REGISTRATION DOCUMENT - Bourbon

COMPANY FINANCIAL5STATEMENTSPARENT COMPANY BALANCE SHEET 126COMPREHENSIVE INCOME STATEMENT 128NOTES TO THE ANNUAL FINANCIALSTATEMENTS 1291 Accounting policies and methods 1292 Shareholders’ equity 1293 Gross long-term financial assets 1314 Provisions 1315 Receivables and liabilities 1326 Advances to Directors 1327 Marketable securities 1328 Cash on hand and in banks 1339 Deferred income and expenses 13310 Currency translation difference onreceivables and liabilities in foreigncurrencies 13311 Factors impacting several balance sheetitems 13312 Breakdown of net revenues 13413 Executive compensation 13414 Details of non-recurring incomeand expenses 13415 Related parties 13416 Income tax 13517 Amount of financial commitments 13518 Increase and reduction in future tax liability 13519 Subsidiaries and equity interests 136STATUTORY AUDITORS’ REPORTON THE FINANCIAL STATEMENTS(of the parent company only)YEAR ENDED DECEMBER 31, 2011 138STATUTORY AUDITORS’ SPECIALREPORT ON REGULATED AGREEMENTSAND COMMITMENTS 140BOURBON - 2011 Registration Document 125