2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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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
31 DECEMBER 2010Subsidiaries and Associates22.3. SUBSIDIARIES AND ASSOCIATESThe business performance of the main subsidiaries is discussed on pages 6 to 23. A list of consolidated companies is provided on pages 123to 126. Information on Casino, Guichard-Perrachon’s subsidiaries and associates is provided on page 150.2.3.1. LEGAL STRUCTUREIn France, the Group’s business activities are managed through variousspecialised companies:The retailing business is mainly operated by two subsidiaries:■ Distribution Casino France, which manages all the hypermarkets,supermarkets and convenience stores in France through specialisedsubsidiaries:- Franprix-Leader Price Holding (formerly Asinco), which holds theGroup’s interests in Franprix-Leader Price,- Codim 2, which operates the Group’s hypermarkets andsupermarkets in Corsica,- Floréal and Casino Carburants, which operate the service stationson hypermarket/supermarket premises,- Serca, which provides an after-sales service with its subsidiaryAcos (online support),- Casino Vacances, the Group’s travel agency, which distributesits catalogue through the various networks,- Club Avantages, which manages the S’Miles loyalty programmefor the Casino Group,- Cdiscount (online sales);■ Monoprix SA, which is 50/50 owned with Galeries Lafayette. TheMonoprix Group currently comprises some thirty companies.The Group’s real estate interests are held by:■ L’Immobilière Groupe Casino, which owns the hypermarketpremises. It has some thirty subsidiaries, including Foréziennede Participations, a real estate holding company and majorityshareholder of Mercialys, a real estate investment company thatowns the shopping centres and cafeterias surrounding the Group’shypermarkets and supermarkets. Mercialys has the tax status ofsociété d’investissement immobilier cotée (SIIC), a French-style REIT,and has been listed on Euronext Paris since 14 October 2005. Ithas 21 subsidiaries and interests in other companies;■ Plouescadis, which is the parent of some sixty companies involvedin property development.The supply chain business is operated by three subsidiaries:■ EMC Distribution, the Group’s central purchasing agency;■ Comacas, which manages store supplies;■ Easydis, which manages warehousing and transportation of goodsfrom warehouses to stores.Support functions are mainly provided through four subsidiaries:■■■■Casino Services, notably for accounting, legal affairs and finance;Casino Information Technology for information systems;IGC Services, which provides administrative services, advice andsupport to the Group’s real estate companies;Casino Développement, which undertakes feasibility studies andputs together the technical and administrative applications requiredto develop buildings for retail use and services.Other specialised subsidiaries include:■■■Casino Restauration, which operates all the Group’s cafeterias andits subsidiary R2C, a foodservice company;Banque du Groupe Casino, which manages the Group’s consumerfinance and payment card business;Campus Casino, the Group’s training centre for in-house andexternal client use;■ GreenYellow (formerly KSilicium), a holding company housing thesolar power generation business.The Group’s international business is operated by locally incorporatedcompanies.2.3.2. INVESTMENTS MADE IN 2010In 2010, the Company acquired and created companies with thefollowing direct and indirect interests:Casino, Guichard-PerrachonTupaia (100%), Casinelli (100%), Herna (99.95%).Distribution Casino France GroupAurecdis (100%), Pyrog (100%), Sodigrigny (100%), Distri CoreGuines (100%), Codival (99.80%), Frenil Distribution (99.40%),Victoire (26%).Franprix-Leader Price Holding sub-group(formerly Asinco)Volta 10 (51%); Addy Participations (51%); Holding Groupe Taleb(60%); Centralemag (100%); Taskco (51%); Minimarché Drancy(100%); Marengo (100%); SDAV (100%); Fresnes Distribution (100%);Lakadis (100%); Minimarché Sarcelles (100%); Minimarché Levallois(100%); Minimarché Magasins (100%); Minimarché Pyrénées (100%);Enseigne Franprix (100%); Minimarché Auxerre (100%); BouffemontDistribution (100%); Minimarché Opéra (100%); Minimarché Bac(100%); Minimarché Puteaux (100%); Minimarché Clichy (100%);Minimarché Boulogne (100%); Minimarché Malakoff (100%) MinimarchéRegistration Document 2010 | Casino Group25
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 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: 31 DECEMBER 2010Parent Company Busi
Page 29 and 30: 31 DECEMBER 2010Subsidiaries and As
Page 31 and 32: 31 DECEMBER 2010Subsequent Events2C
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Page 49 and 50: 31 DECEMBER 2010Employment Report22
Page 55 and 56: 3CONSOLIDATEDFINANCIALSTATEMENTS3.1
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PARENT COMPANY FINANCIAL STATEMENTS
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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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