REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statementsb) Analysis by interest rateFinancial liabilities break down as follows:(in € millions) 12.31.2011 12.31.2010Fixed rate or swapped-to-fi xed rate 1,236.7 1,259.7Bank overdrafts (fi xed or swapped-to-fi xed rate) - -Variable rate 666.2 438.3Bank overdrafts (variable rate) 273.3 270.7Total borrowings and bank loans 2,176.1 1,968.6Accrued interests 8.8 6.9TOTAL FINANCIAL DEBT 2,184.9 1,975.6c) Analysis by currencyThe list below shows a breakdown of debt as of December 31, 2011:(in € millions) 12.31.2011 12.31.2010EUR – Euro 1,608.4 1,571.2USD – American Dollar 247.2 162.7NOK – Norwegian Kroner 319.7 225.6VND – Vietnamese Dong 0.0 0.0BRL – Brazilian Real 0.8 9.1SGD – Singapore Dollar - 0.0TOTAL (EX. ACCRUED INTERESTS) 2,176.1 1,968.6The Group’s debt consists mainly of three kinds of fi nancing:3 “Club deal” bank type fi nancing:3 initial loan signed in 2005 for €320 million, in redemptionphase since 2009 (ten-year redemption),3 a second loan signed in 2007 for €450 million, in redemptionphase since 2020 (ten-year redemption),3 lastly, a third loan signed in 2009 for €318 million, in redemptionphase since July 2011 (5-year redemption);3 a series of asset-based bilateral fi nancing;d) Debt secured by collateralAs of December 31, 2011, bank borrowings secured by mortgages,pledges of equipment or marketable securities represented a total of€1,353.9 million, compared with €848.4 million in 2010. The assetspledged are primarily vessels.These mortgages were recorded with the Bureau des Hypothèques(Mortgage Registry) between 1999 and 2011 for a total value of€1,826.1 million.3 short-term lines of credit, of which €44 million was unused as ofDecember 31, 2011.92BOURBON - 2011 Registration Document