Financial Reporting - Rexel

In 2011, EBITA rose to €163.7 million, an increase of 33.0% from 2010, on a reported basis. On a
constant basis, adjusted EBITA rose by 42.3% from 2010 and the adjusted EBITA margin increased by
100 basis points to 4.4% of sales.
In the fourth quarter of 2011, adjusted EBITA increased by 34.5% from the fourth quarter of 2010 on a
constant basis and adjusted EBITA margin increased by 110 basis points to 5.6% of sales.
1.2.4 | Asia-Pacific (10% of Group consolidated sales)
REPORTED
Quarter ended December 31
Change in
Period ended December 31
Change in
(in millions of euros) 2011 2010 % 2011 2010 %
Sales 325.4 295.8 10.0% 1,278.4 1,116.3 14.5%
Gross profit 69.5 63.8 9.0% 279.8 242.9 15.2%
Distribution and administrative expenses (51.5) (46.0) 11.8% (202.0) (179.2) 12.8%
EBITA 18.1 17.7 2.0% 77.8 63.7 22.0%
as a % of sales 5.6% 6.0% 6.1% 5.7%
CONSTANT BASIS ADJUSTED FINANCIAL DATA
Quarter ended December 31 Period ended December 31
Change in
Change in
(in millions of euros) 2011 2010 % 2011 2010 %
Sales 325.4 323.6 0.6% 1,278.4 1,216.0 5.1%
Same number of working days 1.7% 5.5%
Gross profit 69.8 67.0 4.2% 279.7 260.5 7.4%
as a % of sales 21.4% 20.7% 21.9% 21.4%
Distribution and administrative expenses (51.5) (48.5) 6.0% (202.0) (191.8) 5.3%
as a % of sales (15.8)% (15.0)% (15.8)% (15.8)%
EBITA 18.3 18.4 -0.6% 77.6 68.7 13.0%
as a % of sales 5.6% 5.7% 6.1% 5.6%
In 2011, sales in the Asia-Pacific region amounted to €1,278.4 million, up 14.5% from 2010. The
acquisitions of Chinese and Indian entities contributed €48.6 million to the increase, with a further
€51.2 million from favorable exchange rate effects, primarily due to the appreciation of the Australian
dollar against the euro. On a constant and same number of working days basis, sales increased by
5.5% in 2011.
In the fourth quarter of 2011, sales increased by 1.7% from the fourth quarter of 2010 on a constant
and same number of working days basis.
Australia recorded a 1.5% increase in sales to €766.8 million from 2010, on a constant and same
number of working days basis.
In the fourth quarter of 2011, sales decreased by 2.4% from the fourth quarter of 2010, on a constant
and same number of working days basis. This decrease was largely due to the slowing down of the
Australian economy due to higher interest rates.
New Zealand recorded sales of €134.1 million in 2011, a decrease of 3.2% on a constant and same
number of working days basis, from 2010. Sales have been affected by branch reorganization (14
branches closed in 2011) and by the successive earthquakes in Christchurch that delayed
reconstruction work.
In the fourth quarter of 2011, sales decreased by 11.0% from the fourth quarter of 2010 on a constant
and same number of working days basis, mainly due to branch closures.
In Asia (China, India and South-East Asia), sales amounted to €377.0 million in 2011, up 18.6% from
2010, on a constant and same number of working days basis. Rexel posted a strong performance in
the industrial automation segment.
In the fourth quarter of 2011, sales increased by 14.0% from the fourth quarter of 2010 on a constant
and same number of working days basis.
In 2011, gross profit increased by 15.2% to €279.8 million on a reported basis, mainly driven by
favorable exchange rates on the Australian dollar against the euro and acquisitions. On a constant
basis the adjusted gross profit increased by 7.4% from 2010 and adjusted gross margin was 21.9% of
sales, an increase of 50 basis points from 2010, as a result of the optimization of purchase conditions
and a lower mix on projects lower gross margin.
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