2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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1PRESENTATION OF THE CASINO GROUPBusiness and strategyAt the end of the 1970s, Casino broke into the international markets,launching a chain of cafeterias in the United States and then acquiring90 cash & carry stores under the Smart & Final banner in 1984.The mid-1980s marked a turning point in the Group’s expansion policy.It adopted a redeployment strategy aimed at achieving critical mass toimprove its resilience in an increasingly competitive retail industry.This strategy consisted first and foremost of expanding its operationsin France and refocusing on its core business as a retailer. Between1985 and 1996, it acquired control of two retail companies ineastern and southern France, Cédis and La Ruche Méridionale. Itsigned partnership agreements with the Corse Distribution Groupand with Coopérateurs de Normandie-Picardie. In 1992, it took overRallye’s retail business comprising hypermarkets, supermarkets andcafeterias.The Group also launched a programme to refurbish its hypermarketsand modernise its convenience store network, with the aim ofrepositioning both its corporate image and the image of its banners.Casino created Spar France in 1996 and acquired a stake in Monoprix-Prisunic in 1997. It also took a majority stake in the Franprix and LeaderPrice banners in 1997, making it the leading retailer in Paris.As a result of these developments, on the eve of the new millenniumCasino had become one of France’s leading retail groups.Leveraging its strong domestic position, the Group then decidedto strengthen its international presence and embarked on an activeinternational expansion policy.From 1998 to 2002, it acquired a large number of retail companiesin South America (Libertad in Argentina, Disco in Uruguay, Exito inColombia, CBD in Brazil and Cativen in Venezuela), Asia (Big C inThailand, Vindémia in Vietnam), the Netherlands (Laurus, now Super deBoer) and the Indian Ocean region (Vindémia in Reunion, Madagascar,Mayotte and Mauritius).It also moved into Poland and Taiwan, opening its first Polishhypermarket in Warsaw in 1996 followed by a Leader Price store in2000, and its first hypermarket in Taiwan in 1998.Since 2000, Casino has strengthened its presence in France in themost buoyant formats and expanded in its most promising internationalmarkets.In France, Casino has adapted its business mix to meet changingmarket trends, first by strengthening its positioning in convenience anddiscount formats through major acquisitions. In 2000, it acquired astake in online retailer Cdiscount and raised its interest in Monoprix to50%. In 2003, Casino and Galeries Lafayette renewed their partnershipin Monoprix. At the end of 2008, the strategic agreement between thetwo partners was extended until 2012. In 2004, the Group increasedits interest in Franprix Holding to 95% and in Leader Price Holding to75%. Since 2009, it has owned 100% of both companies.Secondly, Casino also began to develop other businesses connectedwith retailing, such as financial services and commercial real estate.In 2001, it joined forces with LaSer Cofinoga to create Banque duGroupe Casino. In July 2010, it signed a partnership agreement infinancial products and services with Groupe Crédit Mutuel-CIC, whichwill increase its interest in Banque Casino to 50%, with Casino owningthe remaining 50%. In 2005, the Group’s shopping centre propertieswere spun off into a new subsidiary, Mercialys, which was floated onthe stock exchange.In the international markets, Casino began to refocus its business ontwo core regions, South America and Southeast Asia, to capitaliseon their strong growth potential. From 2005 to 2007, the Groupacquired joint control of the GPA Group in Brazil, and became majorityshareholder of Exito in Colombia and Vindémia in the Indian Oceanregion. In 2010, the partnership between GPA and Casas Bahia,Brazil’s leading non-food retailer, and Big C’s acquisition of CarrefourThailand significantly increased the Group’s footprint in these tworegions, which are the main pillars of its international development.In 2006, Casino sold its Polish retailing businesses and its 50% interestin its Taiwanese subsidiary Far Eastern Géant, followed by its interestin Smart & Final in the USA in 2007. In 2009, Casino sold its 57%interest in Dutch retailer Super de Boer.1.3.2 BUSINESS AND STRATEGYa. Group profile in 2010Casino is a leading food retailer in France and abroad. At 31 December2010, it operated a total of 11,663 stores in various formats.In France, which accounts for 62% of revenue and 59% of tradingprofit, Casino operates 120 hypermarkets (1) , 795 supermarkets (1) ,585 discount stores, 7,545 convenience stores and 287 cafeterias.In the international markets, which account for 38% of revenue and41% of trading profit, Casino operates in eight countries (Brazil,Colombia, Thailand, Argentina, Uruguay, Vietnam, Madagascar andMauritius) and operates a total of 2,202 stores including294 hypermarkets. 92% of international consolidated revenue comesfrom South America and Asia, its two core international regions.Casino holds leadership positions in both regions.In 2010, consolidated revenue totalled €29 billion, an increase of8.7% on 2009, while net earnings (continuing operations) were up3.0% to €559 million.b. Business and strategy in FranceCasino is France’s third largest food retailer with about 13% marketshare (2) . The Group stands out in the French retail world for its multiformatstructure and its heavy weighting to convenience and discountstores. Casino also pursues a strategy of differentiating its bannersto meet new customer expectations. Lastly, it has a dual retailing andproperty development business model.The French operations generated revenue of €17,956 million in 2010and trading profit of €769 million, giving a trading margin of 4.3%.From mass market to precision retailingThe French retailing market is gradually evolving, driven by changinglifestyles and socio-demographic trends such as an aging population,smaller families, family members leading separate lives and growingindividualisation of lifestyles. This has led to a greater diversity ofretail formats and concepts, providing an alternative to the historicallydominant hypermarket model, a broader and more segmented productoffering and more individualised contact with consumers.(1) Excluding international affi liates.(2) Source: KantarWorld Panel (formerly TNS).6 Casino Group | Registration Document 2010
SCCR/SS/GE/13/3 Prov.page 945. The representative of the World Blind Union (WBU) expressed its appreciation for thegoodwill expressed in the SCCR to work towards language in the Treaty that would facilitate thesharing of materials across country borders. It had been encouraged by a number of commentsthat had shown understanding of that issue. The possibility of having materials in an accessibleformat would not only provide leisure reading, but the real core of education and opportunitiesfor a full and productive life to all visually impaired persons. It did not have any specific viewson the three-step test, fair dealing or fair use, but only views on the language agreed to facilitatethe practical implementation of a system that allowed the maximum access to materials by blindand visually impaired people throughout the world.46. The representative of the International Group of Scientific, Technical and MedicalPublishers (STM) called on the SCCR to create an enabling legal framework that wouldempower, rather than threaten, the ability of rights holders to serve the markets of visuallyimpaired persons and which would provide the legal infrastructure for cooperation whileencouraging public/private partnerships without undermining market access. It had alwayssupported the creation of an enabling legal framework that would allow access for print disabledpersons consistent with existing conventions which would yield effective, well crafted, crossborder mechanisms to facilitate the smooth and secure international exchange of works inaccessible formats through mainstream markets and through assistive measures. WIPO andespecially some of the Delegations from Latin America had been at the forefront of seekinggreater access for the blind and visually impaired since 1971. Fortunately, WIPO was nowclose to achieving a lasting result with a Treaty that would be enforced for many decades tocome. Fortunately, technology was also advancing fast making mainstream access for the blindand visually impaired through normal market channels also a reality. It hoped that the Treatywould lead to exponential growth of commercially available accessible works and craftedexceptions that would provide legal certainty to authorized entities, while avoiding duplicationwith other initiatives such as TIGAR, to enhance not only the accessibility of works, but thediscoverability of these works.47. The representative of the International Publishers Association (IPA) referred to the threesteptest and the issue of commercial availability. The IPA noted that it was of criticalimportance that the international exchange of copyright protected works in digital formats forvisually impaired persons would not be a white space in the international copyright framework.It was important to publishers that digital content followed the same rules of the internationallegal framework and national copyright laws. The WBU had stated that commercial availabilitywas not an important aspect of this debate however the IPA considered this was a core issue.The changes that had occurred since 2003 had to be taken into account and the trend wasclear. Namely, commercial publishing and commercial products would increasingly become theprimary direct source of accessible books for persons with print disabilities both in thedeveloped countries and in the developing countries. Commercial publishing and commercialproducts were therefore an important aspect of providing access to persons with printdisabilities. The IPA was delighted to see that recently adopted Indian copyright legislationincluded provisions regarding commercial availability referred to as ‘normal formats’. Publishersdid not want to interfere with the effective international exchange of files and commercialavailability could be worded in such a way that it would not entail any bureaucratic burden orliability. Simple mechanisms that were easy to use and which derived clear results could bespelt out. Any organization which acted in good faith should not be refrained from theinternational exchange of accessible files because of liability issues. Such organizations actingin good faith had to all be encouraged to participate in that exchange and most of them werewonderful partners for publishers to collaborate with. The new Treaty instrument had to reflectcurrent realities where publishers were part of the landscape of providing equal access tovisually impaired people at the same time, at the same place and at the same price as otherpersons.48. The representative of the International Federation of Library Associations and Institutions(IFLA) stressed that it was indispensable that exceptions in the Treaty instrument were madesubject to the three step test. The IFLA suggested that this should be reiterated in the Treaty
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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 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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Investor RelationsNadine COULMAline
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2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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