REGISTRATION DOCUMENT - Bourbon

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4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statementsAs of December 31, 2010, the position was as follows:Less thanone yearOne totwo yearsTwo tothree yearsAs of Friday, December 31, 2010Three tofour yearsFour tofive yearsMore thanfive yearsFixed Variable Fixed Variable Fixed Variable Fixed Variable Fixed Variable Fixed Variable Fixed Variable(in € millions) rate rate rate rate rate rate rate rate rate rate rate rate rate rateCash - 209.8 - - - - - - - - - - - 209.8Term deposits - - - - - - - - - - - - - -Loans andsecurities - 5.6 - - - - - - - - - - - 5.6Financial assets - 215.4 - - - - - - - - - - - 215.4Bank overdraftsand short-termlines - (270.7) - - - - - - - - - - - (270.7)Deposits andsecurities received - (0.0) - (0.2) - - - - - - - - - (0.2)Finance leaseliabilities (3.5) (1.2) (65.7) (1.2) - (1.2) - (1.3) - (1.3) - (2.4) (69.2) (8.6)Bank borrowings (19.6) (169.7) (16.5) (211.9) (15.9) (195.0) (16.4) (252.0) (17.1) (188.2) (106.2) (411.3) (191.8) (1,428.1)Financialliabilities (23.1) (441.5) (82.3) (213.3) (15.9) (196.3) (16.4) (253.3) (17.1) (189.5) (106.2) (413.7) (261.0) (1,707.6)Hedging (126.7) 126.7 (162.9) 162.9 (159.3) 159.3 (162.3) 162.3 (112.4) 112.4 (275.0) 275.0 (998.7) 998.7Net position afterhedging (149.8) (99.4) (245.2) (50.4) (175.2) (37.0) (178.7) (91.0) (129.5) (77.1) (381.3) (138.7) (1,259.7) (493.5)TotalAssuming the position reached at December 31, 2010 is constantover one year, a 100 basis point (1%) change in the interest ratewould therefore increase or decrease the cost of the Group’s fi nancialdebt by €4.9 million over one year.Foreign exchange riskObjectivesThe Group’s policy is to reduce as far as possible the economic riskrelated to foreign currency fl uctuations over the medium term. TheGroup also tries to minimize the impact of the US dollar’s volatility onannual operating income.Cash flows from operating activitiesThe main foreign exchange risks on operations are related to invoicingclients. BOURBON invoices a large portion (69.5%) of its services inUS dollars. The Group has a natural foreign exchange hedge thanksto the payment of expenses in dollars (representing about 24% ofrevenues). The policy is to maximize this natural hedge.The residual risk is partially hedged in the short term by using forwardUS dollar sales and/or currency puts. On the unhedged portion, andover time, offshore oil and gas marine services are directly exposedto foreign currency risks, particularly on the US dollar.Long-term cash flowsPolicyFor vessel acquisitions in foreign currencies, the policy is to partlyhedge the foreign exchange risk during the construction period bysetting up currency futures call options.The policy is to fi nance these acquisitions in the currency in which thecorresponding charters will be paid by the customers. However, inorder to avoid accounting exchange differences in countries outsidethe euro zone and the US dollar zone (particularly in Norway), theentities fi nance their investments in their functional currency.Current practiceAs an exception, at the beginning of 2004 it was decided totemporarily abandon this practice and convert the majority ofborrowings that were in dollars at the time to euros. This was doneto recognize the unrealized foreign exchange gains booked duringprevious fi scal years.Since then, most of the new borrowings (outside Norway) have beencontracted in euros or US dollars. Where the euro/dollar exchangerate allows, borrowings in euros to fi nance assets generating revenuein dollars will be converted to dollars and future acquisitions will againbe fi nanced in dollars.The following tables show the Group’s net exposure to changes inforeign exchange rates:3 on income: transaction risk;3 on equity: conversion risk.98BOURBON - 2011 Registration Document
CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsa) Transaction riskAs of December 31, 2011, foreign exchange derivatives mainly involved fl ows in US dollars (USD) and Norwegian kroner (NOK), broken downas follows:AmountsAs of 12.31.2011outstanding(in currency millions)MaturityAverageexchange rateFutures contracts covering expected future salesEUR/USD 600 Between 01.31.2012 and 12.31.2012 1.3075EUR/USD 13 30.03.2012 1.3735Futures contracts covering expected future purchasesUSD/EUR 406 Between 01.01.2012 and 12.31.2012 1.4267USD/NOK 16 Between 01.01.2012 and 12.31.2012 5.8792Foreign currency optionsNOK/EUR 3 January/February 2012 7.9567NOK/USD 8 Between 01.01.2012 and 9.30.2012 6.0720Cross-currency swapUSD/EUR 125 09.29.2017 and 12.31.2019 1.4704NOK/EUR 288 10.26.2016 and 02.01.2017 8.3204The following table shows, as of December 31, 2011, the position of the Group’s monetary assets and liabilities (denominated in a differentcurrency from the entity’s functional currency) before and after management:(in € millions) USD NOK EUR OtherMonetary assets 874.3 58.4 26.7 9.8Monetary liabilities (588.6) (55.0) (41.4) (12.0)Net position before management 285.7 3.4 (14.7) (2.2)Hedges (96.6) (37.1) - -Net position after management 189.1 (33.7) (14.7) (2.2)As of December 31, 2011, a 1% change in the euro exchange rateagainst all the currencies would represent a total impact at Grouplevel of €2.3 million, after hedges are taken into account.It should be noted that currency futures hedges related to futuretransactions are not shown in this table since the hedged item doesnot yet appear on the balance sheet.b) Currency translation riskThe table below shows a breakdown by currency of consolidated shareholders’ equity for the years 2011 and 2010:(in € millions) 12.31.2011 12.31.2010Euro (EUR) 1,387.1 1,297.8Brazilian Real (BRL) (55.1) (13.6)Mexican Peso (MXN) 9.7 11.9Norwegian Kroner (NOK) 67.6 51.0US Dollar (USD) 46.0 139.0Vietnamese Dong (VND) (2.1) (1.8)Swiss Franc (CHF) 2.4 2.8Nigerian Naira (NGN) (36.8) (17.8)Other (1.9) (1.6)TOTAL 1,417.0 1,467.8As of December 31, 2011, a 1% change in the exchange rates would represent an impact on consolidated shareholders’ equity of €3.0 million(€4.0 million as of December 31, 2010).BOURBON - 2011 Registration Document 99
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2011REGISTRATION DOCUMENTFinancial
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BOURBON1IN 2011KEY FIGURES 4STOCK M
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OVERVIEW OF THE GROUP2Activities3.
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