REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statementsAs part of the USD 400 million loan that China Exim Bank granted toCrown Ship Ltd, a subsidiary of Sinopacifi c, to fi nance constructionof vessels ordered by BOURBON, the Group agreed to provideChina Exim Bank with a repayment guarantee for said loan contract;this allows Crown Ship Ltd to grant BOURBON particularly favorablepayment terms. This guarantee, whose implementation wasrelated to the receipt of various pledges granted by companies inthe Sinopacifi c group in favor of BOURBON, came into force onNovember 16, 2011. As of December 31, 2011, the amount actuallydrawn by the companies in the Sinopacifi c group, and covered bythis guarantee, was approximately €36.4 million.ii. Commitments receivedIn connection with the orders placed since 2005 with differentshipyards, the Group receives installment return guarantees whichguarantee it the reimbursement of all installments made during theconstruction period in the event the project is interrupted.These guarantees are issued either by the banks or by holdingcompanies and totaled €509.4 million as of December 31, 2011.At the time of the sale of the Group’s 16 Supramax bulk carriers toGENCO, one of these vessels was still under construction. As such,the Group had received a purchase and payment commitment fromthe buyer in the amount of €26.4 million once construction of thevessel was complete. As of December 31, 2011, the Group had infact received this payment.b. Contractual obligationsContractual obligations are as follows:(in € millions)Total< One yearPayments due by periodOne tofive years> Five yearsFinance leases 91.9 70.5 15.1 6.3Operating leases 11.9 7.6 4.3 0.0Balance payable on orders for vessels under construction 856.5 387.1 469.4 -TOTAL 960.4 465.2 488.9 6.4In connection with its fi nancing, the Group conducted fi nance leaseoperations under which the parent company of the entity enteringinto the fi nance lease agreement guarantees repayment of the rents.The debt related to those operations amounted to €91.9 million asof December 31, 2011.For the different orders placed since 2005, the total amount ofthe installments remaining due while the vessels are being builtamounted to €856.5 million as of December 31, 2011.5.2 NET EARNINGS PER SHARE5.2.1 Basis earnings per shareThe determination of the weighted average number of shares of common stock outstanding during each period is presented below:12.31.2011 12.31.2010Weighted average number of shares over the period 67,727,905 67,398,995Weighted average number of treasury shares held over the period (2,712,624) (2,719,573)Weighted average number of shares outstanding during the period 65,015,281 64,679,422The weighted average number of shares outstanding in 2011 and 2010 takes into account the weighted average number of stock optionsexercised during each period, as the case may be.110BOURBON - 2011 Registration Document