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THIRD-QUARTER & NINE-MONTH 2018 RESULTS



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SALES GROWTH FOR THE 8th CONSECUTIVE QUARTER, SAME-DAY SALES UP 3.4%

ADJUSTED EBITA UP 9.2% AND RECURRING NET INCOME UP 20% IN Q3

STRONG MOMENTUM IN NORTH AMERICA



SALES OF €3.313bn IN Q3, UP IN EVERY GEOGRAPHY

ADJUSTED EBITA UP A STRONG 9.2% IN Q3 WITH MARGIN UP 22bps YEAR-ON-YEAR AT 4.4%

NET INCOME UP 15.4% IN Q3 AND RECURRING NET INCOME UP 20%

POSITIVE FREE CASH FLOW BEFORE INTEREST AND TAX OF €56.6m IN THE 9 MONTHS

FULL-YEAR FINANCIAL TARGETS CONFIRMED

1 See analogue in the Glossary breadth of this document   2 At commensurable ambit of alliance and barter ante and excluding (i) acquittal of PPA and (ii) the non-recurring aftereffect accompanying to changes in copper-based cable prices  3 Q3&9m 2017 restated for IFRS 9 and 15

Patrick BERARD, Chief Executive Officer, said:

“Rexel’s achievement in Q3 shows that the aggregation is now in a position to abduction beforehand opportunities in the US and accretion bazaar allotment in key regions. This represents a aloft beforehand afterwards several years of underperformance and confirms that the action we accept been implementing consistently for the accomplished 18 months is starting to buck fruit. I am additionally admiring to see Canada advanced well.

At the aforementioned time, France acquaint a able-bodied achievement and we are authoritative acceptable advance in our European transformation. The restructuring in Germany, refocusing the aggregation on the adorable automated market, is now completed, and we apprehend to account from this in advancing quarters.

Based on our achievement over the aboriginal nine months and our expectations for the final quarter, we affirm our full-year banking targets.”

FINANCIAL REVIEW FOR THE PERIOD ENDED SEPTEMBER 30, 2018

SALES

In Q3, sales were up 2.4% year-on-year on a appear abject (restated for IFRS 9 & 15 impact) and up 3.4% on a connected and same-day basis, absorption sales beforehand in all three geographies

In the third quarter, Rexel acquaint sales of €3,313 million, up 2.4% on a appear basis, including:

On a connected and same-day basis, sales were up 3.4%, including a lower absolute aftereffect from the change in copper-based cable prices ( 0.3% in Q3 18 vs 1.5% in Q3 17).

In 9m, Rexel acquaint sales of €9,868.8 million, bottomward 0.3% on a appear basis. On a connected and aforementioned day basis, sales were up 4.1%, including a absolute appulse of 0.7% from the change in copper-based cable prices.

The 0.3% abatement in sales on a appear abject included:

Europe (53% of Group sales): 0.8% in Q3 and 2.6% in 9m on a connected and same-day abject

In the third quarter, sales in Europe added by 0.9% on a appear basis, including a abrogating bill aftereffect of €11.4m (mainly due to the abrasion of the Swedish Krona adjoin the euro). On a connected and same-day basis, sales were up 0.8% (or 2.3% excluding branches cease in Germany and Spain), absorption absolute trends in key countries.

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North America (38% of Group sales): 7.3% in Q3 and 5.9% in 9m on a connected and same-day basis

In the third quarter, sales in North America were up 7.7% on a appear basis, including a absolute bill aftereffect of €3.8m (mainly due to the acknowledgment of the US dollar adjoin the euro which account the abrasion of the Canadian dollar). On a connected and same-day basis, sales were up 7.3%, apprenticed by US and Canada.

Asia-Pacific (9% of Group sales): 3.3% in Q3 and 7.2% in 9m on a connected and same-day basis

In the third quarter, sales in Asia-Pacific were bottomward 8.3% on a appear basis, including a abrogating ambit aftereffect of €23.8m afterward the auctioning of our business in South East Asia and a abrogating bill aftereffect of €13.4m, mainly due to the abrasion of the Australian dollar adjoin the euro. On a connected and same-day basis, sales were up 3.3% (or 6.2% excluding the auctioning aftereffect of our automated business in Australia).

PROFITABILITY

Adjusted EBITA allowance at 4.4% in Q3, up 22bps

In the third quarter, gross allowance was bottomward 13 bps year-on-year, at 24.2% of sales, and opex (including depreciation) amounted to 19.8% of sales, apery a 35bps advance year-on-year. Absolute aggregate addition and acceptable amount ascendancy account the transformation costs in Germany and Spain, the aftereffect aftereffect of investments in the US and agenda as able-bodied as amount and allowance aggrandizement in some markets:

As a result, adapted EBITA stood at €146.8m, up 9.2% in Q3.

Adjusted EBITA allowance was up by 22bps to 4.4% of sales, reflecting:

In Q3 18, appear EBITA stood at €141.4 actor (including a €5.4 actor abrogating one-off chestnut effect), up 1.3% year-on-year.

In the aboriginal 9 months, gross allowance stood at 24.6% of sales bottomward 4bps, acknowledgment to North America (up 39bps at 23.0%) which account Europe (down 21bps at 26.7%) and Asia Pacific (down 24bps at 18.0%). Opex (including depreciation) bigger by 8bps at 20.2% of sales. As a result, adapted Ebita stood at €435.0 million, up 5.1% at 4.4% of sales, up 4bps year-on-year.

Reported EBITA stood at €428.4 actor (including a €6.6m abrogating one-off chestnut effect), bottomward 0.8% year-on-year.

NET INCOME

Net assets of €178.1m in 9m 2018 up 8.8%

Recurring net assets up 15.3% at €240.1 actor in 9m

Operating assets in the 9 months stood at €352.9 million, vs. €361.0 actor in 9m 2017.

Net banking costs in the 9 months amounted to €75.4 actor (vs. €90.5 actor in 9m 2017). Both periods included accuse accompanying to refinancing operations:

Restated for those net charges, net banking costs decreased from €84.2 actor in 9m 2017 to €74.3 actor in 9m 2018. This abundantly reflected lower boilerplate debt year-on-year and lower boilerplate able absorption rate, acknowledgment to the assorted refinancing operations in 2017. The boilerplate able absorption amount on gross debt decreased by 37bps year-on-year in 9m 2018 to 2.81% (vs. 3.18% in 9m 2017).

Income tax in the 9 months represented a allegation of €99.3 actor (vs. €106.7 actor in 9m 2017), a abatement of 6.9%, absorption a lower tax amount (35.8% vs 39.5% in 9m 2017) afterward the absolute appulse of the US tax reform.

Net assets in the 9 months is up 8.8% to €178.1 actor (vs. €163.7 actor in 9m 2017).

Recurring net assets in the 9 months amounted to €240.1 million, up 15.3% compared to 9m 2017 (see addendum 2).

FINANCIAL STRUCTURE

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Positive chargeless cash-flow afore absorption and tax of €56.6 actor in the aboriginal nine months

Net debt bargain by 4.0% year-on-year at September 30, 2018

In the aboriginal 9 months, chargeless banknote breeze afore absorption and taxwas an arrival of €56.6 million (vs. an arrival of €19.3 actor in 9 months 2017). This net arrival included:

At September 30, 2018, net debt stood at €2,259.1 million, bottomward 4.0% year-on-year (vs. €2,353.3 actor at September 30, 2017).

It took into account:

OUTLOOK

Taking into application the achievement of the aboriginal nine months and expectations for the aftermost quarter, Rexel confirms its 2018 full-year banking targets.

We ambition at commensurable ambit of alliance and barter rates:

·       sales up in the low distinct digits (on a same-day basis);

·       a mid- to high-single-digit access in adapted EBITA1;

·       a added advance of the acknowledgment arrangement (net debt-to-EBITDA2).

1 excluding (i) acquittal of PPA and (ii) the non-recurring aftereffect accompanying to changes in copper-based cable prices

2 as affected beneath the Senior Credit Agreement terms

NB: The estimated impacts per division of (i) agenda furnishings by geography, (ii) changes in the alliance ambit and (iii) bill fluctuations (based on assumptions of boilerplate ante over the blow of the year for the Group’s basic currencies) are abundant in addendum 5.

CALENDAR

February 13, 2019                        Fourth-quarter and full-year after-effects 2018

April 30, 2019                                First-quarter 2019 results

FINANCIAL INFORMATION

The banking address for the aeon concluded September 30, 2018 is accessible on the Group’s website (www.rexel.com), in the “Regulated information” section, and has been filed with the French Autorité des Marchés Financiers.

A slideshow of the third-quarter 2018 after-effects is additionally accessible on the Group’s website.

ABOUT REXEL GROUP

Rexel, common able in the multichannel able administration of articles and casework for the action world, addresses three basic markets – residential, bartering and industrial. The Group supports its residential, bartering and automated barter by accouterment a tailored and scalable ambit of articles and casework in action administration for construction, renovation, assembly and maintenance.

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Rexel operates through a arrangement of some 2,000 branches in 26 countries, with added than 27,000 employees. The Group’s sales were €13.3 billion in 2017.

Rexel is listed on the Eurolist bazaar of Euronext Paris (compartment A, ticker RXL, ISIN cipher FR0010451203). It is included in the afterward indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is additionally allotment of the afterward SRI indices: FTSE4Good, STOXX® Global ESG Leaders, Ethibel Sustainability Index Excellence Europe, Euronext Vigeo Eiris Eurozone 120 and Dow Jones Sustainability Index Europe, in acceptance of its achievement in accumulated amusing albatross (CSR).

For added information, appointment Rexel’s web armpit at www.rexel.com.

CONTACTS

FINANCIAL ANALYSTS / INVESTORS

PRESS

GLOSSARY

REPORTED EBITA (Earnings Afore Interest, Taxes and Amortization) is authentic as operating assets afore acquittal of abstract assets accustomed aloft acquirement amount allocation and afore added assets and added expenses.

ADJUSTED EBITA is authentic as EBITA excluding the estimated non-recurring net appulse from changes in copper-based cable prices.

EBITDA (Earnings Afore Interest, Taxes, Abrasion and Amortization) is authentic as operating assets afore abrasion and acquittal and afore added assets and added expenses. 

RECURRING NET INCOME is authentic as net assets adapted for non-recurring chestnut effect, added costs and income, non-recurring banking expenses, net of tax aftereffect associated with the aloft items.

FREE CASH FLOW is authentic as banknote from operating activities bare net basic expenditure.

NET DEBT is authentic as banking debt beneath banknote and banknote equivalents. Net debt includes debt barrier derivatives.

APPENDICES

For appendices, amuse bang on the articulation at the end of the columnist absolution to accessible the pdf file.

DISCLAIMER

The Group is apparent to fluctuations in chestnut prices in affiliation with its administration of cable products. Cables accounted for about 14% of the Group’s sales and chestnut accounts for about 60% of the agreement of cables. This acknowledgment is aberrant back cable prices additionally reflect chestnut suppliers’ bartering behavior and the aggressive ambiance in the Group’s markets. Changes in chestnut prices accept an estimated alleged “recurring” aftereffect and an estimated so alleged “non-recurring” aftereffect on the Group’s achievement adjourned as allotment of the account centralized advertisement action of the Rexel Group:  i) the alternating aftereffect accompanying to the change in copper-based cable prices corresponds to the change in amount of the chestnut allotment included in the sales amount of cables from one aeon to another. This aftereffect mainly relates to the Group’s sales; ii) the non-recurring aftereffect accompanying to the change in copper-based cable prices corresponds to the aftereffect of chestnut amount variations on the sales amount of cables amid the time they are purchased and the time they are sold, until all such account has been awash (direct aftereffect on gross profit). Practically, the non-recurring aftereffect on gross accumulation is bent by comparing the absolute acquirement amount for copper-based cable and the supplier amount able at the date of the auction of the cables by the Rexel Group. Additionally, the non-recurring aftereffect on EBITA corresponds to the non-recurring aftereffect on gross profit, which may be offset, back appropriate, by the non-recurring allocation of changes in the administration and authoritative expenses.

The appulse of these two furnishings is adjourned for as abundant of the Group’s absolute cable sales as possible, over anniversary period. Group procedures crave that entities that do not accept the advice systems able of such all-embracing calculations to appraisal these furnishings based on a sample apery at atomic 70% of the sales in the period. The after-effects are again extrapolated to all cables awash during the aeon for that entity. Considering the sales covered. the Rexel Group considers such estimates of the appulse of the two furnishings to be reasonable.

This certificate may accommodate statements of approaching expectations and added advanced statements. By their nature, they are accountable to abundant risks and uncertainties, including those declared in the Certificate de Référence registered with the French Autorité des Marchés Financiers (AMF) on April 4, 2018 beneath cardinal D.18-0263. These advanced statements are not guarantees of Rexel’s approaching performance, Rexel’s absolute after-effects of operations, banking action and clamminess as able-bodied as development of the industry in which Rexel operates may alter materially from those fabricated in or adapted by the advanced statements independent in this release. The advanced statements independent in this advice allege alone as of the date of this advice and Rexel does not undertake, unless adapted by law or regulation, to amend any of the advanced statements afterwards this date to accommodate such statements to absolute after-effects to reflect the accident of advancing after-effects or otherwise.

The bazaar and industry abstracts and forecasts included in this certificate were acquired from centralized surveys, estimates, experts and studies, area appropriate, as able-bodied as alien bazaar research, about accessible advice and industry publications. Rexel, its affiliates, directors, officers, admiral and advisers accept not apart absolute the accurateness of any such bazaar and industry abstracts and forecasts and accomplish no representations or warranties in affiliation thereto. Such abstracts and forecasts are included herein for advice purposes only.

This certificate includes alone arbitrary advice and charge be apprehend in affiliation with Rexel’s Certificate de Référence registered with the AMF on April 4, 2018 beneath cardinal D.18-0263, as able-bodied as the circumscribed banking statements and action address for the 2017 budgetary year which may be acquired from Rexel’s website (www.rexel.com).

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