2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

3CONSOLIDATED FINANCIAL STATEMENTSStatutory Auditors’ Report on the consolidated fi nancial statements3.1. STATUTORY AUDITORS’ REPORT ON THECONSOLIDATED FINANCIAL STATEMENTSThis is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenienceof English-speaking readers. This report includes information specifically required by French law in such reports, whether qualified or not. Thisinformation is presented below the opinion on the consolidated financial statements and includes (an) explanatory paragraph(s) discussingthe auditors’ assessment(s) of certain significant accounting and auditing matters. These assessments were made for the purpose of issuingan audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual accountcaptions or on information taken outside the consolidated financial statements.This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicablein France.To the Shareholders,In compliance with the assignment entrusted to us by your shareholders’ meeting, we hereby report to you, for the year ended December31, 2010, on:■■■the audit of the accompanying consolidated financial statements of Casino, Guichard-Perrachon;the justification of our assessments;the specific verification required by French law.These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidatedfinancial statements based on our audit.I. Opinion on the consolidatedfinancial statementsWe conducted our audit in accordance with professional standardsapplicable in France; those standards require that we plan andperform the audit to obtain reasonable assurance about whether theconsolidated financial statements are free of material misstatement. Anaudit involves performing procedures, using sampling techniques orother methods of selection, to obtain audit evidence about the amountsand disclosures in the consolidated financial statements. An auditalso includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made, as wellas the overall presentation of the consolidated financial statements.We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.In our opinion, the consolidated financial statements give a true andfair view of the assets and liabilities and of the financial position of theGroup as at December 31, 2010 and of the results of its operationsfor the year then ended in accordance with International FinancialReporting Standards as adopted by the European Union.Without qualifying our opinion, we draw your attention to Note 1.1.1to the consolidated financial statements, which describe the newstandards and interpretations applied by the Group as of January 1,2010.II. Justification of assessmentsIn accordance with the requirements of article L. 823-9 of the FrenchCommercial Code (Code de commerce) relating to the justification ofour assessments, we bring to your attention the following matters:■The Group is required to make estimates and assumptions asregards impairment tests of goodwill and other non current■■assets (notes 1.5.12 et 16). The recoverable value of noncurrent assets is estimated using cash flow and earningsprojections and other information contained in the Group’slong-range business plans approved by the management.We examined the consistency of assumptions, the data underlinedto these ones and available documentation. Based on those, weassessed the reasonableness of the Group’s evaluations.Note 3 of the consolidated financial statements describes therecognition of a negative goodwill related to the acquisition of CasasBahia. We assessed the data and the assumptions on which wasestimated the provisional negative goodwill, analyzed the calculationsperformed by the Group, verified the accounting treatment followedand that the notes to the financial statements included appropriatedisclosures in the notes to financial statements.As described in Note 1.5.33 “Operating segments” of theconsolidated financial statements, information about segmentswas brought into line with the new internal organization.We assessed the appropriateness of the presentation on thebasis of available documentation and of disclosures in the notesto consolidated financial statements.These assessments were made as part of our audit of the consolidatedfinancial statements taken as a whole and, therefore, contributed toour audit opinion expressed in the first part of this report.III. Specific verificationAs required by law we have also verified in accordance withprofessional standards applicable in France the information presentedin the Group’s management report.We have no matters to report as to its fair presentation and itsconsistency with the consolidated financial statements.Neuilly-sur-Seine and Lyon, March 11, 2011The Statutory AuditorsDeloitte & AssociésErnst & Young et AutresAntoine de Riedmatten Alain Descoins Sylvain Lauria Daniel Mary-Dauphin54 Casino Group | Registration Document 2010