1- GROUPE BOURBON L'esprit de conqu

1
PRESENTATION OF GROUPE BOURBON Year 2001 10
April 2002
2
GROUPE BOURBON
RETAILING
MARITME
3
BREAKDOWN OF 2001 TURNOVER per sector of activity
2000 published
2000 proforma
2001
21
6
6
31
30
27
63
64
52
RETAILING MARITIME OTHERS
4
2001 KEY FIGURES
taking into account increase of capital in
December 2001
5
A MAJOR STRATEGIC POLICY SHIFT IN 2000-2001

• Reasons for strategic change
• A major opportunity to seize in Maritime Services
• Refocus the portfolio of business activities on
  value-creating activities
• Put an end to the conglomerate status that
  affects excessively the trade rate
• Activities stopped
• Disposal of the milk and fruit juice business in
  Réunion Island (end of 2000)
• Disposal of the Réunion Europe sugar business
  (February 2001)
• 33 stake of retailing branch (VINDEMIA) by
  CASINO through capital increase (December 2001)
• 2001 results increased strongly vs proforma 2000
  results showing performance of investments made

6
STABILISATION OF DEBTSEVOLUTION OF FINANCIAL
LEVERAGE
1,39
1,31
1,23
0,88
3,66
3,49
3,51
3,14
7
STABILISATION OF DEBTSEVOLUTION OF FINANCIAL
LEVERAGE

• GROUPE BOURBONs policy was to use debt leverage
  around 3,5 years of cash flow
• The net balance of incomes and charges in
  connection with the evolution of business
  activities in 2001 reduced the net debt
• Capital cost (around 8 ) is superior to marginal
  cost of loans
• GROUPE BOURBON had value-creating activities and
  seized investment opportunities available in its
  2 business activities with good profitability
• GROUPE BOURBONs policy is to continue using debt
  leverage within reasonable levels

8
RETAILING Year 2001
9
RETAILINGNUMBER OF SELLING UNITS

• Shopping malls with CORA hypermarkets
• 4 in Réunion with a total  hyper  surface of 21
  180 m²
• 1 in Madagascar (Antananarivo 6 500 m²)
• 1 in Mayotte (Mamoudzou 3 500 m²)
• 2 in Vietnam (Dong Nai 6 000 m² and An Lac 6
  000 m²)
• 1 in Mauritius (Phoenix 6 000 m²)
• CORA hypermarkets on their own
• 1 in Réunion (Chaudron St Denis 4 700 m²)
• 1 in Vietnam (Mien Dong 3 000 m²)
• SCORE supermarkets
• 14 in Réunion (total 21 250 m²)
• 1 in Madagascar (Antananarivo 2 500 m²)
• 1 in Mayotte (closed for transfer on 11/05/01)
• permit already obtained for 1 000 m²
• Cash Carry
• 5 in Réunion with a total of 6 000 m²

10
RETAILING2001 KEY FIGURES
in millions of

2001 2000
2000
(Proforma) TURNOVER 695,
8 625,2 11,3 624,4 EBITDA gross operation
surplus 54,4 51,4 5,8 51,4 EBIT operating
income 33,7 32,8 2,7 32,8 Capital invested
281,2 209,6 206,7 Net fixed assets 281,0 190,1
190,1 Need in operating capital 0,2 19,5 16,6
EBITDA / turnover
7,8 8,2 8,2
EBITDA / Capital invested 19,3
24,5 24,9 EBIT /
Capital invested 12,0
15,6 15,9 Net investments
86,0 45,9 45,9
?
11
RETAILING2001 KEY FIGURES

• The retailing branch strongly pursued its
  development
• A leading position in a mature Réunion market
• An aggressive implementation of niches in
  markets with high potential of development on an
  international basis
• Heavy investments (86 M ) during fiscal year
  2001 (Réunion, Vietnam, Mayotte and Mauritius)
• Global performance in the top list of the
  business

12
RETAILING FRANCE (including REUNION)
13
RETAILING FRANCE (including REUNION)

• France (Réunion) achieved a remarkable level of
  performance both in volume and margin
• Hypermarkets contributed mainly to growth of
  turnover (CORA 9,3 , JUMBO SCORE 7,8 )
• Bourbon Avantage card (fidelity and credit)
  quite appreciated and used, consolidated market
  shares

14
RETAILING INTERNATIONAL
15
RETAILING INTERNATIONAL

• The two new outlets in Vietnam and the new outlet
  in Mayotte generated losses during fiscal year
  2001
• The investment made in Mauritius (PHOENIX) was
  eventually realised through takeover of an
  existing shopping mall (ex CONTINENT) which
  avoided costs linked to launching and creation of
  goodwill
• Mauritius has been consolidated since October
  2001
• The current adjustments made in Mayotte namely
  on the shoplifting and supply of stocks should
  lead to profit as of 2002
• Average trolleys are still not enough in Vietnam
  in the 2 hypermarkets based in the outskirts of
  Ho Chi Minh, but the number of people shopping in
  these hypermarkets and their name awareness are
  increasing

16
RETAILINGOBJECTIVES FOR 2002-2006
17
RETAILINGOBJECTIVES FOR 2002-2006

• This business activity confirmed a growth target
  of 11 per year, which will lead to an almost
  doubled turnover over the period
• This growth will take place mainly on an
  international basis
• Consolidation of action plan in Réunion,
  developments scheduled in countries already
  opened and the setting up will mobilize M 300 of
  investments financed by cash flow

18
MARITIME SERVICES Year 2001
19
MARITIME SERVICESFLEET (March 2002)

• Towage salvage
• 83 tugs
• 4 deep water tugs
• Offshore
• Traditional 15 supply vessels
• 70 high-speed vessels
  surfers
• Deep water 7 supply vessels ( 8 under
  construction)
• 3 ocean tugs for petrol
  terminals
• 3 surfers ( 1 under
  construction)
• Bulk transport
• 3 bulk carriers (40 to 50 000 ton) ( 1 under
  construction)
• 25 to 30 bulk carriers (chartered vessels)

20
MARITIME SERVICES 2001 KEY FIGURES
In millions of

2001 2000
2000
(Proforma) Turnover 328,
7 307,8 6,8 322,3 (EBITDA) gross operating
surplus 83,1 71,8 15,7 72,4 (EBIT) operating
income 38,6 29,0 33,1 29,0 Capitaux engagés
(CE) 376,2 338,4 337,2 Net fixed
assets 346,5 323,6 322,4 Need in operating
capital 29,7 14,8 14,8 EBITDA / turnover
25,3 23,3
22,5 EBITDA / Capital
employed 22,1 21,2
21,5 EBIT / Capital employed
10,3 8,6 8,6
Gross investments 78,4 88,0
88,0
?
21
MARITIME SERVICES2001 KEY FIGURES

• 2001 account reflect the strategy implemented
• Dominant position of oilfield offshore
• Position of Towage and Salvage maintained
• Withdrawal from secondary activities
• No significant asset disposal of vessels (in
  2000 2 bulk carriers were disposed of)
• Second quarter launch of a major investment
  programme in the offshore business activity
• Financial optimisation financing application
  through fiscal GIE, refunding schedule made to
  building sites favouring payment on delivery

22
MARITIME SERVICESTOWERAGE SALVAGE
23
MARITIME SERVICESTOWERAGE SALVAGE

• French ports
• Very quiet activity, except for Le Havre
• Les Abeilles Bordeaux declared a state of
  receivership (turnover M 3, losses M 0,7 à 1
  per year over these last years)
• Groupe Bourbon does not mutualise results
  achieved by ports (i.e. does not accept loosing
  money in one port when the other ports are
  profitable)
• Overseas
• Growing activity as compared to 2000
• Salvage
• International tender to be launched in connection
  with new means of protecting coastal environment

24
MARITIME SERVICESOILFIELD OFFSHORE
25
MARITIME SERVICESOILFIELD OFFSHORE

• Year 2001 complied largely with expectations
  (activities and results)
• The total number of vessels in full operation
  (contracts maintained)
• New long term contracts were signed
• EXXON (Angola) 5 5 year contract, investment
  M 80, 7 vessels in a first step
• PETROBRAS (Brazil) 8 year contract, investment
  M105, 3 AHTS
• A major investment programme has been initialised
  at the end of the year 12 vessels are involved
  for an estimated value of 165 M
• Priority a quality service in personnel
  management
• Security (ISM code), development of quality (ISO
  9002)
• A policy of covering the for the 3 forthcoming
  years (amount covered M 100 at a covering rate
  of 1 0,89)

26
MARITIME SERVICESBULK TRANSPORT
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MARITIME SERVICESBULK TRANSPORT

• 10,3 MT in 2001 (8 MT in 2000)
• 2 new bulk carriers (January April 2001),
  value M 40 a new vessel to be delivered in
  July 2002
• 9 months of exceptional activity, last quarter
  clearly struck by world crisis
• The policy of owning vessels influenced
  favourably accounts (EBE 65 )

28
MARITIME SERVICESOTHERS
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MARITIME SERVICESOTHERS

• Passenger transport
• Activity sold out to employees (LBO) in April
  2001
• The 2 fully owned vessels chartered bare boat
• Cruisers
• RIVAGES CROISIERES activity stopped and
  provisions made accordingly
• Others
• Structure costs not allocated

30
OTHERS Year 2001
31
OTHERS2001 KEY FIGURES
In millions of

2001 2000
2000
(Proforma) Turnover 64,5
62,0 4,0 193,8 Gross operating surplus
(EBITDA) 13,9 4,4 NS 27,1 Operating income
(EBIT) 2,4 (6,4) NS 6,4 Capital employed
(CE) 206,9 235,1 308,1 Net fixed
assets 184,8 212,8 257,2 Need in operating
capital 22,1 22,3 50,9 EBITDA / turnover
NS
NS NS EBITDA /
Capital employed 6,7
1,9 8,8 EBIT /
Capital employed 1,2
(2,7 ) 2,1
Net investments 32,9 99,5
103,7
?
2001 / 2000 proforma Vietnam, fishing others
2000 published food retailing others
32
OTHERS2001 KEY FIGURES

• OTHERS this category summarises
• Sugar activities in Vietnam that were not sold at
  the same time than sugar activities in Réunion
  (February 2001)
• Industrial fishing
• Various secondary activities and holdings

33
OTHERSSUGAR IN VIETNAM
34
OTHERSSUGAR IN VIETNAM

• Increase by 50 of the price per ton on the
  domestic market to reach a normal level
• Efforts made in management and technical
  performances were improved
• TAY NINH positive cash flow, operating losses
  (M 2,5)
• GIA LAI cash flow and positive results
• Sugar cane fields increased, 2002-2003 campaign
  should be slightly superior to 2001-2002

35
OTHERSINDUSTRIAL FISHING
36
OTHERSINDUSTRIAL FISHING

• Acquisition (2001-2002) of 2 new freezer factory
  ship long liners enabling a modern and ecological
  fishing (tax free for French overseas
  departments)
• features 55 metres, 2640 cv , 700 m3 à - 25C,
  33 crew employees, 56 000 fish hooks
• Resources of légine fish and lobsters
  guaranteed by quotas
• Turnover achieved almost abroad exclusively
  (Japan USA)
• Results were registered over the first half and
  take into account charges due to 1st
  fitting-out and an experimental tide (cost M 2)

37
GROUPE BOURBON 2002 Change in the scope of
distribution Change of accounting standards in
maritime services
38
GROUPE BOURBON2002 SCOPE

• GROUPE BOURBON will consolidate its Retailing
  branch via proportional integration (66,66 ) in
  2002
• The Maritime Services branch includes Towage
  Salvage, Oilfield Offshore Dry Bulk transport
  (100 control)
• Others  include sugar in Vietnam, industrial
  fishing various secondary activities or holdings

39
GROUPE BOURBONProjection of proforma 2002
Distribution 66,66 Maritime services
change of accounting standards
40
RETAILINGProjection of proforma 2002
41
MARITIME SERVICESEVOLUTION OF ACCOUNTING
STANDARDS

• Accounting standards used in 2002 in Maritime
  Services will be modified to allow comparison
  with those in use by listed companies belonging
  to this business activity
• Changes concerned the 3 following points
• Depreciation changed from a period of 8 and 12
  years to 8 and 20 years
• Financial costs on vessels under construction
  have been immobilized
• Added value on sales of vessels registered in
  operating income

42
MARITIME SERVICESProjection of proforma 2002
based on new accounting standards
TOTAL OF ACTIVITY
43
MARITIME SERVICESProjection of proforma 2002
based on new accounting standards
TOWAGE AND SALVAGE
44
MARITIME SERVICESProjection of proforma 2002
based on new accounting standards
OIL FIELD OFFSHORE
45
MARITIME SERVICESProjection of proforma 2002
based on new accounting standards
BULK TRANSPORT
46
GROUPE BOURBON Prospects
47
STRATEGICAL PLAN2002 - 2006

• 2002-2006 M 600 of investments in Maritime
  Services
• Objective quickly impose Groupe Bourbon as a
  major player in the DEEP WATER OFFSHORE
  business activity
• A fast growing merging world market
• A core target Western coast of Africa and Brazil
• High margins, secured by multi-annual contracts
• High intensity business in capital M 500 of
  investments
• Maintain positions in other maritime business
  activities
• M 100 of investments
• 2002-2006 M 300 of investments in retailing
  business activity
• Consolidate positions held by the Group
• An investment scheme financed with cash flow

48
RETAILINGOBJECTIVES FOR 2002-2006
49
RETAILINGOBJECTIVES FOR 2002-2006
proforma
50
FROM TRADITIONAL OFFSHORE TOWARDS DEEP WATER
OFFSHORE

• Oil production through traditional offshore
  decreases
• All the reachable reserves are known
• Most of the fields have been exploited for more
  than 25 years (decrease in output, increase in
  maintenance costs and renovation)
• Main resources are now in deep water offshore
•  Majors  register 20 milliards of barrels in
  reserve on 114 oil fields of 400 to 2 000 m
  (source  Energy day )
• In 5 years this business activity will generate
  the building of 51 platforms, 719 production
  wells, 5 961 kms of pipelines 200 vessels
  (source  Energy day )
• Market growth expected to be superior to 20 per
  year
• Increase in subcontracting of complementary
  services through  majors pétrolières 

51
GROUPE BOURBONWELL PLACED TO TAKE ADVANTAGE OF
MARKET GROWTH

• GROUPE BOURBON a leading position to gain
• Strategical management of market shares
  acquisitions
• GROUPE BOURBON focuses on multi-annual contracts
  (transport of passengers, supplying, anchoring,
  maintenance, etc)
• Objective quickly seize wide recurrent customers
• Means upstream work on tenders which are well
  known in advance
• Recognition from Anglo Saxon world (ex EXXON
  contract M 85 for 5 years)
• Advantages vs competition
• Contracts already signed are profitable and have
  variable length according to investments needed
  (5 years in average renewable)
• Visibility of business model orders of vessels
  are linked to signature of contracts, rates of
  use reach 100 , and prices are fixed
• A determined efficiency of service thanks to the
  quality of crews
• Company culture/style creation of
  joint-venture, training of local staff, building
  of vessels locally in Brazil

52
MARKET PRICE
63,25
GROUPE BOURBON
48,00
46,20
SBF 250
2 April 02
11 Sept 01
1st Jan 01
53
STRUCTURE OF SHAREHOLDING(March 2002)

• Groupe Bourbon has around 8 000 shareholders

54
GROUPE BOURBON
Next events in 2002updated in June 2002

• Annual General Assembly on 30 May 2002 in Réunion
  
• Turnover for 1st quarter 10 May 2002
• Turnover for 2nd quarter 12 August 2002
• Results of 1st year half 11 Sept. 2002
• Turnover for 3rd quarter 10 Nov. 2002