Financial Reporting - Rexel

Impairment of property, plant and equipment
In 2011, impairment loss accounted for and recognized under “Other expenses” (see notes 2.18 and 7.2)
resulted in the write down of certain properties and equipment to bring their net book value to their
recoverable amount. Impairments were recorded mainly in Spain, for €10.6 million (see note 10.1).
In 2010, impairments concerned mainly Poland, Spain and the United Kingdom.
The assumptions used to establish the value in use of tangible assets are identical to those used for goodwill
impairment tests.
10.3 | Long-term investments
As of December 31
(in millions of euros) 2011 2010
Loans ……….………………………………………………… " " 0.8 0.2
Deposits …………………………………………………….. " " 15.8 8.7
Other financial assets …………………………………………" " 105.9 123.2
Long-term investments ………………………………… " " 122.5 132.1
As of December 31, 2011, other long-term investments comprised mainly (i) the asset surplus of defined
benefit plans relating to the liability of Hagemeyer pension plans in The Netherlands for a total of
€43.3 million (€41.1 million in 2010 – see note18), (ii) fair value hedging instruments for €25.9 million (€5.7
million in 2010) and derivatives held for trading for a total of €1.6 million (€2.7 million in 2010 was related to
derivatives for cash-flow hedges).
They also include the purchase price of the shares and quotas in the Peruvian company V&F Tecnología for
€4.5 million, in the Brazilian company Delamano for €14.5 million and in the French company Eurodis for €14
million (see note 3.1).
As of December 31, 2010 long-term investments included the fair market value of the shares in the Swiss
company Grossauer for a total of €68.0 million and shares in LuckyWell for a total of €2.3 million (see note
3).
10.4 | Investments in associates
The Group holds 66.67% of the shares in DPI, Inc, of which 59.52% are held in the form of non-voting
preference shares. The investment in DPI, Inc. was accounted for using the equity method.
The following table presents the financial information of DPI, Inc.:
(in millions of euros) - unaudited
As of December 31
DPI, Inc. balance sheet information 2011 2010
Total assets 58.3 47.2
Total liabilities (37.8) (30.5)
Shareholders’ equity 20.6 16.7
For the year ended
December 31,
DPI, Inc. sales and net income 2011 2010
Sales 122.4 139.3
Net income 4.2 7.1
52