2008 Registration Document - Rexel

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14. Financial informationconcerning the assets andliabilities, financial positionand profits and lossesof Rexel14.1 HISTORICAL FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . 15614.1.1 Consolidated financial statements of Rexel ....................................15614.1.2 Annual financial statements of Rexel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21414.2 PRO FORMA FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . 22814.2.1 Pro forma financial information for the financial year ended December 31, 2008 .......22814.2.2 Statutory auditors’ report on the pro forma financial statements of Rexelfor the financial year ended December 31, 2008 ................................23014.3 FEES PAID TO STATUTORY AUDITORS ......................... 23214.4 AUDIT OF THE HISTORICAL FINANCIAL INFORMATION ........... 23214.5 DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23314.6 LEGAL PROCEEDINGS AND ARBITRATION . . . . . . . . . . . . . . . . . . . . . 23314.6.1 Tax litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23314.6.2 Asbestos litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23414.6.3 Other litigation in relation to the Rexel Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23614.7 SIGNIFICANT CHANGES IN THE ISSUER’S FINANCIALOR COMMERCIAL POSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238PAGE 154 | REXEL 2008
Rexel is a holding company that was incorporated in December 2004. It has nooperating activities of its own, but acquired Rexel Distribution and its subsidiaries onMarch 16, 2005 through its subsidiary Ray Acquisition S.C.A., which became RexelDéveloppement. On December 21, 2007, Rexel submitted an offer to purchase all ofthe securities of Hagemeyer, the settlement-delivery of which occurred on April 21,2008.Following the completion of the Offer, Rexel took over the control of Hagemeyer.Concomitantly with this transaction, Rexel and Sonepar entered into the Assets Salesand the Assets Swaps. All of these transactions were completed on June 30, 2008.This Chapter 14 therefore contains:− Rexel’s consolidated financial statements for the year ended December 31, 2008,prepared in accordance with International Financial Reporting Standards (“IFRS”),as adopted by the European Union and as applicable at such dates;− Rexel’s annual financial statements for the year ended December 31, 2008,prepared in accordance with accounting standards and principles applicable inFrance; and− pro forma financial information for Rexel for the year ended December 31, 2008,established to reflect the impact of (i) the completion of the Hagemeyer Transaction(as such term is defined in paragraph 2.2 of this Document de Référence), and(ii) the sale of the business of distribution of electrical products of Hagemeyer inIreland, as if they had occurred as of January 1, 2008.Furthermore, pursuant to article 28 of the Commission Regulation (EC) N°809/2004of April 29, 2004, the following information is incorporated by reference in thisDocument de Référence:− the consolidated financial statements, the annual financial statements and therelated audit reports for the year ended December 31, 2007 which are included inpages 172 to 241 of the Document de Référence for the year ended December 31,2007 filed by Rexel with the Autorité des marchés financiers on April 30, 2008,under number R.08-046; and− the consolidated financial statements and the related audit reports for the yearended December 31, 2006 which are included in pages 194 to 283 of the Documentde Base filed by Rexel with the Autorité des marchés financiers on February 21,2007 under number I.07-011.The information of these documents that is not incorporated by reference in thisDocument de Référence is either irrelevant for the investor or is covered in anothersection of this Document de Référence.Rexel had provided in the Document de Référence filed with the French Autorité desmarchés financiers on April 30, 2008, under number R.08-046, pro forma financialinformation for the year ended December 31, 2007. This information is not incorporatedfor comparison purposes in this Document de Référence insofar as Rexel establishesits comparisons on the basis of data presented in Chapter 6 of this Document deRéférence. Furthermore, this data relates to a period in which Rexel had no controlover the management of, and the information produced by, Hagemeyer.REXEL 2008 | PAGE 155
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Leadership and proximityDocument de
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General informationIn this Document
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1. Selected financial dataThe follo
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2. Information about the Rexel Grou
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3. Business description3.1 Professi
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3. Business description− security
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3. Business descriptioni.e., approx
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3. Business descriptionIn each of t
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3. Business description− growing
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3. Business description3.2.2 The Re
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3. Business description3.3.2 Divers
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3. Business descriptionin a profita
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3. Business descriptionthat its cus
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3. Business description3.7 RESEARCH
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4. Risk factors4.1 Risks relating t
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4. Risk factorsthe commercial polic
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4. Risk factors4.3 LEGAL AND REGULA
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4. Risk factorsNon-compliance by th
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5. Corporate responsibility5.1 empl
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5. Social responsibilityHeadcount b
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5. Social responsibilityAware of th
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5. Social responsibilityaccount for
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eality of the market and the low le
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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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Page 134 and 135: 12. ShareholdersMerrill Lynch Globa
Page 136 and 137: 12. ShareholdersThe total number of
Page 138 and 139: 12. Shareholdersemployees of Rexel
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Page 144 and 145: 12. ShareholdersThe table below sum
Page 146 and 147: 12. ShareholdersFCE20070042, on beh
Page 148 and 149: 12. Shareholdersleast €150 millio
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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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