2008 Registration Document - Rexel

14. Financial information concerning the assets andliabilities, financial position and profits and lossesof Rexel3.5 Income taxesUnder the group tax consolidation agreement, Rexel isliable for the payment of all tax due by the tax group. Eachsubsidiary records its individual tax charge calculated onits own taxable income, and any tax benefits arising arerecognized by Rexel as the head of the tax Group. Rexelhas recognized an income of €63.9 million for 2008. Thetax losses carried forward by the tax consolidation Groupamount to €275.1 million as of December 31, 2008.4. Notes to the balance sheet4.1 Changes in fixed assets(in millions of euros)Cost or valuation,January 1, 2008IncreaseDecreaseCost or valuation,December 31, 2008Intangible fixed assets – – – –Tangible fixed assets – – – –Long-term financial assets:– Investments in related companies 1,183.1 300.1 – 1,483.2– Loans and other long-term financial assets 1,576.0 550.0 (730.0) 1,396.0Sub-total 2,759.1 850.1 (730.0) 2,879.2TOTAL 2,759.1 850.1 (730.0) 2,879.2Long-term financial assetsInvestments in related companiesThe increase concerns investments in the following relatedcompanies:− Increase share capital of Rexel Développement for€300 million.− Purchase of Rexel Distribution’s shares for €0.1 million.LoansRexel granted on June 25, 2007, a loan to its subsidiaryRexel Développement for €1,346.0 million. This loan bearsinterests at EURIBOR plus 140 BPS and is repayable on orbefore April 16, 2012.During 2008, the receivables for €300 million have beenincorporated into the capital of Rexel Développementand the existing loan was increased by the additional€350 million bringing it to €1,396 million on December 31,2008.Rexel granted on May 14, 2007, to Rexel Distribution a loanof an initial amount of €230 million, repayable on or beforeApril 16, 2012 and bearing interests at EURIBOR one monthplus 140 BPS.On February 1, 2008, the existing loan was increased by€200 million. The balance of €430 million was refunded onDecember 19, 2008.4.2 Other information relating to assetsCurrent assets(in millions of euros)TotalDecember 31, 2008Due withinone yearDue between1 and 5 yearsDue after more than5 yearsTrade accounts receivable 4.0 4.0 – –Current accounts receivable 149.3 149.3 – –Income tax receivable 63.9 63.9 – –TOTAL 217.2 217.2 – –PAGE 222 | REXEL 2008