2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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1PRESENTATION OF THE CASINO GROUPBusiness and strategySupermarketsDisco: 28 storesOriginally a chain of family supermarkets, Disco enjoys strongrecognition throughout the country and focuses on competitive pricing.Disco stores are conveniently located and much appreciated byconsumers. The two key strengths are reflected in Disco’s signature:“Ever closer at better prices”.Devoto: 24 storesDevoto was originally a family company and has continued to developby opening large modern stores, some of which offer an extensivenon-food range. With its signature “Price and quality. Always”, Devotoclearly states its strong positioning focused on affordability but alsoon product quality and customer service.HypermarketsGéant: 1 storeGéant is Uruguay’s only hypermarket.This 11,000 sq.m store located in the suburbs of Montevideo offersa broad range of products at the lowest prices in the country.AsiaThe Group has operated in Asia since 1999, where it now focuseson Thailand and Vietnam.In 2010, Asia generated €2,009 million in revenue with a tradingmargin of 6%.The region accounted for 18% of international revenue and 23% ofinternational trading profit.• ThailandThe 1999 acquisition of a stake in Big C made Casino the number-twolarge-surface food retailer in Thailand.Big C enjoys the image of a powerful local banner selling productsat cheap prices aligned with local tastes.There were 116 stores at end-2010, including 70 hypermarkets. Big Coperates as many shopping centres as hypermarkets, reflecting theCasino Group’s aim of exporting its French “retailing and propertydevelopment” dual business model to its key international markets.Recently, Big C also entered the convenience segment with its “MiniBig C” stores.In 2010, Big C continued to expand its private label, adding 300 newitems to its Happy Baht value-line and Big C Care well-being ranges.It also continued to roll out its ambitious customer loyalty programme“Big Card”, introduced in 2009. Lastly, Big C has stepped up itsexpansion, opening four new hypermarkets and has launched a newsupermarket store concept: “Big C Junior”.In 2010, Big C generated €1,753 million of revenue.Big C’s shares have been listed on the Bangkok Stock Exchangesince 1994.Casino has a 63.2% interest in Big C.The acquisition of Carrefour Thailand’s business effective since early2011 has made Big C co-leader in the hypermarket segment.Hypermarkets: 70 storesBig C hypermarkets offer the lowest prices in the market, regularpromotions and excellent value for money. They also differentiatethemselves from the local stores by making shopping an enjoyableand pleasant experience (through in-store events, etc.), therebyencouraging consumers to return.Supermarkets: 2 storesBig C Junior was launched in 2010, with an average selling area of4,000 sq.m.Convenience: 15 storesBig C operates in the convenience store segment through its Mini-Big Cbanner, which aims to attract an urban clientele seeking to make theirdaily shopping as quick and easy as possible.OtherPure: 29 storesLaunched in 2008, Pure is a new store concept offering a range of4,000 health, beauty and personal care items.• VietnamVindémia, a Casino Group subsidiary, opened the first “French-style”hypermarket in Vietnam in 1998 under the Big C banner. Vietnam is ahighly promising market, with a large, young population of 88 million,a fast-growing economy and substantial potential for developingmodern trade.At end-2010, Big C had 14 hypermarkets, all located in shoppingcentres in line with the Group’s dual development model implementedboth in France and internationally.Big C outlets stand out for their quality of service, range of freshproduce and store price image. Big C is the leader in store priceimage (source: Nielsen) and the Big C Vietnam brand was voted thirdpreferred brand by Vietnamese consumers in 2010.Big C has embarked on an ambitious expansion programme, openingfive hypermarkets in 2010 with plans to open five more a year overthe next three years.Big C Vietnam posted revenue of €257 million in 2010.Other countries• Indian OceanThe Group operates in the Indian Ocean region through its Vindémiasubsidiary.Vindémia has a very strong market position in Reunion, which accountsfor more than 80% of sales, but also operates in Madagascar, Mayotteand Mauritius.The Group is leader in the region through its multi-format positioningwith Jumbo hypermarkets, Score supermarkets and Spar conveniencestores. It now has a total of 50 outlets.In 2010, the Group posted consolidated revenue of €866 million inthe Indian Ocean region.12 Casino Group | Registration Document 2010
PRESENTATION OF THE CASINO GROUPReal estate and investments11.4 REAL ESTATE AND INVESTMENTS1.4.1 OPTIMISING THE PROPERTY PORTFOLIOReal estate comprises a large part of the Group’s assets with a valueof €6.7 billion at end-2010.In France, the portfolio is worth €4.7 billion including €3.4 billion forstore premises (mainly hypermarkets and Monoprix) and €1.3 billionfor shopping centres (corresponding to the Group’s interest inMercialys).The International portfolio is worth an estimated €2 billion including€1.4 billion in store premises and €0.5 billion in shopping centres.In 2005, the Group embarked on an active strategy to capture thevalue of its real estate, by spinning off its shopping centres to Mercialys,a dedicated retail real estate subsidiary and a listed company. Atend-2010, Mercialys managed a portfolio worth €2.6 billion comprising130 assets including 92 shopping centres.Since the sale of its standard office and warehouse properties in 2005and 2006, the Group’s French property portfolio has comprised twoasset classes: investment property (Mercialys’ shopping centres) andfood store properties.Since 2007, the Group has pursued an assertive policy of turningover its food store assets, by selling properties that have reacheda certain maturity to finance those with high growth potential. Twomajor innovative transactions took place in 2007: (i) the sale to AEWImmocommercial, a property mutual fund (OPCI) (1) , of 250 urbanconvenience store and supermarket properties that could no longerbe extended any further, and (ii) the sale of store properties in Reunionto Immocio, another OPCI owned by the Generali group.A further transaction was completed in 2008, comprising the sale of42 superette, Casino supermarket and Franprix/Leader Price storeproperties to AEW Immocommercial and the sale of four Casinosupermarket properties to another partner.The Group continued with this policy in 2009, selling further superette,supermarket and Franprix/Leader Price store properties in France.It also sold two shopping centres under its 2007 partnership with realestate investment fund Whitehall. This partnership, created to developshopping centres in Poland, leverages the property developmentteam’s skills through a dedicated unit called Mayland.In 2009, Casino created GreenYellow, a wholly-owned subsidiaryinvolved in photovoltaic (PV) energy. The new venture will leveragethe Group’s expertise in property development, construction andoperation, as well as the favourable geographic location of its stores,a majority of which are in sunny regions.As a designer and promoter of solar power generating systems,GreenYellow has defined a development programme that involvesequipping all of the Group’s sites in mainland France south of aBordeaux-Grenoble line, as well as in Corsica and Reunion Island. Thisrepresents potential capacity of more than 250 MWp (2) . Subsequently,non-Group clients will be able to benefit from GreenYellow’s expertiseto equip their parking lots, commercial sites and industrial buildingswith rooftop PV systems.The first stage of this programme was completed in 2010 with sixsites equipped in mainland France (Istres), Reunion (Saint-André,Saint-Benoît, Saint-Paul, Le Port) and Mayotte (Mamoudzou). Thereare now 42,000 solar panels installed on the rooftops and car parksat these sites, providing a capacity of 12.8 MWp (2) .(1) A tax-advantaged vehicle in France designed to promote investment in property stocks.(2) Megawatts-peak.Registration Document 2010 | Casino Group13
Page 1 and 2: Registration Document2010
Page 3 and 4: KEEPING AHEADIN A CHANGING WORLDCas
Page 5 and 6: 1PRESENTATION OFTHE CASINO GROUP1.1
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Page 17 and 18: 2MANAGEMENTREPORTAT 31 DECEMBER 201
Page 19 and 20: 31 DECEMBER 2010Business Review22.1
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5CORPORATEGOVERNANCE5.1. Board of D
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CORPORATE GOVERNANCEBoard of Direct
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CORPORATE GOVERNANCEManagement5Comp
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CORPORATE GOVERNANCEManagement5Exec
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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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