Turnover at december 31st 2002 : up10,3%

GROUPE BOURBON turnover increased by 10.3% to reach 940 million euros as compared with 852 million for 2001 (in pro rata figures in view of the 66.6% consolidation of DISTRIBUTION business for 2002, the balance being assigned to CASINO).

Growth in our two branches has exceeded the forecasts in our business plan for 2002-2006. The DISTRIBUTION turnover (56 % of total) increased by 12.8 % and the MARINE SERVICES turnover (38 % of total) went up by 9.1%.

The bulk of this growth came from international business, which now accounts for 39% of the group's overall turnover.

Consolidated turnover

(In millions of euros)

At december 31st

Variation

At dec. 31st as published

2002

2001 proforma*

Consolidated turnover

940

852

 10.3 %

1 089

France

574

542

 5.9 %

751

International

366

310

18.1 %

358

Distribution

523

464

12.8 %

696

France

451

409

 10.3 %

613

International

72

 55

30.9 %

 83

Marine services

353

324

 9.1 %

329

of which offshore

 134

 101

32.5 %

101

Towage — Assistance

111

 111

0.0 %

111

Bulk transport

108

 108

0.0 %

108

Other business

64

64

0.0 %

64

* The pro forma 2001 figures allow for 66.6% consolidation of the Distribution branch (in view of the 33.4% shareholding taken by CASINO), transfer of the «Réunion-Europe» sugar business (in the beginning of 2001) and reclassification of the fishing activity in «Other business».

• Distribution

The 12.8% growth in Distribution turnover is the result of :
- good business results from FRANCE (RÉUNION + 10.3 %) with the success of the new shopping mall opened in Le Port in May 2002 and the impact on sales of widespread adoption of the loyalty shopping card,
- the growth in international business (+ 30.9 %) fuelled by full-scale operation of the stores opened in VIETNAM and MAYOTTE during the first semester of 2001 and by the acquisition of the PHŒNIX shopping mall in MAURITIUS in September 2001.

• Marine Services

The 9.1% growth rate posted by this branch results essentially from our major policy shift into DEEP-WATER OFFSHORE business (+ 32.5 %).

Our OFFSHORE MARINE SERVICES benefited from the new vessels put into services in late 2001 and in the course of 2002 off West Africa and from the full-year inclusion of DELBA MARITIMA in BRAZIL. Dollar coverage of most income reduced the impact of exchange fluctuations on turnover.

Our TOWAGE-ASSISTANCE business reflected prevailing economic conditions and remained stable in 2002.
BULK TRANSPORT business increased (11.6 million metric tons as compared with 10.3 in 2001) but was affected by the low freight levels registered for the last nine months of 2002.

Despite current international uncertainties, our DISTRIBUTION business, notably on an international scale, and our DEEP-WATER OFFSHORE operations should continue to develop throughout 2003 and beyond.

february 10th 2003

Contact presse - Laurence Hauser - 01 53 70 74 94 – lhauser@image7.fr
Contact Société — Patrick Mangaud — 01 40 13 86 09 — patrick@mangaud.com
From outside France, dial 33 and omit the initial 0