REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements3.7 INVENTORIES AND WORK IN PROGRESSInventories and work in progress presented a net value of €33.3 million as of December 31, 2011 and €12.7 million as of December 31, 2010,broken down as follows:Gross values:(in € millions) 12.31.2011 12.31.2010GrossRaw materials and supplies 33.1 12.7Work in progress 0.2 -Finished and semi-fi nished goods 0.0 -Merchandise - -TOTAL 33.3 12.7Impairment:(in € millions) 12.31.2011 12.31.2010ImpairmentRaw materials and supplies - -Work in progress - -Finished and semi-fi nished goods - -Merchandise - -TOTAL - -The increase in inventories refl ects the implementation of the Bourbon fl eet maintenance optimization strategy, with the aim of improving vesselavailability, one of the cornerstones of BOURBON’s customer satisfaction policy.3.8 TRADE AND OTHERS DEBTORS, CURRENT FINANCIAL ASSETS AND OTHER CURRENTASSETSReceivables due in less than one year are classifi ed as current assets.The current part of fi nancial assets is detailed below:12.31.2011 12.31.2010(in € millions)Gross Impairment Net Gross Impairment NetTrade and other receivables 394.4 (6.4) 388.1 369.8 (11.5) 358.2Current fi nancial assets 29.7 - 29.7 32.5 - 32.5Other current assets 33.4 - 33.4 19.5 - 19.5TOTAL 457.5 (6.4) 451.2 421.7 (11.5) 410.2BOURBON - 2011 Registration Document 87