2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino
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CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Note 24.2.3. Deeply subordinated perpetual bondsAt the beginning of 2005, the Group issued €600 million worthof deeply subordinated perpetual bonds (TSSDI). The bonds areredeemable solely at the Group’s discretion and interest paymentsare due only if the Group pays a dividend on its ordinary shares in thepreceding twelve months. For these reasons, the bonds are carriedin equity, for an amount of €600 million.The bonds pay interest at 7.5% in the first three years, and thereafterat the 10-year constant maturity swap rate plus 100 basis points,capped at 9%. Interest payments are deducted from equity, net ofthe tax effect.Note 24.2.4. Other equity instrumentsThe Group held €4 million of calls on its ordinary shares at31 December <strong>2010</strong> (€5 million at 31 December 2009).Note 24.2.5. Translation reserveThe translation reserve corresponds to cumulative exchange gains andlosses on translating the equity of foreign subsidiaries and receivablesand payables corresponding to the Group’s net investment in thesesubsidiaries, at the closing rate.Translation reserves by country at 31 December <strong>2010</strong>€ millionsAttributable to owners of the parent Attributable to non-controlling interests TotalAt1 January<strong>2010</strong>Exchangedifferencesfor the periodAt31 December<strong>2010</strong>At1 January<strong>2010</strong>Exchangedifferencesfor the periodAt31 December<strong>2010</strong>At31 December<strong>2010</strong>Brazil 377 250 626 (3) (2) (4) 622Argentina (47) (1) (48) - - - (48)Colombia 6 120 126 (24) 92 68 194Uruguay 33 14 47 1 - 1 48Venezuela (see note 2.2) 11 (11) - (4) 4 - -United States (7) 6 (1) - - - (1)Thailand 11 64 76 (3) 38 35 110Poland 35 4 39 - - - 39Indian Ocean (6) - (6) (3) - (3) (8)Vietnam (5) - (4) (2) - (1) (6)TOTAL 409 447 856 (37) 132 95 951<strong>Mo</strong>vements during the period mainly stem from the appreciation of the Brazilian, Colombian and Thai currencies against the euro.Translation reserves by country at 31 December 2009€ millionsAttributable to owners of the parent Attributable to non-controlling interests TotalAt1 January2009Exchangedifferencesfor the periodAt31 December2009At1 January2009Exchangedifferencesfor the periodAt31 December2009At31 December2009Brazil (18) 395 377 2 (5) (3) 374Argentina (31) (16) (47) - - - (47)Colombia (45) 51 6 (55) 31 (24) (18)Uruguay (6) 39 33 - - 1 34Venezuela (26) 37 11 (5) 2 (4) 7United States (4) (3) (7) - - - (7)Thailand 11 - 11 (4) 1 (3) 8Poland 32 4 35 - - - 35Indian Ocean (5) - (6) (3) - (3) (8)Vietnam (1) (4) (5) (1) (1) (2) (6)TOTAL (94) 504 409 (66) 29 (37) 372<strong>Mo</strong>vements in 2009 mainly stemmed from the appreciation of the Brazilian and Colombian currencies against the euro. They also included€12 million in exchange differences reclassified to the income statement upon acquisitions and disposals of GPA shares.Registration Document <strong>2010</strong> | <strong>Casino</strong> Group95