2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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4PARENT COMPANY FINANCIAL STATEMENTSNotes to the fi nancial statements4.5. NOTES TO THE FINANCIAL STATEMENTS4.5.1. ACCOUNTING POLICIES4.5.1.1. Significant events of the yearBond exchange offersOn 8 February 2010, Casino made an offer to exchange its 2012and 2013 bonds for new bonds maturing February 2017 and payinginterest equivalent to the midswap-rate plus a spread of 135 basispoints. A total of €888 million worth of the new bonds were issued,allowing the Group to reduce debt repayments due 2012 and 2013by respectively €440 million and €354 million.On 11 May 2010, the Group made a second offer to exchange its2011, 2012 and 2013 bonds for new bonds maturing November2018 and paying interest equivalent to the midswap-rate plus aspread of 160 basis points. A total of €508 million worth of the newbonds were issued. This transaction reduced debt repayments due2011, 2012 and 2013 by €190 million, €156 million and €127 million,respectively.Partnership agreement between Casinoand Group Crédit Mutuel-CICOn 27 July 2010, Casino announced the signing of a long-termpartnership agreement with Groupe Crédit Mutuel-CIC to developfinancial products and services in France through its Banque Casinosubsidiary.Under the terms of the agreement, Groupe Crédit Mutuel-CIC willacquire a 50% stake in Banque Casino, which is currently 60% ownedby Casino and 40% by LaSer Cofinoga.Casino has exercised its call option on LaSer Cofinoga’s shareswhich, along with 10% of Casino’s current stake, will be sold toCrédit Mutuel. The transaction is expected to be completed overthe next 18 months.This project is subject to approval by regulatory authorities.4.5.1.2. Significant accounting policiesGeneralitiesThe financial statements have been prepared in accordance withgenerally accepted French accounting principles (1999 general chart ofaccounts, approved by decree of 22 June 1999), applied consistentlyfrom one period to the next.Intangible assetsIn accordance with standard CRC 2004-01 of 4 May 2004, thedeficit arising from merger transactions due to technical reasons isautomatically recognised in intangible assets.Intangible assets are stated at cost and primarily correspondto goodwill, software and technical deficits arising from mergertransactions.Where appropriate, goodwill is written down to its fair value, determinedbased on earnings outlooks for he entities concerned.Software is amortised over a period of three years.Property, plant and equipmentProperty, plant and equipment are stated at cost.Depreciation is calculated using the straight-line or reducing balancemethod, with residual values deemed to be zero. Accelerated capitalallowances, corresponding to the difference between depreciationexpense calculated by the reducing balance method for tax purposesand that calculated by the straight-line method, are recorded underprovisions.The main depreciation periods are as follows:Asset categoryBuildingsFixtures, fittings and refurbishmentsEquipmentDepreciationperiod40 years5 to 12 years5 to 10 yearsThe depreciable amount is the cost of property, plant and equipmentwith a nil residual value.Property, plant and equipment acquired through mergers or assettransfers are depreciated over the remaining depreciation periodapplied by the company that originally held the assets concerned.Long-term investmentsInvestments in subsidiaries and associates are stated at the lowerof cost and fair value. However, treasury shares recorded underlong-term investments are not remeasured to fair value when theCompany intends to cancel them.Fair value is determined using a number of indicators, including(i) Casino, Guichard-Perrachon’s equity in the underlying net assetsof the companies concerned at the balance sheet date; (ii) profitabilitycriteria; (iii) earnings outlooks; (iv) the share price for listed companies;and (v) the usefulness of the companies for the Group. Furtherinformation on investments in subsidiaries and associates is providedin Note 6–Long-term investments.A similar method of determining fair value is also used whereappropriate for the Company’s other long-term investments.In accordance with opinion No. 2007-C issued by the CNC’sEmerging Accounting Issues Committee on 15 June 2007, Casino,Guichard-Perrachon has elected to capitalise transaction costs onthe acquisition of long-term investments and defer them over a periodof five years.132 Casino Group | Registration Document 2010
PARENT COMPANY FINANCIAL STATEMENTSNotes to the fi nancial statements4Marketable securitiesMarketable securities are stated at the lower of cost and probablerealisable value.In the case of treasury shares, probable realisable value correspondsto the average share price for the last month of the year.Treasury shares held for allocation to employees on the exercise ofstock options are written down on a plan-by-plan basis if their carryingamount exceeds the option exercise price.Probable realisable value of other categories of marketable securitiesalso corresponds to the average market price for the last month ofthe year.ReceivablesReceivables are stated at their nominal value. Provisions are bookedto cover any default risks.Exchange differences on translatingforeign operationsAssets and liabilities denominated in foreign currencies are translatedinto Euros at the rate prevailing on the balance sheet date and gainsor losses arising on translation are recorded in the balance sheetunder “Unrealised exchange gains” or “Unrealised exchange losses”.A provision is recorded for unrealised exchange losses.ProvisionsIn accordance with CRC standard 2000-06 relating to liabilities, thecompany records a provision to cover its obligations to third partieswhere the settlement of the obligation is expected to result in anoutflow of resources embodying economic benefits for the third partyand where the amount concerned can be estimated with sufficientreliability.The Company grants its employees retirement bonuses, determinedon the basis of length of service.In accordance with CNC recommendation 2003 R-01, the projectedbenefit obligation representing the full amount of the employees’accrued entitlements is recognised in the balance sheet as a provision.The amount set aside is calculated using the projected unit creditmethod, taking into account payroll taxes.Actuarial gains and losses on retirement benefit obligations arerecognised in profit by the corridor method. This method consists ofrecognising a specified portion of the net cumulative actuarial gainsand losses that exceed the greater of (i) 10% of the present value ofthe defined benefit obligation and (ii) 10% of the fair value of any planassets. The portion of actuarial gains and losses recognised for eachdefined benefit plan is the excess that fell outside the 10% “corridor” atthe previous reporting date, divided by the expected average remainingworking lives of the employees participating in that plan.The Company has also set up stock option and share grant plans forexecutives and employees.A liability is recognised when it is probable that the company will allotexisting shares to plan beneficiaries measured on the probable outflowof economic benefits, which is the probable cost of purchasing theshares if they are not already held by the company or their “entrycost” on the date of their allocation to the plan. If the stock optionsor stock awards are contingent upon the employee’s presence inthe company for a specific period, the liability is deferred over thevesting period.No liability is recognised for plans settled in new shares.No liability is recognised if the Company has not yet decided at theyear-end whether to settle the plans in new or existing shares.Other provisions concern specifically identified liabilities andcharges.Currency and interest rate instrumentsThe Company uses various financial instruments to reduce its exposureto currency and interest rate risks. The nominal amounts of forwardcontracts entered into by the Company are included in off-balancesheet commitments. Gains and losses arising on interest rate hedgesare recognised in the income statement on an accruals basis.Recurring profitRecurring profit includes all income and expense relating to theCompany’s ordinary activities.Non-recurring income/(expense)Non-recurring income and expense result from events or transactionsthat do not relate to Casino, Guichard-Perrachon’s ordinary activities asa holding company in view of their nature, frequency or amounts.Income tax expenseCasino, Guichard-Perrachon is the head of a tax group that includesthe majority of its subsidiaries (285 at 31 December 2010). Eachcompany in the tax group accounts for taxes as if it were taxed ona stand-alone basis.Registration Document 2010 | Casino Group133
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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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3CONSOLIDATEDFINANCIALSTATEMENTS3.1
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CONSOLIDATED FINANCIAL STATEMENTSCo
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CONSOLIDATED FINANCIAL STATEMENTSNo
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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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