2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

More documents

Recommendations

Info

4PARENT COMPANY FINANCIAL STATEMENTSNotes to the income statement and balance sheetNOTE 15. TRANSACTIONS AND BALANCESWITH AFFILIATED COMPANIES (1)€ millions 2010 2009ASSETSInvestments in subsidiaries 8,363.2 8,358.2Loans and advances to subsidiaries - -Trade receivables 97.9 95.1Other 4,130.4 4,189.0LIABILITIESBorrowings 1,080.7 1,084.4Trade payables 10.8 3.3Other 719.9 648.8INCOME STATEMENTFinancial income 46.4 53.7Financial expense 35.8 52.4Dividends 292.3 456.7(1) Related companies correspond solely to Group companies that are fully consolidated.NOTE 16. OFF-BALANCE SHEET COMMITMENTSCommitments entered into in the ordinary course of business€ millions 2010 2009Bonds and guarantees received from banks - -Undrawn confirmed lines of credit 1,640.1 1,736.8Total commitments received 1,640.1 1,736.8Bonds and guarantees given (1) 1,294.7 983.9Repayment to loss-making subsidiaries of the tax saving arising from group tax relief (2) 135.7 -Other commitments given - 0.2Total commitments given 1,430.4 984.1Interest rate hedges—nominal amount (3) 7,084.7 8,449.5Interest rate swaps 6,959.7 7,666.0Floors - 75.0Future Rate Agreement - 483.5Caps 125.0 225.0Other reciprocal commitments 0.2 0.3TOTAL RECIPROCAL COMMITMENTS 7,084.9 8,449.8(1) Including €569.0 million concerning related companies at 31 December 2010.(2) See note 4.(3) Financial instruments are used solely for hedging purposes.At 31 December 2010, the fair value of these instruments totalled €82.9 million, breaking down as follows:Type of instrument Number of contracts Fair valueO/w accrued interest and premiumsrecognised in the balance sheetInterest rate swaps 88 82.9 66.3Caps 5 - -TOTAL 93 82.9 66.3Aggregate accrued training rights under the “Droit Individuel à la Formation” (D.I.F.) system represented 2,516 hours at 31 December 2010.At 31 December 2009, the total was 2,061 hours. The number of hours used during the year was not material.146 Casino Group | Registration Document 2010
PARENT COMPANY FINANCIAL STATEMENTSNotes to the income statement and balance sheet4Other commitments€ millions 2010 2009Seller’s warranty given in connection with the disposal of:(1)• Polish businesses35.2 36.0• Smart & Final shares3.7 3.5Total commitments given 38.9 39.5Written put options (2) 1,294.3 1,261.2Monoprix (3) 1,225.0 1,200.0Uruguay (4) 69.3 61.2Brazil (5) - -Banque du Groupe Casino/Laser Cofinoga/Crédit Mutuel partnership (6) - -TOTAL RECIPROCAL COMMITMENTS 1,294.3 1,261.2(1) The Group gave the customary warranties to the buyers of its Polish businesses in 2006. Casino gave the buyer of its interest in Leader Price Polska a seller’s warranty covering any riskspre-dating the sale that were not covered by provisions in the balance sheet. The amount of the warranty was capped at €17 million and was valid for 18 months. The amount for tax-relatedrisks is capped at €50 million and is valid for a period corresponding to the statute of limitations.Following a claim under this warranty, in September 2009 the arbitration board ordered the Group to pay and recognise as a liability the sum of €14 million. Casino has appealed againstthis ruling. The residual risk of €36 million is purely theoretical as Leader Price Polska has already been subject to two tax audits during the warranty period. However, Casino has receiveda new claim for €6 million, which it believes to be unfounded.(2) Under the terms of the option contracts, the exercise price of written put and call options may be determined using earnings multiples, based on the latest published earnings for optionsexercisable at any time and earnings forecasts or projections for options exercisable as of a given future date. In many cases, the put option written by the Group is matched by a call optionwritten by the other party. For these options, the value shown corresponds to that of the written put.(3) Monoprix: on 22 December 2008, Casino and Galeries Lafayette signed an amendment to their March 2003 strategic agreement which suspends the exercise of their respective put andcall options on Monoprix shares for three years.As a result, Casino’s call on 10% of Monoprix’s outstanding shares and Galeries Lafayette’s put on 50% of Monoprix’s capital will be exercisable as of 1 January 2012. The other terms andconditions of exercise remain unchanged.The other terms of the March 2003 strategic agreement remain unchanged.The Group commissioned an independent valuation at 31 December 2010. The independent expert estimated the value of 100% of Monoprix shares at between €2,300 and €2,600 million.The contingent liability covering 50% of Monoprix shares has been disclosed at a value of €1,225 million.(4) Disco Uruguay: Groupe Casino has granted a put option on 29.3% of Disco’s capital to the family shareholders. The option is exercisable until 21 June 2021 at a price based on the Discosub-group’s consolidated operating profi t, with a fl oor of US$41 million plus interest at 5% per year.(5) Groupe Casino has granted the Diniz family, with whom it exercises joint control over GPA in Brazil, two put options on shares in GPA’s head holding company, covering 0.4% and 7.6% ofGPA’s share capital respectively. The fi rst option is exercisable as of 2012 if the Group exercises its right to elect the Chairman of the Board of Directors of the holding company in that year.If the fi rst put option is exercised, the second will become exercisable for a period of eight years as of June 2014. The Group has a call option on the shares covered by the fi rst put optionrepresenting 0.4% of GPA’s share capital. This option is exercisable under certain conditions.(6) On 20 July 2010, the Company decided to exercise its call option on LaSer Cofi noga’s 40% interest in Banque du Groupe Casino. The shares will be transferred no later than 20 January2012 in accordance with the existing agreements. The Company also signed a long-term partnership with Groupe Crédit Mutuel-CIC, which will have the effect of raising the latter’s interestin Banque du Groupe Casino to 50%. The purchase and sale price of the two transactions are based on the Company’s net earnings and equity in future years and cannot be determinedat present.Maturities of contractual commitmentsPayments due by period€ millionsTotal Due within one year Due in one to five years Due beyond five yearsLong-term borrowings 6,185.0 1,127.5 3,662.0 1,395.5Non-cancellable written puts 1,294.3 69.3 1,225.0TOTAL 7,479.3 1,196.8 4,887.0 1,395.5Registration Document 2010 | Casino Group147
Page 1 and 2:
Registration Document2010
Page 3 and 4:
KEEPING AHEADIN A CHANGING WORLDCas
Page 5 and 6:
1PRESENTATION OFTHE CASINO GROUP1.1
Page 7 and 8:
PRESENTATION OF THE CASINO GROUPBus
Page 9 and 10:
SCCR/SS/GE/13/3 Prov.page 945. The
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
PRESENTATION OF THE CASINO GROUPRea
Page 17 and 18:
2MANAGEMENTREPORTAT 31 DECEMBER 201
Page 19 and 20:
31 DECEMBER 2010Business Review22.1
Page 21 and 22:
31 DECEMBER 2010Business Review22.1
Page 23 and 24:
31 DECEMBER 2010Business Review2Mai
Page 25 and 26:
31 DECEMBER 2010Parent Company Busi
Page 27 and 28:
31 DECEMBER 2010Subsidiaries and As
Page 29 and 30:
31 DECEMBER 2010Subsidiaries and As
Page 31 and 32:
31 DECEMBER 2010Subsequent Events2C
Page 33 and 34:
31 DECEMBER 2010Share Capital and S
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
31 DECEMBER 2010Risk Factors and In
Page 45 and 46:
31 DECEMBER 2010Environmental Repor
Page 47 and 48:
31 DECEMBER 2010Environmental Repor
Page 49 and 50:
31 DECEMBER 2010Employment Report22
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
3CONSOLIDATEDFINANCIALSTATEMENTS3.1
Page 57 and 58:
CONSOLIDATED FINANCIAL STATEMENTSCo
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
CONSOLIDATED FINANCIAL STATEMENTSNo
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98: CONSOLIDATED FINANCIAL STATEMENTSNo
Page 129 and 130: 4PARENT COMPANYFINANCIALSTATEMENTSA
Page 131 and 132: PARENT COMPANY FINANCIAL STATEMENTS
Page 147: PARENT COMPANY FINANCIAL STATEMENTS
Page 157 and 158: 5CORPORATEGOVERNANCE5.1. Board of D
Page 159 and 160: CORPORATE GOVERNANCEBoard of Direct
Page 179 and 180: CORPORATE GOVERNANCEManagement5Comp
Page 181 and 182: CORPORATE GOVERNANCEManagement5Exec
Page 183 and 184: CORPORATE GOVERNANCEChairman’s Re
Page 195 and 196: CORPORATE GOVERNANCEAppendix: Board
Page 197 and 198: CORPORATE GOVERNANCEAppendix: Board
Page 199 and 200:
CORPORATE GOVERNANCEAppendix: Board
Page 201 and 202:
6GENERALMEETING6.1. Report of the B
Page 203 and 204:
GENERAL MEETINGReport of the Board
Page 205 and 206:
GENERAL MEETINGReport of the Board
Page 207 and 208:
GENERAL MEETINGStatutory Auditors
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
GENERAL MEETINGProposed resolutions
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
7ADDITIONALINFORMATION7.1. General
Page 225 and 226:
ADDITIONAL INFORMATIONGeneral infor
Page 227 and 228:
ADDITIONAL INFORMATIONGeneral infor
Page 229 and 230:
ADDITIONAL INFORMATIONHistory of th
Page 231 and 232:
ADDITIONAL INFORMATIONThe market fo
Page 233 and 234:
ADDITIONAL INFORMATIONStore network
Page 235 and 236:
ADDITIONAL INFORMATIONPerson respon
Page 237 and 238:
ADDITIONAL INFORMATIONTable of corr
Page 239 and 240:
Investor RelationsNadine COULMAline
show all

2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

Create successful ePaper yourself

Delete template?

Save as template?