REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statements2 Significant information for the year ended December 31, 20112.1 CHANGES IN CONSOLIDATION SCOPE2.1.1 Newly consolidated companiesThe companies that were newly consolidated in 2011 are:Bourbon Baltic Ltd Liability CompanyBourbon Offshore DNT Asia Pte LtdBourbon Offshore Pacifi c Pty LtdEPD Horizon Pte LtdEPD Singapore Services Pte LtdInebolu Petroleum Marine Services Ltd CompanySNC Bourbon Liberty 243SNC Bourbon Liberty 244SNC Bourbon Liberty 245SNC Liberty CE 239SNC Liberty CE 241SNC Surfer 2012Set-up – fully consolidatedAcquisition – fully consolidatedSet-up – fully consolidatedAcquisition – proportionately consolidatedAcquisition – proportionately consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedSet-up – fully consolidatedThe list of the consolidated companies is provided in note 5.7.2.1.2 Deconsolidated companiesNo companies were deconsolidated during the year.Net income from discontinued operations/operations held for sale in 2011 mainly includes income from the sale of the last of the 16 bulkcarriers sold to Genco Shipping and Trading Ltd in the fi rst quarter of 2011.(in € millions)TotalRevenues 0.1Operating costs excluding capital gains on disposal of vessels (0.2)Capital gains on disposal of vessels 0.5Increases and reversals of amortization, depreciation and provisions -Cost of net debt -Other fi nancial expenses and income -Net income from discontinued operations/operations held for sale before tax 0.5Income taxes -Net income from discontinued operations/operations held for sale after tax 0.5Impairment -Capital gains on equity interests sold -NET INCOME FROM DISCONTINUED OPERATIONS/OPERATIONS HELD FOR SALE 0.52.1.3 Purchase of non-controlling interestsBourbon purchased some minority interests during 2011. Pursuant to revised IFRS 3 and amended IAS 27, the effect of purchasing minorityinterests was recognized under consolidated reserves, as these purchases have no effect on the control exerted by Bourbon over thosecompanies, and hence they did not entail any changes in the consolidation method of those companies.The impact on shareholders’ equity as of December 31, 2011 is not meaningful.78BOURBON - 2011 Registration Document