2 % |
|
France |
144.8 |
139 |
4.2 % |
|
International |
119.4 |
101 |
18.2 % |
|
Marine services |
114.4 |
94 |
21.7 % |
|
Offshore |
52.8 |
41 |
28.8 % |
|
Towage & Assistance |
26.1 |
25 |
4.2 % |
|
Bulk transport |
34.3 |
28 |
22.7 % |
|
Retailing |
138.4 |
129 |
7.3 % |
|
France |
113.8 |
110 |
3.5 % |
|
International |
24.6 |
19 |
29.2 % |
|
Other business |
11.7 |
17 |
(31.1 %) |
Strong growth in turnover from international business
Development resulted principally from the strong growth in turnover from international business (+18.2%), both in Marine Services and in Retailing.
At unchanging exchange rates, this growth would have amounted to 33.3%.
Good results from offshore service activities and bulk transport in a buoyant market context
The Offshore Division proved its growth potential with a 28.8% increase in turnover (39.8% in constant terms). With the same consolidation frame, not counting the addition of Bourbon Offshore Norway (ex Havila Supply) in the second semester of 2003, the business growth would have been 8.3% (20% in constant terms). As forecast in the investment plan for 2003-2007, the delivery of each of the new vessels specially designed for deep-water work gave renewed impetus to business.
Bulk transport boosted its turnover by +22.7 % (+47.8 % in constant terms), riding an exceptional wave in the international freight market, generated by China, which is proving particularly favourable for Groupe Bourbon's self-owned fleet.
The Towage & Assistance business increased by 4.2%, in line with the general economic trend in France and Africa.
Positive retailing results despite a slack home market
In France (Réunion), the Retailing business grew by 3.5%, a satisfactory performance in a local Réunion market showing signs of a fall-off in consumer activity.
On an international scale, turnover jumped by 29.2% (44.9% in constant terms). This growth, which validates Vindemia's development policy in high-potential zones, resulted from store openings and acquisitions in the second semester of 2003 and from the high level of retail business in Vietnam.
This first quarter turnover confirms Groupe Bourbon's expectations for the year 2004 as a keystone in the business plan for 2003-2007.
Groupe Bourbon has been listed by Euronext in the "Oil Services" category since February 2nd 2004.
Paris, May 10th, 2004
Groupe Bourbon has been listed by Euronext in the "Oil Services" category since February 2nd 2004.