Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
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7.2 | Other expenses<br />
Restructuring costs<br />
In 2011, restructuring costs were mainly related to restructuring plans in Europe for €31.2 million (mainly in<br />
Spain, in the United Kingdom and in The Netherlands), in North America for €6.3 million and in Asia-Pacific<br />
for €1.9 million (mainly in New Zealand).<br />
In 2010, restructuring costs were mainly related to the restructuring plans initiated in 2009 to adapt the<br />
Group’s structure to market conditions, and were located in Europe for €48.3 million and in North America for<br />
€12.6 million.<br />
Losses on non-current assets disposed of<br />
In 2011, losses on fixed assets were mainly composed of discarded equipment in relation to the merger of<br />
four branches in Spain for €0.8 million and of €0.4 million impairment of assets in the United Kingdom.<br />
In 2010, losses on non-current assets were related to the sale of two legacy non-core businesses of<br />
Hagemeyer:<br />
• Hagemeyer Cosa Liebermann in Asia (HCL Asia), a company operating as a wholesaler and dutyfree<br />
agent of luxury goods in Asian countries, sold to DKSH Holding Ltd, a Swiss company, on<br />
February 25, 2010 for total consideration of USD12.7 million (€9.0 million). Capital loss on this<br />
disposal amounted to €6.4 million.<br />
• Haagtechno B.V., a company in The Netherlands involved in import, warehousing and distribution of<br />
electronic products manufactured by Panasonic, sold to Panasonic Marketing Europe GmbH on<br />
June 30, 2010 for a total consideration of €15.5 million. Capital loss on this disposal amounted to<br />
€2.7 million.<br />
Goodwill and assets impairment<br />
In 2011, impairments on goodwill have been recognized for €59.5 million and allocated to The Netherlands<br />
for €47.2 million, to Slovenia for €7.6 million and to New Zealand for €4.7 million, due to the deterioration of<br />
the expected performance of those cash generating units. In addition, impairment on Spanish fixed assets<br />
other than goodwill has been recognized for €20.7 million (see note 10.1). Moreover, this line item includes<br />
€7.0 million impairment of the assets of Hagemeyer Brands Australia Pty Ltd, disposed of in the third quarter<br />
of 2011.<br />
In 2010, impairment was recognized on the goodwill of The Netherlands, New Zealand and Slovenia for<br />
respectively €23.5 million, €8.9 million and €4.2 million.<br />
Acquisition-related costs<br />
In 2011, the costs incurred in connection with acquisition projects amount to €5.6 million.<br />
Other operating expenses<br />
In 2011, other expenses were mainly related to litigations with social security authorities for €6.5 million, to<br />
employee claims for €2.0 million and to tax claims for €0.8 million.<br />
In 2010, other expenses referred mainly to a cost of €2.3 million as a warranty granted by the Group as part<br />
of share sales and a cost of €0.5 million in impairment of the group of assets and liabilities held for sale,<br />
relating to the distribution activity in Australia of Smeg electrical appliances.<br />
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