Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
In Southern Europe, sales amounted to €440.0 million in 2011 (6% of sales in Europe), decreasing by<br />
7.3% from 2010 on a constant and same number of working days basis, largely due to the<br />
deterioration of the macro-economic environment in Spain. (Spain posted a 11.2% decrease in sales<br />
on a constant and same number of working days basis).<br />
In the fourth quarter of 2011, sales decreased by 23.0% from the fourth quarter of 2010 on a constant<br />
and same number of working days basis.<br />
In 2011, Europe recorded a gross profit of €1,941.0 million, an increase of 7.0% from 2010, on a<br />
reported basis. On a constant basis, adjusted gross profit increased by 6.7% and adjusted gross<br />
margin was 26.2% of sales, an improvement of 40 basis points from 2010, mainly due to better<br />
purchasing terms, notably in the fourth quarter.<br />
In the fourth quarter of 2011, adjusted gross margin improved by 80 basis points from the fourth<br />
quarter of 2010 to 26.7% of sales on a constant basis.<br />
On a constant basis, adjusted distribution and administrative expenses increased by 3.2% in 2011 as<br />
compared to a 5.2% increase in sales. In 2011, adjusted personnel costs increased by 3.7% from<br />
2010. The workforce in Europe included 16,661 employees, stable compared to December 31, 2010.<br />
Lease and maintenance expenses decreased by 3.5% as compared to 2010 due to the rationalization<br />
of the branch network.<br />
In the fourth quarter of 2011, adjusted distribution and administrative expenses increased by 4.5% as<br />
compared to a 3.1% increase in sales, on a constant basis.<br />
In 2011, EBITA amounted to €511.2 million, a 14.5% increase from 2010, on a reported basis. On a<br />
constant basis, adjusted EBITA increased by 17.7% while the adjusted EBITA margin increased by 80<br />
basis points to 7.0% of sales.<br />
In the fourth quarter of 2011, adjusted EBITA increased by 11.4% from the fourth quarter of 2010 on a<br />
constant basis and adjusted EBITA margin increased by 60 basis points to 7.6% of sales.<br />
10