2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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4PARENT COMPANY FINANCIAL STATEMENTSNotes to the income statement and balance sheetBreakdown of borrowingsUSD Private placement notes2002-20112011 bonds2004-20112012 bonds2002-20122012 bonds2009-20122013 bonds2008-20132014 bonds2007-20142015 bonds2009-20152017 bonds2010-20172018 bonds2010-2018Interest rateFixed rate6.46%Fixed rate4.75%Fixed rate6.00%Fixed rate7.88%Fixed rate6.38%Fixed rate4.88%Fixed rate5.50%Fixed rate4.38%Fixed rate4.48%EffectiveinterestrateTOTAL BONDS 4,609.1Amount€ millions Term Due Hedging (1)6.66% 254.5 9 years November 2011 FRBFRL4.81% 210.1 7 years July 2011 FRBFRL6.24% 439.5 10 years February 2012 FRBFRL8.03% 164.5 3 years August 2012 FRL6.36% 718.5 5 years April 2013 FRBFRL5.19% 676.5 7 years April 2014 FRBFRL5.60% 750.0 6 years January 2015 FRL5.85% 887.8 7 years February 2017 FRL5.25% 507.7 8 years November 2018 FRLCalyon structured loan Variable rate 183.5 6 years June 2013 FRBSchuldschein loan Variable rate 130.0 6 years May 2013 Not hedgedTOTAL BANK BORROWINGS 313.5(1) FRB (fi xed rate borrower) – FRL (fi xed rate lender).FRLBond exchange offersOn 8 February and 11 May 2010, the Group made two bond exchangeoffers, reducing its 2011, 2012 and 2013 maturities by €190 million,€596 million and €481 million respectively.The two new issues were for €888 million and €508 million maturingin 2017 and 2018 respectively. Their effective interest rate is 5.85%and 5.25% respectively.Other€ millions amountSpot loans and confirmed credit facilities 2.0Bank overdrafts 6.2Commercial paper 27.7Miscellaneous borrowings (1) 1,045.2Accrued interest 181.3TOTAL OTHER BORROWINGS 1,262.4(1) Including Géant Holding BV loan for €125.0 million, Gelase loan for €299.5 million Marushka BV loan for €315.5 million and Polca Holding loan for €300 million.144 Casino Group | Registration Document 2010
PARENT COMPANY FINANCIAL STATEMENTSNotes to the income statement and balance sheet4Liquidity riskCasino, Guichard-Perrachon had confirmed credit facilities totalling €1,640.0 million and available cash of €771.6 million at 31 December2010, ensuring that it has sufficient liquidity to meet its needs.Confirmed bank lines of creditAmountof the facility Drawdowns DueSyndicated lines of credit (1) Variable rate 1,200.0 - 2015Confirmed bank lines of credit Variable rate 290.0 - 2012Confirmed bank lines of credit Variable rate 150.0 - 2013TOTAL 1,640.0(1) The €1,200 million syndicated line of credit was renewed in August 2010 for fi ve years.The Company’s loan and bond agreements include the customarycovenants and default clauses, including pari passu, negative pledgeand cross-default clauses.Bonds placed on the euro market do not include any covenantsrelated to financial ratios.At 31 December 2010, the net debt to EBITDA ratio stood at 2.14compared with a minimum requirement of 3.5. The group considersthat it can comply comfortably with its covenants over the nexttwelve months.Some of the loan agreements, in an aggregate principal amount of€3,705 million, contain an acceleration clause at the lender’s discretionshould Casino, Guichard-Perrachon SA’s long-term senior debt ratingbe downgraded to non-investment grade due to a majority shareholderchange. In this case, the group would be obliged to pay the relevantloans on demand. Other loan agreements, in an aggregate principalamount €3,159 million, contain a coupon step-up clause increasingthe interest rate should Casino, Guichard-Perrachon SA’s long-termsenior debt rating be downgraded to non-investment grade.At 31 December 2010, Casino, Guichard-Perrachon’s main covenantswere as follows:■■■■The €1.2 billion syndicated credit line renewed in August 2010 andthe BNP Paribas and Santander confirmed credit lines are subject toa consolidated net debt to consolidated EBITDA ratio of < 3.5;The other confirmed credit lines are subject to a consolidated netdebt to consolidated EBITDA ratio of < 3.7;The Calyon structured loan is subject to a consolidated net debtto consolidated EBITDA ratio of < 4.3;The ratios applicable to the US Private Placement Notes are asfollows:Ratio Required Actual at 31 Dec. 2010Consolidated net debt/consolidated EBITDA (1) < 3.50 (2) 2.14Consolidated net debt/consolidated equity < 1.20 0.48Consolidated intangible assets/consolidated equity < 1.25 0.89(1) EBITDA (earnings before interest, taxes, depreciation and amortisation) = trading profi t plus operating depreciation and amortisation.(2) The consolidated net debt to consolidated EBITDA requirement decreased from 3.7 to 3.5 in 2010 due to the inclusion of the new syndicated credit line in the covenants applicable to theUS Private Placement Notes.NOTE 14. OTHER LIABILITIES€ millions 2010 2009Related companies 725.6 654.3Other liabilities 70.2 114.3Deferred income 34.8 11.5OTHER LIABILITIES 830.6 780.1• o/w due within one year793.4 757.1• o/w loans due beyond one year37.2 23.0Other liabilities include €47.6 million in accrued expenses.Registration Document 2010 | Casino Group145
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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 GOVERNANCEAppendix: Board
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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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