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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-12-16 00:00:00",
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  "notes": "The slide uses financial statement data to argue that Casino's EBITDA is inflated by including gains on asset disposals that are otherwise categorized as 'Other operating income'.",
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      "text": "In 2014, there was no disclosure about significant asset disposal gains in Other Operating Income, leading us to believe that substantially all of the gains were excluded from Other Operating Income, and therefore are included in Casino's EBITDA.",
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      "text": "Other operating income: €261 million",
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      "text": "Casino's disclosures of the components of Other Operating Income support our contention that substantially all of the gains on property sales to Mercialys flow into EBITDA.",
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      "text": "Footnotes 21-24 citing Casino 2014/2013 Financial Statements and Registration Document.",
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      "text": "Table showing 2014 and 2013 restated figures for Other operating income and expenses, including breakdown by type (disposals, restructuring, impairment, etc.)",
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