2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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