REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsb) Liquidity riskThe contractual undiscounted fl ows on net fi nancial debt by maturity date were as follows:As of December 31, 2011Balance(in € millions) 2012 2013 2014 2015 2016> fiveyears TotalsheettotalBonds - - - - - - - -Commercial paper - - - - - - - -Draws on credit facilities - - - - - - -Borrowings on fi nance leases 70.5 3.5 3.7 3.9 4.1 6.3 91.9 91.9Other bank loans 267.3 252.0 308.7 254.5 213.2 515.2 1,810.9 1,810.9Accrued interests 8.4 8.4 8.4Borrowings 346.3 255.5 312.3 258.3 217.2 521.5 1,911.3 1,911.3Bank overdrafts and cash current accounts 273.3 - - - - - 273.3 273.3Accrued interests 0.4 - - - - - 0.4 0.4Cash and cash equivalents (229.6) - - - - - (229.6) (229.6)Net cash 44.0 - - - - - 44.0 44.0TOTAL NET FINANCIAL DEBT 390.3 255.5 312.3 258.3 217.2 521.5 1,955.3 1,955.3As of December 31, 2010Balance(in € millions) 2011 2012 2013 2014 2015> fiveyears TotalsheettotalBonds - - - - - - - -Commercial paper - - - - - - - -Draws on credit facilities - - - - - - -Borrowings on fi nance leases 4.7 67.0 1.2 1.3 1.3 2.4 77.8 77.8Other bank loans 189.3 228.6 210.9 268.4 205.3 517.6 1,620.1 1,620.1Accrued interests 6.8 - - - - - 6.8 6.8Borrowings 200.8 295.6 212.1 269.7 206.6 519.9 1,704.7 1,704.7Bank overdrafts and cash current accounts 270.7 - - - - - 270.7 270.7Accrued interests 0.2 - - - - - 0.2 0.2Cash and cash equivalents (209.8) - - - - - (209.8) (209.8)Net cash 61.1 - - - - - 61.1 61.1TOTAL NET FINANCIAL DEBT 261.8 295.6 212.1 269.7 206.6 519.9 1,765.8 1,765.8c) Market riskThe Group’s exposure to market risk is analyzed in note 3.19.BOURBON - 2011 Registration Document 105