REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statements4 Operating segmentsThe operating segments as presented under sector information areas follows: “Marine Services” and “Subsea Services”. In turn, the“Marine Services” segment is broken down into “Deep”, “Shallow”and “Crew”.It should be noted that the assumptions for valuing the results of thedifferent segments are no different from the assumptions used toprepare the fi nancial statements.Income and expenses that cannot be charged to the operatingsegments are classifi ed as “Other”.The capital employed as presented in the segment informationincludes the following items:3 goodwill;3 installments on vessels under construction;3 other intangible assets and property, plant and equipment;3 non-current fi nancial instruments (asset and liability components);3 long-term fi nancial assets (mainly loans);3 working capital, which includes current assets (with the exceptionof cash and cash equivalents) as well as current liabilities (with theexception of borrowings and bank loans and provisions).Commercial transactions between Divisions are established on amarket basis, with terms and conditions identical to those in effectfor supplying goods and services to customers outside the Group.3 the consolidated net book value of the vessels;4.1 OPERATING SEGMENTSThe segment information for 2011 is as follows:(in € millions)Total MarineServicesof whichDeep Shallow CrewTotal SubseaServices Other TotalRevenues (non-Group sales) 792.9 318.4 241.5 233.0 172.8 42.3 1,008.0Direct costs (488.3) (174.4) (155.8) (158.1) (87.2) (29.6) (605.1)General and administrative costs (83.2) (33.4) (25.3) (24.4) (18.1) (1.3) (102.6)EBITDA 221.4 110.6 60.3 50.5 67.5 11.3 300.2Goodwill 14.3 8.2 6.1 - 19.2 0.5 34.0Vessels 2,056.2 nd nd nd 410.6 26.2 2,493.0Installments on vessels under construction 432.6 nd nd nd 278.0 - 710.6Other non-current assets and liabilities (34.4) nd nd nd 8.9 13.0 (12.5)Working capital 135.5 nd nd nd 29.5 6.5 171.6Capital employed 2,604.2 nd nd nd 746.2 46.2 3,396.6Capital employed excluding installments on vesselsunder construction 2,171.7 nd nd nd 468.2 46.2 2,686.0Capital employed related to non-current assets heldfor sale and liabilities associated with non-current assetsheld for sale - nd nd nd - - -106BOURBON - 2011 Registration Document