2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

PARENT COMPANY FINANCIAL STATEMENTSNotes to the income statement and balance sheet4NOTE 2. FINANCIAL INCOME AND EXPENSE€ millions 2010 2009Income from investments in subsidiaries and associates:• Distribution Casino France149.7 -• Immobilière Groupe Casino98.2 350.5• Finovadis- 26.8• Monoprix55.8 70.2• Vindémia25.1 70.0• Plouescadis12.6 -• Other7.0 9.4Total 348.4 526.9Other investment income 0.5 1.0Other financial income 222.9 172.9Provision and impairment reversals 2.5 30.2Net income from disposals of marketable securities 1.2 6.0Financial income 575.5 737.0Interest expense:• Bonds(257.0) (275.9)• Additions to amortisation and provisions(13.9) (29.7)• Other financial expense(174.6) (162.4)• Net expenses on disposals of marketable securities(4.9) (7.7)Financial expense (450.4) (475.7)NET FINANCIAL INCOME/(EXPENSE) 125.1 261.3Other financial income and expense mainly comprises interest oncurrent accounts with subsidiaries and gains and losses on interestratehedges.Net income and expense from disposals of marketable securitiesmainly included a €3.9 million loss on sales of treasury shares.The main movement in provisions and impairment in 2010 wasa €12.6 million provision for amortisation of bond redemptionpremiums.The main movements in provisions in 2009 were as follows:■■■provision for impairment of Finovadis shares (€25.5 million) andGéant Argentina shares (€2.2 million);reversal of provision for impairment of Latic shares (€17.6 million);reversal of provisions for liabilities recorded in relation to theredemption price of bonds indexed to the Casino share price(€7.7 million).NOTE 3. NET NON-RECURRING INCOME/(EXPENSE)€ millions 2010 2009Net gains/(losses) on disposals of intangible assets and property, plant and equipment 0.2 -Net gains/(losses) on disposals of investments in subsidiaries and associates - (247.6)Gains/(losses) on disposal of non-current assets 0.2 (247.6)Provision expense (11.1) (26.1)Provision reversals 104.1 262.8Other non-recurring expense (17.8) (33.6)Other non-recurring income 0.7 18.2NET NON-RECURRING INCOME/(EXPENSE) 76.1 (26.3)In 2010, net non-recurring income mainly comprised a reversalof the provision for potential repayment of recognised tax savingsto subsidiaries (see note 4).In 2009, net gains and losses on disposals of investments insubsidiaries and associates primarily included:■■loss generated on the dividend distribution in Mercialys(€11.1 million);loss on the disposal of Finovadis shares (€153.3 million), fullyprovided for in prior years;Registration Document 2010 | Casino Group135