REGISTRATION DOCUMENT - Bourbon

5NotesCOMPANY FINANCIAL STATEMENTSto the annual financial statements5 RECEIVABLES AND LIABILITIESReceivables and liabilities were valued at their par value. Provisions for impairment of receivables were recognized to compensate for any risksof non-recovery.(in € thousands) Gross amount Up to one year More than one yearAccounts receivable:Other trade receivables 147 147 -Value-added tax 44 44 -Group and associates (1) 686,007 686,007 -Sundry receivables - -Deferred expenses 78 78 -TOTAL 686,276 686,276(1) “Group and associates” receivables mainly refer to a frozen, interest-bearing current account in the amount of €680 million.(in € thousands) Gross amount Up to one year One to five yearsLiabilities:Bank borrowingsMore than fiveyears- falling due less than one year after contracted - - - -- falling due more than one year after contracted - - - -Borrowings and other fi nancial liabilities - - - -Trade and other payables 487 487 - -Other taxes and similar payments 139 139 - -Debt on non-current assets - -Group and associates (1) 369 369 - -Other liabilities 181 181 - -TOTAL 1,176 1,176 - -“Group and associates” liabilities mainly refers to two interest-bearing current accounts with a total credit balance of €144,000.6 ADVANCES TO DIRECTORSIn accordance with Articles L. 225-43 and L. 223-21 of the French Commercial Code, no loans or advances were granted to Directors of theCompany.7 MARKETABLE SECURITIESMarketable securities at December 31, 2011 correspond solely totreasury shares. They were valued on the closing date based on theaverage trading price for December 2011. A provision for impairmentis recorded when the cost of acquiring the shares is higher thanthis price.The Combined General Meeting of June 1, 2011 authorized theCompany to buy back its own shares within the limit of 10% of theshare capital. CM CIC Securities is responsible for managing theliquidity contract, according to the “AMAFI charter” (17,541 sharesat December 31, 2011).The statement of treasury shares held at the end of the year is as follows:(in € thousands) Total number of shares Gross Values Provisions Net ValuesExcluding liquidity contract (1) 2,693,405 75,772 (17,884) 57,888Liquidity contract 17,541 371 (87) 284TOTAL 2,710,946 76,143 (17,971) 58,172(1) These shares are intended to cover share purchase options or any other employee shareholding scheme.132BOURBON - 2011 Registration Document