2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 7.2. Other financial income and expense€ millions 2010 2009Investment income 2 1Exchange gains (other than on borrowings) 28 27Discounting and discounting reversal adjustments 5 2Gains from remeasurement at fair value of derivative instruments not qualifying for hedge accounting 4 11Other financial income 45 51Total other financial income 85 91Exchange losses (other than on borrowings) (23) (20)Discounting and discounting reversal adjustments (13) (18)Losses from remeasurement at fair value of derivative instruments not qualifying for hedge accounting (1) (3)Losses from remeasurement at fair value of financial assets at fair value through profit or loss - (1)Other financial expense (65) (51)Total other financial expense (102) (93)TOTAL OTHER FINANCIAL INCOME AND EXPENSE, NET (17) (2)NOTE 8. INCOME TAX (EXPENSE)/BENEFITNote 8.1. Income tax expenseNote 8.1.1. Analysis of income tax expense€ millions 2010 2009Current taxes (174) (193)France (97) (126)International (76) (66)Other taxes (CVAE) (59) -France (57) -International (2) -Deferred taxes 19 (8)France 12 1International 7 (9)TOTAL INCOME TAX EXPENSE (214) (201)France (143) (125)International (71) (76)Income tax expense increased by €13 million in 2010 to €214 million.The increase was due mainly to growth in pre-tax profit and the changeof in presentation of the new CVAE tax, offset by the non-taxability ofcertain non-recurring transactions during the year such as the disposalof the Venezuelan operations and the Casas Bahia negative goodwill.As of 1 January 2010, the CVAE tax has been recognised as a tax onincome whereas it was previously recognised as an operating expensein the same way as the former business tax (taxe professionnelle) itis partially replacing.80 Casino Group | Registration Document 2010