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  "documentTitle": "Groupe Casino (CO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-03-08 00:00:00",
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  "notes": "Includes a table of 'RESULTAT EXCEPTIONNEL' comparing 2014 and 2013 financial data.",
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      "kind": "callout",
      "text": "We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred.",
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      "text": "EBITDA inflation: €203 million",
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      "text": "We now estimate that Casino's adjusted France EBITDA from retail sales shrank 36.0% YoY in 2014, versus our prior estimate of 30.0%. We further believe this negative trend has continued well into 2015...",
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      "kind": "paragraph",
      "text": "L' Immobilière Groupe Casino's accounts show gains on property sales to Mercialys in 2014 of €339.2 million. Casino's share of the realized gains is €203 million...",
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      "text": "L' Immobilière Groupe Casino 2014 Annual Report, resolution allocating annual earnings.",
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      "text": "Downward Revision of France Retail EBITDA Estimate",
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