2008 Registration Document - Rexel

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14. Financial information concerning the assets andliabilities, financial position and profits and lossesof Rexel18 months, starting from the date of the disposal, extendedtill the end of the limitation period for disputes relating to taxand employment matters.23. RELATED PARTIESEquity commitment feesIn June 2008, Rexel paid an amount of €2.9 million toshareholder’s of Ray Investment S.à.r.l, its parent companyin respect of the equity commitment granted to Rexelunder the letter agreement dated on November 11, 2007.Under this agreement, an increase of Rexel’s share capitalwas guaranteed in case of non repayment of Facility C incompliance with Senior Credit Agreement provisions.Executive compensationExpenses relating to compensation of the executivecommittee members of the Group are as follows:Salaries and other short-term benefits comprise the socialsecurity contributions and payroll taxes paid by the Group.As of December 31, 2008, the executive committeemembers may receive, subject to presence andperformance conditions, 2,143,799 shares of Rexel underthe Free Share Scheme (2,747,522 at December 31, 2007)and 50,376 shares under the stock options programme(541,535 at December 31, 2007) (see 15.2).Finally, in case of a breach of employment contract, theGroup could have to compensate the executive committeemembers a total amount of €13.2 million.(in millions of euros)For the year endedDecember 31,2008 2007Salaries and other short-termbenefits 11.8 9.2Post-employment benefits(service costs) 1.8 1.2Indemnities at terminationof contract 1.1 1.1Free shares and stocks options (1) 13.6 31.5(1) Share-based payment expense is detailed in note 15.24. CONTRACTUAL OBLIGATIONS24.1 Contractual bligationsThe following table details the due dates of the Group’s financial debts, lease contracts and service agreements:Payments due as at December 31, 2008(in millions of euros)Total 2009 2010 2011 2012 > 2012Financial debt 3,739.0 272.3 328.9 264.5 2,598.0 275.3Operating leases 645.9 169.4 131.7 100.5 73.8 170.5Service agreements 113.4 23.6 23.8 23.8 23.8 18.4PAGE 206 | REXEL 2008
Commitments to lease contractsThe above table presents the minimum lease foruncancellable contracts for buildings and installations forwhich the due date is more than one year from December 31,2008.The total expense for lease contracts was €133.7 million forthe year ended December 31, 2008.Non-cancellable service agreementsAs part of its policy of outsourcing IT resources, theGroup has concluded service contracts in the UnitedStates, France and Canada. The French service contractwill expire in 2012. In Canada and the United States,Rexel renegotiated the contracts which were set toexpire in 2012 and 2008. The new contracts will expirein 2014. They include commitments to pay and penaltiesfor early termination. Fees remaining due in respect tothese IT service agreements come to €113.4 million as ofDecember 31, 2008.24.2 Other obligationsLiability in relation to the acquisitionof Suzhou Xidian Co.In February 2008, Rexel Distribution S.A. entered into anagreement, amended on October 7, 2008, in relation tothe acquisition of 63.5% of the share capital of SuzhouXidian Co. Ltd, a corporation established in Suzhou andcarrying out a business of distribution of Siemens automateddevices and low-voltage products, essentially in the Suzhouarea. Rexel Distribution S.A. will increase its shareholding to100% in 2012. The acquisition price, prior to adjustment,is estimated to 42.3 million yuans (i.e., €4.4 million). As atthe date hereof, it is estimated that this acquisition shouldoccur during the first half of 2009, subject to the customaryconditions precedent for this type of transaction being met(in particular, the approval of the Chinese authorities).25. SUBSEQUENT EVENTSAS OF DECEMBER 31, 2008At the date of presentation of the consolidated financialstatements, there has been no subsequent event with asignificant impact on Rexel’s financial situation.26. CONSOLIDATED ENTITIES AS OF DECEMBER 31, 2008%Registered officeInterest ControlFRANCEHoldings and Group service companiesRexel S.A. Paris Parent companyRexel Développement S.A.S. Paris 100.00 100.00Kelium S.A.S. Paris 100.00 100.00Rexel Distribution S.A. Paris 100.00 100.00Rexel Services S.A.S. Paris 100.00 100.00Société Immobilière d’Investissement Parisienne S.N.C. Paris 100.00 100.00Société Logistique Appliquée S.N.C. Paris 100.00 100.00Rexel Financement S.N.C. Paris 100.00 100.00Rexel Amérique latine S.A.S. Paris 100.00 100.00DL Systèmes S.A.R.L. Saint-Laurent-du-Var 100.00 100.00Asfordis Association Paris 100.00 100.00SCI Grange Noire de Nevers Toulouse 100.00 100.00SCI Adour Bastillac Mérignac 100.00 100.00SCI CM Immobilier Vaulx-en-Velin 100.00 100.00REXEL 2008 | PAGE 207
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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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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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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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