2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsGrant date2009 20084 December 8 April 8 April 5 December 14 April 14 AprilEXPIRY• Vesting date4 December 2012 8 April 2011 8 October 2011 4 December 2011 13 October 2011 13 April 2011• End of lock-up period 4 December 2014 8 April 2013 8 October 2013 4 December 2013 13 October 2013 13 October 2013Share price on the grant date €58.31 €48.37 €48.37 €43.73 €75.10 €75.10Number of shares 24,463 8,000 492,273 500 183,641 8,017Fair value of the share €42.47 €36.32 €34.18 €33.16 €61.92 €61.92Continued employmentconditions Yes Yes Yes Yes Yes YesPerformance conditions No No Yes No Yes NoPerformance conditionapplicable(1) (1) (2) (1) (2) (1)Number of shares beforeapplication of performanceconditions 24,463 8,000 432,765 500 5,758 6,517(1) No performance conditions.(2) The performance target for the share grant plan of 14 April 2008, 8 April 2009 and 29 April 2010 depends upon the Company. At 31 December 2010, the applicable performance conditionswere as follows:Plans granted on 29 April 2010 8 April 2009 14 April 2008Monoprix 74%(based on 11,945 shares)Codim 2 100%(based on 5,100 shares)Other companies 100%(based on 270,370 shares)98%(based on 8,960 shares)100%(based on 5,350 shares)96%(based on 418,455 shares)50%(based on 2,118 shares)100%(based on 3,640 shares)0%Performance conditions mainly involve organic sales growth, trading profit levels, and net financial debt.Details of plans on Casino, Guichard-Perrachon sharesStock option plansNumber of outstanding optionsWeighted average exercise price(in €)At 1 January 2009 2,515,543 €71.14Of which, vested options 1,283,320Options granted during the period 109,753 €54.57Options exercised during the period (9,373) €58.06Options cancelled during the period (1,210,279) €75.73Options that lapsed during the period - -At 31 December 2009 1,405,644 €65.98Of which, vested options 527,581 €62.05Options granted during the period 48,540 €64.87Options exercised during the period (281,725) €57.94Options cancelled during the period (120,974) €69.75Options that lapsed during the period (41,705) €58.16AT 31 DECEMBER 2010 1,009,780 €68.04Of which, vested options 414,296 €72.9498 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Share grant plans, not yet vestedNumber of outstanding sharesAt 1 January 2009 558,809Shares granted 524,736Shares cancelled (104,165)Shares issued (77,169)At 31 December 2009 902,211Shares granted 370,418Shares cancelled (307,004)Shares issued (129,622)AT 31 DECEMBER 2010 836,003NOTE 26. PROVISIONSNote 26.1. Breakdown and movements€ millions1 January2010AdjustedIncreases2010Reversals(used)2010Reversals(surplus)2010Change inscope ofconsolidationTranslationadjustmentOther31 December2010Product warranty costs 7 7 (6) - - - - 7Pensions (note 27) 107 66 (54) (2) - 2 23 143Jubilees 21 - (1) - - - 1 21Long-service awards 15 15 (15) - - - - 15Claims and litigation 57 15 (9) (6) - 4 2 64Other liabilities and charges 256 209 (138) (11) (7) 9 - 319Restructuring 3 17 (3) (67) 67 - - 16Risk relating to the TRS (1) 17 - - (17) - - - -TOTAL 482 330 (226) (103) 60 15 26 585of which short-termprovisions 248 233 (145) (84) 55 4 (33) 279of which long-termprovisions 234 96 (80) (18) 5 11 59 306(1) See note 26.2.Provisions for claims and litigation and for other liabilities and chargescorrespond to a large number of provisions for employee claims,property-related claims (concerning construction or refurbishmentwork, rents, tenant evictions, etc.), tax claims and business claims(trademark infringement, etc.).Note 26.2. Risk relating to the total return swapon Exito sharesOn 19 December 2007, Casino announced an amendment to theshareholders’ agreement entered into with Exito on 7 October2005.On the same date, the minority shareholders of Suramericana deInversiones S.A. and other Colombian strategic partners enteredinto reciprocal put and call options with Citi on their interests in Exito(5.8% and 4.4% respectively). On 8 January 2008, Grupo Nacionalde Chocolates SA sold its interest in Exito to Citi. Consequently, thesepartners have renounced the put option granted to them under thehistorical shareholders’ agreement with Casino, thereby releasingCasino from its commitment to purchase their stakes in Exito.Suramericana sold its 5.8% interest in Exito on 19 January 2010 forCOP 21,804 per share.The put options on the 4.4% owned by other Colombian strategicpartners are exercisable for a period of three months from 16 December2010, 2011, 2012, 2013 and 2014. The call option is exercisable byCiti for a period of three months from 16 March 2015. The exerciseprice of the options is the higher of:■■■■a fixed price of COP 19,477 per share, revalued for inflation at+1%;a multiple of EBITDA less net financial debt;a multiple of sales less net financial debt;the average quoted share price over the preceding six months.Concurrently with these transactions, on 8 January 2008 and19 January 2010, Casino entered into a total return swap (TRS) withCiti on the interests in Exito acquired respectively from Chocolates andSuramericana, with net settlement due in cash. The TRS is valid forthree years and three months. Casino also undertook to enter into afurther TRS contract on the combined interests of the other partners(4.4% in total) subject of the call and put options referred to above.Registration Document 2010 | Casino Group99
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Registration Document2010
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KEEPING AHEADIN A CHANGING WORLDCas
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1PRESENTATION OFTHE CASINO GROUP1.1
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PRESENTATION OF THE CASINO GROUPBus
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SCCR/SS/GE/13/3 Prov.page 945. The
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PRESENTATION OF THE CASINO GROUPRea
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2MANAGEMENTREPORTAT 31 DECEMBER 201
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31 DECEMBER 2010Business Review22.1
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31 DECEMBER 2010Business Review22.1
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31 DECEMBER 2010Business Review2Mai
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31 DECEMBER 2010Parent Company Busi
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31 DECEMBER 2010Subsidiaries and As
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31 DECEMBER 2010Subsidiaries and As
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31 DECEMBER 2010Subsequent Events2C
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31 DECEMBER 2010Share Capital and S
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31 DECEMBER 2010Risk Factors and In
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31 DECEMBER 2010Environmental Repor
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31 DECEMBER 2010Environmental Repor
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PARENT COMPANY FINANCIAL STATEMENTS
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5CORPORATEGOVERNANCE5.1. Board of D
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CORPORATE GOVERNANCEBoard of Direct
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CORPORATE GOVERNANCEManagement5Comp
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CORPORATE GOVERNANCEManagement5Exec
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CORPORATE GOVERNANCEChairman’s Re
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CORPORATE GOVERNANCEAppendix: Board
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6GENERALMEETING6.1. Report of the B
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GENERAL MEETINGReport of the Board
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GENERAL MEETINGReport of the Board
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GENERAL MEETINGStatutory Auditors
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GENERAL MEETINGProposed resolutions
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7ADDITIONALINFORMATION7.1. General
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ADDITIONAL INFORMATIONGeneral infor
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ADDITIONAL INFORMATIONGeneral infor
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ADDITIONAL INFORMATIONHistory of th
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ADDITIONAL INFORMATIONThe market fo
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ADDITIONAL INFORMATIONStore network
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ADDITIONAL INFORMATIONPerson respon
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ADDITIONAL INFORMATIONTable of corr
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Investor RelationsNadine COULMAline
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2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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