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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
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      "text": "Regardless of the denial, booking gains from sale on these transactions seems exactly like financial engineering.",
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      "text": "The disclosure of Casino's treatment of the proportional gains on sales from Mercialys to Hyperthetis is consistent with our belief that Casino flows substantially all of its real estate gains through EBITDA.",
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      "text": "Mercialys created the company Hyperthetis Participations including 6 real estate assets... The transaction resulted in the recognition in 'other income' of an additional fraction of 49% of the profit.",
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      "text": "The very important message here is, there is value creation here... we expect these renovations to continue and we expect to generate some profits from these projects in the future as well.",
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      "text": "“...The very important message here is, there is value creation here, both for the owner of the stores, the parkings and I think where new activity is created, this is us and there is value creation as well from Mercialys. So the message here is we expect these renovations to continue and we expect to generate some profits from these projects in the future as well. I think in the interest of the investor community, we might organize, together with Régine and the team of Mercialys, a site visit so people realize that this is not financial engineering...” — 15 October 2015 Casino Q3 Sales/Trading Statement Call",
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