2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

231 DECEMBER 2010Share Capital and Share Ownership2.5. OUTLOOK FOR 2011 AND CONCLUSIONThe Group has undergone an in-depth transformation in recent years,changing its country mix and its mix of formats in France, while alsostrengthening its financial structure.As a result, its growth profile has been enhanced:■■■increasing contribution from International operations (45% ofconsolidated sales in 2011e following the consolidation of CasasBahia and the Carrefour operations in Thailand);leadership positions in international high potential markets (Brazil,Colombia, Thailand and Vietnam);a diversified business mix in France weighted towards convenienceand discount formats and No.1 ranking in B-to-C non-foode-commerce.The Group will step up the pace of transformation. It is confidentin its ability to deliver sales growth above 10% in each of the nextthree years.The following objectives have been set for 2011:■■■■strengthen market share in France, by continuing to expand in theconvenience and discount segments;drive up margin at Franprix-Leader Price;continue to deliver strong profitable organic growth in internationalmarkets;keep up the asset rotation strategy, with €700 million worth ofasset disposals in 2011.These forward-looking statements are based on what the Groupbelieves to be reasonable assumptions, but are not an indication offuture profits. They are subject to the risks and uncertainties inherentin the Group’s businesses that could cause actual results to differmaterially from the targets and outlook provided above.2.6. SHARE CAPITAL AND SHARE OWNERSHIP2.6.1. SHARE CAPITALAs of 31 December 2010, the share capital amounted to €169,323,360.39 divided into 110,668,863 shares each with a par valueof €1.53.At 31 January 2011, the share capital amounted to €169,326,980.37 divided into 110,671,229 shares each with a par value of €1.53.2.6.2. TREASURY SHARES – AUTHORISATION TO TRADEIN COMPANY SHARESOn 29 April 2010, the shareholders authorised the Board of Directorsto purchase shares of the Company in accordance with the provisionsof Articles L. 225-209 et seq. of the French Commercial Code (Codede commerce) notably for the following purposes:■■■to maintain a liquid market in the Company’s shares throughmarket-making transactions carried out by an independentinvestment services provider acting in the name and on behalf ofthe Company under a liquidity contract that complies with a codeof ethics approved by the French securities regulator (Autorité desmarchés financiers);to allocate shares (i) on exercise of stock options granted by theCompany pursuant to Articles L. 225-177 et seq. of the FrenchCommercial Code (Code de commerce), (ii) under an employeestock ownership plan governed by Articles L. 3332-1 et seq. ofthe French Labour Code (Code du travail) or (iii) in connection withshare grants governed by Articles L. 225-197-1 et seq. of the FrenchCommercial Code (Code de commerce);to allot shares upon exercise of rights attached to securitiesredeemable, convertible, exchangeable or otherwise exercisablefor shares;■■■to keep shares for subsequent delivery in payment or exchange forshares of another company in accordance with market practicesapproved by the French securities regulator (Autorité des marchésfinanciers);to cancel shares, in order to increase earnings per share;to implement any other market practices authorised in the futureby the French securities regulator (Autorité des marchés financiers)and, generally, to carry out any transaction allowed under currentlegislation.The shares may be purchased, sold, transferred or exchanged by anymethod, including through block trades or other transactions carriedout on the regulated market or over-the counter. The authorisedmethods include the use of any derivative financial instruments tradedon the regulated market or over-the-counter and of option strategies,on the basis authorised by the competent securities regulators,provided that the use of such instruments does not significantlyincrease the shares’ volatility. The shares may also be used forstock lending transactions in accordance with Articles L. 211-22 etseq. of the French Monetary and Financial Code (Code monétaireet financier).The maximum authorised purchase price is €100 per share.30 Casino Group | Registration Document 2010