REXEL : THIRD-QUARTER & NINE-MONTH 2016 RESULTS
(Thomson Reuters ONE) -
THIRD-QUARTER & NINE-MONTH 2016 RESULTS (unaudited)
ORGANIC SALES DOWN 4.3% IN Q3 IN A PERSISTENTLY CHALLENGING ENVIRONMENT
SOLID GROSS MARGIN IN Q3, ADJUSTED EBITA MARGIN IMPACTED BY LOWER SALES AND ONE-
OFFS
FULL-YEAR FINANCIAL TARGETS CONFIRMED, AT THE LOW-END OF THE FEBRUARY GUIDANCE
NEW EXECUTIVE COMMITTEE WITH AN INCREASED REPRESENTATION OF COUNTRY/REGION
MANAGERS
SALES OF ?3.194bn IN Q3
* Down 4.3% on an organic basis, including -0.6% from calendar and -0.9% from
copper
* Down 5.6% on a reported basis, including -1.6% from currency
ADJUSTED EBITA MARGIN OF 4.0% IN Q3
* Solid gross margin of 23.9%, improvement in all three geographies
* Adj. EBITA margin down 51bps, of which 21bps due to one-off effects and
30bps mainly reflecting the impact of lower sales on opex as a percentage of
sales
FULL-YEAR FINANCIAL TARGETS CONFIRMED, AT THE LOW-END OF THE FEBRUARY GUIDANCE
NEW EXECUTIVE COMMITTEE WITH AN INCREASED REPRESENTATION OF COUNTRY/REGION
MANAGERS
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Key figures(1) Q3 2016 YoY change 9m 2016 YoY change
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Sales ?3,193.9m ?9,704.4m
On a reported basis -5.6% -3.2%
On a constant and actual-day basis -4.3% -2.1%
On a constant and same-day basis -3.7% -2.5%
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Adjusted EBITA ?127.6m -15.2% ?399.9m -7.1%
As a percentage of sales 4.0% 4.1%
Change in bps as a % of sales -51bps -22bps
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Reported EBITA ?124.9m -10.7% ?385.8m -7.1%
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Operating income ?107.4m -10.2% ?327.1m stable
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Net income from continuing op. ?37.6m -20.9% ?133.4m +47.0%
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Recurring net income ?53.5m -17.1% ?187.5m -5.2%
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FCF before interest and tax from ?31.2m vs. ?36.6m ?24.4m vs. ?39.0m
continuing op.
-------------------------------------------------------------------------------
Net debt at end of period ?2,511.0m -4.3% ?2,511.0m -4.3%
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(1 )See definition in the Glossary section of this document
Patrick BERARD, Chief Executive Officer, said:
"Rexel's sales in the third quarter were impacted by a persistently challenging
environment, particularly in the US, the UK and China.
Nevertheless, our gross margin improved in all geographies, while adjusted EBITA
margin was down year-on-year, reflecting the impact of lower sales on operating
costs as a percentage of sales, as well as non-recurring effects.
We confirm our guidance for the current year, at the low-end of the range given
in February, on the basis of our performance over the first nine months of the
year and our expectations for the last quarter.
We are actively pursuing the measures that will enable Rexel to improve
structurally its sales momentum and operational efficiency. To this end and as a
first step in our transformation program, we have appointed a new Executive
Committee, with an increased representation of country/region managers.
As stated last July, we will present an update on Rexel's strategy and ambitions
on February 13, 2017, at a meeting to be held in Paris."
FINANCIAL REVIEW FOR THE PERIOD ENDED SEPTEMBER 30, 2016
* Financial statements as of September 30, 2016 were authorized for issue by
the Board of Directors on October 27, 2016. They were not audited by
statutory auditors.
* The following terms: EBITA, Adjusted EBITA, EBITDA, Recurring net income,
Free Cash Flow and Net Debt are defined in the Glossary section of this
document.
* Unless otherwise stated, all comments are on a constant and adjusted basis
and, for sales, at same number of working days
SALES
In Q3, sales were down 4.3% on an organic basis, including a cumulative 1.5%
negative effect from copper
(-0.9%) and calendar (-0.6%); on a constant and same-day basis, they were down
3.7%
In 9m, sales were down 2.1% on an organic basis, including a positive calendar
effect of 0.4%; on a constant and same-day basis, they were down 2.5%, including
a 1.1% negative copper effect
In Q3, Rexel posted sales of ?3,193.9 million, down 5.6% on a reported basis. On
a constant and same-day basis, sales were down 3.7%, including an 0.9% negative
effect due to the change in copper-based cable prices.
The 5.6% drop in sales on a reported basis included:
* A negative currency effect of ?53.9 million (mainly due to the depreciation
of the British pound against the euro),
* A positive net scope effect of ?9.1 million resulting from recent
acquisitions (Sofinther in France, Zhonghao Technology in China and Brohl &
Appell in the US) and recent divestments (Poland, Slovakia and Baltics),
* A negative calendar effect of 0.6 percentage points.
In 9m, Rexel posted sales of ?9,704.4 million, down 3.2% on a reported basis. On
a constant and same-day basis, sales were down 2.5%, including a 1.1% negative
impact due to the change in copper-based cable prices.
The 3.2% drop in sales on a reported basis included:
* A negative currency effect of ?183.9 million (mainly due to the depreciation
of the Canadian dollar and the British pound against the euro),
* A positive net effect of ?66.6 million from recent acquisitions (Sofinther
in France, Electro-Industrie en Acoustiek in Belgium, Zhonghao Technology in
China and Brohl & Appell in the US) and recent divestments (Poland, Slovakia
and Baltics),
* A positive calendar effect of 0.4 percentage points.
Europe (55% of Group sales): -1.6% in Q3 and -0.8% in 9m on a constant and same-
day basis
In the third quarter, sales in Europe decreased by 5.8% on a reported basis,
including a negative net scope effect of ?5.9m and a negative currency effect of
?50.9m (mainly due to the depreciation of the British pound against the euro).
On a constant and same-day basis, sales were down 1.6%, and down 0.5% excluding
the negative impact of copper.
* In France (35% of the region's sales), sales were down 1.1% on a constant
and same-day basis, of which 0.7 percentage points came from lower cable
sales. This drop in sales mainly reflected poor activity in July, while
sales in August and September were broadly stable. As expected, the recovery
in residential construction that is reflected in recent housing permits and
starts has not materialized yet, due to the usual time lag between
construction recovery and its materialization in sales of low and ultra-low
voltage electrical equipment.
* In the UK (14% of the region's sales), sales were down 6.4% on a constant
and same-day basis, of which 1.3 percentage points came from lower cable
sales and 3.0 percentage points came from a sharp drop (-78%) in PV sales.
The rest of the drop was mainly due to the market contraction that followed
the Brexit vote.
* In Germany (11% of the region's sales), sales continued to improve
sequentially, with a slight rise of 0.2% including the impact of copper and
a more substantial rise of 1.8% excluding copper. This is the first quarter
this year in positive territory, as the 0.2% increase in constant and same-
day sales followed declines of 3.0% in Q1 and 2.0% in Q2.
* In Scandinavia (13% of the region's sales), sales were up 1.6% year-on-year.
Sweden continued to post solid growth (+9.5% despite a challenging
comparable base of +6.2% in Q3 2015) and Finland improved sequentially (-
0.5% after -9.1% in Q1 and -5.7% in Q2) but sales in Norway were strongly
impacted by lower cable sales (-5.6 percentage points out of the 8.3%
decline in sales).
* In other European countries, performance was as follows:
* Sales in The Netherlands and Belgium grew by 5.3% and 2.5% respectively,
* Sales in Switzerland were down 4.7%, of which 1.5 percentage points came
from lower cable sales, while sales in Austria, increased by 2.1%,
* Sales in Spain dropped by 16.2% but, as in the previous quarters, this
drop was almost entirely due to export activity (down 76%), while
domestic activity remained broadly stable; sales in Italy were down
4.0%.
North America (35% of Group sales): -6.0% in Q3 and -4.9% in 9m on a constant
and same-day basis
In the third quarter, sales in North America were down 5.8% on a reported basis,
including a negative currency effect of ?4.0m and a positive scope effect of
?5.5m. On a constant and same-day basis, sales were down 6.0%. Despite an easier
comparable base, the year-on-year drop in sales to the Oil & Gas industry
continued to impact sales in Q3, notably in the US, where they were down 31% in
Q3 2016 after a 36% drop in Q3 2015; in Canada, this effect started to improve
as sales to the Oil & Gas industry were down 6% in Q3 2016 after a 38% drop in
Q3 2015.
* In the US (78% of the region's sales), sales were down 6.6%, of which:
* 2.0 percentage points attributable to the 31% drop in sales to the Oil &
Gas industry,
* 0.6 percentage points attributable to lower cable sales,
* 1.6 percentage points attributable to branch network optimization.
Excluding these unfavorable effects, sales were down 2.4% in the quarter, mainly
reflecting a drop in sales to the industrial end-market. Platt, in the
Northwest, continued to post solid sales growth.
* In Canada (22% of the region's sales), sales were down 4.0% (after -7.4% in
Q1 and -7.1% in Q2), of which:
* 0.4 percentage points attributable to the 6% drop in sales to the Oil &
Gas industry,
* 1.4 percentage points attributable to the 50% drop in sales to the wind
industry.
Excluding these unfavorable effects, sales were down 2.2% in the quarter, mainly
reflecting a drop in sales to the industrial end-market.
Asia-Pacific (10% of Group sales): -5.6% in Q3 and -3.0% in 9m on a constant and
same-day basis
In the third quarter, sales in Asia-Pacific were down 3.4% on a reported basis,
including a positive scope effect of ?9.4m and a positive currency effect of
?1.1m. On a constant and same-day basis, sales were down 5.6%, mainly reflecting
poor performance in Asia.
* In Asia (52% of the region's sales), sales were down 9.0%:
* In China (67% of Asia), sales dropped by 11.2%, of which 3.0 percentage
points came from a sharp drop (-28%) in wind sales; the remaining drop
continued to reflect low sales to the industrial end-market (which
represents the bulk of sales in China),
* In South-East Asia (24% of Asia), sales dropped by 13.3%, most of which
(11.8 percentage points) came from a sharp drop in sales to the Oil &
Gas industry (-38%),
* In the Rest of Asia (9% of Asia), sales grew by 25.9%, driven by double-
digit growth in India (+16.1%) and the Middle East (+35.4%).
* In the Pacific (48% of the region's sales), sales were down 1.9%:
* In Australia (80% of Pacific), sales were down 2.6%, mainly reflecting a
slowdown in sales in Western Australia and Queensland,
* In New Zealand (20% of Pacific), sales were slightly up (+0.6%).
PROFITABILITY
Continued improvement in gross margin: +41bps in Q3 and +21bps since the
beginning of the year
Adjusted EBITA margin of 4.0% in Q3, down 51bps, of which 21bps due to one-offs
and 30bps mainly reflecting lower sales; adjusted EBITA margin of 4.1% since the
beginning of the year, down 22bps
In Q3, gross margin stood at 23.9% of sales, up 41bps year-on-year. It improved
in all geographies: Europe (up 26bps at 26.4% of sales), North America (up
27bps at 22.1% of sales) and Asia-Pacific (up 121bps at 17.7% of sales).
Opex (incl. depreciation) in the quarter stood at 19.9% of sales, up 92bps year-
on-year. Opex in Q3 included two one-off effects:
* A one-off profit of ?3.9m recorded in Q3 2015 as a result of amended post-
retirement Medical and Healthcare plans in the US,
* A one-off charge of ?3.0m recorded in Q3 2016 as a result of the
"Opportunity 2016" Employee Share Purchase Plan launched in September,
Restated for those one-off effects, opex were down 0.7% (instead of rising by
0.4%) and represented 19.8% of sales (instead of 19.9%), up 71bps year-on-year
(instead of 92bps).
Adjusted EBITA in the quarter stood at ?127.6m at 4.0% of sales, down 51bps
year-on-year, of which:
* 21bps came from the two one-off effects mentioned above,
* 30bps mainly resulted from the lower absorption of opex by sales, which
dropped by 4.3% on a constant and actual-day basis.
In 9m, gross margin stood at 24.3% of sales, up 21bps year-on-year. It improved
in all geographies: Europe (up 14bps at 26.7% of sales), North America (up 5bps
at 22.1% of sales) and Asia-Pacific (up 54bps at 18.1% of sales).
Opex (incl. depreciation) were broadly stable in value; they stood at 20.1% of
sales, up 43bps year-on-year.
As a result, adjusted EBITA stood at ?399.9m at 4.1% of sales, down 22bps year-
on-year.
Reported EBITA stood at ?124.9m in Q3 (including a ?2.7m negative one-off copper
effect) and at ?385.8m in 9m (including a ?14.1m negative one-off copper
effect).
NET INCOME
Strong increase of 47.0% in net income from continuing operations, mainly driven
by lower net financial expenses
Operating income in 9m stood at ?327.1 million, broadly stable year-on-year.
* Amortization of intangibles resulting from purchase price allocation
amounted to ?13.7 million (vs. ?12.8 million in 9m 2015).
* Other income and expenses amounted to a net charge of ?44.9 million (vs. a
net charge of ?75.3 million in 9m 2015). They included ?32.4 million of
restructuring costs (vs. ?49.5 million in 9m 2015). The 9m 2015 also
included a ?18.5 million charge from goodwill impairment.
Net financial expenses in 9m amounted to ?114.1 million (vs. ?177.5 million in
9m 2015). Both periods included charges related to refinancing operations:
* 9m 2016 included a net charge of ?17.1 million related to (i) the early
repayment of a ?650m Senior notes issued in 2013 and maturing in June 2020
that was already mentioned in our Q2 & H1 results Press Release and (ii) the
early repayment of USD170m (c. ?150m) from the USD500m Senior notes issued
in April 2013 and maturing in June 2020,
* 9m 2015 included a net charge of ?52.5 million, related to early redemption
of two Senior notes at coupons of 7.000% and 6.125%.
Restated for those net charges, net financial expenses decreased from ?125.0
million in 9m 2015 to ?97.0 million in 9m 2016. This largely reflected lower
average debt year-on-year and lower average effective interest rate, thanks to
the various refinancing operations. The average effective interest rate on gross
debt decreased again by 35bps year-on-year in 9m 2016 to 3.61% (vs. 3.96% in
9m 2015).
Income tax in 9m represented a charge of ?79.7 million (vs. ?59.0 million in
9m 2015), a rise of 35.1%, mainly reflecting a 42.4% increase in profit before
tax. The effective tax rate stood at 37.4% (vs. 39.4% in 9m 2015).
Net income from continuing operations in 9m rose by 47.0% to ?133.4 million (vs.
?90.7 million in 9m 2015).
As the disposal of our Latin American operations represented a loss of ?69.3
million in 9m 2015, net income in 9m was strongly up at ?133.4 million (vs.
?21.4 million in 9m 2015).
Recurring net income in 9m amounted to ?187.5 million, down 5.2% year-on-year
(see appendix 2).
FINANCIAL STRUCTURE
Net debt reduced by 4.3% year-on-year at September 30, 2016
Sound financial structure; continued actions to reduce net financial expenses
and optimize financings
In Q3, free cash flow from continuing operations before interest and tax was an
inflow of ?31.2 million (vs. an inflow of ?36.6 million in Q3 2015). This net
inflow included:
* Net capital expenditure of ?23.3 million (vs. ?20.0 million in Q3 2015),
* An outflow of ?75.8 million from change in working capital on a reported
basis (vs. an outflow of ?81.0 million in Q3 2015). On a constant and
adjusted basis, working capital decreased by 40bps as a percentage of the
last 12 month sales, from 12.7% at September 30, 2015 to 12.3% at September
30, 2016.
At September 30, 2016, net debt stood at ?2,511.0 million, down 4.3% year-on-
year (vs. ?2,622.6 million at September 30, 2015).
It took into account:
* ?120.3 million of dividend paid in Q3 (early July),
* ?28.5 million of net interest paid in Q3 (?92.0 million paid in 9m),
* ?12.1 million of income tax paid in Q3 (?46.4 million paid in 9m),
* ?4.2 million of net financial investment in Q3 (?93.6 million in 9m),
* ?10.0 million of positive currency effect in Q3 (positive effect of ?31.4
million in 9m).
In Q3, Rexel continued to optimize its financings in order to further reduce its
cost of financing and enhance its financial structure.
Further to the early repayment of a ?650m bond line issued in 2013 and maturing
in June 2020 that was already mentioned in our Q2 & H1 results Press Release,
Rexel will redeem in November USD170 million (c. ?150 million) from the USD500m
bond line issued in April 2013 and maturing in June 2020 (at a 5.250% coupon).
In addition, Rexel also extended its Senior Credit Agreement by one year, to
November 2021.
All these actions contribute to further reduce Rexel's cost of financing and
enhance its financial structure. The average effective interest rate on gross
debt is expected to decrease by c. 30bps between the first half and the second
half of the year, from c. 3.7% in H1 2016 to c. 3.4% in H2 2016. Rexel boasts a
sound financial structure with average maturity of around 4 years and with no
significant repayment before June 2020.
UPDATE ON MANAGEMENT TEAM AND GOVERNANCE
Appointment of a new Executive committee with an increased representation of
country/region managers
Ian Meakins became Non-Executive Chairman of the Board of Directors on October 1
As a first step in its transformation program, Rexel announced today, in a
separate Press Release, the appointment of a new Executive Committee with a
strong focus on operations. The new Executive Committee, comprising 11 members,
of which 6 are in charge of key business units, will be headed by and report to
Patrick BERARD, Chief Executive Officer, and will also include:
Group functions
* Catherine GUILLOUARD, Group CFO and Deputy CEO,
* Mathieu LARROUMET, Group Business Transformations,
* Sébastien THIERRY, Secretary-General in charge of Legal Affairs, Compliance,
Holding corporate matters and Secretary of the Board,
* Frank WALDMANN, Group Human Resources,
Business Operations
* Vincent DEMANGE, France General Manager,
* John HOGAN, UK General Manager,
* Joakim FORSMARK, Nordics General Manager,
* Brian McNALLY, CEO Rexel North America,
* Jeff BAKER, President and CEO Platt Electric Supply & Rexel Commercial &
Industrial,
* Eric GAUTHIER, CEO Rexel Asia-Pacific.
As regards the Group governance and as announced on June 24, Ian MEAKINS, who
joined the Board of Directors on July 1, became Non-Executive Chairman of the
Board of Directors on October 1. Under his chairmanship, Rexel's Board of
Directors, along with Rexel's management team, will define the next strategic
steps for the Group. As announced on July 29, the outcome of this strategic
review and updated ambitions for the Group will be presented on February
13, 2017.
OUTLOOK
Taking into consideration the performance of the first nine months and also:
* Continuous uncertainty in some markets, such as the UK (post-Brexit), the US
(weak industrial end-markets and deterioration in indicators such as the
ABI) and Asia (even if China could start gradually improving), on the one
hand,
* The reduction in negative impact from copper in Q4 (current price is c.
USD4,700 per ton vs. average Q4 2015 at USD4,882 per ton), on the other
hand,
we confirm our 2016 full-year financial targets, at the low-end of the February
guidance:
* Organic sales decline on a constant and same-day basis of at most 3%
(February guidance was "organic sales growth on a constant and same-day
basis of between -3% and +1%"),
* Adjusted EBITA margin of at least 4.1% (February guidance was "adjusted
EBITA margin of between 4.1% and 4.5%"),
* Solid free cash flow generation of:
* Between 70% and 80% of EBITDA, before interest and tax (unchanged),
* Between 35% and 45% of EBITDA, after interest and tax (unchanged).
An update on Rexel's strategy and ambitions will be presented at a financial
meeting to be held in Paris on February 13, 2017.
CALENDAR
February 13, 2017 Fourth-quarter and full-year results
2016
FINANCIAL INFORMATION
The financial report for the period ended September 30, 2016 is available 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 and 9-month 2016 results is also available on
the Group's website.
ABOUT REXEL GROUP
Rexel, a global leader in the professional distribution of products and services
for the energy world, addresses three main markets - residential, commercial and
industrial. The Group supports its customers to be at their best in running
their business, by providing a broad range of sustainable and innovative
products, services and solutions in the field of technical supply, automation
and energy management. Rexel operates through a network of some 2,000 branches
in 32 countries, with c. 27,000 employees. The Group's sales were ?13.5 billion
in 2015.
Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker
RXL, ISIN code FR0010451203). It is included in the following indices: SBF 120,
CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, STOXX600. Rexel is also
part of the following SRI indices: DJSI Europe, FTSE4Good Europe & Global, EURO
STOXX Sustainability, Euronext Vigeo Europe 120 and ESI Excellence Europe.
Finally, Rexel is included on the Ethibel EXCELLENCE Investment Register in
recognition of its performance in corporate social responsibility (CSR). For
more information, visit Rexel's web site at www.rexel.com
CONTACTS
FINANCIAL ANALYSTS / INVESTORS
Marc MAILLET +33 1 42 85 76 12 marc.maillet(at)rexel.com
Florence MEILHAC +33 1 42 85 57 61 florence.meilhac(at)rexel.com
PRESS
Pénélope LINAGE +33 1 42 85 76 28 penelope.linage(at)rexel.com
Brunswick: Thomas KAMM +33 1 53 96 83 92 tkamm(at)brunswickgroup.com
GLOSSARY
REPORTED EBITA (Earnings Before Interest, Taxes and Amortization) is defined as
operating income before amortization of intangible assets recognized upon
purchase price allocation and before other income and other expenses.
ADJUSTED EBITA is defined as EBITA excluding the estimated non-recurring net
impact from changes in copper-based cable prices.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is
defined as operating income before depreciation and amortization and before
other income and other expenses.
RECURRING NET INCOME is defined as net income adjusted for non-recurring copper
effect, other expenses and income, non-recurring financial expenses, net of tax
effect associated with the above items.
FREE CASH FLOW is defined as cash from operating activities minus net capital
expenditure.
NET DEBT is defined as financial debt less cash and cash equivalents. Net debt
includes debt hedge derivatives.
APPENDICES
For appendices, please open the PDF file by clicking on the link at the end of
the press release.
DISCLAIMER
The Group is exposed to fluctuations in copper prices in connection with its
distribution of cable products. Cables accounted for approximately 14% of the
Group's sales and copper accounts for approximately 60% of the composition of
cables. This exposure is indirect since cable prices also reflect copper
suppliers' commercial policies and the competitive environment in the Group's
markets. Changes in copper prices have an estimated so-called "recurring" effect
and an estimated so called "non-recurring" effect on the Group's performance
assessed as part of the monthly internal reporting process of the Rexel Group:
i) the recurring effect related to the change in copper-based cable prices
corresponds to the change in value of the copper part included in the sales
price of cables from one period to another. This effect mainly relates to the
Group's sales; ii) the non-recurring effect related to the change in copper-
based cables prices corresponds to the effect of copper price variations on the
sales price of cables between the time they are purchased and the time they are
sold, until all such inventory has been sold (direct effect on gross profit).
Practically, the non-recurring effect on gross profit is determined by comparing
the historical purchase price for copper-based cable and the supplier price
effective at the date of the sale of the cables by the Rexel Group.
Additionally, the non-recurring effect on EBITA corresponds to the non-recurring
effect on gross profit, which may be offset, when appropriate, by the non-
recurring portion of changes in the distribution and administrative expenses.
The impact of these two effects is assessed for as much of the Group's total
cable sales as possible, over each period. Group procedures require that
entities that do not have the information systems capable of such exhaustive
calculations to estimate these effects based on a sample representing at least
70% of the sales in the period. The results are then extrapolated to all cables
sold during the period for that entity. Considering the sales covered. the Rexel
Group considers such estimates of the impact of the two effects to be
reasonable.
This document may contain statements of future expectations and other forward-
looking statements. By their nature, they are subject to numerous risks and
uncertainties, including those described in the Document de Référence registered
with the French Autorité des Marchés Financiers (AMF) on April 7, 2016 under
number D16-0299. These forward-looking statements are not guarantees of Rexel's
future performance, Rexel's actual results of operations, financial condition
and liquidity as well as development of the industry in which Rexel operates may
differ materially from those made in or suggested by the forward-looking
statements contained in this release. The forward-looking statements contained
in this communication speak only as of the date of this communication and Rexel
does not undertake, unless required by law or regulation, to update any of the
forward-looking statements after this date to conform such statements to actual
results to reflect the occurrence of anticipated results or otherwise.
The market and industry data and forecasts included in this document were
obtained from internal surveys, estimates, experts and studies, where
appropriate, as well as external market research, publicly available information
and industry publications. Rexel, its affiliates, directors, officers, advisors
and employees have not independently verified the accuracy of any such market
and industry data and forecasts and make no representations or warranties in
relation thereto. Such data and forecasts are included herein for information
purposes only.
This document includes only summary information and must be read in conjunction
with Rexel's Document de Référence registered with the AMF on April 7, 2016
under number D16-0299, as well as the consolidated financial statements and
activity report for the 2015 fiscal year which may be obtained from Rexel's
website (www.rexel.com).
PR_Rexel_Q3_2016_results:
http://hugin.info/143564/R/2052382/768128.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: REXEL via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2016 - 07:31 Uhr
Sprache: Deutsch
News-ID 503449
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contact information:
Town:
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Kategorie:
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