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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
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  "authorName": "Carson C. Block",
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  "notes": "Includes specific critique of EBITDA adjustments related to real estate sales and joint ventures, and a comparison of debt calculation methodologies.",
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      "text": "We believe S&P's methodology significantly understates the amount. Our proportional lease adjusted debt calculation as of FY 2014 is €15.6 billion. We estimate that the LTM lease adjusted debt has blown out to €17.7 billion.",
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      "text": "restructuring provisions and expenses of €197 million; provisions and expenses for taxes, risks and litigation, totalling €97 million; net expenses of €136 million related to changes in scope.",
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      "text": "lease adjusted debt: €17.7 billion",
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      "kind": "paragraph",
      "text": "Mercialys's creation of the Hyperthetis joint venture allows Casino to book another gain on sale when Mercialys sells properties to the joint venture. This again illustrates it is a financing transaction for Casino.",
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      "text": "Investors should adjust Casino's EBITDA to exclude any accounting gains from the sale of real estate. Because the sale of real estate relates primarily to downsizing excess retail square footage, these are really gains from operational restructuring.",
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      "text": "Other operating income and expenses show a net expense of €494 million in 2014, compared with net income of €266 million in 2013.",
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      "text": "S&P calculates Casino's proportional lease adjusted debt as of FY 2014 to be €9.4 billion. We believe S&P's methodology significantly understates the amount. Our proportional lease adjusted debt calculation as of FY 2014 is €15.6 billion.",
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      "text": "25 Groupe Casino Interim Financial Report, 30 June 2015, Section 3.2.3, p. 28. 26 Estimate based on September 30th filings where available, June 30th where not.",
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