CONSOLIDATED FINANCIAL STATEMENT YEAR ENDED DECEMBER 31 2017 BOURBONOFFSHORE.COM
SUMMARY 1. Financial position statement...3 2. Statement of comprehensive income... 4 3. Statement of consolidated cash-flows... 6 BOURBON Consolidated financial statement year ended December 31, 2017 2
1. Financial position statement (in million) 31-Dec-17 31-Dec-16 Goodwill 25,2 25,2 Intangible assets 13,2 14,0 Property, plant and equipment 1923,2 2437,6 Investments in affiliates under the equity method 19,9 14,8 Non-current financial assets 20,6 167,6 Deferred taxes 11,5 21,8 Total non-current assets 2013,5 2681,0 Inventories and work-in-progress 65,2 83,9 Trade and other receivables 347,6 454,5 Current financial assets 45,0 31,0 Other current assets 27,5 27,9 Cash and cash equivalents 243,6 281,5 Total current assets 728,9 878,8 Non-current assets held for sale - - TOTAL ASSETS 2742,4 3559,8 Capital 49,2 48,5 Share premiums 100,8 91,0 Consolidated reserves, Group share (incl. profit/loss for the period) 421,3 1004,2 Total shareholder s equity, Group share 571,3 1143,7 Non-controlling interests 72,3 111,8 Total shareholder s equity 643,6 1255,5 Borrowings and financial liabilities 183,8 218,7 Employee benefit obligations 15,0 14,9 Other provisions 69,4 74,0 Deferred taxes 22,8 30,8 Other non-current liabilities 15,7 31,4 Total non-current liabilities 306,8 369,7 Borrowings and financial liabilities (< one year) 1348,5 1237,8 Bank overdrafts and short-term lines 76,4 293,3 Provisions (< one year) 25,8 30,9 Trade and other payables 334,7 349,9 Tax liabilities 3,8 3,3 Other current liabilities 2,8 19,4 Total current liabilities 1792,0 1934,5 Liabilities directly associated with non-current assets classified as held for sale - - Total liabilities 2098,8 2304,3 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 2742,4 3559,8 BOURBON Consolidated financial statement year ended December 31, 2017 3
2. Statement of comprehensive income (in million) 2017 2016 Revenues 793,6 1 020,6 Direct costs excl. bareboat charter costs -456,4-538,8 General and administrative costs -97,2-115,0 Bareboat charter costs -164,4-188,7 Capital gains -0,2 0,4 EBITDA 75,4 178,5 Increases and reversals of amortization, depreciation and provisions -288,9-316,4 Impairment -196,8-36,0 Capital gains on equity interests sold 0,0 - EBIT -410,3-173,9 Share of result from affiliates under the equity method 3,7-1,4 EBIT after share of result from affiliates under the equity method -406,6-175,3 Cost of net debt -54,6-43,0 Other financial expenses and income -134,9-20,8 Income from current operations before income tax -596,1-239,1 Income tax -12,8-23,9 Net income before discontinued operations net income -608,9-263,0 Net income from discontinued operations/operations held for sale - - Net income -608,9-263,0 Group share -576,3-279,6 Non-controlling interests -32,6 16,6 Net earnings per share -7,47-3,68 Diluted net earnings per share -7,45-3,67 Net earnings per share excl. income from discontinued operations/operations held for sale -7,47-3,68 Diluted net earnings per share excl. income from discontinued operations/operations held for sale -7,45-3,67 Net earnings per share income from discontinued operations/operations held for sale - - Diluted net earnings per share income from discontinued operations/operations held for sale - - Net dividend per share - (*) 0,25 (*) based on the proposal made by the Board of Directors meeting on March, 14th 2018. BOURBON Consolidated financial statement year ended December 31, 2017 4
(in million) 2017 2016 Profit (loss) for the period -608,9-263,0 Other comprehensive income -16,2-8,6 o/w other share of other comprehensive income from affiliates under the equity method -1,6 0,1 Other components of comprehensive income that can be reclassified in the income statement in subsequent periods Change in the fixed assets revaluation reserves - - Tax effect - - Profits and losses from the currency translation of the statements of foreign subsidiaries -31,0-7,8 Profits and losses related to the revaluation of available-for-sale financial assets - - Tax effect - - Effective portion of gains and losses on cash-flow hedge instruments 18,3 3,2 Tax effect -3,7-3,2 Other components of comprehensive income that cannot be reclassified in the income statement in subsequent periods Actuarial differences 0,2-0,9 Tax effect - 0,1 Total profits/losses -625,1-271,6 of which Group share -588,6-281,8 of which non-controlling interests -36,5 10,2 BOURBON Consolidated financial statement year ended December 31, 2017 5
3. Statement of consolidated cash-flows (in million) 2017 2016 Consolidated net income -608,9-263,0 Share of result from affiliates under the equity method -3,7 1,4 Tax (expense)/income 12,8 23,9 Net amortization, depreciation and provisions 490,3 340,1 Gains and losses from changes in fair value 39,3-18,6 Calculated income and expenses related to stock options and similar benefits 1,3 2,0 Gains and losses on disposals 0,3-0,6 Income tax paid -13,0-25,9 Dividends received from affiliates under the equity method 1,5 1,1 Restatements of non-cash leases 92,5 14,8 Other 27,4 4,1 Cash flows 39,7 79,3 Effect of changes in working capital 56,5 91,6 Dividends received -0,1-0,1 Cost of net debt 54,6 43,0 Cash flows from operating activities (A) 150,7 213,8 Acquisition of consolidated companies, net of cash acquired - -0,1 Sale of consolidated companies, including cash transferred - - Effect of other changes in the consolidation scope 0,0-0,2 Payments for property, plant and equipment and intangible assets -47,1-154,3 Proceeds from disposals of property, plant and equipment and intangible assets 24,2 5,2 Payments for acquisitions of long-term financial assets - - Proceeds from disposal of long-term financial assets 0,1 - Dividends received 0,1 0,1 Change in loans and advances granted 20,5-28,8 Cash flows from investing activities (B) -2,3-178,0 Capital increase - 0,2 Capital repayment - - Net sales (acquisition) of treasury shares -0,2-4,5 Proceeds from borrowings 269,2 293,0 Repayments of borrowings -175,1-309,2 Hybrid bonds issue - - Dividends paid to parent company shareholders -8,5-25,5 Dividends paid to Non-controlling interests -7,6-18,5 Net financial interests paid -56,2-47,2 Cash flows from financing activities (C) 21,6-111,8 Effect of change in exchange rates (D) -11,0 0,4 Effect of changes in accounting principles and other reclassifications (D) 20 - Change in net cash (A) + (B) + (C) + (D) 179,0-75,6 Cash at beginning of period -11,8 63,8 Cash at end of period (*) 167,2-11,8 Change in cash 179,0-75,6 (*) : Marketable and other securities - - Cash and Cash equivalents 243,6 281,5 Bank overdrafts -76,4-293,3 BOURBON Consolidated financial statement year ended December 31, 2017 6