2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Fair value of identif iable assets and liabilitiesThe acquisition-date fair values of NCB’s identifiable assets and liabilities in Globex’s financial statements, as drafted by an independentaccounting firm, are summarised below.€ millionsFair value at8 November 2010Intangible assets 1,221Property, plant and equipment 241Investments in associates 58Deferred tax assets -Inventories 575Trade receivables 1,030Other assets 500Cash and cash equivalents 27ASSETS 3,653Borrowings 608Provisions 14Other liabilities 1,327Deferred tax liabilities 365TOTAL LIABILITIES 2,314Net identifiable assets and liabilities acquired (A) 1,338Fair value of consideration transferred for controlling interest in NCB (B) 504Value of non-controlling interests based on the partial goodwill method (C) 632NEGATIVE GOODWILL (A-B-C) 201Share of negative goodwill recognised in the Group’s financial statement under other operating income (see note 6) 67This temporary valuation may be revised within the 12-monthremeasurement period as of 9 November 2010. The main fair valueadjustments were recognition of the “Casas Bahia” brand (€683 million),lease premiums (€170 million), advantageous arrangements relatedto the contracts with the Klein family (€108 million) and the sourcingcontract with Bartira (€60 million), the call option on 75% of Bartira’sshares (€176 million) and the associated deferred taxes (€427 million).Bartira is a furniture supplier 75%-owned by the Klein family. NCB andthe Klein family have signed a sourcing contract with Bartira as well asa shareholders’ pact that includes put and call options exercisable in18 months. Bartira is proportionately consolidated by GPA.The negative goodwill has arisen mainly due to the recognition of theadvantageous arrangements and other contracts entered into by NCBand the Klein family concurrently with the acquisition, as well as thefair value of the “Casas Bahia” brand and lease premiums.Determination of the value of the non-controlling interestsThe acquisition-date value of the non-controlling interests was measured as follows:€ millions 31 December 2010Fair value of NCB’s identifiable assets and liabilities 1,338Non-controlling interests 47.56%VALUE OF THE NON-CONTROLLING INTERESTS BASED ON THE PARTIAL GOODWILL METHOD 632Dilution of GPA’s interest in GlobexIn accordance with IAS 27R, the decrease in GPA’s interest in Globex from 98.77% to 52.44% is treated as a transaction between owners,and Casino’s share of the €59 million dilution gain is recognised directly in equity.Registration Document 2010 | Casino Group75