REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements1 Accounting policies and methods1.1 GENERAL INFORMATIONThe 2011 consolidated fi nancial statements were approved by theBOURBON Board of Directors on March 5, 2012. BOURBON is anincorporated company registered in France, the shares of which arelisted for trading on Compartment A of Euronext Paris.1.2 BASIS OF PREPARATION OFTHE CONSOLIDATED FINANCIALSTATEMENTSThe consolidated fi nancial statements include the fi nancial statementsof BOURBON SA, its subsidiaries and companies controlled by theGroup as of December 31 of each year. The fi nancial statements ofthe subsidiaries and companies controlled by the Group are preparedover the same reference period as those of the parent company, onthe basis of homogeneous accounting policies.Statement of complianceBOURBON’s consolidated fi nancial statements for the year endedDecember 31, 2011 have been prepared in accordance with theInternational Financial Reporting Standards (IFRS), as adopted in theEuropean Union.The IFRS include the IFRS, the International Accounting Standards(IAS) and the interpretations of the International Financial ReportingInterpretations Committee (IFRIC) and the Standing InterpretationsCommittee (SIC).The standards and interpretations used to prepare the consolidatedfi nancial statements as of December 31, 2011 are those publishedin the Offi cial Journal of the European Union, the application of whichwas mandatory as of December 31, 2011.Pursuant to Article 28 of European Regulation no. 809/2004 ofApril 29, 2004, the following information is included by reference:3 the consolidated fi nancial statements for the year endedDecember 31, 2010 and the Statutory Auditors’ report onthose statements, provided in the Registration Document fi ledon April 27, 2011, with the Autorité des marchés fi nanciers (onpages 55-120 and 121 respectively);3 the consolidated fi nancial statements for the year endedDecember 31, 2009 and the Statutory Auditors’ report onthose statements, provided in the Registration Document fi ledon May 18, 2010, with the Autorité des marchés fi nanciers (onpages 51-108 and 109 respectively).Consolidated financial statements - Basesof preparationThe Group’s consolidated fi nancial statements have been preparedon the historical cost basis, with the exception of derivativeinstruments and available-for-sale fi nancial assets, which aremeasured at fair value. The consolidated fi nancial statements arepresented in millions of euros.The subsidiaries are consolidated from the effective date ofacquisition, which is the date on which the Group obtains control,until the date on which this control ceases to be exercised.Minority interests represent the share of profi t or loss and netassets which are not held by the Group. They are presented in theincome statement and in shareholders’ equity on the consolidatedbalance sheet separately from the Group’s share of income/loss andshareholders’ equity.All intercompany balances and transactions as well as the income,expenses and gains or losses included in the book value of assetswhich come from internal transactions, are fully eliminated.As required by IAS 1, the assets are presented as current assets onthe consolidated balance sheet when they meet one of the followingcriteria:3 the expected liquidation date is less than twelve months or lessthan the Group’s normal business cycle;3 they are essentially held for transaction purposes.All other assets are classifi ed as non-current assets.Liabilities are presented as current liabilities on the consolidatedbalance sheet when they meet one of the following criteria:3 the expected settlement date is less than 12 months or less thanthe Group’s normal business cycle;3 they are essentially held for transaction purposes;3 the Group does not hold an unconditional right to defer paymentat least for the period of 12 months after closing.All other liabilities are classifi ed as non-current liabilities.1.3 ADOPTION OF THE NEW AND REVISEDSTANDARDSThe accounting policies applied as of December 31, 2011 areconsistent with those of the previous year.The standards and interpretations that are mandatory on or afterJanuary 1, 2011 did not result in any signifi cant change in thevaluation methods or the presentation of the statements. However,they did result in additional notes to the fi nancial statements, as listedbelow:3 Amendments to IFRS 1 “Exemptions from disclosure under IFRS 7”;3 Amendments to IAS 24 “Related party disclosures”;3 Amendments to IAS 32 “Classifi cation of subscription rights”;3 A mendments resulting from the annual IFRS standardsimprovement process published in May 2010;3 Amendments to IFRIC 14 “Prepayments of a minimum fundingrequirement”;3 IFRIC 19 “Extinguishing fi nancial liabilities with equity instruments”;3 Amendments to IFRS 7 “Disclosures – Transfers of fi nancialassets”.BOURBON - 2011 Registration Document 69