REGISTRATION DOCUMENT - Bourbon

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4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statements2 Significant information for the year ended December 31, 20112.1 CHANGES IN CONSOLIDATION SCOPE2.1.1 Newly consolidated companiesThe companies that were newly consolidated in 2011 are:Bourbon Baltic Ltd Liability CompanyBourbon Offshore DNT Asia Pte LtdBourbon Offshore Pacifi c Pty LtdEPD Horizon Pte LtdEPD Singapore Services Pte LtdInebolu Petroleum Marine Services Ltd CompanySNC Bourbon Liberty 243SNC Bourbon Liberty 244SNC Bourbon Liberty 245SNC Liberty CE 239SNC Liberty CE 241SNC Surfer 2012Set-up – fully consolidatedAcquisition – fully consolidatedSet-up – fully consolidatedAcquisition – proportionately consolidatedAcquisition – proportionately consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedThe list of the consolidated companies is provided in note 5.7.2.1.2 Deconsolidated companiesNo companies were deconsolidated during the year.Net income from discontinued operations/operations held for sale in 2011 mainly includes income from the sale of the last of the 16 bulkcarriers sold to Genco Shipping and Trading Ltd in the fi rst quarter of 2011.(in € millions)TotalRevenues 0.1Operating costs excluding capital gains on disposal of vessels (0.2)Capital gains on disposal of vessels 0.5Increases and reversals of amortization, depreciation and provisions -Cost of net debt -Other fi nancial expenses and income -Net income from discontinued operations/operations held for sale before tax 0.5Income taxes -Net income from discontinued operations/operations held for sale after tax 0.5Impairment -Capital gains on equity interests sold -NET INCOME FROM DISCONTINUED OPERATIONS/OPERATIONS HELD FOR SALE 0.52.1.3 Purchase of non-controlling interestsBourbon purchased some minority interests during 2011. Pursuant to revised IFRS 3 and amended IAS 27, the effect of purchasing minorityinterests was recognized under consolidated reserves, as these purchases have no effect on the control exerted by Bourbon over thosecompanies, and hence they did not entail any changes in the consolidation method of those companies.The impact on shareholders’ equity as of December 31, 2011 is not meaningful.78BOURBON - 2011 Registration Document
CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements2.2 INTERESTS IN JOINT VENTURES2.2.1 Information on companies proportionately consolidatedThe list of the proportionately consolidated entities is provided in note 5.7.2.The main aggregates for these companies are presented in the table below:(in € millions) 12.31.2011 12.31.2010Non-current assets 97.3 91.5Current assets 45.1 48.1TOTAL 142.3 139.6Shareholders’ equity 12.2 18.7Non-current liabilities 71.5 75.1Current liabilities 58.6 45.7TOTAL 142.3 139.6Revenues 62.7 53.0Net income 14.1 13.2BOURBON - 2011 Registration Document 79
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2011REGISTRATION DOCUMENTFinancial
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BOURBON1IN 2011KEY FIGURES 4STOCK M
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BOURBON IN 20111Stock Market data3
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1BOURBON IN 20118BOURBON - 2011 Reg
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2BOURBONOVERVIEW OF THE GROUPtimeli
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OVERVIEW OF THE GROUP2Activities3.
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2CompetitiveOVERVIEW OF THE GROUPen
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3ActivitiesMANAGEMENT REPORTand Hig
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MANAGEMENT REPORT3Results2.2.1.1 De
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MANAGEMENT REPORT3Results“Other
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REGISTRATION DOCUMENT - Bourbon

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