REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statementsb. Guarantees(in € millions) 12.31.2011 12.31.2010Commitments givenMortgages and pledges on loans 1,826.1 848.4Guarantees given by the parent company to companies in the Group (excluding one mortgage) 87.4 13.2TOTAL COMMITMENTS GIVEN 1,913.6 861.6Commitments received 0 0TOTAL COMMITMENTS RECEIVED 0 0In connection with certain bilateral and “club deal” fi nancings, thecompanies that own BOURBON’s vessels took out mortgages onsome of their vessels with the lending institutions concerned toguarantee the repayment of said loans.As of December 31, 2011, although the total amount of themortgages recorded with the agencies concerned is approximately€1,826.1 million, the total amount that can be called is limited to thecapital still actually owed by the Group (limited to €1,353.9 millionunder the loans guaranteed by these mortgages). The mortgage isreleased when the loan guaranteeing it is repaid in full.In addition, the Group’s holding companies granted to their respectivesubsidiaries redemption guarantees totaling €87.4 million, for whichno mortgage was granted.5.1.3 Off-balance sheet commitments related to the Group’s operating activitiesa. Operating activities(in € millions) 12.31.2011 12.31.2010Commitments givenCommitments given related to the performance of client contracts 28.7 21.4Commitments given related to obligations towards the government 14.6 11.3Commitments given related to the performance of supplier contracts 60.5 7.9TOTAL COMMITMENTS GIVEN 103.8 40.6Commitments receivedInstallment return guarantees 509.4 586.4Purchase requirement on property, plant and equipment 0 26.4Other guarantees received 0.3 0.3TOTAL COMMITMENTS RECEIVED 509.6 613.1i. Commitments givenIn the competitive bidding process in which the Group participates,some clients ask the bidders to submit a bid guarantee with their bidto protect them if the call for bids is withdrawn. The validity period ofthis kind of guarantee usually varies between six and twelve months.If the contract is signed, the client may ask the bidder selectedto protect it by setting up a performance guarantee valid for theduration of the contract, for a fi xed or unspecifi ed amount. As ofDecember 31, 2011, all such guarantees given by the Group totaled€28.7 million.The Group issues commitments to the customs authorities of somecountries in order to guarantee payment of the fees applicable to thevessels operating in those countries. As of December 31, 2011, allsuch guarantees given by the Group totaled €14.6 million.In 2006, when fi ve 120-ton anchor handling tug supply vessels(AHTS) were ordered from the Bharati shipbuilding company inIndia, the Group issued a guarantee covering payment of theinstallments owed to that company by one of its subsidiaries. As ofDecember 31, 2011, the amount of installments remaining to be paidtotaled €4.1 million.In 2011, when four fast supply intervention vessels (FSIV) wereordered from the SEAS shipbuilding company in Vietnam, the Groupissued a guarantee covering payment of the installments owed tothat company by one of its subsidiaries. As of December 31, 2011,the total amount of installments remaining to be paid was €20 million.BOURBON - 2011 Registration Document 109