Bond Casino Guichard-Perrachon SA 3.58% ( FR0012369122 ) in EUR

Issuer Casino Guichard-Perrachon SA
Market price 100 %  ▲ 
Country  France
ISIN code  FR0012369122 ( in EUR )
Interest rate 3.58% per year ( payment 1 time a year)
Maturity 07/02/2025 - Bond has expired



Prospectus brochure of the bond Casino Guichard Perrachon SA FR0012369122 in EUR 3.58%, expired


Minimal amount 100 000 EUR
Total amount 650 000 000 EUR
Detailed description Casino Guichard-Perrachon SA is a French multinational retail company operating a diverse portfolio of hypermarkets, supermarkets, and convenience stores primarily in France, but also internationally, including brands like Géant Casino, Casino Supermarchés, and Franprix.

The Bond issued by Casino Guichard-Perrachon SA ( France ) , in EUR, with the ISIN code FR0012369122, pays a coupon of 3.58% per year.
The coupons are paid 1 time per year and the Bond maturity is 07/02/2025







Casino, Guichard-Perrachon
Casino Finance
Euro 9,000,000,000
Euro Medium Term Note Programme
Due from one month from the date of original issue
Unconditionally and irrevocably guaranteed by Casino, Guichard-Perrachon in respect of
Notes issued by Casino Finance
Under the Euro Medium Term Note Programme described in this Base Prospectus (the "Programme"), Casino, Guichard-Perrachon ("Casino" or, in its capacity as
issuer, an "Issuer") and Casino Finance ("Casino Finance" or an "Issuer" (together with Casino, in its capacity as Issuer, the "Issuers")), subject to compliance with
all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the "Notes"). The Notes issued by Casino Finance will, upon their
issue, be guaranteed by Casino (the "Guarantor") pursuant to a cautionnement solidaire (the "Guarantee"). The aggregate nominal amount of Notes outstanding will
not at any time exceed Euro 9,000,000,000 (or the equivalent in other currencies).
This Base Prospectus supersedes and replaces the base prospectus dated 3 December 2013. This Base Prospectus shall be in force for a period of one year as of the date
set out hereunder.
Application has been made to the Commission de surveillance du secteur financier ("CSSF") in its capacity as competent authority in Luxembourg under the loi
relative aux prospectus pour valeurs mobilières dated 10 July 2005, as amended (the "Prospectus Act 2005") for the approval of this document as a base prospectus for
the purposes of Article 5.4 of the Prospectus Directive. In accordance with article 7(7) of the Prospectus Act 2005, the CSSF shall give no undertaking as to the
economical and financial soundness of the operation or the quality or solvency of the Issuers by approving this Base Prospectus.
Application may be made for a period of twelve (12) months from the date of this Base Prospectus (i) to the Luxembourg Stock Exchange for the Notes issued under
the Programme to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the official list of the Luxembourg Stock Exchange
and/or (ii) to the competent authority of any other Member State of the European Economic Area ("EEA") for Notes issued under the Programme to be listed and
admitted to trading on an EEA Regulated Market (as defined below) in such Member State. However, Notes issued under the Programme may be unlisted and/or not
admitted to trading on any market including an EEA Regulated Market. The relevant final terms (the "Final Terms") (a form of which is contained herein) in respect
of the issue of any Notes will specify whether or not such Notes will be listed and admitted to trading and, if so, the relevant EEA Regulated Market.
The Luxembourg Stock Exchange is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC, appearing on the list of
regulated markets issued by the European Commission (an "EEA Regulated Market").
References in this Base Prospectus to the "Prospectus Directive" are to the Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities
are offered to the public or admitted to trading, as amended.
Notes may be issued either in dematerialised form ("Dematerialised Notes") or in materialised form ("Materialised Notes") as more fully described herein.
Dematerialised Notes will at all times be in book entry form in compliance with Articles L.211-3 and R.211-1 of the French Code monétaire et financier. No physical
documents of title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the relevant Issuer, be in bearer dematerialised form (au porteur) inscribed as from the issue date in the books of Euroclear
France ("Euroclear France") (acting as central depositary) which shall credit the accounts of Account Holders (as defined in "Terms and Conditions of the Notes -
Form, Denomination, Title and Redenomination") including Euroclear Bank S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking, société
anonyme ("Clearstream, Luxembourg") or in registered dematerialised form (au nominatif) and, in such latter case, at the option of the relevant Noteholder (as
defined in Condition 1(c)(iv)), in either fully registered form (nominatif pur), in which case they will be inscribed either with the relevant Issuer or with the registration
agent (designated in the relevant Final Terms) for the relevant Issuer, or in administered registered form (nominatif administré) in which case they will be inscribed in
the accounts of the Account Holders designated by the relevant Noteholders.
Materialised Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without interest
coupons attached (a "Temporary Global Certificate") will initially be issued in connection with Materialised Notes. Such Temporary Global Certificate will be
exchanged for definitive Materialised Notes in bearer form with, where applicable, coupons for interest attached on or after a date expected to be on or about the 40th
day after the issue date of the Notes (subject to postponement as described in "Temporary Global Certificates issued in respect of Materialised Notes") upon
certification as to non U.S. beneficial ownership as more fully described herein.
Temporary Global Certificates will (a) in the case of a Tranche intended to be cleared through Euroclear and/or Clearstream, Luxembourg, be deposited on the issue
date with a common depositary on behalf of Euroclear and/or Clearstream, Luxembourg and (b) in the case of a Tranche intended to be cleared through a clearing
system other than or in addition to Euroclear and/or Clearstream, Luxembourg or delivered outside a clearing system, be deposited as agreed between the Issuers and
the relevant Dealer (as defined below).
As at the date of this Base Prospectus, Casino has a long-term debt rating of BBB- by Standard & Poor's Ratings Services ("S&P") and BBB- by Fitch Ratings
("Fitch") and a short-term debt rating of A-3 by S&P and F3 by Fitch. Unless otherwise specified in the relevant Final Terms, Notes to be issued under the Programme
with a maturity of 12 months or more will be rated BBB- by S&P and BBB- by Fitch. Unless otherwise specified in the relevant Final Terms, Notes to be issued under
the Programme having a maturity of less than 12 months will be rated A-3 by S&P and F3 by Fitch. As of the date of this Base Prospectus, S&P and Fitch are
established in the European Union and registered under Regulation (EC) No. 1060/2009 on credit ratings agencies, as amended (the "CRA Regulation") and are
included in the list of credit rating agencies registered in accordance with the CRA Regulation published on the European Securities and Markets Authority's website
(www.esma.europa.eu/page/List-registered-and-certified-CRAs). The relevant Final Terms will specify whether or not such credit ratings are issued by a credit rating
agency established in the European Union and registered under the CRA Regulation. Credit ratings are subject to revision, suspension or withdrawal at any time by the
relevant rating organisation. Where an issue of Notes is rated, its rating will not necessarily be the same as the rating assigned to Notes issued under the Programme. A
rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.
The Final Terms of the relevant Notes will be determined at the time of the offering of each Tranche and will be set out in the relevant Final Terms.
Arranger
Deutsche Bank
Dealers
Barclays
BNP PARIBAS
Crédit Agricole CIB
Deutsche Bank
HSBC
J.P. Morgan
NATIXIS
Santander Global Banking & Markets
Société Générale Corporate & Investment Banking
The Royal Bank of Scotland
The date of this Base Prospectus is 1 December 2014


This document (together with any supplements to this document published from time to time (each a
"Supplement" and together the "Supplements")) constitutes two base prospectuses for the purposes of Article 5.4
of the Prospectus Directive: (i) the base prospectus for Casino in respect of Notes to be issued by Casino under
this Programme and (ii) the base prospectus for Casino Finance in respect of Notes to be issued by Casino
Finance under this Programme, in respect of, and for the purpose of giving information with regard to, Casino
and its respective consolidated subsidiaries and affiliates as a whole, including Casino Finance (together with the
Issuers, the "Group", "Group Casino" or "Casino Group") which is necessary to enable investors to make an
informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuers.
No person has been authorised to give any information or to make any representation other than those contained
in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such information
or representation must not be relied upon as having been authorised by Casino or Casino Finance or any of the
Dealers or the Arranger (each as defined in "General Description of the Programme"). Neither the delivery of this
Base Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication
that there has been no change in the affairs of Casino or Casino Finance, as the case may be, or those of the
Group since the date hereof or the date upon which this Base Prospectus has been most recently amended or
supplemented or that there has been no adverse change in the financial position of either Casino or Casino
Finance, as the case may be, or that of the Group since the date hereof or the date upon which this Base
Prospectus has been most recently amended or supplemented or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuers, the
Dealers and the Arranger to inform themselves about and to observe any such restriction.
The Notes and the Guarantee have not been and will not be registered under the United States Securities Act of
1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other
jurisdiction of the United States and may include Materialised Notes in bearer form that are subject to U.S. tax
law requirements. Subject to certain exceptions, the Notes may not be offered, sold or in the case of Materialised
Notes in bearer form, delivered within the United States or to, or for the account or benefit of, U.S. persons. The
Notes are being offered and sold in offshore transactions outside the United States to non-U.S. persons in reliance
on Regulation S under the Securities Act ("Regulation S"). This Base Prospectus does not constitute an offer of,
or an invitation by or on behalf of Casino or Casino Finance or the Dealers or the Arranger to subscribe for, or
purchase, any Notes.
The Arranger and the Dealers have not separately verified the information contained in this Base Prospectus.
None of the Dealers or the Arranger makes any representation, express or implied, or accepts any responsibility,
with respect to the accuracy or completeness of any of the information in this Base Prospectus. Neither this Base
Prospectus nor any other financial statements are intended to provide the basis of any credit or other evaluation
and should not be considered as a recommendation by any of Casino, Casino Finance, the Arranger or the
Dealers that any recipient of this Base Prospectus or any other financial statements should purchase the Notes.
Each potential purchaser of Notes should determine for itself the relevance of the information contained in this
Base Prospectus and its purchase of Notes should be based upon such investigation as it deems necessary. None
of the Dealers or the Arranger undertakes to review the financial condition or affairs of Casino, Casino Finance
or the Group during the life of the arrangements contemplated by this Base Prospectus nor to advise any
investor or potential investor in the Notes of any information coming to the attention of any of the Dealers or the
Arranger.
In connection with the issue of any Tranche (as defined in "General Description of the Programme"), one of the
Dealers may act as a stabilising manager(s) (the "Stabilising Manager(s)"). The identity of the Stabilising Manager
will be disclosed in the relevant Final Terms.
1


The Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s)) in the applicable Final
Terms may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a
level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Agent
(or person(s) acting on behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the final terms of the offer of the
relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than the
earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment
of the relevant Tranche of Notes. Any stabilisation action or over-allotment shall be conducted by the relevant
Stabilising Manager(s) (or person(s) acting on behalf of any Stabilising Manager(s)) in accordance with
applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "", "Euro",
"EUR" or "euro" are to the single currency of the participating member states of the European Union which was
introduced on 1 January 1999, references to "£", "pounds sterling", "GBP" and "Sterling" are to the lawful
currency of the United Kingdom, references to "$", "USD" and "U.S. Dollars" are to the lawful currency of the
United States of America, references to "¥", "JPY", "Japanese yen" and "Yen" are to the lawful currency of
Japan, references to "PLN" or "Polish zloty" are to the lawful currency of the Republic of Poland and references
to "Swiss francs" or "CHF" are to the lawful currency of the Helvetic Confederation.
In this Base Prospectus, any discrepancies in any table between totals and the sums of the amounts listed in such
table are due to rounding.
2


SUPPLEMENT TO THE BASE PROSPECTUS
If at any time Casino and/or Casino Finance shall be required to prepare a supplement to this Base Prospectus pursuant to the
provisions of Article 16 of the Prospectus Directive, Casino and/or Casino Finance will prepare and make available an
appropriate supplement to this Base Prospectus, which in respect of any subsequent issue of Notes to be listed on the official
list of the Luxembourg Stock Exchange and admitted to trading on the Regulated Market of the Luxembourg Stock Exchange
or on an EEA Regulated Market, shall constitute a supplement to the Base Prospectus for the purpose of the relevant
provisions of the Prospectus Directive.
3


TABLE OF CONTENTS
Page
RISK FACTORS.................................................................................................................................................................5
DOCUMENTS INCORPORATED BY REFERENCE ....................................................................................................18
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS...........................................22
GENERAL DESCRIPTION OF THE PROGRAMME....................................................................................................23
TERMS AND CONDITIONS OF THE NOTES ..............................................................................................................29
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED NOTES ............................61
USE OF PROCEEDS........................................................................................................................................................63
DESCRIPTION OF THE ISSUERS AND THE GUARANTOR .....................................................................................64
A. DESCRIPTION OF CASINO AS ISSUER AND GUARANTOR..............................................................................64
B. DESCRIPTION OF CASINO FINANCE AS ISSUER................................................................................................68
RECENT DEVELOPMENTS...........................................................................................................................................71
DESCRIPTION OF THE GUARANTEE.........................................................................................................................81
TAXATION ......................................................................................................................................................................84
SUBSCRIPTION AND SALE..........................................................................................................................................88
FORM OF FINAL TERMS ..............................................................................................................................................91
GENERAL INFORMATION .........................................................................................................................................101
4


RISK FACTORS
RISK FACTORS RELATING TO CASINO, GUICHARD-PERRACHON, CASINO FINANCE AND THE
GROUP
The relevant Issuer and the Guarantor, in the case of Notes issued by Casino Finance with the Guarantee of Casino,
believe that the following factors may affect their ability to fulfil their obligations under the Notes issued under the
Programme. All of these factors are contingencies which may or may not occur and the relevant Issuer and the
Guarantor, in the case of Notes issued by Casino Finance with the Guarantee of Casino, are not in a position to express
a view on the likelihood of any such contingencies occurring. The risk factors may relate to the relevant Issuer and the
Guarantor, in the case of Notes issued by Casino Finance with the Guarantee of Casino, or the Group.
In addition, factors which are material for the purpose of assessing the market risks associated with Notes issued under
the Programme are also described below.
The relevant Issuer and the Guarantor, in the case of Notes issued by Casino Finance with the Guarantee of Casino,
believe that the factors described below represent the principal risks inherent in investing in Notes issued under the
Programme, but the inability of the relevant Issuer and the Guarantor, in the case of Notes issued by Casino Finance
with the Guarantee of Casino, to pay interest, principal or other amounts on or in connection with any Notes may occur
for other reasons and the relevant Issuer and the Guarantor, in the case of Notes issued by Casino Finance with the
Guarantee of Casino, do not represent that the statements below regarding the risks of holding any Notes are
exhaustive. The risks described below are not the only risks the relevant Issuer and the Guarantor, in the case of Notes
issued by Casino Finance with the Guarantee of Casino, face. Additional risks and uncertainties not currently known to
the relevant Issuer and the Guarantor, in the case of Notes issued by Casino Finance with the Guarantee of Casino, or
that they currently believe to be immaterial could also have a material impact on its business operations. Prospective
investors should also read the detailed information set out elsewhere or incorporated by reference in this Base
Prospectus and the Final Terms of the relevant Notes and reach their own views prior to making any investment
decision. In particular, investors should make their own assessment as to the risks associated with the Notes prior to
investing in Notes issued under the Programme.
Subject to the above provisions, the Group has reviewed the main risks that could have a material impact on its
operations, financial position or results. These risks are described below.
MARKET RISKS
The Group has set up an organisation to oversee its financial risks (liquidity, currency and interest rate risks) and where
appropriate manage them on a centralised basis. The Corporate Finance Department, which reports to the Group Chief
Financial Officer, is responsible for managing these risks and has the necessary expertise and tools to fulfil this task.
The Corporate Finance Department operates on the main financial markets according to guidelines that guarantee the
highest levels of efficiency and security. A regular reporting system has been set up, allowing Group management to
sign off on the policies followed, which are based on strategies approved in advance by management.
Interest rate risk
Detailed information about interest rate risk is provided in note 33.2.1 to the consolidated financial statements included
in the 2013 Document de Référence (incorporated by reference herein). The Casino Group uses various financial
instruments to manage interest rate risk, particularly swaps. Although these instruments are not always eligible for
hedge accounting, they all form part of the Group's interest rate risk management policy, which is based on dynamic
management of debt. This means monitoring and where necessary adjusting its hedging ratio according to projected
movements in interest rates, with the aim of managing its exposure to the risk of changes in interest rates and optimising
its cost of debt.
5


An analysis of sensitivity to interest rate risk is provided in note 33.2.1 to the consolidated financial statements included
in the 2013 Document de Référence (incorporated by reference herein).
Currency risk
Information about currency risk is provided in note 33.2.2 to the consolidated financial statements included in the 2013
Document de Référence (incorporated by reference herein).
Due to its geographical diversification, the Group is exposed to translation risk. In other words, its balance sheet and
income statement, and consequently its financial ratios, are sensitive to movements in exchange rates upon
consolidation of the financial statements of its foreign subsidiaries outside the euro zone. At 31 December 2013,
International represented 60% of revenue, 68% of EBITDA and 74% of trading profit. Currency effects on these three
aggregates were, respectively, -8.1%, -9.2% and -10.3%.
The Group is also exposed to transaction risk on transactions denominated in currencies other than the euro. The
Group's policy for operational currency risk is to hedge highly probable budgeted exposures, which mainly involve
purchases made in a currency other than its functional currency and particularly purchases in US dollars. Substantially
all budgeted purchases are hedged using forward currency purchases with the same maturities as the underlying
transactions.
An analysis of the sensitivity of net exposure (after hedging) to currency risk is provided in note 33.2.2 to the
consolidated financial statements included in the 2013 Document de Référence (incorporated by reference herein).
Liquidity risk
The breakdown of debt and confirmed lines of credit by maturity and currency is provided in note 33.4 to the
consolidated financial statements included in the 2013 Document de Référence (incorporated by reference herein),
together with additional information concerning debt covenants which, if breached, would trigger early repayment
obligations.
The Group's liquidity position appears to be very satisfactory. Upcoming repayments of short-term financial liabilities
and seasonal working capital requirements are comfortably covered by cash, cash equivalents and undrawn confirmed
bank lines.
The Group's policy is to continuously monitor and forecast its liquidity position in order to ensure that it always has
sufficient liquid assets to settle its liabilities as they fall due, in either normal or impaired market conditions.
Most of the Group's debt is carried by Casino, Guichard-Perrachon. Financing is managed by the Corporate Finance
Department. The main subsidiaries (GPA, Big C Thailand, Monoprix and Exito) also have their own sources of
financing.
The Group's loan and bond agreements include the usual covenants and default clauses, including pari passu, negative
pledge and cross-default clauses.
Casino, Guichard-Perrachon's loan agreements contain a mandatory acceleration clause in the event of a change of
control of Casino.
In addition, some bond issues made by Casino, Guichard-Perrachon contain an acceleration clause at the investors'
discretion should its long-term senior debt rating be downgraded to non-investment grade due to a change of majority
shareholder.
At 31 December 2013, the covenants related to the main types of debt carried by the parent company were as follows:
Covenant
Financing subject to covenant
Consolidated net debt(2) to consolidated EBITDA(1) 1.2 billion syndicated credit facility
6


may not exceed 3.5
USD 1 billion credit facility
Bilateral credit lines totalling 150 million
Consolidated net debt(2) to consolidated EBITDA(1) Bilateral credit lines totalling 50 million
may not exceed 3.7
Alaméa 300 million loan
(1) EBITDA (earnings before interest, taxes, depreciation and amortisation) = trading profit plus operating
depreciation and amortisation.
(2) Net debt as defined in the loan agreements may differ from net debt recognised in the consolidated
financial statements (see note 1, section 1.4.29). It corresponds to borrowings and financial liabilities less
cash and cash equivalents, as increased or reduced by the net impact of fair value hedges of debt with a
positive or negative fair value.
The Group complied with these ratios at 31 December 2013.
Most of the Group's other loan agreements contain financial covenants and mainly concern the GPA and Big C
Thailand subsidiaries.

GPA's financial covenants are as follows:
Covenant
Financing subject to covenant
Net debt(2) may not be higher than equity(3)
Consolidated net debt to EBITDA may not exceed All bond issues (1,106 million)
3.25
Equity to total assets must be equal to or more than
0.3
BNDES financing for 96 million
EBITDA to net debt must be equal to or more than
0.35
(1) All GPA's covenants refer to consolidated data.
(2) Debt less cash, cash equivalents and receivables.
(3) Consolidated equity (including non-controlling interests)
GPA complied with these ratios at 31 December 2013.

For Big C Thailand, all drawn bank lines (450 million) and undrawn bank lines (221 million) are subject to
financial covenants (net debt to EBITDA and net debt to equity), which were complied with at 31 December
2013.
In addition, as regards Banque du Groupe Casino, liquidity risk is monitored as part of the liquidity policy of CMCIC
Group (50% joint owner with Casino Group). The assessment of the bank's liquidity is therefore based on CMCIC
Group standards and alert ratios, as well as regulatory ratios.
The main objectives of liquidity risk management are:

to secure funding through monthly projections of cash surpluses and requirements based on a comparison of
commitments received and customer loan forecasts;
7



to gradually bring the bank into line with the new Basel III liquidity requirements by extending the duration of
transactions to guarantee a better match between asset and liability flows.
The bank's capital ratio, at 14%, is well above the current regulatory minimum as well as the minimum requirement set
by its control authority. The bank will therefore have no difficulty in meeting the stricter Basel III requirements in this
area.
Commodity risk
Given the nature of its business, Casino is not exposed to any material commodity risk.
Equity risk
Detailed information about equity risk is provided in note 33.5 to the consolidated financial statements included in the
2013 Document de Référence (incorporated by reference herein). The Group uses equity derivative instruments (e.g.
total return swaps, forwards, calls) with the aim of building a synthetic exposure to the shares of its listed subsidiaries
(see note 9.2 to the consolidated financial statements included in the 2013 Document de Référence (incorporated by
reference herein)).
The Group has no significant interests in listed companies other than its subsidiaries or treasury shares and under its
ongoing treasury management policy, does not invest in money market instruments that are exposed to equity risk.
Credit and counterparty risk
The Group is exposed to various aspects of counterparty risks in its operating activities, its short-term investment
activities and its interest rate and currency hedging instruments. It monitors these risks using several objective indicators
and diversifies its exposure by dealing with the least risky counterparties (based mainly on their credit ratings and their
reciprocal commitments with the Group).
As regards customer credit risk, Group policy consists of checking the financial health of all customers applying for
credit. Customer receivables are regularly monitored and the Group's exposure to the risk of bad debts is not material.
Receivables past due but not impaired can vary substantially in length of time overdue depending on the type of
customer, i.e. private companies, consumers or public authorities. Impairment policies are determined on an entity-by-
entity basis according to customer type. The Group believes that it has no material risk in terms of credit concentration.
Credit risk on other financial assets ­ mainly comprising cash and cash equivalents, available-for-sale financial assets
and certain derivative financial instruments ­ is limited and corresponds to the risk of failure by the counterparty to
fulfil its obligations. The maximum risk is equal to the instruments' carrying amount. The Group's cash management
policy consists of investing cash and cash equivalents with first-class counterparties and in investment-grade
instruments.
OPERATIONAL RISKS
Risks related to non-renewal of leases and real estate assets
Casino has standard commercial leases on its supermarket and convenience store premises but has no assurance that
they will be renewed on expiry.
The owners could have other plans for the premises on expiry of the lease, which could prompt them not to renew
Casino's lease despite the high amount of compensation for eviction they would have to pay. However, commercial
leases are governed by strict legislation as regards term, termination, renewal and rent indexation, which limits what
owners can impose.
Given the very few disputes caused by non-renewal of commercial leases, the risk is not considered to be in any way
material.
8


As regards property development, where the Group is the project owner, specifications are drawn up by experts in
accordance with the prevailing regulations and the functional and operational objectives set for each project.
More generally, the Group's real estate portfolio is monitored regularly to ensure its proper use.
Risks associated with sales methods
The Group's banners in France have affiliate and franchise networks. These represented almost 60% of sales outlets at
31 December 2013, corresponding mainly to supermarket networks (including Leader Price) and convenience store
networks. In International, Surtimax in Colombia is the only banner with a franchise network. 269 of the 415 Surtimax
stores are franchises. The Group is therefore exposed to image risk, should the franchisee fail to comply with the
Group's practices, standards or values, and to a payment default risk. Each of the networks monitors its
franchisee/affiliate relations, including regular discussions and support for commercial advisers. The credit risk is
managed by each of the networks and amounts outstanding are monitored on an ongoing basis.
Risks related to trademarks and banners
The Group owns substantially all of its trademarks and is not dependent on any specific patents or licences, except for
the Spar trademark which is licensed to the Group for the French market. The licence was renewed for ten years in
2009. In France, 930 stores were operated under this trademark, including 714 franchises.
Furthermore, although the Group has a preventive policy of protecting all its trademarks, it does not believe that an
infringement would have a material impact on its operations or results.
Supplier and merchandise management risk
The Group is not dependent on any specific supply, manufacturing or sales contracts. Casino deals with over 30,000
suppliers.
For example, the Group has its own logistics network in France (approximately 900,000 sq.m. spread among 22 sites)
managed by its Easydis subsidiary. The network spans the entire country and delivers regularly to the Group's various
banners, with the exception of Monoprix and Franprix-Leader Price which have their own logistics network.
Information systems risk
The Group is increasingly dependent on shared information systems for the production of costed data used as the basis
for operating decisions. Security features are built into systems at the design phase and procedures are in place to
constantly monitor systems security risks.
However, an information systems failure would not have any material or prolonged impact on Casino's operations or
results.
Geographical risk
Part of the Group's business is exposed to risks and uncertainties arising from trading in countries that could experience
or have recently experienced periods of economic or political instability , particularly in Latin America and Asia. In
2013, international operations accounted for 60% of consolidated revenue and 74% of consolidated trading profit. The
occurrence of such risks could have an influence on the Group's business operations and, potentially, its financial
position as well as the value of its underlying assets, particularly goodwill. A breakdown of goodwill by business and
geographical segment is provided in note 14.1 to the consolidated financial statements included in the 2013 Document
de Référence (incorporated by reference herein) and goodwill impairment losses are disclosed in note 18.2.1 included in
the 2013 Document de Référence (incorporated by reference herein). The Group draws up action plans and implements
measures to mitigate the impacts of these risks and to ensure continuity of operations.
9


Document Outline