REGISTRATION DOCUMENT - Bourbon

3FinancialMANAGEMENT REPORTresults of the parent company over the last five yearsFINANCIAL RESULTS OF THE PARENT COMPANY OVERTHE LAST FIVE YEARSDescription 2011 2010 2009 2008 2007Share capital at year-endShare capital (in € thousands) 43,055 39,086 38,866 35,229 35,229Number of ordinary shares outstanding 67,781,535 (1) 61,532,545 61,187,226 55,461,302 55,461,302Number of preferred dividend shares (non-voting)outstanding - - - - -Maximum number of future shares to be issued- by conversion of bonds - - - - -- by exercise of stock options and award of bonus shares 5,903,025 3,677,780 920,899 1,015,370 2,192,600Operation and profit/loss for the year (in € thousands)Revenues excluding taxes - 310 337 706 4,271Income before income tax, employee profi t-sharingand amortization, depreciation and provisions 108,047 83,477 37,455 267,701 88,631Income tax (6,278) (13,499) (13,348) (11,883) (6,640)Employee profi t-sharing for the year - - - - -Income after income tax, employee profi t-sharingand amortization, depreciation and provisions 98,315 127,278 72,462 256,470 135,370Distributed net income 55,581 (2) 53,170 (3) 52,866 (4) 47,904 (5) 54,200 (6)Earnings per share (in €)Income after income tax, employee profi t-sharingbut before amortization, depreciation and provisions 1.69 1.58 0.83 5.04 1.72Income after income tax, employee profi t-sharingand amortization, depreciation and provisions 1.45 2.07 1.18 4.62 2.44Dividend per share 0.82 (2) 0.90 (3) 0.90 (4) 0.90 (5) 1.00 (6)PersonnelAverage number of employees during the year - - - - -Amount paid in the year for welfare contributions(Social security, employee organizations, etc.) - - - - -(1) 67,758,779 shares + 22,756 stock options exercised between June 1, 2011 and December 31, 2011.(2) €0.82 per share as recommended by the Board of Directors on March 5, 2012.(3) €0.90 per share as recommended by the Board of Directors on March 14, 2011, after deducting dividends attached to treasury shares.(4) €0.90 per share as recommended by the Board of Directors on March 15, 2010, after deducting dividends attached to treasury shares.(5) €0.90 per share as recommended by the Board of Directors on March 23, 2009, after deducting dividends attached to treasury shares.(6) €1 per share as recommended by the Board of Directors on March 10, 2008, after deducting dividends attached to treasury shares.58BOURBON - 2011 Registration Document