2008 Registration Document - Rexel

14. Financial information concerning the assets andliabilities, financial position and profits and lossesof RexelMain pro forma restatementsa) Inclusion of the results of the Retained Entitiesand the Assets Swaps (column (B) of the pro formaconsolidated income statement)The Retained Entities have been consolidated as fromApril 1, 2008. This column includes, therefore, the incomestatement of these activities for the first quarter of 2008.The activities in Sweden that were acquired as part of theAssets Swaps have been consolidated as from July 1, 2008.This column includes, therefore, the income statement ofthese activities for the first half of 2008.These income statement items were prepared in accordancewith IFRS and the accounting principles applied by theRexel Group. Notably, restatements have been made tohomogenize the presentation with that applied by theRexel Group, in particular to present the interest paid andexpected yield from the hedging assets relating to thepersonnel advantages in the net financing costs.The activities in Germany that were transferred as part ofthe Assets Swaps were deconsolidated as from April 1,2008. This column includes, therefore, the elimination ofthe income statement for these activities for the first quarterof 2008.b) Inclusion of the additional amortization relating tothe allocation of the acquisition price of the assetsacquired as part of the Operations for the first quarterof 2008 (column (C) of the pro forma consolidatedincome statement)The revaluations of assets acquired as part of theOperations, as well as the intangible assets recognized atthis time, resulted in an additional amortization charge of€3 million, based on the contemplated allocation of theacquisition price of these assets.c) Inclusion of the net interest expense related to theOperations for the first quarter (column (D) of the proforma consolidated income statement)The 2008 interest expense, taking into account the additionalindebtedness relating to the Operations and based onthe financing conditions of the Rexel Group following thecompletion of the Operations, amounted to €221.8.d) Inclusion of the impact of these adjustments on theincome tax (column (D) of the consolidated pro formaincome statement)The impact of these adjustments on the income tax has beendetermined based on the applicable tax rate in each country.14.2.2 Statutory auditors’ report on the pro forma financial statementsof Rexel for the financial year ended December 31, 2008This is a free translation into English of the Statutory Auditors’ report on the pro forma financial information issued in the Frenchlanguage and is provided solely for the convenience of English speaking users. This report should be read in conjunction with,and construed in accordance with, French law and professional auditing standards applicable in France.Rexel S.A.KPMG AuditERNST & YOUNG Audit1, cours Valmy Faubourg de l’Arche92923 Paris-La Défense Cedex 11, allée de l’ArcheS.A. au capital de 5 947 000 euros92037 Paris-La Défense CedexS.A.S. à capital variableCommissaire aux ComptesCommissaire aux ComptesMembre de la compagnieMembre de la compagnierégionale de Versaillesrégionale de VersaillesRegistered office:189-193, boulevard Malesherbes – 75017 ParisShare capital:€1,279,969,135Statutory Auditor’s report on pro forma financialinformationFinancial year ended December 31, 2008To the President of the Management Board,In our capacity as statutory auditors and in application ofregulation (CE) n° 809/2004, we have prepared this reporton the pro forma financial information of Rexel S.A. relatingto the year ended December 31, 2008, as included insection 14.2.1 of its reference document for the year endedDecember 31, 2008.This pro forma financial information was prepared with thesole objective of presenting the effect that the transactions,as defined and described in section 14.2.1 of this referencedocument, could have had on the consolidated incomestatement of Rexel S.A. had these transactions taken placeon January 1, 2007. By its very nature, pro forma financialinformation presents a hypothetical situation which is notnecessarily representative of what the financial positionor performance would have been had the transactionsPAGE 230 | REXEL 2008