2008 Registration Document - Rexel

− inclusion of the theoretical interest charges applicable tothe financing of the acquisitions, as if the disbursementshad taken place on January 1, 2008, applying theapplicable interest rates over the relevant periodsand based on the terms and conditions of the SeniorCredit Agreement, described in paragraph 7.2.1 of thisDocument de Référence;− inclusion of the impact of these adjustments on the taxcharge, on the basis of the applicable tax rates and theestimated taxable results in each country.14.2.1.2 Pro forma consolidated income statementReconciliation of Rexel’s published consolidated income statement with the pro forma consolidated incomestatement for the financial year ended December 31, 2008(in millions of euros)Rexel(Audited)Hagemeyer andAssets SwapsOther adjustmentsrelating to theOperationsPro forma(A) (B) (C) (D)Sales 12,861.6 873.4 – 13,735.0Cost of sales (9,799.3) (673.2) – (10,472.5)Gross Margin 3,062.3 200.2 – 3,262.5Distribution and administrative expenses (2,432.3) (188.8) (3.0) (2,624.1)Operating income before other incomeand expenses (EBITA) 630.0 11.4 (3.0) 638.4Other income and expenses (76.6) (13.8) – (90.4)Operating income 553.4 (2.4) (3.0) 548.0Financial expenses (net) (210.2) (0.5) (11.1) (221.8)Net income before income tax 343.2 (2.9) (14.1) 326.2Income tax (111.7) 8.2 (2.6) (106.1)Net income 231.5 5.3 (16.7) 220.1Of which depreciation (102.5) (8.3) (3.0) (113.8)In the table above:− column (A) represents the consolidated auditedfinancial statements of Rexel for the financial yearended December 31, 2008 (see paragraph 14.1.1 of thisDocument de Référence);− column (B) represents the results of the Retained Entitiesduring the first quarter of 2008, the results of the activitiesin Sweden acquired as part of the Assets Swaps duringthe first half of 2008, decreased by the results of theactivities in Germany that were transferred as part of theAssets Swaps during the first quarter of 2008;− column (C) represents the impact of the adjustmentsdescribed below in sub-paragraph b), c) and d); and− column (D) represents the sum of columns (A) to (C).The following table sets forth the breakdown by geographicalzone, of sales, operating income before other income andexpenses (EBITA), and pro forma Adjusted operating incomebefore other income and expenses (EBITA). Adjusted EBITAmeans EBITA before amortization of intangible assetsresulting from the contemplated allocation of the acquisitionprice of Hagemeyer, excluding the estimated non-recurringnet impact from changes in copper-based cable prices.(in millions of euros)2008EuropeNorthAmericaAsia-PacificOtherOperationsTotalpro formaSales 7,941.1 4,404.8 881.9 507.2 13,735.0EBITA 361.8 211.0 60.1 5.5 638.4Adjusted EBITA 424.2 223.1 59.7 5.6 712.6REXEL 2008 | PAGE 229