REGISTRATION DOCUMENT - Bourbon

5StatutoryCOMPANY FINANCIAL STATEMENTSAuditors’ report on the financial statements (of the parent company only) year ended December 31, 2011STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS(OF THE PARENT COMPANY ONLY) YEAR ENDED DECEMBER 31, 2011To the Shareholders,In compliance with the assignment entrusted to us by your Annual General Meetings, we hereby report to you, for the year endedDecember 31, 2011, on:3 the audit of the accompanying fi nancial statements of BOURBON Company;3 the justifi cation of our assessments;3 the specifi c verifi cation and information required by law.These fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these fi nancial statementsbased on our audit.I. OPINION ON THE FINANCIAL STATEMENTSWe conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit involves performingprocedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in thefi nancial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made, as well as the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cientand appropriate to provide a basis for our audit opinion.In our opinion, the fi nancial statements give a true and fair view of the assets and liabilities and of the fi nancial position of the Company as atDecember 31, 2011 and of the results of its operations for the year then ended in accordance with French accounting principles.II.JUSTIFICATION OF OUR ASSESSMENTSThe accounting estimates used in the preparation of the fi nancial statements were made in an uncertain environment, linked to the crisis ofgovernment funds of some countries of the Eurozone (particularly Greece). This crisis is accompanied by an economic and liquidity crisis whichmakes diffi cult the apprehension of economic prospects. Such is the context in which we made our own assessments that we bring to yourattention in accordance with the requirements of Article L. 823-9 of the French Commercial Code (Code de commerce):Investments in subsidiaries and affi liates, whose the net amount in the balance sheet, as at December 31, 2011, is of about €47,251 thousands,are valued at their acquisition costs and depreciated on the basis of their value in use, as described in note 3 “gross long-term investments”to the fi nancial statements.We assessed the approach used by BOURBON Company, as described in this note, based on the information available to date and performedtests to check the application of this approach using sampling techniques.These assessments were made as part of our audit of the fi nancial statements taken as a whole, and therefore contributed to the opinion weformed which is expressed in the fi rst part of this report.138BOURBON - 2011 Registration Document