Financial Reporting - Rexel

In Southern Europe, sales amounted to €440.0 million in 2011 (6% of sales in Europe), decreasing by
7.3% from 2010 on a constant and same number of working days basis, largely due to the
deterioration of the macro-economic environment in Spain. (Spain posted a 11.2% decrease in sales
on a constant and same number of working days basis).
In the fourth quarter of 2011, sales decreased by 23.0% from the fourth quarter of 2010 on a constant
and same number of working days basis.
In 2011, Europe recorded a gross profit of €1,941.0 million, an increase of 7.0% from 2010, on a
reported basis. On a constant basis, adjusted gross profit increased by 6.7% and adjusted gross
margin was 26.2% of sales, an improvement of 40 basis points from 2010, mainly due to better
purchasing terms, notably in the fourth quarter.
In the fourth quarter of 2011, adjusted gross margin improved by 80 basis points from the fourth
quarter of 2010 to 26.7% of sales on a constant basis.
On a constant basis, adjusted distribution and administrative expenses increased by 3.2% in 2011 as
compared to a 5.2% increase in sales. In 2011, adjusted personnel costs increased by 3.7% from
2010. The workforce in Europe included 16,661 employees, stable compared to December 31, 2010.
Lease and maintenance expenses decreased by 3.5% as compared to 2010 due to the rationalization
of the branch network.
In the fourth quarter of 2011, adjusted distribution and administrative expenses increased by 4.5% as
compared to a 3.1% increase in sales, on a constant basis.
In 2011, EBITA amounted to €511.2 million, a 14.5% increase from 2010, on a reported basis. On a
constant basis, adjusted EBITA increased by 17.7% while the adjusted EBITA margin increased by 80
basis points to 7.0% of sales.
In the fourth quarter of 2011, adjusted EBITA increased by 11.4% from the fourth quarter of 2010 on a
constant basis and adjusted EBITA margin increased by 60 basis points to 7.6% of sales.
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