2008 Registration Document - Rexel

More documents

Recommendations

Info

7. Liquidity and capitalresources7.1 Cash flow as at December 31. 2008and December 31. 2007 ..................................... 817.1.1 Cash flow from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817.1.2 Cash flow from investing activities .............................................827.1.3 Cash flow from financing activities .............................................837.2 Sources of financing of the Rexel Group . . . . . . . . . . . . . . . . 847.2.1 Senior Credit Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847.2.2 Securitization programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867.2.3 Other indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887.2.4 Contractual commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88PAGE 80 | REXEL 2008
Pursuant to article 28 of the Commission Regulation (EC)N°809/2004 of April 29, 2004, the following information isincorporated by reference in this Document de Référence:− the description of the Rexel Group liquidity and capitalresources for the year ended December 31, 2007 whichis included in pages 88 to 100 of the Document deRéférence filed by Rexel with the Autorité des marchésfinanciers on April 30, 2008, under number R.08-046;and− the description of the Rexel Group liquidity and capitalresources for the year ended December 31, 2006 whichis included in pages 110 to 124 of the Document de Basefiled by Rexel with the Autorité des marchés financiers onFebruary 21, 2007 under number I.07-011.The information of these documents that is not incorporatedby reference in this Document de Référence is eitherirrelevant for the investor or is covered in another section ofthis Document de Référence.7.1 CASH FLOW AS AT DECEMBER 31, 2008 AND DECEMBER 31, 2007The following table sets out Rexel’s cash flow for the quarters and years ended December 31, 2008 and December 31, 2007.(in millions of euros)Year ended December 31,2008 2007Operating cash flow (1) 664.1 704.0Interest (a) (186.7) (217.7)Taxes (a) (109.8) (41.8)Changes in working capital requirements 133.7 (13.0)Cash flow from operating activities (b) 501.3 431.5Cash flow from investing activities (1,476.1) (184.2)Including operating capital expenditures (2) (c) (8.7) (20.6)Cash flow from financing activities 1,220.8 (200.9)Net cash flow 246.0 46.4Free cash flow– before interest and taxes (b) – (a) + (c) 789.1 670.4– after interest and taxes (b) + (c) 492.6 410.9WCR, as a percentage of sales (3) 12.0% 14.1%WCR, as a percentage of sales (3) , on a constant basis 12.0% 13.0%(1) Before interest, taxes and changes in working capital requirements.(2) Net of disposals.(3) Working capital requirement at year-end, divided by the last twelve months sales.7.1.1 Cash flow from operatingactivitiesRexel’s cash flow from operating activities was an€501.3 million inflow in the year 2008 compared to€431.5 million in 2007. In the fourth quarter of 2008, cashflow from operating activities amounted to a €248.7 millioninflow compared to a €196.9 million inflow in the fourthquarter of 2007.Operating cash flowOperating cash flow before interest, income tax andchanges in working capital requirements decreased from€704.0 million in the year 2007 to €664.1 million in theyear 2008. The operating income before depreciation,other income and other expenses (EBITDA) increased from€725.4 million in the year 2007 to €732.5 million in the year2008. The additional EBITDA related to the integration ofHagemeyer entities was partially offset by the sharp fallof copper price observed in the fourth quarter of 2008.Restructuring and integration costs incurred in 2008amounted to €55.5 million, compared to €16.0 million inthe year 2007.Interest and taxesIn the year 2008, interest paid amounted to €186.7 millioncompared to €217.7 million in 2007. The 2007 cashoutincluded €89.6 million in respect of the redemptionREXEL 2008 | PAGE 81
Page 1:
Leadership and proximityDocument de
Page 4 and 5:
[This page is intentionally left bl
Page 6 and 7:
Page 8 and 9:
General informationIn this Document
Page 10 and 11:
1. Selected financial dataThe follo
Page 12 and 13:
2. Information about the Rexel Grou
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
3. Business description3.1 Professi
Page 24 and 25:
3. Business description− security
Page 26 and 27:
3. Business descriptioni.e., approx
Page 28 and 29:
3. Business descriptionIn each of t
Page 30 and 31:
3. Business description− growing
Page 32 and 33: 3. Business description3.2.2 The Re
Page 34 and 35: 3. Business description3.3.2 Divers
Page 36 and 37: 3. Business descriptionin a profita
Page 38 and 39: 3. Business descriptionthat its cus
Page 40 and 41: 3. Business description3.7 RESEARCH
Page 42 and 43: 4. Risk factors4.1 Risks relating t
Page 44 and 45: 4. Risk factorsthe commercial polic
Page 46 and 47: 4. Risk factors4.3 LEGAL AND REGULA
Page 48 and 49: 4. Risk factorsNon-compliance by th
Page 50 and 51: 5. Corporate responsibility5.1 empl
Page 52 and 53: 5. Social responsibilityHeadcount b
Page 54 and 55: 5. Social responsibilityAware of th
Page 56 and 57: 5. Social responsibilityaccount for
Page 59 and 60: eality of the market and the low le
Page 61 and 62: − promotion days at branches or a
Page 63 and 64: 5.3.2.1 Consumption of raw material
Page 65 and 66: Emissions per item on the basis of
Page 67 and 68: 5.4 STATUTORY AUDITOR’S REPORT ON
Page 69 and 70: 6. Operating and financialreview6.1
Page 71 and 72: 6.1.2 SeasonalityNotwithstanding th
Page 73 and 74: 6.2 COMPARISON OF THE FINANCIAL RES
Page 75 and 76: The following table analyzes the ch
Page 77 and 78: In the year 2008, sales increased b
Page 79 and 80: In the year 2008, sales in North Am
Page 81: to 2007, while sales grew 6.3%. Adj
Page 85 and 86: Financial investments also included
Page 87 and 88: − Facility C, which was a multi-c
Page 89 and 90: The main characteristics of these p
Page 91 and 92: 7.2.4.1 Operating leasesThe above t
Page 93 and 94: The trends and objectives presented
Page 95 and 96: 9. Profit forecastsor estimates9.1
Page 97 and 98: 9.2 REXEL GROUP FORECASTS FOR 2009G
Page 99 and 100: Rexel is a company with limited lia
Page 101 and 102: Jean-Dominique Perret has been a me
Page 103 and 104: 10.2 SUPERVISORY BOARD10.2.1 Compos
Page 105 and 106: Surname, name,professional addressa
Page 108 and 109: 10. Management and Supervisory Bodi
Page 120 and 121: 11. Compensation of corporate offic
Page 132 and 133:
12. Shareholders12.1 Principal shar
Page 134 and 135:
12. ShareholdersMerrill Lynch Globa
Page 136 and 137:
12. ShareholdersThe total number of
Page 138 and 139:
12. Shareholdersemployees of Rexel
Page 140 and 141:
12. ShareholdersDuring the financia
Page 142 and 143:
12. Shareholdersindebtedness of Rex
Page 144 and 145:
12. ShareholdersThe table below sum
Page 146 and 147:
12. ShareholdersFCE20070042, on beh
Page 148 and 149:
12. Shareholdersleast €150 millio
Page 150 and 151:
13. Related party transactions13.1
Page 152 and 153:
13. Related party transactionsWe ha
Page 154 and 155:
13. Related party transactionsyour
Page 156 and 157:
14. Financial informationconcerning
Page 158 and 159:
14. Financial information concernin
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
15. Additional informationRexel is
Page 244 and 245:
15. Additional informationAuthoriza
Page 246 and 247:
15. Additional informationDeclarati
Page 248 and 249:
15. Additional informationTransacti
Page 250 and 251:
15. Additional informationEach Mana
Page 252 and 253:
15. Additional information− propo
Page 254 and 255:
15. Additional informationmeeting b
Page 256 and 257:
15. Additional information15.2.8 Sp
Page 258 and 259:
17. Documents availableto the publi
Page 260 and 261:
18. Responsibility forthe Document
Page 262 and 263:
19. Statutory auditors19.1 Principa
Page 264 and 265:
Annex 1Report of the Chairman of th
Page 266 and 267:
Annex 1− authorization of regulat
Page 268 and 269:
Annex 1This contractual indemnity i
Page 270 and 271:
Annex 1− the payment of 50% of th
Page 272 and 273:
Annex 1Additional retirement planA
Page 274 and 275:
Annex 1− authorization to be give
Page 276 and 277:
Annex 12. Implemented internal cont
Page 278 and 279:
Annex 1defined a set of procedures,
Page 280 and 281:
Annex 2Report of the Statutory Audi
Page 282 and 283:
Annex 3Report of the Supervisory Bo
Page 284 and 285:
Annex 4Report of the Management Boa
Page 286 and 287:
Annex 42. Resolutions requiring the
Page 288 and 289:
Annex 4Group, which may be existing
Page 290 and 291:
Annex 4AuthorizationIssuance in con
Page 292 and 293:
Annex 5Having reviewed the report o
Page 294 and 295:
Annex 5II. Resolutions to be submit
Page 296 and 297:
Annex 5of the proper performance of
Page 298 and 299:
Annex 5Board in accordance with the
Page 300 and 301:
Annex 5accordance with the provisio
Page 302 and 303:
Annex 55. Decided that this delegat
Page 304 and 305:
Annex 6DateTitleDecember 11, 2008Re
Page 306 and 307:
Annex 7Regulation (EC) 809/2004 of
Page 308 and 309:
Annex 7Regulation (EC) 809/2004 of
Page 310 and 311:
show all

2008 Registration Document - Rexel

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?