2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 3.2. Acquisition of Globex Utilidades(Ponto Frio banner) in 2009In the third quarter of 2009, GPA acquired 95.46% of Globex Utilidadesand its Ponto Frio banner. The controlling interest in Ponto Frio wasaccounted for using the acquisition method in accordance with IFRS 3as applicable in 2009 and described in the notes to the consolidatedfinancial statements for the year ended 31 December 2009.The total cost of the business combination was BRL 1,155 million(€425 million). BRL 200 million (€74 million) was settled by GPA’sissuance of Class B preferred stock, which does not carry votingrights and is entitled to a fixed dividend of BRL 0.01 per share. Thepreferred stock will automatically be converted into Class A preferredstock on a 1 for 1 basis in accordance with a pre-set schedule. At31 December 2010, 20% of the stock had not yet been converted,but was subsequently converted on 7 January 2011.The acquisition-date fair values of Globex Utilidades’ assets and liabilities in GPA’s financial statements are summarised below:€ millions Fair value at 6 July 2009Intangible assets 246Property, plant and equipment 110Investments in associates 11Deferred tax assets 191Inventories 157Trade receivables 265Other assets 124Cash and cash equivalents 32ASSETS 1,136Borrowings 156Provisions 161Trade payables 209Accrued taxes and employee benefits expense 54Other liabilities 123Deferred tax liabilities 94TOTAL LIABILITIES 797Net identifiable assets and liabilities 339Net identifiable assets and liabilities acquired (95.46%) 324Goodwill 101o/w Casino’s share on the acquisition date 35ACQUISITION COST 425o/w acquisition-related expenses 9The fair value adjustments mainly concerned the “Ponto Frio” brand(€147 million), lease premiums (€72 million), real estate assets(€36 million), contingent liabilities (€67 million) and the deferred taxasset arising from fiscal amortisation of the goodwill (€45 million).The 2009 consolidated financial statements were adjusted to takeaccount of the revised fair values.In February 2010, GPA acquired a further 3.3% of Globex Utilidadesraising its interest to 98.32%. The total consideration comprisedBRL 28 million in cash (€13 million) and 137,014 Class B preferredshares. The difference between the acquisition cost and the carryingamount of the percentage interest acquired was recognised by GPAdirectly through equity in an amount of BRL 20 million (€9 million).The Group’s share amounts to €3 million.76 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3NOTE 4. SEGMENT INFORMATIONNote 4.1. Definition of operating segmentsSegment information is disclosed on the same basis as the Group’sinternal reporting system.There are now six rather than seven operating segments, reflecting thenew internal organisation structure introduced in France on 1 January2010, split between France and International: Casino France, Monoprix,Franprix-Leader Price in France, and Latin America, Asia and OtherBusinesses in International.The new Casino France segment comprises all the French retailand real estate businesses other than Franprix-Leader Price andMonoprix.Management evaluates the performance of these segments on thebasis of sales and trading profit. Accordingly, the Group no longerdiscloses total assets and liabilities by segment, as permitted byIFRS 8.Segment information is provided on the same basis as presented inthe 2009 consolidated financial statements.The 2009 comparative information presented below has been adjustedin line with the new segmentation.Note 4.2. Key indicators by operating segment2010€ millionsCasinoFranceFranceMonoprixFranprix-LeaderPriceLatinAmericaInternationalAsiaOtherBusinesses,InternationalExternal sales 12,016 1,914 4,026 8,245 2,009 868 29,078(1)Trading profit463 139 167 372 121 38 1,300(1) As described in note 8, recognition of the new CVAE tax under “Income tax expense” had a €57 million positive impact on trading profi t for France and €2 million for Other Businesses,International.Total2009€ millionsCasinoFranceFranceMonoprixFranprix-LeaderPriceLatinAmerica (1)InternationalAsiaOtherBusinesses,InternationalExternal sales 11,829 1,829 4,007 6,563 1,686 844 26,757Trading profit 439 120 243 250 92 66 1,209(1) Latin America included the Venezuelan operations in 2009 but not in 2010.TotalNOTE 5. TRADING PROFITNote 5.1. Total revenue€ millions 2010 2009Net sales 29,078 26,757Other income 411 314TOTAL REVENUE 29,490 27,071The €97 million increase in other income in 2010 stems mainly from the disposal of property development assets in France for €183 million(including €141 million related to the photovoltaic energy business) partially offset by losses on the disposal of property development sitesin Poland for €119 million.Note 5.2. Cost of goods sold€ millions 2010 2009Purchases and change in inventories (20,643) (18,770)Logistics costs (1,110) (1,067)COST OF GOODS SOLD (21,753) (19,836)Registration Document 2010 | Casino Group77
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Registration Document2010
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KEEPING AHEADIN A CHANGING WORLDCas
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1PRESENTATION OFTHE CASINO GROUP1.1
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PRESENTATION OF THE CASINO GROUPBus
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SCCR/SS/GE/13/3 Prov.page 945. The
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PRESENTATION OF THE CASINO GROUPRea
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2MANAGEMENTREPORTAT 31 DECEMBER 201
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31 DECEMBER 2010Business Review22.1
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31 DECEMBER 2010Business Review22.1
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31 DECEMBER 2010Business Review2Mai
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31 DECEMBER 2010Parent Company Busi
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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 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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