2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

3CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statementsNote 24.3. Notes to the consolidated statement of comprehensive income€ millions 2010 2009Available-for-sale financial assets 2 4Change in fair value during the period 3 4Reclassification to profit or loss 2 1Income tax (expense)/benefit (3) (2)Cash flow hedges 13 (4)Change in fair value during the period 18 (44)Reclassification to profit or loss (5) 45Income tax (expense)/benefit - (4)Exchange differences (note 24.2.5) 579 532Change in translation differences during the period 633 545Reclassification to profit or loss due to disposals during the period (54) (13)Actuarial gains and losses and asset ceiling adjustments (note 27.1.3) (12) (4)Change during the period (18) (6)Income tax (expense)/benefit 6 2TOTAL 583 528Note 24.4. DividendsThe recommended 2010 dividend has been set at €2.78 per ordinary share. The dividend is subject to approval at the next Annual Shareholders’Meeting and is therefore not reflected in the consolidated financial statements at 31 December 2010.Cash dividends paid and recommended€ millionsOrdinary dividendsNet dividendin euros Number of shares Treasury shares 2010 recommended 20092009 €2.65 110,360,987 85,000 2922010 dividend (recommended) (1) €2.78 110,668,863 - 308Dividends on deeply subordinatedperpetual bonds, net of tax2009 €30.14 600,000 - 182010 €25.31 600,000 - 15(1) The recommended 2010 dividend per share has been calculated on the basis of the total number of shares outstanding at 31 December 2010. It will be modifi ed in 2011 to exclude theactual number of treasury shares held on the payment date.Note 24.5. Capital managementThe Group’s policy is to maintain a strong capital base in order toensure the confidence of investors, creditors and the markets, andto support the Group’s future business development.The Group occasionally purchases its own shares in the market, forthe purpose of allocating them to the liquidity contract and generatingmarket activity or keeping them to cover stock option plans, employeeshare ownership plans or share grant plans for Group employees andexecutive officers.NOTE 25. SHARE-BASED PAYMENTSSince 1987, stock options or share grants have been grantedin December of each year to new managers who have completedone year’s service with the Group, and the number of options held bymanagers promoted to a higher grade has been adjusted.Share grants are also made to certain company managers and tostore managers. The shares vest in tranches, subject to continuedemployment with the Group and the attainment of Group performancetargets for the period concerned.Note 25.1. Impact of share-based paymentson earnings and equityThe net expense of €19 million in 2010 (€15 million in 2009) wasrecognised by adjusting equity at 31 December 2010 by the sameamount.96 Casino Group | Registration Document 2010