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
2.2. Parent company business review
Net result amounted to €281.5 million versus €609.0 million in
2011.
As the parent company of the French tax group, Casino,
Guichard-Perrachon recorded a tax benefit of €131.2 million in
2012, corresponding to the tax saving arising from netting off the
profit and losses of the companies in the tax group. After taking this
benefit into account, net income for the year was €412.7 million
compared with €731.4 million in 2011.
2.2.3. Non-deductible expenses
In accordance with the disclosures required by Articles 223 quater, quinquies, 39-4 and 39-5 of the French General Tax Code (Code
général des impôts), no non-deductible expenses were incurred during the year.
2.2.4. Dividends
Including retained earnings brought forward from prior years, the
sum available for distribution comes to €3,343,062,614.06. The
Board is recommending a dividend of €3 per share.
Private shareholders resident in France for tax purposes will be
entitled to claim 40% tax relief on their dividends, in accordance
with Article 158-3, paragraph 2, of the French Tax Code (Code
général des impôts), and have the option of paying a flat-rate
withholding tax.
The dividend will be paid as of 29 April 2013. Dividends on any
Casino shares held by the Company on that date will be credited
to retained earnings.
Dividends paid over the last three years are as follows:
Year Class of shares
Number
of shares
Dividend
per share
Dividend eligible
for 40% tax relief
Dividend not eligible
for 40% tax relief
2009 Ordinary shares 110,360,987 (1) €2.65 €2.65 -
2010 Ordinary shares 110,668,863 (2) €2.78 €2.78 -
2011 Ordinary shares 110,360,987 (3) €3.00 €3.00 -
(1) Including 85,996 shares held by the Company.
(2) Including 36,958 shares held by the Company.
(3) Including 21,030 shares held by the Company.
The following table shows the total dividend payout (in € millions) and the payout rate (as a percentage of net profit), over the past
five years:
Year 2007 2008 2009 2010 2011
Total payout 257.6 283.6 292.2 307.5 381.9
Payout rate (% of net profit) 31.6 57.1 49.4 57.7 58.4
By law, any dividends which have not been claimed within five years of their payment date will lapse and become the property of the
French State, in accordance with articles L. 1126-1 and L. 1126-2 of the French Public Property Code (Code général de la propriété
des personnes publiques).
24 / Casino Group / registration document 2012