Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
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7. | OTHER INCOME & OTHER EXPENSES<br />
For the year ended December 31,<br />
(in millions of euros) 2011 2010<br />
Gains on disposal of consolidated entities …………………" " 26.1 -<br />
Gains on disposal of tangible assets ……………………...…" " 8.4 2.9<br />
Write-back asset impairment ……………………...……….…" " 0.2 -<br />
Release of unused provisions ……………………………… " " 4.5 5.7<br />
Other operating income ………………………………………" " 0.4 7.5<br />
Total other income ……………………………………… " " 39.6 16.1<br />
Restructuring costs …………………...……….………………" " (39.8) (65.2)<br />
Losses on non-current assets disposed of …………………" " (2.0) (11.2)<br />
Impairment of goodwill and fixed assets……………………" " (87.9) (40.9)<br />
Acquisition related costs…………………………………….. " " (5.6) (2.2)<br />
Other operating expenses ……………………………..…… " " (11.3) (4.3)<br />
Total other expenses …………………………………… " " (146.6) (123.8)<br />
7.1 | Other income<br />
Capital gains<br />
In 2011, €26.1 million gains on consolidated entities included (i) a gain related to the disposal of Hagemeyer<br />
Brands Australia Pty Limited, a company involved in the distribution of consumer electronics and kitchen<br />
appliances in Australia, corresponding to the exchange gain initially recognized in other comprehensive<br />
income and reclassified from equity to profit and loss and (ii) a gain related to the disposal of Kompro B.V., a<br />
company specialized in the retail distribution and maintenance of multi-function printers in The Netherlands.<br />
In addition, other capital gains were mainly related to the disposal of the business of three commercial<br />
branches in the United States for €5.3 million, the disposal of three operational buildings in France for €1.7<br />
million, the disposal of the Spanish head office in Barcelona for €0.7 million and the disposal of tangible<br />
assets for €0.4 million in Slovenia.<br />
In 2010, capital gains were mainly related to the disposal of two branches in Sweden and one in Italy for €1.7<br />
million and €0.7 million respectively.<br />
Release of unused provisions<br />
In 2011, this line item mainly included the release of provisions on litigations with French social security<br />
authorities for €2.1 million and on the closing of the liquidation of Ceteco, a Dutch subsidiary of Hagemeyer<br />
for €1.0 million.<br />
In 2010, this line item included the release of unused provisions for restructuring.<br />
Other operating income<br />
In 2010, other operating income included a €3.6 million curtailment gain relating to the pension plan in The<br />
Netherlands and a €3.7 million tax indemnification from the PPR group under a warranty granted to <strong>Rexel</strong> in<br />
2005.<br />
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