2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 14.4. Capitalisation of borrowing costsInterest capitalised during the period amounted to €3 million at an average interest rate of 6.59%, compared with €3 million at an averageinterest rate of 7.43% in 2009.NOTE 15. INVESTMENT PROPERTYNote 15.1. Movements for the period€ millions Gross Depreciation Impairment NetAt 1 January 2009 1,385 (229) (34) 1,121Change in scope of consolidation 82 - - 81Increases and separately acquired investment property 46 (32) - 14Investment property disposed of during the period (22) 5 - (17)Impairment losses recognised during the period, net - - - -Translation adjustment 1 - - 1Reclassifications and other movements 32 3 - 35At 31 December 2009 1,524 (254) (34) 1,235Change in scope of consolidation - - - -Increases and separately acquired investment property 122 (48) - 74Investment property disposed of during the period (74) 18 - (56)Impairment losses recognised during the period, net - - - -Translation adjustment 49 (12) (1) 36Reclassifications and other movements 49 8 - 57AT 31 DECEMBER 2010 1,669 (288) (36) 1,346Investment property is measured at cost less accumulated depreciationand any accumulated impairment losses. The fair value of investmentproperty at 31 December 2010 totalled €3,332 million (€2,994 millionat 31 December 2009). For most investment properties, fair valueis determined on the basis of valuations carried out by externalappraisers. Valuations are based on open market value, as confirmedby market indicators, in accordance with international valuationstandards.The carrying amount of investment property totalled €1,346 million at31 December 2010, including 78% or €1,054 million for Mercialys.Amounts recognised in the income statement in respect of rentalrevenue and operating costs on investment property break downas follows:€ millions 2010 2009Rental revenue from investment property 255 221Directly attributable operating costs of investment properties that did not generateany rental revenue during the period (12) (8)Directly attributable operating costs of investment properties that generated rentalrevenue during the period (15) (16)Note 15.2. Fair values of investment propertyrelating to MercialysBNP Paribas Real Estate (Atisreal), Catella Valuation and Galtierupdated their appraisals of Mercialys’ property portfolio at 30 June2010. On a comparable basis, all properties were appraised.At 31 December 2010, Atisreal, Catella and Galtier updated theirprevious appraisals:■Atisreal appraised the portfolio of 95 hypermarkets, making onsitevisits to 7 properties in the second half of 2010 and updating itsappraisals at 30 June 2010 for the other 88 (which included 9 onsitevisits in the first half of 2010);■■Catella appraised the portfolio of 10 supermarkets, updating itsappraisals at 30 June 2010;Galtier appraised the rest of Mercialys’ assets, comprising22 properties, making onsite visits to 6 properties in the secondhalf of 2010 and updating its appraisals at 30 June 2010 for theother 16.88 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3These appraisals, based on recurring rental revenue of €136 million,valued the portfolio at a total of €2,359 million including transfer taxesat 31 December 2010, compared with €2,266 million at 30 June 2010and €2,237 million at 31 December 2009.The portfolio value has therefore increased by 5.5% over one year (up7% on a like-for-like basis), and by 4.1% over six months (up 5.5%on a like-for-like basis).The average capitalisation rates were as follows:31 December 2010 30 June 2010 31 December 2009Large shopping centres 5.4% 5.6% 5.7%Neighbourhood shopping centres 6.4% 6.5% 6.7%Total portfolio 5.8% 6.0% 6.1%Based on annual rental revenue of €136 million and a capitalisationrate of 5.8%, a 0.5% decrease in the capitalisation rate would havethe effect of increasing fair value by €223 million and a 0.5% increasein the capitalisation rate would have the effect of decreasing fair valueby €188 million.Based on a capitalisation rate of 5.8%, a 10% increase or decreasein rental revenue would have the effect or increasing or decreasingfair value by €236 million.On the basis of these appraisals, no impairment losses wererecognised in the 2010 financial statements (or in the 2009 financialstatements).NOTE 16. IMPAIRMENT OF NON-CURRENT ASSETSNote 16.1. Movements for the periodGoodwill and other non-financial non-current assets were tested forimpairment at 31 December 2010 by the method described in note1.5 “Significant Accounting Policies”.Management made the best possible estimate of recoverableamounts or values in use for all assets. The assumptions used areset out below.As a result of the impairment tests carried out in 2010, the Grouprecognised impairment losses totalling €11 million on intangible assetsand property, plant and equipment.For information, the 2009 goodwill impairment test resulted in therecognition of €15 million of impairment losses, mainly including€6 million allocated to intangible assets and property, plant andequipment in the Franprix-Leader Price and Monoprix segments.Note 16.2. Goodwill impairment lossesGoodwill is tested for impairment at each year end in accordance withthe principles set out in note 1.5 “Significant Accounting Policies”.Impairment testing consists of determining the recoverable valuesof the cash generating units (CGUs) or groups of CGU to which thegoodwill is allocated and comparing them with the carrying amountsof the relevant assets. Goodwill arising on the initial acquisition ofnetworks is allocated to the groups of CGU in accordance with theclassifications set out in note 12. Some goodwill may occasionallybe allocated directly to CGUs.For internal valuations, impairment testing generally consists ofdetermining the value in use of each CGU in accordance with theprinciples set out in note 1.5.12. Value in use is determined by thediscounted cash flows method, based on after-tax cash flows andusing the following rates.Parameters used for internal calculations of 2010 values in useRegion Growth rate (1) (x EBITDA)Terminal valueAfter-taxdiscount rate (2)France (retailing) 1.1% to 1.6% 9.0 6.0% to 9.0%France (other) 1.1% to 1.6% 7 to 8.0 6.0% to 8.2%Argentina 15.5% 9.5 20.9%Colombia 5.8% 9.5 9.8%Uruguay 5.5% 9.5 12.2%Thailand 2.0% 9.0 6.6%Vietnam 9.0% 9.5 14.8%Indian Ocean 1.6% 9.0 6.0% to 12.0%(1) The growth rate for the cash fl ow projection period includes the expected increase in the consumer price index, which is very high in some countries.(2) The discount rate used is the weighted average capital cost (WACC) for each country. WACC is calculated by taking account of the sector’s indebted beta, the historical observed marketrisk premium and the Group’s cost of debt.Registration Document 2010 | Casino Group89
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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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31 DECEMBER 2010Subsidiaries and As
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31 DECEMBER 2010Subsidiaries and As
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31 DECEMBER 2010Subsequent Events2C
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31 DECEMBER 2010Share Capital and S
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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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