2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsBased on the 2010 goodwill impairment test, which was completed atthe year-end, no impairment losses were recognised at 31 December2010.In view of the positive difference between value in use and carryingamount, the Group believes that on the basis of reasonably foreseeableevents, any changes in the key assumptions set out above wouldnot lead to the recognition of an impairment loss, with the exceptionof the Geimex CGU. For example, a 100-basis point increase in thediscount rate or a 0.5-point decrease in the EBITDA multiple used tocalculate terminal value, or a 50-basis point decrease in the EBITDAmargin in the final year of the projections used to calculate the terminalvalue, would not have led to the recognition of an impairment loss.As regards the Geimex CGU, the 2010 test resulted in a value inuse very close to the carrying amount. A 100-basis point increasein the discount rate or a 0.5-point decrease in the EBITDA multipleused to calculate terminal value or a 50-basis point decrease in theEBITDA margin in the final year of the projections used to calculatethe terminal value would have led to the recognition of an impairmentloss of between €2 million and €6 million for the Group.An independent valuation was carried out for GPA duringDecember 2010 and January 2011, which did not lead to therecognition of any impairment at 31 December 2010.The main assumptions underlying this independent valuation were:GPA’s value in use was estimated on the basis of discounted futurecash flows supported by a multi-criteria analysis based on shareprices and comparable transaction multiples. The discounted cashflows method was considered to be fundamental for GPA. It wasbased on three-year projected cash flows approved by management,plus a further two years of estimated cash flows and a terminal value.The discount rate used was 10.7%. The key assumptions includea revenue growth rate, discount rate and EBITDA multiple (10.7x)used to calculate the terminal value. At 31 December 2010, a 1,300basis-point increase in the discount rate or a 5.8-point decrease inthe EBITDA multiple would have been required to reduce value in useto the carrying amount.NOTE 17. INVESTMENTS IN ASSOCIATESNote 17.1. Movements for the period€ millionsMovements in 2009 adjustedOpeningbalanceImpairmentNet profit forthe periodRetailingChangesin scope ofconsolidationandtranslationadjustmentsClosingbalanceGPA Group associates 10 - 3 - 15 28Franprix and Leader Price associates 75 - 5 (5) 12 87Easy Holland BV 2 - - - (2) -AEW Immocommercial 25 - 2 (4) - 23Property mutual funds (OPCI) – storepremises - - - - 41 41Cdiscount Group associates 2 - (3) - 2 -Easy Colombia 9 - (1) - (9) -TOTAL 122 - 6 (9) 57 178Movements in 2010GPA Group associates 28 - 7 - 4 39Franprix and Leader Price associates 87 - 1 (6) 18 100AEW Immocommercial 23 - 2 (4) - 22Property mutual funds (OPCI) – storepremises 41 - 2 (1) (42) -Poland - - - - - 1TOTAL 178 - 13 (11) (19) 161Movements during the year were mainly due to the derecognition ofOPCI Vivéris and SPF1 as the Group does not exercise significantinfluence over either of these entities.These associates are privately-held companies for which no quotedmarket prices are available on which to estimate their fair value.Transactions with associates are disclosed in note 34.1.Note 17.2. Group share of contingent liabilitiesof associatesAt 31 December 2010 and 2009, there were no contingent liabilitiesin associates.90 Casino Group | Registration Document 2010
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3NOTE 18. JOINT VENTURESMonoprix, Distridyn, Régie Média Trade, Dunnhumby France andGeimex are jointly controlled (on a 50/50 basis) by the Group andare consolidated by the proportionate method.Banque du Groupe Casino, Grupo Disco de Uruguay, Wilkes and theGPA group are also consolidated by the proportionate method becausein all cases the agreement between Groupe Casino and its partnersprovides for the exercise of joint control over the business.Some joint ventures, mainly GPA and Monoprix, are subject to putand all options (see note 32.2).Note 18.1. Financial highlights for the main joint ventures, restated in accordance with IFRS€ millionsGroup shareTotal2010 2009 adjustedo/wGPA (1)o/wMonoprixTotalo/wGPAo/wMonoprixPercentage interest 33.70% 50.00% 33.67% 50.00%Income 8,289 4,762 1,938 6,206 3,006 1,840Expense (8,052) (4,650) (1,850) (6,034) (2,927) (1,768)Total non-current assets 3,946 2,358 1,111 3,029 1,506 1,108Total current assets 3,434 2,344 329 2,238 1,208 295TOTAL ASSETS 7,380 4,702 1,440 5,267 2,713 1,403Total equity 3,017 1,840 611 2,229 1,159 582Total non-current liabilities 981 852 113 669 548 113Total current liabilities 3,382 2,009 716 2,368 1,007 708TOTAL LIABILITIES 7,380 4,702 1,440 5,267 2,713 1,403(1) See note 2.1.Note 18.2. Group share of contingent liabilitiesAu 31 December 2010, the only contingent liabilities in joint ventures were tax and social security related risks at GPA for €434 million(Group share).NOTE 19. NON-CURRENT FINANCIAL ASSETS€ millions 2010 2009 adjustedAvailable-for-sale financial assets (AFS) 120 79Other financial assets 344 209• Loans108 99• Derivatives not qualifying for hedge accounting- -• Receivables from non-consolidated and other companies236 109Prepaid rents 183 122NON-CURRENT FINANCIAL ASSETS 648 409Note 19.1. Available-for-sale financial assets (AFS)Movements for the period€ millions 2010 2009At 1 January 79 170Increase 21 4Decrease (8) (22)Gains and losses from remeasurement at fair value 8 5Changes in scope of consolidation and translation adjustment (1) 20 (79)Other - -AT 31 DECEMBER 120 79(1) Changes in scope of consolidation and translation adjustment of 2010 mainly comprise the reclassifi cation of OPCI Vivéris and SPF1 (see note 17.1), partially offset by the consolidationof companies not previously consolidated.Available-for-sale financial assets held by the Group in 2010 and 2009 comprise only unlisted equities.Registration Document 2010 | Casino Group91
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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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PARENT COMPANY FINANCIAL STATEMENTS
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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 GOVERNANCEManagement5Exec
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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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