REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements3.16 FINANCE COSTSFinance costs are as follows:(in € millions) 12.31.2011 12.31.2010Cost of net debt (64.4) (54.5)- cost of gross debt (65.9) (55.5)- income from cash and cash equivalents 1.5 1.0Other financial expenses and income (7.3) 22.1- net foreign exchange income (1.3) 9.2- other fi nancial expenses (10.6) (7.8)- other fi nancial income 4.6 20.7Cost of net debt equals all interest expenses and income producedby the elements composing the fi nancial debt during the year.Other fi nance income and expenses mainly include foreign exchangegains and losses realized and unrealized as well as the fair value ofderivative instruments and securities at fair value through profi t andloss.The other fi nance income and expenses as of December 31, 2011 are broken down below:(in € millions) 12.31.2011Other financial expenses and income (7.3)Foreign exchange income * (1.3)Other fi nancial expenses (10.6)of which fair value of derivative instruments (4.2)Other fi nancial income 4.6of which fair value of securities at fair value through profi t and loss 1.2of which fair value of derivative instruments 1.6* Including the effect of the fair value of derivative instruments hedging balance sheet items.The fair value of the securities at fair value through profi t and loss concerns the Gulfmark shares in the amount of €1.2 million.3.17 DEFERRED TAXAs of December 31, the balances for deferred tax assets and liabilities were as follows:(in € millions) 12.31.2011 12.31.2010Deferred tax assets 33.6 22.3Deferred tax liabilities (24.9) (16.6)Net deferred tax 8.7 5.7Analysis of deferred taxes(in € millions) 12.31.2011 12.31.2010Deferred tax assets 33.6 22.3Retirement benefi t obligations 0.7 0.6Other temporary differences 4.2 0.9Consolidation restatements 28.7 20.8Other 0.0 0.0Deferred tax liabilities (24.9) (16.6)Restatements of amortization and depreciation (10.0) (7.3)Other restatements and temporary differences (14.9) (9.4)BOURBON - 2011 Registration Document 93