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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "Includes a table detailing the reconciliation of real estate gains and a footnote regarding an earnings call inquiry.",
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      "text": "We believe that substantially all of these gains are included in EBITDA.",
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      "text": "Total Gains Booked to EBITDA: 218",
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      "text": "We believe that substantially all of these gains are included in EBITDA. We recently emailed Casino’s director of investor relations the following question:",
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      "kind": "paragraph",
      "text": "To estimate these numbers, we first backed into the gains on sale in each period. We did this by finding the disclosures on the “neutralisation” for the gains on sales to Mercialys.",
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      "kind": "quote",
      "text": "I read the CFO's comments in the earnings transcripts and spoke [to] some of the equity analysts who told me that the gain on sale is included in French EBITDA, can you please confirm.",
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      "text": "If you mean by “gain on sale” the gain from real estate promotion (i.e. the selling of walls/sites + rights to build attached and one day the option to buy back the walls of the shrunken stores) yes it is included in the EBIT/EBITDA",
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      "text": "“If you mean by “gain on sale” the gain from real estate promotion (i.e. the selling of walls/sites + rights to build attached and one day the option to buy back the walls of the shrunken stores) yes it is included in the EBIT/EBITDA” — Casino Investor Relations",
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      "text": "The question was “...I think traditionally, your French EBIT include a bit of a capital gain from property-related transactions. Could you provide us with a number, how much of these capital",
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      "kind": "table",
      "text": "Analysis of Casino-Mercialys Real Estate Transactions table",
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