2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
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CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Exchange rates against the euro<strong>2010</strong> 2009(exchange rates against the euro)Closing rate Average rate Closing rate Average rateUS dollar (USD) 1.3362 1.3268 1.4406 1.3933Polish zloty (PLN) 3.9750 3.9950 4.1045 4.3298Argentine peso (ARS) 5.2768 5.1898 5.4992 5.2020Uruguayan peso (UYP) 26.5784 26.6237 28.1878 31.3083Thai baht (THB) 40.1700 42.0824 47.9860 47.7751Colombian peso (COP) 2,558.3400 2,519.4100 2,944.9400 2,982.8900Brazilian real (BRL) 2.2177 2.3344 2.5113 2.7706Venezuelan bolivar (VEF) (see note 2) 5.7340 5.6598 3.0961 2.9924Vietnamese dong (VND) 26,031.7000 24,690.3918 26,644.8000 23,786.8985The exchange rates used for the Japanese yen were €1 = ¥108.66 at 31 December <strong>2010</strong> and €1 = ¥133.28 at 31 December 2009.Note 31.3. Counterparty riskThe Group is exposed to various aspects of counterparty risks in itsoperating activities, its short-term investment activities and its interestrate and currency hedging instruments.Counterparty risk related to trade receivablesRetail credit riskGroup policy consists of checking the financial health of all customersapplying for credit. Customer receivables are regularly monitored andthe Group’s exposure to the risk of bad debts is not material.Trade receivables break down as follows by maturity€ millionsReceivablesnot yet due,not impairedReceivables past due on the balance sheet dateReceivablesnot morethanone monthpast dueReceivablesbetweenone andsix monthspast dueReceivablesmore thansix monthspast dueImpairedreceivables<strong>2010</strong> 725 40 28 20 88 165 9782009 740 45 22 17 84 98 923TotalTotalReceivables past due but not impaired can vary substantially in lengthof time overdue depending on the type of customer, i.e. privatecompanies, consumers or public authorities. Impairment policiesare determined on an entity-by-entity basis according to customertype. The Group believes that it has no material risk in terms of creditconcentration.Financial credit riskBanque du <strong>Groupe</strong> <strong>Casino</strong>’s credit risks are managed based on:■■statistical analyses of pools of loans with similar characteristics, dueto the fact that individual loans are not material and all the loanshave the same risk profile;recovery probabilities at the different phases in the collectionprocess.As required by IAS 39, a provision is recorded when there is objectiveevidence that loans are impaired. This is considered to be the casewhen customers default on at least one instalment.Provisions for credit risks are determined by modelling statisticalrecovery and write-off data, taking into account all possible movementsbetween the various strata. The statistics used correspond to observedhistorical defaults and write-offs.The calculation also takes into account the present value of expectedrecoveries of principal and interest, discounted at the original interestrate on the loan. The purpose of this discounting adjustment is to factorin the loss of future lending margins. Renegotiated loans for whichpayments are up to date are classified as sound loans. If the borrowerdefaults on any payments, they are immediately reclassified as doubtfuland a provision is recorded on the basis described above.Registration Document <strong>2010</strong> | <strong>Casino</strong> Group113