2012 Registration Document - Groupe Casino

2
Presentation
of the Casino Group
Management
report
Consolidated
financial statements
Parent company
financial statements
Corporate
governance
General
Meeting
Additional
information
2.1. Business Report
Vietnam delivered further strong sales growth of +21.9% on an
organic basis excluding the calendar effect, despite the backdrop
of economic slowdown. Three hypermarkets, with three adjacent
shopping malls, and seven convenience stores were opened
during the year.
Trading profit in Asia rose by +13.5% to €241 million, driven by
Thailand with its excellent trading margin and a strong contribution
from shopping malls.
2.1.3. Comments on the consolidated financial statements
Significant accounting policies
Pursuant to European regulation 1606/2002 of 19 July 2002, the
consolidated financial statements for the year ended 31 December
2012 have been prepared in accordance with International
Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB), as adopted by the European
Union on the date of approval of the financial statements by the
Board of Directors and mandatory as of the reporting date. These
standards are available on the European Commission’s website:
http://ec.europa.eu/internal_market/accounting/ias/index_fr.htm.
The significant accounting policies set out below have been applied
consistently to all periods presented, after taking account of or
with the exception of the new standards and interpretations (see
note 1.1.1 to the consolidated financial statements).
Main changes in the scope of
consolidation and their related impacts
■■
In 2012, the Group undertook a process of change in control
of Mercialys. After the effective sale of Mercialys shares, the
Group reduced its equity stake to 40.17%. The disposal process
also involved a reorganisation of governance and agreements
between Casino and Mercialys. However, on 31 December
2012, this process was not fully finalised. The next Mercialys
Shareholders’ Meeting will provide the opportunity to note the
loss of control. In accordance with IFRS 5, all of Mercialys’ assets
and liabilities, including the net financial debt, were reclassified
on the consolidated balance sheet under “Assets held for sale”
and “Liabilities associated with assets held for sale” respectively
(see note 11.2 to the consolidated financial statements).
■■
As Casino Group finalised the process to take exclusive control
of GPA on 2 July, this sub-group will be fully consolidated from
that date. During the first half of the year, GPA was consolidated
in proportionate at 40.32%. Proforma data were also prepared
to illustrate the full year effect of the full consolidation of GPA
(see note 3.3 to the consolidated financial statements).
■■
Casino Group consolidated the Barat franchise within Franprix-
Leader Price under the full consolidation method from the end
of the first quarter of 2012.
■■
Casino Group consolidated companies owning 21 stores in the
South-East of France within Franprix-Leader Price under the full
consolidation method from July 2012.
Net sales
Consolidated net sales for the year rose by +22.1%, to
€41,971 million versus €34,361 million in 2011.
Main currency effects
The currency effect was a negative -1.6%.
Main scope effects
Changes in the scope of consolidation had a positive impact of
+20.3%, primarily due to obtaining control of GPA and its full
consolidation as of 2 July 2012.
A detailed review of sales growth is presented above, in the
sections on French and International operations.
Trading profit
Trading profit rose by +29.3%, to €2,002 million versus
€1,548 million in 2011.
The currency effect was a negative -2.0%. Changes in scope of
consolidation had a positive impact of +28.3%, reflecting the full
consolidation of GPA.
Adjusted for these factors, trading profit was up +3.0% on an
organic basis.
A detailed review of trading profit is presented above, in the
sections on French and International operations.
Operating profit
Other operating income and expense showed a net income
of €377 million for the year, compared with a net expense of
€157 million in 2011.
The net income of €377 million in 2012 primarily included:
■ ■ €110 million in capital gain on asset disposals;
■ ■ €672 million in net income related to scope operations (notably
the revaluation at fair value of the previously held interest in GPA);
■ ■ €123 million in net impairment of assets;
■ ■ €200 million in provisions and charges for restructuring;
■ ■ €81 million in tax, legal and risk provisions and charges, and
others.
20 / Casino Group / registration document 2012