2008 Registration Document - Rexel

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1. Selected financial dataThe following table sets forth a reconciliation of EBITA and Adjusted EBITA with operating income:(in millions of euros)Pro formaReported2008 2008 2007 2006Operating income 548.0 553.4 570.5 523.7(–) Other income (1) 124.6 124.4 6.9 9.0(–) Other expenses (1) (215.0) (201.0) (84.8) (58.9)= EBITA 638.4 630.0 648.4 573.6Non-recurring effect resulting from changes in copper-based cable prices (2) 62.7 60.9 9.5 (56.6)Amortization of intangible assets resulting from the contemplated allocationof the acquisition price for Hagemeyer 11.5 8.5 N/A N/A= Adjusted EBITA 712.6 699.4 657.9 517.0Adjusted EBITA margin 5.2% 5.4% 6.1% 5.6%(1) See note 7 to Rexel’s consolidated financial statements for the year ended December 31, 2008 , set forth in paragraph 14.1.1 of this Document deRéférence.(2) See paragraphs 4.1.3 and 6.1.3 of this Document de Référence.Rexel’s consolidated cash flow statement highlights(in millions of euros)Reported2008 2007 2006Operating cash flow (1) 664.1 704.0 631.1Changes in working capital requirements 133.7 (13.0) (97.9)Cash generated from operating activities before net interest and income taxes 797.8 691.0 533.2Net capital expenditure (8.7) (20.6) (45.4)Free cash flow before net interest and income taxes (2) 789.1 670.4 487.8(1) Before interest, taxes and changes in working capital requirements.(2) Free cash flow before net interest and income taxes is defined as the change in net cash flow from operating activities before net financial interestexpense and income taxes paid, less net capital expenditure.Rexel’s consolidated balance sheet highlightsThe restatements carried out in the scope of thepreparation of the pro forma financial information, as setout in paragraph 14.2 of this Document de Référence, donot have any impact on the balance sheet of Rexel as atDecember 31, 2008.(in millions of euros)ReportedDecember 31,2008 2007 2006Non-current assets 5,199.3 3,770.6 3,694.5Working capital requirements 1,602.9 1,403.2 1,560.3Shareholders’ equity 3,248.7 3,227.3 988.6Net indebtedness 2,932.0 1,606.6 3,901.0– Shareholders’ loans – – 1,039.9– Net debt (excluding shareholders’ loans) 2,932.0 1,606.6 2,861.1Other non-current liabilities 621.5 339.9 365.2A description of the Rexel Group’s indebtedness is provided in paragraph 7.2 of this Document de Référence.PAGE 8 | REXEL 2008
2. Informationabout the Rexel Group2.1 History and development of the Rexel Group ............ 102.1.1 Company name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.1.2 Place of registration and registration number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.1.3 Date and term of incorporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.1.4 Registered office, legal form and applicable law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.1.5 Rexel Group history . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.2 The acquisition of Hagemeyer ............................ 112.2.1 Description of the Hagemeyer Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112.2.2 The integration of the Retained Entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.3 Organization of the Rexel Group ......................... 132.3.1 Organizational chart of the Rexel Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.3.2 Main subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142.4 Recent acquisitions and divestitures . . . . . . . . . . . . . . . . . . . . 172.4.1 Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172.4.2 North America .............................................................172.4.3 Asia-Pacific ...............................................................172.5 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182.5.1 Completed investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182.5.2 Main investments in progress .................................................182.5.3 Main planned investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19REXEL 2008 | PAGE 9
Page 1: Leadership and proximityDocument de
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Page 8 and 9: General informationIn this Document
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− promotion days at branches or a
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5.3.2.1 Consumption of raw material
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Emissions per item on the basis of
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5.4 STATUTORY AUDITOR’S REPORT ON
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6. Operating and financialreview6.1
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6.1.2 SeasonalityNotwithstanding th
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6.2 COMPARISON OF THE FINANCIAL RES
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The following table analyzes the ch
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In the year 2008, sales increased b
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In the year 2008, sales in North Am
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to 2007, while sales grew 6.3%. Adj
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Pursuant to article 28 of the Commi
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Financial investments also included
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− Facility C, which was a multi-c
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The main characteristics of these p
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7.2.4.1 Operating leasesThe above t
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The trends and objectives presented
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9. Profit forecastsor estimates9.1
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9.2 REXEL GROUP FORECASTS FOR 2009G
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Rexel is a company with limited lia
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Jean-Dominique Perret has been a me
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10.2 SUPERVISORY BOARD10.2.1 Compos
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Surname, name,professional addressa
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10. Management and Supervisory Bodi
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11. Compensation of corporate offic
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12. Shareholders12.1 Principal shar
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12. ShareholdersMerrill Lynch Globa
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12. ShareholdersThe total number of
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12. Shareholdersemployees of Rexel
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12. ShareholdersDuring the financia
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12. Shareholdersindebtedness of Rex
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12. ShareholdersThe table below sum
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12. ShareholdersFCE20070042, on beh
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12. Shareholdersleast €150 millio
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13. Related party transactions13.1
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13. Related party transactionsWe ha
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13. Related party transactionsyour
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14. Financial informationconcerning
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14. Financial information concernin
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15. Additional informationRexel is
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15. Additional informationAuthoriza
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15. Additional informationDeclarati
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15. Additional informationTransacti
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15. Additional informationEach Mana
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15. Additional information− propo
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15. Additional informationmeeting b
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15. Additional information15.2.8 Sp
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17. Documents availableto the publi
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18. Responsibility forthe Document
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19. Statutory auditors19.1 Principa
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Annex 1Report of the Chairman of th
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Annex 1− authorization of regulat
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Annex 1This contractual indemnity i
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Annex 1− the payment of 50% of th
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Annex 1Additional retirement planA
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Annex 1− authorization to be give
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Annex 12. Implemented internal cont
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Annex 1defined a set of procedures,
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Annex 2Report of the Statutory Audi
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Annex 3Report of the Supervisory Bo
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Annex 4Report of the Management Boa
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Annex 42. Resolutions requiring the
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Annex 4Group, which may be existing
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Annex 4AuthorizationIssuance in con
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Annex 5Having reviewed the report o
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Annex 5II. Resolutions to be submit
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Annex 5of the proper performance of
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Annex 5Board in accordance with the
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Annex 5accordance with the provisio
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Annex 55. Decided that this delegat
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Annex 6DateTitleDecember 11, 2008Re
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Annex 7Regulation (EC) 809/2004 of
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Annex 7Regulation (EC) 809/2004 of
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2008 Registration Document - Rexel

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