REGISTRATION DOCUMENT - Bourbon

COMPANY FINANCIAL STATEMENTS5Notes to the annual financial statements8 CASH ON HAND AND IN BANKSCash held in banks was valued at its par value, i.e. €1,127,000.9 DEFERRED INCOME AND EXPENSES(in € thousands) 12.31.2011 12.31.2010Deferred expenses 78 78Deferred income - -TOTAL 78 78Deferred expenses refer to the account operation payment to CM CIC Securities and a levy relative to 2012. They must be recognized underthe operating result.10 CURRENCY TRANSLATION DIFFERENCE ON RECEIVABLES AND LIABILITIES IN FOREIGNCURRENCIESReceivables and liabilities in foreign currencies were converted and recognized in euros based on the latest known exchange rate. AtDecember 31, 2011, no unrealized foreign exchange gains or losses existed.11 FACTORS IMPACTING SEVERAL BALANCE SHEET ITEMS11.1 Assets(in € thousands) 12.31.2011 12.31.2010Prepayments and accrued income (1) : 772 422Operating activities - -Financial transactions 772 422Commercial paper - -Related parties: 749,404 683,591Equity interests 64,169 65,962Receivables from non-consolidated companies - -Loans - -Trade and other receivables - -Other receivables (2) 685,235 617,629TOTAL 750,176 684,013(1) Accrued income from related parties refers to interest incurred on a frozen interest-bearing current account.(2) “Other receivables” mainly refers to a frozen, interest-bearing current account in the amount of €680 million.11.2 Liabilities(in € thousands) 12.31.2011 12.31.2010Accruals and deferred income: - -Operating activities - -Financial transactions - -Notes payable - -Related parties: 209 543Borrowings and other fi nancial liabilities (1) 209 525Trade and other payables - 18TOTAL 209 543(1) Liabilities refer to four current accounts with a total credit balance of €209,000,000.BOURBON - 2011 Registration Document 133