REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statementsb) Derivative financial instrumentsDerivative fi nancial instruments recognized as liabilities on the balance sheet are presented in note 3.20.2.c) Trade and other payables(in € millions) 12.31.2011 12.31.2010Trade payables 98.0 83.3Debt on non-current assets 73.8 40.3Social security liabilities 42.4 38.7Tax liabilities 58.9 49.2Other liabilities 32.8 50.1Deferred income 7.2 1.3TOTAL 313.1 262.9The balance sheet value of all these debts represents a good approximation of their fair value.3.20.4 Fair value of the financial assets and liabilitiesThe method for valuing fi nancial assets and liabilities is detailed in notes 1.5.8 to 1.5.19.3.20.5 Management of the risks related to financial instrumentsThe Group’s risk management policy is presented in note 3.19.a) Credit riskThe policy for managing fi nancial risks is presented in note 3.19.Receivables outstanding and non-impaired were as follows as of December 31, 2011 and December 31, 2010:(in € millions)12.31.2011Assets outstanding at year-end< 30 days 31-60 days 61-90 days > 91 days TotalAssetsimpairedAssets notimpaired oroutstandingLoans and receivables atamortized cost - - 56.6 56.6Trade and other receivables 34.8 15.8 10.7 30.5 91.9 6.4 296.2 394.4TOTAL 34.8 15.8 10.7 30.5 91.9 6.4 352.8 451.0Total(in € millions)12.31.2010Assets outstanding at year-end< 30 days 31-60 days 61-90 days > 91 days TotalAssetsimpairedAssets notimpaired oroutstandingLoans and receivablesat amortized cost - - 32.7 32.7Trade and other receivables 20.4 10.0 4.0 24.9 59.3 11.5 298.9 369.8TOTAL 20.4 10.0 4.0 24.9 59.3 11.5 331.5 402.4Total104BOURBON - 2011 Registration Document