«  Groupe Bourbon's results for 2004 certainly simplify implementation of our business plan for 2003-2007. The cash flow and the proceeds from sales underwrite the financing of an overall investment plan of more than 1.3 billion euros. » explains Mr Jacques de Chateauvieux, chairman of the group.

• Groupe Bourbon 's consolidated turnover rose by 8.9% in 2004 to reach € 1114.2 million. This increase came principally from the Marine Services branch, where business grew by 22.1% as opposed to 1.2% for the Retailing branch. In constant exchange terms, the actual overall growth figure was 13.6% and the Marine Services growth reached 30.3%.

• In 2004, the EBITDA reached € 223.8 million, up 26.4% by comparison with 2003. These earnings came principally from the Marine Services branch.

• Up by 44.7%, the EBIT totalled € 126 million as compared with € 87.1 million in 2003, notably because of increased business in the Bulk Transport Activity.

• The group share of net earnings rose by 74.7% to exceed € 100.1 million for 2004. This figure includes the proceeds from sales of vessels ( € 8 million), from transfers of ownership interest ( € 6.7 million) and from a cancellation of a provision for tax expense ( € 10.2 million) concerning the tonnage tax applied in late 2003.

• Combined with careful management of working capital requirements, the 29.4% growth of cash flows from operating activities ( € 206.6 million) added a substantial contribution to self-financing of development.

The Maritime branch turned over € 492.6 million in 2004, an increase of 22.1% (30.3% in constant exchange terms).

The EBITDA reached € 159 million as compared with € 113.9 million in 2003.

In line with forecasts, this gratifying development of results from operations was achieved by filtering economic fluctuations through a balanced portfolio of activities. 2004 registered the first effects of a vast investment programme, with 20 vessels delivered in the course of the year and another 34 under construction.

Marine Services for offshore oilfields

Turnover (+19.9% and indeed +27.4% in constant exchange terms) and EBITDA registered satisfactory growth in this activity.

2004 was characterised by continued delivery of new vessels, by sales of old vessels (net losses of € 3 million on sales of assets) and by the effects of the now-completed reorganisation of Norwegian business.

Groupe Bourbon 's strong points in this field are its upgraded security performances and the future availability of the many modern vessels currently under construction.

Towage, Salvage & Assistance

EBITDA for 2004 amounted to a solid € 27.4 million in 2004, up 3.8% by comparison with 2003 in the context of a business which moves in step with the national economy. Under this heading should be noted good results from the Ivory Coast , a start-up in accordance with expectations in Cameroon and net gains of € 3 million on sale of assets (old tugs).

Bulk Transport

With 12 million metric tons carried in 2004 and record freight rates throughout the year, the turnover for this business grew by 46.5% to reach € 158.7 million (+63.5% in constant exchange terms).

In the course of the period, Groupe Bourbon sold off its oldest vessel (pocketing a gain of € 8 million) and took delivery, in August 2004, of a new 56,000-ton bulk carrier.

Another new carrier of the same type was delivered in March this year.

The exceptional performances registered in 2004, which should continue in 2005, confirm the value of our policy in terms of bulk carriers’ ownership.

From a turnover of € 575.3 million in 2004, bearing in mind that Groupe Bourbon consolidates 66.6% of this business, the Retailing branch brought in EBITDA of € 52.7 million as compared with € 49.6 million in 2003.

The EBIT rose favourably, helped by careful management of supplies and overheads.

2004 was characterised by a fall-off in sales in Reunion Island (+0.3% of growth) and an increase overseas, limited by the rise of the euro (+5.6% but +19.6% in constant exchange terms). With no new stores opened in 2004, investments totalled € 13.1 million as opposed to € 36.9 million in 2003.

France – Reunion

The reorganisation of supplies in favour of Asian sources allowed the group to recover market shares and to maintain margins. The full impact of this policy will be felt in 2005.

International

The rise in the euro masks the strong growth in this field (+19.6% in constant exchange terms). Overseas business is a growth vector for Vindémia, notably in Vietnam , Mayotte and Mauritius .

OUTLOOK AND PROSPECTS

2005 should bring Retailing results back to a stable footing while the Maritime branch continues to benefit from favourable economic conditions in the bulk transport business and in marine services for offshore oilfields.

The many new vessels currently under construction will come into service in 2005 in these favourable conditions.

With the scheduled transfer of the Retailing business to Casino, the distribution of CBo Territoria stock in May 2005 and the sale of remaining ownership interests, Groupe Bourbon will have achieved its planned focus on marine services.

The decision on whether to exercise the first sell option for the Vindémia shares to Casino will be taken at a meeting of the Groupe Bourbon board scheduled for May 2nd 2005 .

The in-kind distribution of one CBo Territoria share for each Groupe Bourbon share will be implemented in May 2005 or at all events prior to the Groupe Bourbon Annual General Meeting, scheduled for June 7th in Reunion Island .

Payment of a dividend of 0.56 euros per share will be moved at the AGM (+40% by comparison to 2003).

About Groupe Bourbon :

Offering services on offshore oilfields, in harbour towage, assistance missions and in bulk transport, Groupe Bourbon ranks as a major international figure in the maritime service field.

Through its subsidiary Vindémia, the group also operates in the world of mass retailing.

Listed in Euronext's section B of the «Mid 100» Eurolist, Groupe Bourbon employs some 8720 staff-members and registered a turnover of 1.114 billion euros in 2004.

Since February 2nd 2004 , Groupe Bourbon has been classified by Euronext in the «Oil Services» category.

GROUPE BOURBON
Financial Relations Patrick Mangaud 01 40 13 86 09 patrick@mangaud.com
Communications Manager Christa Roqueblave 01 40 13 86 06 christagb@wanadoo.fr