Message from the President
“In 2004, BOURBON achieved and exceeded the targets set in the 2003-2007 plan in terms of growth in cash flow (up 29.4%) and investments (356.9 million euros). This year, the group share of net income amounted to more than 100 million euros.”
“Business in the marine sector, with sales up 22.1% to 492.6 million euros, reaped the benefits of strong growth in bulk shipping and the commissioning of new vessels for offshore oil marine services. The offshore fleet in service consisted of 145 units at year-end; 29 other vessels are under construction for deliveries in 2005 and 2006. While the offshore market is experiencing strong recovery owing to capital expenditures on exploration & production by the oil companies, the fact that these vessels will soon be available is an indisputable asset for our Offshore Division.”
“At the same time, the directly-owned bulk carrier fleet is reaping the full benefits of persistently high freight rates. The fleet will contain a total of six ships with an average age of three years after the deliveries expected in March and December 2005. The towage business remained stable in 2004, keeping pace with the prevailing economy. Nonetheless, sales by this business will increase with the addition to the Les Abeilles International fleet in 2005 of two new salvage tugs, Abeille Bourbon and Abeille Liberté.”
“Our future achievements in marine services will depend on our safety performance and our attention to issues of quality and occupational health and the way respect for the environment is reflected in our choices.”
“The year 2004 also saw a new stage in the strategy of gradually shifting the focus of Groupe Bourbon’s business portfolio solely to marine services. After the sales completed or to be finalized in food processing and retailing, BOURBON spun off to CBo Territoria its entire real estate and property business and decided to distribute the shares received in the form of an in-kind dividend to the BOURBON shareholders. This dividend was paid out on May 19, 2005, at the same time as the company went public with an IPO on the Alternext market of Euronext Paris. In addition, the other holdings will be sold off gradually, namely Sapmer and the two sugar refineries in Vietnam, so that only the marine business will be retained.”
“In this context the positioning of the company, its name and its logo as well as its registered office were changed after the June 7, 2005 Annual and Special Shareholders’ Meeting.”
“Now as the new year begins, holding out hopes for a good harvest in 2005, our thanks go out to all those men and women who in going about their jobs are living examples of the values of BOURBON as responsible, enthusiastic and solidary professionals.”
Jacques de Chateauvieux