2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

4PARENT COMPANY FINANCIAL STATEMENTSStatutory Auditors’ Report on the annual fi nancial statements4.1. STATUTORY AUDITORS’ REPORTON THE ANNUAL FINANCIAL STATEMENTSThis is a free translation into English of the statutory auditors’ report issued in the French language and is provided solely for the convenienceof English-speaking readers. This report includes information specifically required by French law in such reports, whether qualified or not. Thisinformation is presented below the opinion on the financial statements and includes (an) explanatory paragraph(s) discussing the auditors’assessment(s) of certain significant accounting and auditing matters. These assessments were made for the purpose of issuing an auditopinion on the financial statements taken as a whole and not to provide separate assurance on individual account captions or on informationtaken outside the financial statements.This report should be read in conjunction with, and is construed in accordance with French law and professional auditing standards applicablein France.To the shareholders,In compliance with the assignment entrusted to us by your shareholders' meeting, we hereby report to you, for the year ended December31, 2010, on:■■■the audit of the accompanying annual financial statements of Casino, Guichard-Perrachon,the justification of our assessments,the specific verifications and information required by French law.These financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statementsbased on our audit.I. Opinion on the financial statementsWe conducted our audit in accordance with professional standardsapplicable in France; those standards require that we plan andperform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An auditinvolves performing procedures, using sampling techniques or othermethods of selection, to obtain audit evidence about the amountsand disclosures in the financial statements. An audit also includesevaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made, as well as the overallpresentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.In our opinion, the financial statements give a true and fair view of theassets and liabilities and of the financial position of the Company asat December 31, 2010 and of the results of its operations for the yearthen ended in accordance with French accounting principles.II. Justification of assessmentsIn accordance with the requirements of article L. 823-9 of the FrenchCommercial Code (code de commerce) relating to the justification ofour assessments, we bring to your attention the following matters:Note 1 “Accounting policies” of the financial statements describes themethods of determination of the recoverable value of investments.Note 6 "Long term investments" discloses the data related to thisclosing and the variation of investments.As part of our assessment of the accounting methods followed byyour company, we examined the available documentation, assessedthe reasonableness of the estimates and verified that the footnotesgive adequate information on the assumptions used therein.These assessments were made as part of our audit of the financialstatements taken as a whole, and therefore contributed to the opinionwe formed which is expressed in the first part of this report.III. Specific verification and informationWe have also performed, in accordance with professional standardsapplicable in France, the specific verifications required by Frenchlaw.We have no matters to report as to the fair presentation and theconsistency with the financial statements of the information given in themanagement report of the Board of Directors and in the documentsaddressed to shareholders with respect to the financial position andthe financial statements.Concerning the information given in accordance with the requirementsof article L. 225-102-1 of the French Commercial Code (code decommerce) relating to remunerations and benefits received by thedirectors and any other commitments made in their favour, we haveverified its consistency with the financial statements, or with theunderlying information used to prepare these financial statementsand, where applicable, with the information obtained by your companyfrom companies controlling your company or controlled by it. Basedon this work, we attest the accuracy and fair presentation of thisinformation.In accordance with French law, we have verified that the requiredinformation concerning the purchase of investments and controllinginterests and the identity of the shareholders and holders of the votingrights has been properly disclosed in the management reportNeuilly-sur-Seine and Lyon, March 11, 2011The Statutory AuditorsDeloitte & AssociésErnst & Young et AutresAntoine de Riedmatten Alain Descoins Sylvain Lauria Daniel Mary-Dauphin128 Casino Group | Registration Document 2010