Financial Reporting - Rexel

At December 31, 2011, the Group’s liquidity amounted to €1,695.6 million (€930.5 million at December
2010).
In million of euro
Cash and cash equivalents 413.7
Bank overdrafts (82.7)
Commercial paper (104.8)
Undrawn Senior credit agreement 1,469.4
Other (0.1)
Liquidity 1,695.5
The Group’s leverage ratio (adjusted consolidated net debt / adjusted consolidated EBITDA for the
previous 12 months) is tested for compliance with the covenant every six months. The limit is as
follows:
Date 31/12/2011 30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014
Commitment 4.00x 3.75x 3.50x 3.50x 3.50x 3.50x
The indebtedness ratio, as calculated under the terms of the Senior Credit Agreement, stood at 2.40x
at the end of December 2011 (vs. 3.19x at end December 2010), well below the applicable covenant
limit (4.00x at year-end 2011).
(in millions of euros)
December 31, 2011
Net debt at closing currency exchange rates 2,078.2
Net debt at average currency exchange rates (A) 2,003.7
LTM EBITDA (1) (B) 836.5
Indebtedness ratio (A)/(B) 2.40
(1) Calculated in accordance with the terms of the senior credit agreement
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