2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

231 DECEMBER 2010Parent Company Business ReviewProfit for the year, before tax, came to €262.5 million versus€286.5 million in 2009.As the parent company of the French tax group, Casino, Guichard-Perrachon recorded a tax benefit of €109.1 million in 2010,corresponding to the tax saving arising from netting off the profit andlosses of the companies in the tax group. After taking this benefit intoaccount, net income for the year was €371.6 million compared with€403.4 million in 2009.2.2.3. NON-DEDUCTIBLE EXPENSESIn accordance with the disclosures required by Articles 223 quater, quinquies, 39-4 and 39-5 of the French General Tax Code (Code généraldes impôts), no non-deductible expenses were incurred during the year.2.2.4. DIVIDENDSIncluding retained earnings brought forward from prior years, the sumavailable for distribution comes to €2,838,400,099.46. The Board isrecommending a dividend of €2.78 per share, representing a totalamount of €307,659,439.14.Private shareholders resident in France for tax purposes will beentitled to claim 40% tax relief on their dividends, in accordance withArticle 158-3, paragraph 2, of the French Tax Code (Code général desimpôts), and have the option of paying a flat-rate withholding tax.The dividend will be paid as of 21 April 2011. Dividends on anyCasino shares held by the Company on that date will be credited toretained earnings.Dividends paid over the last three years and the related tax credits are as follows:Year Class of shares Number of sharesDividendper shareDividend eligiblefor 40% tax reliefDividend noteligible for 40%tax relief2007 Ordinary shares 96,992,416 (1) €2.30 €2.30 -Preferred non-voting shares 15,124,256 (1) €2.34 €2.34 -2008 Ordinary shares 97,769,191 (2) €5.17875 (3) €5.17875 -Preferred non-voting shares 14,589,469 (2) €5.21875 (3) €5.21875 -2009 Ordinary shares 110,360,987 (4) €2.65 €2.65 -(1) Including 318,989 ordinary shares and 50,091 preferred non-voting shares held by the Company.(2) Including 250,730 ordinary shares and 411 preferred non-voting shares held by the Company.(3) At the annual general meeting of 19 May 2009, the shareholders voted to distribute a cash dividend of €2.53 per ordinary share and €2.57 per preferred non-voting share, plus an additionaldividend in the form of Mercialys shares on the basis of one Mercialys share for eight ordinary or preferred non-voting Casino shares. The per share value of the Mercialys stock dividend isequal to 1/8th of the Mercialys share price on 2 June 2009, i.e. €2.64875.(4) Including 85,996 held by the company.The following table shows the total dividend payout (in € millions) and the payout rate (as a percentage of net profit), over the past fiveyears:Year 2005 2006 2007 2008 2009Total payout 232.4 240.9 257.6 283.6 292.2Payout rate (% of net profit) 67.6 40.2 31.6 57.1 49.4By law, any dividends which have not been claimed within five years of their payment date will lapse and become the property of the FrenchState, in accordance with articles L. 1126-1 and L. 1126-2 of the French Public Property Code (Code général de la propriété des personnespubliques).24 Casino Group | Registration Document 2010