2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 27.1.4. Reconciliation of liabilities in the balance sheetFrance International Total€ millions2010 2009 2010 2009 2010 2009At 1 January 90 71 17 30 107 100Actuarial gains or losses recognised in equity 18 6 - - 18 6Employee contributions - - - - - -Expense for the period 18 14 1 1 19 14Reduction in the liability (benefit payments) (8) (4) (2) - (10) (4)Partial reimbursement of plan assets 6 4 - - 6 4Change in scope of consolidation - - - (15) - (15)Unrecognised surplus (asset ceiling) - - - - - -Translation adjustment - - 2 1 2 1AT 31 DECEMBER 124 90 18 17 143 107Note 27.1.5. Breakdown of expense for the period€ millionsFrance International Total2010 2009 2010 2009 2010 2009Interest cost 6 5 - - 6 5Expected return on plan assets (1) (1) - - (1) (1)Expense recognised in other financialincome and expense 4 4 - - 5 4Service cost 13 11 1 1 14 11Past service cost - - - - - -Curtailments and settlements - (1) - - - (1)Expense recognised in employee benefitsexpense 13 10 1 1 14 10EXPENSE FOR THE PERIOD 18 14 1 1 19 14Note 27.1.6. Funding policyHistorical data€ millions 2010 2009 2008 2007 2006Present value of projected benefit obligationunder funded plans 166 140 464 125 120Fair value of plan assets (55) (62) (432) (71) (84)Sub-total 111 78 32 54 36Present value of projected benefit obligationunder unfunded plans 31 28 38 23 11Asset ceiling - - 30 - -LIABILITY RECOGNISED IN THE BALANCE SHEET 143 107 100 77 47Plan assets comprise 87% in money market mutual funds and 11%in fixed-rate bonds.Note 27.1.7. Actuarial assumptionsIn France, the pension reform act was published on 10 November2010. It progressively increases the retirement age from 60 to 62in 2018, which had no material impact on the Group’s obligationin respect of lump-sum retirement allowances. The impact of thisnew law, which is not material, has been treated as an actuarial gainor loss, as were the impacts of all previous laws that affected theactuarial assumptions used to compute the obligation (particularlythe 2003 Fillon law).102 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3The following table summarises the main actuarial assumptions used to measure the obligation:FranceInternational2010 2009 2010 2009Discount rate 4.0% 4.9% – 5% 4.1% – 7.5% 4.9% – 8%Expected rate of future salary increases 2.0% to 2.5% 2.5% 3.0% 2.5% – 4%Retirement age 62-67 62-65 50-60 57-65Expected return on plan assets 4.0% 3.5% – 3.9% - -For French companies, the discount rate is determined by reference to the Bloomberg 15-year AA corporate composite index.The expected return on plan assets in 2010 corresponds to the actual rate achieved in the previous year. The actual return on plan assetsfor France was €1 million in 2010 and 2009.Note 27.1.8. Sensitivity of actuarial assumptionsA 50-basis point change in the discount rate would lead to a 6.1%change in the total obligation.A 10-basis point increase or decrease in the expected rate of salaryincreases would lead to a 1.2% increase or decrease in the totalobligation.A 50-basis point change in the expected return on plan assets wouldnot lead to any significant change in the income from plan assets.Note 27.1.9. Experience adjustmentsExperience adjustments represent the impact on the obligation ofdifferences between benefits estimated on the previous closingdate and benefits actually paid during the year. They amounted to€(8) million at 31 December 2010.Note 27.1.10. Expected benef it payments in 2011The Group expects to pay benefits of approximately €8 million underits defined benefit plans in 2011.Note 27.2. Defined contribution plansDefined contribution plans correspond primarily to retirement plans. Thecost of these plans in 2010 was €280 million (€260 million in 2009).NOTE 28. FINANCIAL LIABILITIESFinancial liabilities amounted to €7,303 million at 31 December 2010 (€7,079 million in 2009), breaking down as follows:€ millions NoteNon-currentportion2010 2009CurrentportionTotalNon-currentportionCurrentportionBonds 28.2 4,397 472 4,869 4,760 427 5,187Other financial liabilities 28.3 1,027 1,063 2,090 676 755 1,431Finance leases 32.3 63 43 106 88 43 131Put options granted to ownersof non-controlling interests 28.4 1 57 58 3 77 80Fair value hedges (liabilities) 31 61 119 179 183 67 249FINANCIAL LIABILITIES 5,549 1,754 7,303 5,710 1,369 7,079TotalRegistration Document 2010 | Casino Group103
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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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31 DECEMBER 2010Employment Report22
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31 DECEMBER 2010Employment Report22
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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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