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UPDATE 1st Semester 2002 12 September 2002 REMINDER Since January 2002, the Groupe Bourbon accounts have been reported on the following bases : proportional 66.66\% consolidation of the distribution business

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slide1
UPDATE

1st Semester 2002

12 September 2002

reminder
REMINDER

Since January 2002, the Groupe Bourbon accounts have been reported on the following bases :

  • proportional 66.66% consolidation of the distribution business
  • reclassification of the industrial fishery branch in the item «  other business »,
  • the standards applied in the Maritime Services branch have been adjusted to compare with those of listed corporations in the profession :
    • amortization extends from a period of 8 to 12 years to a period of 8 to 20 years
    • financial expenses for ships under construction are now capital expenditure
    • capital gains on vessels sold are accounted in Operations
milestones 1st semester 2002
Milestones : 1st semester 2002
  • A good first semester, both for operations and income
  • Opening of shopping mall in Le Port (Réunion)
  • Permit granted for for a second shopping mall in Mauritius
  • Startup of Exxon contract in Angola
  • Acquisition of a 51 % share in Island Offshore II and a 25 % stake in Havila Supply
  • Transfer of Rivage Guadeloupe following closure of coastal cruise business
groupe bourbon
Groupe Bourbon

1st semester 2002

Turnover = 446.5 M€

Current operating income = 40.8 M€

Net result, group shareholding = 26.2 M€

key figures 1st semester 2002
Key figures. 1st semester 2002
  • Increase in turnover of distribution and maritime services branches respectively 13.1% and 6.6%.
  • Turnover from international business now represents 40%, as compared with 31.4% last year.
  • Increase in EBITDA and current operating income reflect a good first semester.
  • The cash flow generated, one of Groupe Bourbon’s strengths, helps finance the investment program announced.
key figures 1st semester 20026
In millions of €

June 02

June 01

pro forma

%

2001

pro forma

Turnover (sales)

446.5

415.6

7.4 %

852.2

EBITDA

74.3

59.5

23.9 %

135.7

EBIT

40.8

28.8

41.7 %

71.0

Net result. group shareholdings

26.2

14.3

83.2 %

48.9

Cash flow

69.2

41.9

67.6 %

109.6

Net investment

105.9

75.3

-

107.8

Key figures, 1st semester 2002
turnover 1st semester 2002
Turnover1st semester 2002

8 %

Other business

38 %

Maritime Services

40 %

International

54 %

Distribution

60 %

France (Réunion)

turnover 1st semester 2002 distribution and maritime
Turnover, 1st semester 2002Distribution and Maritime

30 %

Bulk transport

33 %

Towage &

Assistance

16 %

International

84 %

France (Réunion)

37 %

Offshore oil

other business
Other business

SUGAR in VIETNAM

  • The sugar business in Vietnam posted a first semester in line with forecasts, with sales backed up into the second semester.

INDUSTRIAL FISHING

  • As usual, the first semester accounted for the bulk of the year’s results.
  • Business still depends on the quotas apportioned by the French government.
slide11
Distribution

1st semester 2002

distribution milestones 1st semester 2002
DistributionMilestones, 1st semester 2002
  • Growth of business in line with the 2002-2006 business plan, both for France (Réunion) and on an international scale.
  • In Réunion, the mall-based hypermarket still generates the best results.
  • Opening of the Sacré Coeur shopping mall (22000 square meters) with :
    • a Jumbo Score covering 5700 square meters.
    • four specialist medium-sized stores (household appliances, culture, sports and textiles) and a 3000 square-meter Bricorama
    • 35 boutiques.
  • Construction begun on second shopping mall for Mauritius.

Reminder : figures as shown correspond to 66.66 % of business handled

distribution key figures 1st semester 2002
DistributionKey figures, 1st semester 2002
  • The increase in turnover follows store openings in Reunion in 2002 and in Mayotte and Vietnam in 2001, together with consolidation of Mauritius.
  • Increased earnings reflect our careful control of logistics and operating costs.
  • Investments for the semester went principally into completion of the Le Port shopping mall (Reunion) and acquisitions required for expansion in Mauritius.

Reminder : figures as shown correspond to 66.66 % of business handled

distribution france r union key figures 1st semester 2002
Distribution France (Réunion)Key figures, 1st semester 2002
  • The share of turnover brought in by the Cora and Jumbo hypermarkets increases to reach 73% of total, a two percentage point increase over last year.
  • The current operating income mirrors the adjustment of cost markons begun in 2001 and careful management of overheads, notably payroll expenses.
  • The cash-and-carry business and the integrated food-processing workshops both contribute positively to growth of income.

Reminder : figures as shown correspond to 66.66 % of business handled

international distribution key figures 1st semester 2002
International distributionKey figures, 1st semester 2002
  • Growth in turnover should be considered in the light of the store openings in the 1st semester of 2001 (Vietnam and Mayotte) and of the consolidation of Mauritius.
  • Good performances from the Mayotte hypermarket
  • The dip in business in Madagascar was limited to 10% ; the second semester should bring the return of normal results.
  • The store name changeover in Mauritius was warmly welcomed by clients.
  • After a sluggish first six months in Vietnam, business seems to be picking up in the second semester.

Reminder : figures as shown correspond to 66.66 % of business handled

distribution outlook and prospects
DistributionOutlook and prospects
  • Opening of the Le Port shopping mall - a new mass marketing concept for Reunion :
    • Hypermarket devoting generous space to foodstuffs and fresh products
    • Home furnishings and cultural goods centralized in specialist stores under their own trade names : Home City and Agora.
    • Extended shopping facilities and and wider choice of restaurants and eateries.
  • International development in 2003 will benefit from new sales outlets currently under construction :
    • The Riche Terre shopping mall with a Cora hypermarket of 6000 square metres in Mauritius
    • New Score stores in Mayotte and Madagascar
    • Extension of Mien Dong Cora (+ 1500 sqm) in downtown Ho Chi Minh City.
slide20
Maritime services

1st semester 2002

maritime services milestones 1st semester 2002
Maritime servicesMilestones, 1st semester 2002
  • Business in line with expectations, including :
      • marked progression in offshore work
      • stabilization of towage activity
      • bulk transport turnover affected by the drop in freight rates.
  • Accelerated growth in terms of outfit (Island Offshore II) and human resources (Havily Supply).
  • Increase in current operating income, where absolute value allows for Groupe Chambon’s adoption of the standard accounting practices for the profession.
  • Partnership policy, notably in Angola, will henceforth boost net result for group share.
  • Semester characterized by a drop in the US$ and a correspondingly positive incidence on financial operations, with a 4.2M€ unrealized exchange gain.
maritime services key figures 1st semester 2002
Maritime servicesKey figures, 1st semester 2002
  • Increase in turnover fuelled by strong growth in offshore oil work (+ 54.5%).
  • EBITDA benefits from continued interaction between the three activities.
  • Semester figures show operating margin in line with target set for 2006.
  • Investments reflect shareholdings taken in Island Offshore (51 %) and Havila (25 %) for a total of 42 M€.
offshore oilfields key figures 1st semester 2002
Offshore oilfieldsKey figures, 1st semester 2002
  • The consolidation of Delba Maritima and the two-year charter of a vessel for a client in Angola :
    • boost growth for the semester by 26%
    • but account for a 7% drop in the EBE/turnover ratio
  • Offshore business is developing according to plan, notably with the extension of the Exxon contract in Angola.
  • Investments reflect acquisitions in Norway, the launching of a PSV and a crewboat and progress payments on work in hand.
towage assistance key figures 1st semester 2002
Towage & AssistanceKey figures, 1st semester 2002
  • Business stable over the semester, as expected for a mature activity
  • Operating ratios improved by reorganization in France and overseas growth
  • Investments levels reduced in view of the massive investments made over 1998 - 2000.
  • Shoreline protection activity pending renewal of tenders for the Abeille Flandre and the Languedoc.
bulk transport key figures 1st semester 2002
Bulk transportKey figures, 1st semester 2002
  • 5.5 million metric tons transported as compared with 5.8 million in the first semester of 2001
  • Drop in freight rates accounts for that in value of turnover
  • Profitability of business still remains satisfactory
  • Third 49,000 ton bulker, built in China, delivered in July 2002
maritime services outlook and prospects
Maritime servicesOutlook and prospects
  • The French government has confirmed renewal of shoreline protection measures.
  • National and European regulations expected for harbor towage business.
  • A major investment program (27 vessels currently under construction) to back the needs of our development policy in the deep-water offshore business
marine support for deepsea offshore fields
Marine support for deepsea offshore fields

Strategy regarding marine support for deepsea offshore oilfields

marine support for deepsea offshore fields32
Marine support for deepsea offshore fields
  • The market in 2001

Approx.165

vessels

163 vessels

Approx.

1200 vessels

Approx.

450 vessels

5 vessels

Approx.

550 vessels

46 vessels

18 vessels

Approx. 280

vessels

40 vessels

44 vessels

Approx. 40 vessels

Approx. 260

vessels

15 vessels

Deepwater offshore vessels

Standard offshore vessels

market growth
Market growth

Oil production from deepsea drilling will

increase by 15% per year between 2000 and 2005

Overall world output

100 -

TCAM (1970-2000) : 1.7%

50 -

2.2%

(2000-2010) :

Offshore

10 -

Oil

TCAM (1970-2000) : 4.6%

production

3.1%

(2000-2010) :

(in Mb/day.)

Deepwater output

1 -

TCAM (1985-2000) : 19.8%

14.9%

(2000-2005) :

0

1960

1970

1980

1990

2000

2010

Years

market growth34
Market growth

Oil companies are going deeper and

deeper to find oil and gas

3 000

2 600

(D)

2 500

2 000

1 853

Traditional offshore

Depth

(in meters)

1 500

Deepsea operations

753

1 000

314

500

114

60

0

1980

2005

1970

1990

2000

1960

Year

market growth35
Market growth

On the long term, the advantages of deepwater offshore

business far outweigh inconveniences, mainly cost-related

For

Against

Plus

Moins

Technical difficulties multiply with depth

Gradual depletion of standard offshore resources

Deepwater fields much larger than standard fields

Operating costs - development and production - multiply with depth

Production from deepwater fields 2 to 3 times greater than standard fields

Development can be temporarily restricted (linked to oil prices)

Greater geographical diversification (reduced country risk)

market growth36
Market growth

Average offshore productivity : deepsea / standard

Examples of fields (2001) :

70 000

Plus

Moins

Name

Zone

Depth

Production

60 000

((in B/DOE)

-

50 000

Average

Arkwright

UK

95m

4 500

(1)

productivity

40 000

Sygna

Norway

250m

(in barrels

11 000

per day oil

30 000

GoMex

Tahoe

II

450m

26 000

equivalent

(B/DOE))

20 000

Petronius

GoMex

525m

31 000

10 000

Barracuda

Brazil

1 050m

45 000

0

100-299

300-499

0-99

500-999

1500+

1000-1499

Mensa

GoMex

1 590m

52 000

Depth

Girassol

Africa

1 400 m

120 000-200 000

(in meters)

Traditional offshore

Deepwater drilling

market growth37
Market growth

Proven oil reserves discovered to date (2001)

and estimated by 2008 in deepwater fields

25 000

2008

Plus

Moins

20 000

15 000

Volume

2001

(millions

10 000

of barrels)

2008

5 000

2001

0

Gulf of

Mexico

North

Sea

Others

West

Africa

Brazil

market growth38
Market growth

Growth of fields and reserves under production

- 2001 -

- 2008 -

200

200

North

Sea

70

70

Number

of

fields

under

production

60

60

North

Sea

Gulf

of

Mex

50

50

Gulf

of

Mex

40

40

Brazil

30

30

West

Africa

20

20

(2)

Brazil

West

Africa

(2)

10

10

0

0

20 000

40 000

60 000

20 000

40 000

60 000

Proven reserves (mmbbl)

Proven reserves (mmbbl)

products and markets
Products and markets

Operations / Development

Production

Production

Repairs/

Maintenance

Crew

boat

Anchoring

Supply

Towage

Near : standard

crewboats : 300

Proche :

ROVs

main. &

repairs,

cons.

support

Crew

boat

classique 300

Traditional

offshore

AHTS / standard supply vessels

1 471

AHTS /

Supply

classiques

Distant : Surfers

70

Eloigné :

Surfers

1 471

70

74

North

Sea

Helicopters

Hélicoptères

ROVs

main. &

repairs,

cons.

support

Tugs

Tugs

special-

purpose

PSVs

50

50

ROV

Maintenance/

  • special-purpose
  • AHTS
  • 10,000 bhp

PSV

Réparation

AHTS spécifiques

spécifiques

Support de

> 10

Kbhp

Near : standard

crewboats

Proche :

> 2 000

dwt

> 2 000

dwt

construction

Crew

boat

< 10 ans

< 10 ans

classique

158

152

2

Deepwater

offshore

2

Distant but calm:

Surfers :10

)

Eloigné calme :

Surfers

10

Distant & difficult :

helicopters

Eloigné difficile :

Hélicoptère

MSV 19

MSV 19

a marine services market with an annual growth rate of 15
A marine services marketwith an annual growth rate of 15 %

80 % of new vessels required for

West Africa, Brazil and the Gulf of Mexico

170-180

180

160-170

160-170

165

160

2008

140

100-110

120

130

110

Number

of

vessels

110

-

-

-

100

140

120

120

80

60

40

2001

2008

40

44

46

163

38

20

2001

0

North

Sea

West

Africa

Brazil

Gulf of

Mexico

Others

the golden triangle of deepwater offshore
The Golden Triangleof deepwater offshore

By 2008, the three markets of Africa, Brazil and the Gulf

of Mexico will represent the same volume of deepwater business

Approx. 165

Approx. 200

vessels

vessels

5 vessels

Approx.

Approx. 1200

vessels, of

which 240

under

renewal

Approx.

450 vessels

400 vessels

160-170

-

vessels

170-180

40 vessels

vessels

160-170

Approx. 280

vessels

vessels

Approx. 260

Approx. 30

vessels

20 vessels

vessels

Deepwater offshore vessels

Standard offshore vessels

possible strategies
Possible strategies

1

1

Gulf of Mex

Brazil

Africa

North Sea

MSV

2

deepsea AHTS

3

Petrobras

deepsea PSV

Exxon

Exxon

TotalFinaElf

standard AHTS

TotalFinaElf

Chevron

Chevron

standard PSV

Shell

Shell

B.P

Tugboat

Passenger

groupe bourbon strategy
Groupe Bourbon strategy

Accelerate growth to gain

market shares :

through acquisitions and partnerships

and by adapting teams, organization, management

and supervision to a strategy of rapid growth

Island Offshore

Vessels

Les vessels

Delba Maritima

Organization,

teams and

skills

Market

shares

Havila

L'organisation.

Les parts

groupe bourbon strategy44
Groupe Bourbon strategy
  • Bourbon’s financial structure allows the group to bankroll fast-lane growth

in the offshore business.

structure of tied up capital
Structure of tied-up capital

The strategy followed and the corresponding investments will increase bottom-line tied-up capital.

As at June 30th 2002 :

  • in the asset column, net fixed assets represent 91 % of tied-up capital
  • in the liabilities column, net debts account for 52 % of tied-up capital
structure of tied up capital46
Structure of tied-up capital

M€

834

900

758

800

700

600

500

434

400

400

300

200

76

100

0

Working capital

requirements

Net fixed

assets

Tied-up capital

Shareholders’

equity &

reserves

Net debts

fixed assets and net debts
Fixed assets and net debts

Groupe Bourbon indebtedness corresponds to :

  • financing of assets which have high strategic value and/or are easily transferrable (sales positions, new vessels)
  • around three years of cash flow, guaranteed and self-renewing (medium-term contracts).

Groupe Bourbon’s overall debts represent just 70 % of the gross value of its vessels.

fixed assets and net debts48
Fixed assets and net debts

M€

1148

1148

1200

1148

1200

Other business

214

Autres

214

1000

Distribution

1000

Distribution

758

Maritime

Maritime

758

291

800

758

291

800

161

161

600

600

434

196

434

196

400

400

643

643

401

401

130*

130*

200

200

0

0

Immobilisations

Immobilisations

Dettes nettes

Cash flow annuel

Net fixed

assets

Gross fixed

assets

Net debts

Annual cash flow

brutes

nettes

* on the basis of a ratio net debts / 3.3 times annual cash flow

( average over past three years)

* sur la base d'un ratio dettes nettes / cash flow annuel de 3.3 fois

slide49
Groupe Bourbon

1st semester 2002

September 12th, 2002

exercise of stock warrants and increase of capital
Exercise of stock warrantsand increase of capital

On September 9th 2002, the board of directors noted that all stock warrants had been surrendered. Upon issue of the corresponding 368 172 shares, the position was :

Financière Jaccar

  • Overall Groupe Bourbon shares now total 7,032,000
  • the increase of capital amounted to 17.8 M€

32 %

Public

58 %

10 %

Gevaert

groupe bourbon51
GROUPE BOURBON

Updates for 2002 / 2003

  • Turnover for third quarter of 2002 12 Nov 2002
  • Turnover for fourth quarter of 2002 12 Feb 2003
  • Annual accounts meeting 26 March 2003
  • Turnover for first quarter of 2003 12 May 2003
  • General meeting (Reunion Island) 27 May 2003
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