2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

231 DECEMBER 2010Business ReviewAsia■■Thailand;Vietnam.€ millions 2009 2010ReportedchangeOrganicchangeNet sales 1,686 2,009 +19.2% +7.4%Trading profit 92 121 +32.1% +18.4%Trading margin 5.4% 6.0% +59 bp +56 bpAsia reported 19.2% growth in sales to €2,009 million from€1,686 million in 2009. The currency effect contributed 11.8%.Organic growth was 7.4%, lifted by a good same-store performanceof 6.0%.In Thailand, Big C posted an acceleration in same-store sales growthdespite the political unrest in the first half. Big C had to temporarilyclose its Rajdamri store after it was damaged by fire during the riotsin May 2010. This trimmed sales growth by more than 2 bp. TotalBig C sales increased by 3.2% (1) in 2010.In line with its targets, Big C resumed a sustained pace of expansion,opening four hypermarkets during the year including three in the finalquarter, compared with just one in 2009. The company also continuedto develop its new formats and at the end of 2010 had 15 Mini Big Cstores, 29 Pure stores and two Junior Big C supermarkets.On 5 January 2011, Big C’s shareholders approved the acquisitionof Carrefour’s Thailand operations, making Big C co-leader in theThailand hypermarket segment.Vietnam continued to post very strong sales growth of more than40% at constant exchange rates, and stepped up its expansion,opening five hypermarkets in 2010, including four in the final quarter,compared with just one in 2009.Trading profit in Asia rose by 32.1% on a reported basis, to€121 million, and by 18.4% on an organic basis.Trading margin increased by 56 bp on an organic basis, driven bysignificantly improved profitability in Thailand and Vietnam.Other international businesses■■Indian Ocean;Poland.€ millions 2009 2010ReportedchangeOrganicchangeNet sales 844 868 +2.8% +2.3%Trading profit 66 38 n/a n/aTrading margin n/a n/a n/a n/aOther businesses mainly comprise the Indian Ocean region and theGroup’s property development operations in Poland.Operations in the Indian Ocean region performed satisfactorily,with sales up 2.1% on a same-store basis and 2.7% on an organicbasis.Trading profit from other businesses was down, mainly due to adecrease in property development profits in Poland.2.1.3. COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTSSignificant accounting policiesPursuant to European regulation 1606/2002 of 19 July 2002, theconsolidated financial statements have been prepared in accordancewith the standards and interpretations issued by the InternationalAccounting Standards Board (IASB), as adopted by the EuropeanUnion and mandatory as of the reporting date. These standards areavailable on the European Commission’s website (http://ec.europa.eu/internal_market/accounting/ias/index_en.htm). They includeinternational accounting standards (IAS) and international financialreporting standards (IFRS), as well as interpretations issued by theInternational Financial Reporting Interpretations Committee (IFRIC).The significant accounting policies set out in note 1.5 to theconsolidated financial statements have been applied consistently toall periods presented in the consolidated financial statements, aftertaking account of or with the exception of the new standards andinterpretations set out in notes 1.1.1 and 1.1.2. Apart from IFRS 3Rand IAS 27R, which are applicable prospectively, these new standardsand interpretations had no material effect on the consolidated financialstatements.The impacts of adopting IFRS 3R – Business Combinations andIAS 27R – Consolidated and Separate Financial Statements aredescribed in the summary of significant accounting policies (seenote 1.3 of the notes to the consolidated financial statements).(1) Based on data published by the companies.20 Casino Group | Registration Document 2010