2008 Registration Document - Rexel

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14. Financial information concerning the assets andliabilities, financial position and profits and lossesof RexelConsolidated statement of cash flowsFor the year ended December 31,Note(in millions of euros)2008 2007Cash flows from operating activitiesOperating income 553.4 570.5Depreciation, amortization and impairment of assets 196.6 85.2Employee benefits (15.1) (6.4)Change in other provisions 25.3 (5.0)Other non-cash operating items (1) (96.1) 59.7Interest paid (186.7) (217.7)Income tax paid (109.8) (41.8)Operating cash flows before change in working capital requirements 367.6 444.5Change in inventories 139.0 (50.5)Change in trade and other receivables 185.1 (11.2)Change in trade and other payables (187.4) 54.3Changes in other working capital items (3.0) (5.6)Change in working capital requirements 133.7 (13.0)Net cash from operating activities 501.3 431.5Cash flows from investing activitiesAcquisition of property, plant and equipment (96.8) (72.7)Proceeds from disposal of property, plant and equipment 7.1 88.1 52.1Acquisition of subsidiaries, net of cash acquired 3.2 (3,226.2) (116.8)Proceeds from disposal of subsidiaries, net of cash disposed of 3.1.3 905.2 4.9Change in long-term investments 853.6 (51.7)Net cash from investing activities (1,476.1) (184.2)Cash flows from financing activitiesProceeds from the issue of share capital – 1,005.0(Repurchase) / Disposal of treasury shares (3.3) (8.3)Net change in credit facilities and other financial borrowings 19.2 1,030.8 (1,212.9)Net change in securitization 19.2 354.0 42.2Payment of finance lease liabilities 19.2 (66.3) (26.9)Dividends paid 14.2 (94.4) –Net cash from financing activities 1,220.8 (200.9)Net increase in cash and cash equivalents 246.0 46.4Cash and cash equivalents at the beginning of the period 12 515.2 473.1Effect of exchange rate changes on cash and cash equivalents 45.8 (4.3)Cash and cash equivalents at the end of the period 12 807.0 515.2(1) Including capital gains and losses disclosed in note 7.PAGE 158 | REXEL 2008
Consolidated statement of recognized income and expensesFor the year ended December 31,(in millions of euros)2008 2007Net income 231.5 143.5Foreign currency translation (122.3) (24.2)Cash flow hedges (net of tax) (29.9) (6.9)Available for sale securities 0.3 (0.3)Income and expenses recognized directly in equity (151.9) (31.4)Total recognized income and expenses for the period 79.6 112.1Attributable to:Equity holders of the parent 77.6 111.7Minority interest 2.0 0.4REXEL 2008 | PAGE 159
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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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Surname, name,professional addressa
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10. Management and Supervisory Bodi
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Page 144 and 145: 12. ShareholdersThe table below sum
Page 146 and 147: 12. ShareholdersFCE20070042, on beh
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Page 152 and 153: 13. Related party transactionsWe ha
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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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