2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

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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
CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Note 25.2. Details of Casino, Guichard-Perrachon stock option plansIn accordance with IFRS 2, all stock options granted were valued using the Black & Scholes option pricing model.Details of the plans and the main assumptions applied to value options on new shares2010 2009 2008Grant date 29 April 4 December 8 April 5 December 14 AprilExpiry date 28 October 2015 3 June 2015 7 October 2014 4 June 201413 October2013Share price on the grant date €65.45 €58.31 €48.37 €43.73 €75.10Option exercise price €64.87 €57.18 €49.47 €49.02 €76.73Number of options granted 48,540 72,603 37,150 109,001 434,361Estimated life of the options (in years) 5.5 5.5 5.5 5.5 5.5Projected dividend yield 5% 5% 5% 5% 5%Projected volatility 29.32% 30.02% 29.60% 26.77% 24.04%Risk-free interest rate 1.69% 2.09% 2.44% 3.05% 4.17%Fair value of stock options €10.33 €8.59 €5.07 €6.14 €13.61NUMBER OF OPTIONS OUTSTANDING 48,115 72,281 36,150 102,578 358,0352007 2006 2005Grant date 7 December 13 April 15 December 13 April 8 DecemberExpiry date 6 June 2013 12 October 2012 14 June 2012 12 October 2011 7 June 2011Share price on the grant date €77.25 €75.80 €70.00 €59.80 €56.95Option exercise price €74.98 €75.75 €69.65 €58.16 €56.31Number of options granted 54,497 362,749 53,708 354,360 50,281Estimated life of the options (in years) 5.5 5.5 5.5 5.5 5.5Projected dividend yield 5% 5% 2% 2% 2%Projected volatility 25.27% 23.55% 25.11% 25.87% 21.19%Risk-free interest rate 4.85% 4.78% 3.99% 3.94% 3.21%Fair value of stock options €18.18 €16.73 €14.31 €11.88 €9.00NUMBER OF OPTIONS OUTSTANDING 39,031 229,489 29,054 135,873 19,880Details of share grant plansGrant date20103 December 22 October 29 April 29 AprilEXPIRY• Vesting date3 December 2013 22 October 2012 29 April 2013 29 April 2013• End of lock-up period3 December 2015 22 October 2014 29 April 2015 29 April 2015Share price on the grant date €69.33 €67.68 €65.45 €65.45Number of shares 17,268 4,991 296,765 51,394Fair value of the share €55.35 €57.07 €50.86 €50.86Continued employment conditions Yes Yes Yes YesPerformance conditions No No Yes NoPerformance condition applicable(1) (1) (2) (2)NUMBER OF SHARES BEFORE APPLICATIONOF PERFORMANCE CONDITIONS 17,268 4,991 287,415 48,326Registration Document 2010 | Casino Group97
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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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31 DECEMBER 2010Risk Factors and In
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31 DECEMBER 2010Environmental Repor
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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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