2008 Registration Document - Rexel

6. Operating and financial reviewOperating income before other income and other expenses(EBITA) amounted to €353.7 million, a 5.6% decreasecompared to 2007. On a constant basis and excluding theeffect of non-recurring items in the first quarter of 2007,estimated Adjusted EBITA decreased by 4.3% and AdjustedEBITA margin decreased by 30 basis points. In the fourthquarter of 2008, Adjusted EBITA decreased by 23.4% on aconstant basis compared to the fourth quarter of 2007, andAdjusted EBITA margin decreased by 120 basis points from6.5% to 5.3% of sales. Even though cost reduction planswere implemented in 2008, the full effect of the actionsof the fourth quarter will only be reflected in the financialperformance of 2009.6.2.3 North AmericaYear ended December 31,(in millions of euros)2008 2007 % changeREPORTED FINANCIAL DATASales 4,404.8 4,806.1 (8.3)%Gross profit 946.8 1,043.9 (9.3)%Distribution and administrative expenses (735.8) (808.3) (9.0)%EBITA (1) 211.0 235.6 (10.4)%as a % of sales 4.8% 4.9%Year ended December 31,(in millions of euros)2008 2007 % changeCONSTANT BASIS ADJUSTED FINANCIAL DATASales 4,404.8 4,490.2 (1.9)%Same number of working days (2.2)%Gross profit 958.8 981.6 (2.3)%as a % of sales 21.8% 21.9%Distribution and administrative expenses (735.7) (756.0) (2.7)%as a % of sales (16.7)% (16.9)%EBITA (1) 223.1 225.6 (1.1)%as a % of sales 5.1% 5.0%Adjusted EBITA excluding non-recurring items in Q1, 2007 223.1 217.6 2.5%as a % of sales 5.1% 4.8%(1) EBITA = Operating income before other income and other expenses.PAGE 76 | REXEL 2008