2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 28.1. Change in gross financial debt€ millions 2010 2009At 1 January 7,079 6,993Fair value hedges (assets) (292) (195)Financial debt at 1 January (including hedging instruments) 6,787 6,799New borrowings (1) 803 1,789Repayments (principal and interest) (660) (1,444)Change in fair value of debt hedged (7) 35Exchange differences 117 123Change in scope of consolidation 23 42Change in put options granted to owners of non-controlling interests (2) (23) (555)Financial debt at 31 December (including hedging instruments) 7,040 6,787Gross financial liabilities at 31 December 7,303 7,079Fair value hedges (assets) (262) (292)(1) New borrowings stem mainly from the following transactions:• Bond exchange offers in 2010On 8 February and 11 May 2010, the Group made two bond exchange offers, reducing its 2011, 2012 and 2013 maturities by €190 million, €596 million and €481 million respectively (seenote 2.2).The two new issues were for €888 million and €508 million maturing in 2017 and 2018 respectively. Their effective interest rate is 5.85% and 5.25% respectively.The accounting treatment for the two exchanges was analysed in light of the criteria set out in IAS 39 on the derecognition of fi nancial liabilities. After analysis, they were treated as a rolloverof fi nancial liabilities as the revisions to the contractual terms and conditions were not deemed to be substantial. The impact of the exchange is treated as an adjustment to the carryingamount of the 2017 and 2018 bond issues and is amortised on an actuarial basis over the remaining term of the liability as adjusted. The same accounting treatment is applied to premiumsand unamortised issue expenses related to the exchanges, which will be amortised until 2017 and 2018 respectively. The impact of unwinding hedges of the original liabilities will also beamortised over the term of the new liabilities.• Financing transaction through Alamea InvestmentsIn April 2010, the Group raised €300 million through a fi ve-year fi nancing facility from Alamea Investments, a Luxembourg company 95%-owned by a bank and 5% by the Group. AlameaInvestments is a special purpose entity and has been fully consolidated due to the way it is structured.The portion of the issue fi nanced by external investors is in substance external debt and is included in other borrowings and fi nancial liabilities.(2) The 2010 change in put options granted to owners of non-controlling interests concerns Franprix-Leader Price. The 2009 change in put options granted to owners of non-controlling interestsconcerns Franprix-Leader Price for €407 million, Exito (Carulla) for €118 million and GPA for €30 million.Note 28.2. BondsThe Group has a €8 billion EMTN (Euro Medium Term Notes)programme, which was signed and approved by Luxembourg’s CSSF(Commission de Surveillance du Secteur Financier) on 25 October2010. The programme expires on 25 October 2011. At 31 December2010, notes issued under the programme totalled €4,355 million. Thenotes are rated BBB- by Standard & Poor’s and Fitch Ratings andare not subject to any financial covenants.Notes issued and due in August 2012, April 2013, April 2014, January2015, February 2017 and November 2018 are subject to a redemptionoption at the investor’s discretion should the notes be downgradedto non-investment grade following a change of control.With the exception of the notes due April 2014, they are also subjectto a “step up” clause should the rating be downgraded to noninvestment grade.The notes are recognised and measured in the balance sheet atamortised cost based on the effective interest rate, taking accountof the adjustment in fair value arising from the hedging relationshipdocumented in accordance with IAS 39. The interest is recognisedin “Other financial liabilities”.104 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3€ millions Amount Interest rate (1) Effectiveinterest rate Issue date Due 2010 (2) 2009 (2)Bonds in euros2010 bonds2003-20102011 bonds2004-20112012 bonds2002-20122012 bonds2009-20122013 bonds2008-20132014 bonds2007-20142008-20142015 bonds2009-20152017 bonds2010-20172018 bonds2010-2018Bonds in USDPrivate placement notes2002-2011Bonds in COPExito bond issue2006-2011Exito bond issue2005-2013Carulla bond issue2005-2015Bonds in BRLGPA bond issue2007-2013GPA bond issue2009-2011GPA bond issue2009-2014400 F: 5.25 5.36% April 2003 April 2010 - 401210 F: 4.75 4.81% July 2004 July 2011 210 399439 F: 6.00 6.24% Feb. 2002June 2002Feb. 2012 449 717165 F: 7.88 8.03% Feb. 2009 August 2012 167 506719 F: 6.38 6.36% April 2008June 2008May 2009677 F: 4.88 5.19% April 2007June 2008April 2013 745 1,251April 2014 701 691750 F: 5.50 5.60% July 2009 Jan. 2015 782 761888 F: 4.38 5.85% Feb. 2010 Feb. 2017 833 -508 F: 4.48 5.25% May 2010 Nov. 2018 472 -255 F: 6.46 6.66% Nov. 2002 Nov. 2011 187 17110 V: CPI +4.98 12.53% April 2006 April 2011 12 1025 V: CPI +5.45 13.42% April 2006 April 2013 29 2549 V: CPI+7.50 15.15% May 2005 May 2015 59 51108 V: CDI +0.5% 12.95% March 2007 March 2011 toMarch 2013118 10828 V: 119% CDI 119% CDI June 2009 June 2011 30 2867 V: 109.5%CDI109.5% CDI Dec. 2009 Dec. 2012 toDec. 201474 67TOTAL BONDS 4,869 5,187(1) F (Fixed rate) - V (Variable rate) - CPI (Consumer Price Index) - CDI (Certifi cado de Deposito Interbancario).(2) The amounts shown above include the impact of fair value hedges.Registration Document 2010 | Casino Group105
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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 2010Employment Report22
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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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