REGISTRATION DOCUMENT - Bourbon

3ActivitiesMANAGEMENT REPORTand Highlights1. ACTIVITIES AND HIGHLIGHTS1.1 HIGHLIGHTS3 2011 was the fi rst year of the “BOURBON 2015 LeadershipStrategy” plan announced on June 25, 2010. Following averagegrowth of 25% for the BOURBON offshore oil and gas marineservices between 2002 and 2010, the new plan has an objectiveof 17% average annual growth between 2011 and 2015 (basedon an exchange rate of USD 1.30 to EUR 1).3 Since January 1, 2011, the duties of Chairman of the Board ofDirectors and Chief Executive Offi cer have been segregated.Jacques d’Armand de Chateauvieux, until then Chairman andChief Executive Offi cer , continued as Chairman of the Board ofDirectors. Christian Lefèvre, previously Chief Operating Offi cer,then became BOURBON’s Chief Executive Offi cer.3 In 2011, BOURBON continued to grow organically, taking deliveryof 39 vessels, including 15 Bourbon Liberty supply vessels.BOURBON, with 436 offshore vessels (including 73 Bourbonliberty supply vessels) as of December 31, 2011, owns theyoungest fl eet of all the leading companies in the sector, accordingto the publications of its main competitors and brokers.3 At the end of 2011, BOURBON took delivery of the fi rst of a seriesof ten Bourbon Evolution 800 vessels designed for deepwateroperations to a depth of 3,000 meters.3 Over the year, BOURBON created two new subsidiaries: a newshipmanager in Saint Petersburg (Russia), Bourbon Baltic, whichwill facilitate the recruitment of Russian seafarers and a newAustralian subsidiary, Bourbon Offshore Pacifi c, to improve itsservice to oil companies in the region which is experiencing rapidgrowth.1.2 SIGNIFICANT EVENTS OCCURRING SINCETHE YEAR ENDAt the date of preparing this report, no event has occurred since theyear-end closing date that would be likely to alter the substance ofthe fi nancial statements as drafted.2. RESULTS2.1 CONSOLIDATED RESULTS(in € millions) 2011 2010Variation2011/2010Revenues 1,008.0 849.9 +18.6%EBITDA 300.2 240.9 +24.6%EBIT 85.3 53.5 +59.4%Net fi nancial income/(loss) (71.7) (32.4)Income tax (10.7) (15.0) -28.8%Net income from discontinued operations 0.5 31.6 -98.6%Minority interests 3.3 1.4Net income/(loss), Group share 6.8 39.2 -82.6%Revenues in 2011 amounted to €1.008 billion, up 18.6% on the previous year with Marine Services and Subsea Services growing by 20.1%and 15.5% respectively as a result of the fl eet being expanded, an appreciable rise in utilization rates (1) of shallow water vessels in particularand, to a lesser extent, the start of an increase in daily rates.(1) Utilization rate: over a period, number of days generating income divided by the number of calendar days.16BOURBON - 2011 Registration Document