REGISTRATION DOCUMENT - Bourbon

4StatutoryCONSOLIDATED FINANCIAL STATEMENTSAuditors’ report on the consolidated financial statements (year ended December 31, 2011)STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIALSTATEMENTS (YEAR ENDED DECEMBER 31, 2011)To the Shareholders,In compliance with the assignment entrusted to us by your Annual General Meetings, we hereby report to you, for the year ended December 31,2011, on:3 the audit of the accompanying consolidated fi nancial statements of BOURBON Company;3 the justifi cation of our assessments;3 the specifi c verifi cation required by law.These consolidated fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidatedfi nancial statements based on our audit.I. OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTSWe conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and performthe audit to obtain reasonable assurance about whether the consolidated fi nancial statements are free of material misstatement. An auditinvolves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts anddisclosures in the consolidated fi nancial statements. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made, as well as the overall presentation of the consolidated fi nancial statements. We believe that theaudit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.In our opinion, the consolidated fi nancial statements give a true and fair view of the assets and liabilities and of the fi nancial position ofthe Group as at December 31, 2011 and of the results of its operations for the year then ended in accordance with International FinancialReporting Standards as adopted by the European Union.II.JUSTIFICATION OF OUR ASSESSMENTSThe accounting estimates used in the preparation of the consolidated fi nancial statements were made in an uncertain environment, linked tothe crisis of government funds of some countries of the Eurozone (particularly Greece). This crisis is accompanied by an economic and liquiditycrisis which makes diffi cult the apprehension of economic prospects. Such is the context in which we made our own assessments that webring to your attention in accordance with the requirements of Article L. 823-9 of the French Commercial Code (Code de commerce):At each year-end, the Company systematically tests its goodwill, under the methods described in note 1.4 “Use of estimates – Impairmenttest of goodwill” of the notes of the consolidated fi nancial statements, goodwill which have been allocated to the Cash Generating Unit atthe lowest level at which this goodwill are monitored for internal management purposes. In this way, the vessels, whose net book value in theBalance Sheet is about 2,492.9 million euros as at December 31, 2011 and which were part of Cash Generating Units tested, have been testedthus for impairment under the methods described in note 1.5.6 “Property, plant and equipment” of the notes of the consolidated fi nancialstatements.We have examined the methods implemented in this impairment test, based on independent experts’ valuations reviewed by Groupmanagement and we have verifi ed that note 1.5.6 “Property, plant and equipment” of the notes of the consolidated fi nancial statementsdiscloses appropriate information. Furthermore, based on the information available to date, we performed tests to check the application ofthis approach using sampling techniques.These assessments were made as part of our audit of the consolidated fi nancial statements taken as a whole, and therefore contributed to theopinion we formed which is expressed in the fi rst part of this report.122BOURBON - 2011 Registration Document