2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 8.2.2. Change in deferred tax liabilities€ millions 2010 2009 adjustedAt 1 January 369 391Expense (benefit) for the period 64 (54)Impact of changes in exchange rates and scope of consolidation, reclassifications 10 32Deferred tax liabilities recognised directly in equity - -AT 31 DECEMBER 444 369Note 8.2.3. Breakdown of deferred tax assets and liabilities by source€ millions 2010Net 2009adjustedIntangible assets (295) (120)Property, plant and equipment (318) (335)of which finance leases (87) (101)Inventories 42 (12)Financial instruments 9 11Other assets 61 56Provisions 99 91Untaxed provisions (145) (139)Other liabilities 77 81of which finance lease liabilities 23 50Tax loss carryforwards 140 138NET DEFERRED TAX ASSETS (LIABILITIES) (330) (229)Deferred tax assets recognised in the balance sheet 113 140Deferred tax liabilities recognised in the balance sheet 444 369NET (330) (229)In 2010, the Casino, Guichard-Perrachon group tax relief agreementresulted in a tax saving of €117 million compared with €119 millionin 2009.At 31 December 2010, the Group had €66 million of unusedunrecognised tax loss carryforwards (€23 million of unrecogniseddeferred tax assets). These losses mainly concern Franprix-LeaderPrice and Cdiscount.They expire as follows:Expiry dates of tax loss carryforwards€ millions 2010 2009Less than 1 year - 11 to 2 years - 12 to 3 years - 1More than 3 years 22 20TOTAL 23 23Recognised tax loss carryforwards mainly concern GPA and Franprix-Leader Price. The corresponding deferred tax assets have beenrecognised in the balance sheet as their utilisation is consideredprobable in view of the forecast future taxable profits of the companiesconcerned and their tax planning strategies.82 Casino Group | Registration Document 2010