REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements3.4 INVESTMENT PROPERTIESBreakdown of investment properties:(in € millions)GrossAmortization andimpairment Net12.31.2009 0.7 - 0.7Acquisitions - - -Disposals - - -Impairment - - -Currency translation adjustment - - -Change in consolidation scope - - -Reclassifi cation and other changes - -12.31.2010 0.7 - 0.7Acquisitions - - -Disposals - - -Impairment - - -Currency translation adjustment - - -Change in consolidation scope - - -Reclassifi cation and other changes - -12.31.2011 0.7 - 0.73.5 INVESTMENTS IN ASSOCIATESAs of December 31, 2011, investments in associates totaled €0.6 million. The change in the equity value was as follows:(in € millions)Investments in associates12.31.2009 0.3Share of net income/loss 0.1Change in consolidation scope and other changes (0.0)Currency translation adjustment 0.012.31.2010 0.4Share of net income/loss 0.2Change in consolidation scope and other changes (0.0)Currency translation adjustment 0.012.31.2011 0.6The main fi nancial items of the companies consolidated by the equity method are presented below (calculated data indicated at 100%):(in € millions) 12.31.2011 12.31.2010Non-current assets 0.0 3.2Current assets 2.3 3.8TOTAL ASSETS 2.4 7.1Non-current liabilities 2.1 3.7Current liabilities 0.3 3.3TOTAL LIABILITIES 2.4 7.1Revenues 0.6 1.8Net income 0.7 0.4BOURBON - 2011 Registration Document 85