Financial Reporting - Rexel

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Consolidated Statement of Cash Flows For the year ended December 31, (in millions of euros) Note 2011 2010 Cash flows from operating activities Operating income 596.9 485.4 Depreciation, amortization and impairment of assets 5 - 7 176.1 139.8 Employee benefits (19.8) (15.5) Change in other provisions 1.7 (47.6) Other non-cash operating items (15.6) 18.1 Interest paid (155.4) (160.7) Income tax paid (85.9) (36.9) Operating cash flows before change in working capital requirements 498.0 382.6 Change in inventories (27.5) (26.6) Change in trade receivables (68.4) (48.8) Change in trade payables 12.9 121.6 Changes in other working capital items 13.1 (4.2) Change in working capital requirements (69.9) 42.0 Net cash from operating activities 428.1 424.6 Cash flows from investing activities Acquisition of property, plant and equipment (94.8) (59.4) Proceeds from disposal of property, plant and equipment 26.4 7.0 Acquisition of subsidiaries, net of cash acquired 3.1 (100.5) (67.3) Proceeds from disposal of subsidiaries, net of cash disposed 44.8 13.3 Change in long-term investments (0.6) (1.8) Dividends received from associates 0.6 1.4 Net cash from investing activities (124.1) (106.8) Cash flows from financing activities Capital increase 14 2.4 9.7 Contribution received from minority shareholders 0.8 - Disposal / (Purchase) of treasury shares (30.8) 1.1 Net change in credit facilities and other financial borrowings 19.2 (122.8) (303.6) Net change in securitization 19.2 (5.0) (34.3) Net change in finance lease liabilities 19.2 16.5 (5.2) Dividends paid 14 (19.2) (0.1) Net cash from financing activities (158.1) (332.4) Net (decrease) / increase in cash and cash equivalents 145.9 (14.6) Cash and cash equivalents at the beginning of the period 12 311.9 359.6 Effect of exchange rate changes on cash and cash equivalents (44.1) (33.1) Cash and cash equivalents at the end of the period 12 413.7 311.9 The accompanying notes are an integral part of these consolidated financial statements. 25
Consolidated Statement of Changes in Shareholders’ Equity (in millions of euros) Share capital Share premium Retained earnings Foreign currency translation Cash flow hedge reserve Total attributable to the Group Noncontrolling interests For the year ended December 31, 2010 Note At January 1, 2010 1,291.1 1,392.2 789.2 (39.2) (29.1) 3,404.2 7.8 3,412.0 Net income - - 228.5 - - 228.5 0.7 229.2 Other comprehensive income - - - 162.1 9.8 171.9 0.8 172.7 Total comprehensive income for the period - - 228.5 162.1 9.8 400.4 1.5 401.9 Share capital increase 14 9.9 (8.5) 8.9 - - 10.3 - 10.3 Share based payment 14 - - 9.8 - - 9.8 - 9.8 Disposal (Purchase) of treasury shares - - 0.4 - - 0.4 - 0.4 At December 31, 2010 1,301.0 1,383.7 1,036.8 122.9 (19.3) 3,825.1 9.3 3,834.4 For the year ended December 31, 2011 At January 1, 2011 1,301.0 1,383.7 1,036.8 122.9 (19.3) 3,825.1 9.3 3,834.4 Net income - - 318.3 - - 318.3 0.7 319.0 Other comprehensive income - - - 9.1 13.5 22.6 0.9 23.5 Total comprehensive income for the period - - 318.3 9.1 13.5 340.9 1.6 342.5 Dividends paid 14 - - (105.2) - - (105.2) (0.2) (105.4) Share capital increase 14 43.1 28.5 17.0 - - 88.6 0.8 89.4 Share-based payments (1) - - 19.6 - - 19.6 - 19.6 Disposal (Purchase) of treasury shares - - (29.7) - - (29.7) - (29.7) At December 31, 2011 1,344.1 1,412.2 1,256.8 132.0 (5.8) 4,139.3 11.5 4,150.8 The accompanying notes are an integral part of these consolidated financial statements. (1) of which €17.2 million free shares expense (see note 12) and €2.4 million relating to the tax effect of free shares granted in the United States Total 26
Page 1 and 2: Financial information For the year
Page 3 and 4: I. Activity report This document is
Page 5 and 6: 1.1.3 | Impact of changes in copper
Page 7 and 8: 1.2 | Comparison of financial resul
Page 9 and 10: - €6.4 million of net revenue fro
Page 11 and 12: In Southern Europe, sales amounted
Page 13 and 14: In 2011, EBITA rose to €163.7 mil
Page 15 and 16: On a constant basis, the decrease i
Page 17 and 18: 2.1.2 | Cash flow from investing ac
Page 19 and 20: 2.2 | Sources of financing of the G
Page 21 and 22: II. Consolidated financial statemen
Page 23 and 24: Consolidated Income Statement For t
Page 25: Consolidated Balance Sheet As of De
Page 29 and 30: • Measurement of financial instru
Page 31 and 32: • Recognizes any benefit or defic
Page 33 and 34: to each period during the lease ter
Page 35 and 36: Impairment losses from estimated ir
Page 37 and 38: Effective interest rate The effecti
Page 39 and 40: These provisions also include costs
Page 41 and 42: ights in 2013. On October 7, 2011,
Page 43 and 44: 4. | SEGMENT REPORTING Information
Page 45 and 46: 7. | OTHER INCOME & OTHER EXPENSES
Page 47 and 48: 8. | NET FINANCIAL EXPENSES For the
Page 49 and 50: In 2011, the impact on the income t
Page 51 and 52: • Perpetuity growth rate This gro
Page 53 and 54: Impairment of property, plant and e
Page 55 and 56: As a result of the transfer to the
Page 57 and 58: 14. | SHARE CAPITAL AND PREMIUM 14.
Page 59 and 60: Under this share buy-back program,
Page 61 and 62: The fair value of Rexel’s shares
Page 63 and 64: 16. | EARNINGS PER SHARE Informatio
Page 65 and 66: The change in the present value of
Page 67 and 68: 19. | FINANCIAL LIABILITIES This no
Page 69 and 70: Credit Facility Commitment (in mill
Page 71 and 72: 19.1.3 | Securitization programs Th
Page 73 and 74: Fair value hedge derivatives The Gr
Page 75 and 76: 20.2 | Foreign exchange risk Forwar
Page 77 and 78:
21. | SUMMARY OF FINANCIAL LIABILIT
Page 79 and 80:
To the best of Rexel’s knowledge,
Page 81 and 82:
26. | CONSOLIDATED ENTITIES AS OF D
Page 83 and 84:
Head office % Interest Luxembourg R
Page 85 and 86:
III. Statutory auditors’ report T
Page 87:
3 Specific verification As required
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