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REXEL: THIRD-QUARTER & 9-MONTH 2013 RESULTS (UNAUDITED)

Thursday, October 31, 2013 2:38 AM


PARIS, Oct. 31, 2013 (GLOBE NEWSWIRE) --

                THIRD-QUARTER & 9-MONTH 2013 RESULTS (unaudited)
 Condensed consolidated interim financial statements as of September 30, 2013
   were authorized for issue by the Management Board on October 24, 2013 and
reviewed by the Supervisory Board held on October 30, 2013. The following terms:
 EBITA, Adjusted EBITA, EBITDA, Free Cash Flow and Net Debt are defined in the
                       Glossary section of this document.


              CONTINUED RESILIENT PERFORMANCE IN THE THIRD QUARTER
                          FULL-YEAR OUTLOOK CONFIRMED

REPORTED SALES OF €3.3BN IN THE THIRD QUARTER
  * Sequential improvement in sales evolution on a constant and same-day basis:
    -2.7% in the quarter, after -3.7% in Q1 and -3.3% in Q2
  * Continued growth in the US (+1.5%), China (+15.2%) and Brazil (+2.4%)

RESILIENT PROFITABILITY WITH ADJUSTED EBITA MARGIN OF 5.5%
  * Slightly down year-on-year (vs. 5.6% in Q3 2012) and sequentially stable
    (vs. 5.5% in Q2 2013)
  * Solid operational efficiency through strict cost control

CONFIRMATION OF FULL-YEAR OUTLOOK
  * Organic sales 2% to 3% below last year's level
  * Adj. EBITA margin of between 5.5% and 5.6%
  * Free cash-flow before interest and tax above €600m, corresponding to around
    €300m after interest and tax

+----------------------------------------+-------+----------+-------+----------+
|                                        |Q3 2013|YoY Change|9m 2013|YoY Change|
+----------------------------------------+-------+----------+-------+----------+
|On a reported basis                     |       |          |       |          |
+----------------------------------------+-------+----------+-------+----------+
|Sales (€m)                              |3,255.1|     -5.4%|9,723.8|     -2.9%|
|                                        |       |          |       |          |
|% change constant & same-day            |       |     -2.7%|       |     -3.2%|
+----------------------------------------+-------+----------+-------+----------+
|EBITA (€m)                              |  175.9|     -7.7%|  497.1|    -11.4%|
+----------------------------------------+-------+----------+-------+----------+
|EBITA margin (as a % sales)             |   5.4%|    -10bps|   5.1%|    -50bps|
+----------------------------------------+-------+----------+-------+----------+
|Operating income (€m)                   |  160.0|     -7.0%|  386.6|    -19.8%|
+----------------------------------------+-------+----------+-------+----------+
|Net income (€m)                         |   77.1|     -9.6%|  150.9|    -36.2%|
+----------------------------------------+-------+----------+-------+----------+
|Recurring net income (€m)               |   87.9|     -8.9%|  256.0|    -10.7%|
+----------------------------------------+-------+----------+-------+----------+
|Free cash flow before interest and tax  |   73.5|    -29.2%|  188.1|    -17.7%|
|paid (€m)                               |       |          |       |          |
+----------------------------------------+-------+----------+-------+----------+
|Net debt end of period (€m)             |       |          |2,643.9|     -4.7%|
+----------------------------------------+-------+----------+-------+----------+
|On a constant and adjusted basis(1)     |       |          |       |          |
+----------------------------------------+-------+----------+-------+----------+
|Gross profit (€m)                       |  787.0|     -1.9%|2,390.2|     -3.6%|
+----------------------------------------+-------+----------+-------+----------+
|Gross margin (as a % sales)             |  24.2%|    -10bps|  24.6%|    stable|
+----------------------------------------+-------+----------+-------+----------+
|EBITA (€m)                              |  178.7|     -4.0%|  510.6|     -8.3%|
+----------------------------------------+-------+----------+-------+----------+
|EBITA margin (as a % sales )            |   5.5%|    -10bps|   5.3%|    -20bps|
+----------------------------------------+-------+----------+-------+----------+

(1  )Constant and adjusted  = at comparable  scope of consolidation and exchange
rates,  excluding the  non-recurring effect  related to  changes in copper-based
cable prices and before amortization of the intangible assets recognized as part
of  the allocation of the purchase price of acquisition; an extract of financial
statements is presented in Appendix.


Rudy PROVOOST, Chairman of the Management Board and CEO, said:
"Our  performance in  Q3 remained  very resilient,  despite a persistently tough
environment  in both Europe and  the Pacific region. Continued  growth in the US
and  emerging markets supported a sequential improvement in sales trends quarter
after  quarter.  Thanks  to  our  solid  operational efficiency and ongoing cost
discipline,  we  succeeded  in  containing  the  impact  of  lower  sales on our
profitability and generated a robust operating margin.
As  market conditions  continue to  be challenging,  our focus remains on strict
cost  control and cash generation. Moreover,  we are confident that the inherent
strength  of Rexel's  business model  and the  positive impact  of our Energy in
Motion  company plan provide a solid platform for future value creation when the
market recovers."



            Financial review for the period ended September 30, 2013
Unless otherwise stated, all comments are on a constant and adjusted basis and,
                   for sales, at same number of working days

Sales  of  €3,255m  in  Q3,  down  5.4% on  a reported basis, impacted by strong
negative currency effect
Further sequential improvement in organic sales trends: -2.7%, after -3.7% in Q1
and -3.3% in Q2

In  the third quarter, Rexel recorded sales  of €3,255.1 million, down 5.4% on a
reported  basis and  down 2.7% on  a constant  and same-day basis. Excluding the
negative  impact due to the change in copper-based cable prices, sales were down
2.0% on a constant and same-day basis.
The 5.4% drop in sales on a reported basis included:
·   A negative currency effect of €166.3 million (mainly due to the depreciation
of the US, Canadian and Australian dollars and British pound against the euro),
·   A positive  effect of  €31.4 million  from last  year's acquisitions (mainly
Munro in the US),
·  A positive calendar effect of 1.1 percentage points.

The 2.7% drop in sales on a constant and same-day basis reflected:
  * Persistent challenging market conditions in Europe (-4.9%, after -5.5% in Q1
    and -5.2% in Q2) and in the Pacific region (-10.8%, after -12.3% in Q1 and
    -14.3% in Q2),
  * Continued growth in the US (+1.5%), China (+15.2%) and Brazil (+2.4%).

In  the nine months,  Rexel recorded sales  of €9,723.8 million,  down 2.9% on a
reported  basis and  down 3.2% on  a constant  and same-day basis. Excluding the
negative  impact due to the change in copper-based cable prices, sales were down
2.5% on a constant and same-day basis.
The 2.9% drop in sales on a reported basis included:
  * A negative currency effect of €229.4 million (mainly due to the depreciation
    of the US, Canadian, and Australian dollars and British pound against the
    euro),
  * A positive effect of €311.8 million from last year's acquisitions (mainly
    Platt and Munro in the US),
  * A negative calendar effect of 0.4 percentage points.



Europe (54% of Group sales): -4.9% in Q3 and -5.2% in 9m on a constant and same-
day basis

In  the third quarter, sales in Europe decreased by 5.1% on a reported basis and
by 4.9% on a constant and same-day basis.
Excluding  photovoltaic sales, constant and same-day sales decreased by 4.6%, an
improvement over the 5.2% drop posted in the previous quarter.
   ·  In France, sales remained resilient, with a drop of 3.8%, and continued to
outperform  the market, thanks  to large projects  that mitigated the decline in
residential and industrial end-markets.
   · In the UK, sales continued to reflect weak market conditions with a drop of
7.5%. Excluding  photovoltaic sales and branch restructuring, constant and same-
day sales decreased by 5.7%.
   · In Scandinavia, sales continued to improve sequentially: -2.9%, after -7.0%
in  Q1 and -5.4%  in Q2. This  improvement was driven  by a return  to growth in
Sweden  (+4.1%, after -4.0% in Q1 and  -3.6% in Q2) and a sequential improvement
in  Finland (-13.8%, after -18.9% in  Q1 and -22.8% in  Q2), while Norway proved
resilient (-3.4%).
   ·  In Germany, sales were down  7.6%. Excluding photovoltaic, sales were down
7.0% continuing  to reflect low activity in the construction and industrial end-
markets.
   ·          In Belgium, sales improved sequentially: -4.3%, after -22.5% in Q1
and  -15.3% in Q2.  This was also  the case excluding  photovoltaic sales, which
strongly  impacted Q1 and Q2: constant and same-day sales excluding photovoltaic
were almost flat (-0.4%), after -10.2% in Q1 and -8.7% in Q2.
   ·  In the Netherlands, sales  posted a 13.0% decline (after  -14.8% in Q1 and
-12.2%  in  Q2),  remaining  weak  as  the  business  continues  to  adapt  to a
persistently difficult market.
   ·  Switzerland (-2.6%) and Austria  (-2.8%) faced challenging comparables but
remained resilient.
   ·  Southern  European  countries  continued  to  be  impacted by tough macro-
economic  conditions.  Italy  and  Portugal  posted  drops  of  9.6% and  12.3%
respectively.  Spain was more  resilient with a  limited drop of 1.5%, helped by
export business.


North  America (35% of Group  sales): +0.1% in Q3 and  +0.9% in 9m on a constant
and same-day basis

In the third quarter, sales in North America were down 4.0% on a reported basis,
including  a negative effect of  €78.8 million from exchange  rates (USD and CAD
against  the euro)  and a  positive effect  of €27.2  million resulting from the
consolidation of Munro in the US as of December 2012.
On a constant and same-day basis, sales grew 0.1%:
  * In the US, sales continued to grow, increasing by 1.5% in the quarter,
    confirming the recovery in the residential end-market and improved trends in
    industry. Excluding the impact of a drop in wind activity due to a change in
    tax incentives, sales were up 1.9% in the quarter.
  * In Canada, sales were down 3.4% in the quarter (after -5.2% in the previous
    quarter, which faced challenging comparables). They continued to be impacted
    by low sales to the mining industry (sales were down only 1.9% excluding
    sales to the mining industry).

Asia-Pacific  (9% of Group sales): -1.8% in Q3 and -6.6% in 9m on a constant and
same-day basis

In the third quarter, sales in Asia-Pacific were down 11.6% on a reported basis,
including  a negative  effect of  €42.9 million  from currencies  (primarily the
Australian  dollar against  the euro)  and a  positive effect  of €2.7m from the
acquisition of LuxLight in Singapore.
On a constant and same-day basis, sales were down 1.8%, a significant sequential
improvement over the        -10.2% in Q1 and the -7.8% in Q2:
   ·  In China (c.  30% of the region's  sales), sales improved sequentially and
were  up 15.2%, driven by strong activity  in the industrial automation segment.
Growth was even stronger (+16.8%) excluding sales to the wind industry, impacted
by change in export duties.
   ·  In South-East Asia (c. 5% of the  region's sales), sales continued to show
strong dynamism with a 9.5% growth.
   ·  In Australia (c. 55% of the  region's sales), sales were down 12.8%, still
impacted  by tough macroeconomic  conditions and by  the implementation of a new
carbon  tax since July  2012, which severely hit  mining and projects. Excluding
the impact of 17 branch closures, sales were down 8.7% (after -11.5% in Q2).
    · In New Zealand (c. 10% of the region's sales), sales were broadly stable
(-0.5%, after -6.2% in Q1 and -7.5% in Q2).

Latin America (2% of Group sales): +4.8% in Q3 and -1.7% in 9m on a constant and
same-day basis

In the third quarter, sales in Latin America were down 6.9% on a reported basis,
including  a positive effect of €1.5 million resulting from the consolidation of
Dirome  in Peru and a negative currency effect of €11.5m (mainly attributable to
the depreciation of the Brazilian real and Chilean peso against the euro).
On a constant and same-day basis, sales increased by 4.8%, reflecting contrasted
performances:
  * In Brazil (c. 60% of the region's sales), sales continued to grow and posted
    a 2.4% increase in the quarter.
  * In Chile (c. 30% of the region's sales), sales returned to growth and were
    up 5.4% in the quarter. This compares to declines of 20.3% and 25.0%
    respectively in Q1 and Q2, which were strongly impacted by the slowdown in
    sales to the mining industry and challenging comparables.
  * In Peru (c. 10% of the region's sales), sales increased by 19.7%.


Resilient profitability in Q3, confirming solid operational efficiency and
strict cost control

In the third quarter, the adjusted EBITA margin stood at 5.5%. This represents a
limited drop of 10bps year-on-year (adjusted EBITA margin was 5.6% in Q3 2012),
while  sales were down by 1.6% on a  constant and actual-day basis. Restated for
the positive calendar impact of 1.1 percentage point in the quarter, the drop in
adjusted EBITA margin was 20bps, while sales were down by 2.7% on a constant and
same-day basis. This resilient profitability confirmed Rexel's solid operational
efficiency and continued strict cost control.

The 10 basis point drop year-on-year reflected:
  * A 10 basis point drop in gross margin to 24.2% in Q3, mainly impacted by the
    geographic mix,
  * Broadly stable distribution and administrative expenses(including
    depreciation) as a percentage of sales at 18.7%. Excluding depreciation,
    these expenses were reduced by 1.6%, fully in line with the drop in sales on
    a constant and actual-day basis.


In  the nine months, the  adjusted EBITA margin decreased  by 20 basis points to
5.3% (compared  to 5.5% in  the nine  months of  2012). The calendar  impact was
limited  (-0.4 percentage point) as the strong negative impact in Q1 was largely
offset by a positive impact in Q2 and Q3.

This 20 basis point drop reflected:
  * Stable gross margin at 24.6%,
  * A 20 basis point increase in distribution and administrative
    expenses(including depreciation) as a percentage of sales to 19.3%.
    Excluding depreciation, these expenses were reduced by 2.5%, compared to a
    3.6% drop in sales on a constant and actual-day basis.

Reported  EBITA stood at €497.2 million in the nine months, a decrease of 11.4%
year-on-year.


Reported  net  income  impacted  by  one-off  financial  expense in Q1, goodwill
impairment in Q2 and expected rise in tax rate
Recurring net income of €256.0m, down 10.7% year-on-year

Operating income stood at €386.6 million in the nine months, down 19.8% year-on-
year.

  * Amortization of intangibles resulting from purchase price allocation
    amounted to €15.8 million (vs. €9.3 million in 9m 2012).
  * Other income and expenses amounted to a net charge of €94.8 million (vs. a
    net charge of €69.7 million in 9m 2012). They included €44.0 million of
    restructuring costs (vs. €28.2 million in 9m 2012), of which €14.3 million
    in the third quarter (vs. €8.0 million in Q3 2012).They also included a
    €44.0 million goodwill impairment charge that was already accounted for at
    June 30.

Net financial expenses amounted to €163.5 million in the nine months (vs. €149.0
million  in  9m 2012). They  included  the  one-off  financial  expense of €23.5
million  due to the refinancing operations that took place in the first quarter.
The  average effective  interest rate  in the  nine months was 6.3% (vs. 7.2% in
9m 2012).

Income  tax represented a  charge of €72.5  million. The effective  tax rate was
32.5% (vs. 29.5% in 9m 2012).

As  a result of the drop in  operating income, increased restructuring costs and
goodwill  depreciation,  the  one-off  financial  expense due to the refinancing
operations  in Q1 and the higher tax rate, net income was down 36.2% in the nine
months, at €150.9 million (vs. €236.4 million in 9m 2012).

Recurring  net income amounted to €256.0  millionin the nine months, down 10.7%
year-on-year, reflecting the drop in EBITA (see appendix 2).



Solid generation of free cash-flow before interest and tax

In  the nine  months, free  cash flow  before interest  and taxwas  an inflow of
€188.1  million (vs.  an inflow  of €228.6  million in 9m 2012). This net inflow
included:

  * Gross capital expenditure of €67.8 million (vs. €53.8 million in 9m 2012),
  * An outflow of €258.9 million from change in working capital, impacted by
    acquisitions and the temporary impact on inventories from the implementation
    of certain logistics projects (new distribution centers in Germany, Sweden
    and Brazil).

At  September 30, 2013, net debt stood at  €2,643.9 million, broadly stable over
the quarter (€2,628.9 million at June 30, 2013).

It took into account:
  * €128.9 million of net interest paid in the period,
  * €80.7 million of income tax paid in the period,
  * €63.2 million of favorable currency effect in the period,
  * €53.1 million of dividend paid in cash in the third quarter.



                                    Outlook

Amid  persistently challenging market conditions, the 2013 full-year targets, as
updated on July 26, are confirmed:

  * Organic sales 2% to 3% below last year's level,
  * Adjusted EBITA margin of between 5.5% and 5.6%,
  * Free cash-flow above €600 million before interest and tax, corresponding to
    around €300 million after interest and tax.



                                    Calendar

November 26, 2013                              Investor Day (Paris)
February 13, 2014                     Fourth-quarter and full-year 2013 results



                             Financial information

The financial report for the period ended September 30, 2013 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 & 9-month 2013 results is also available on the
Group's website.


Rexel, a global leader in the professional distribution of products and services
for  the energy world, addresses three main markets - industrial, commercial and
residential.  The Group supports customers around  the globe, wherever they are,
to  create value and run their businesses  better. With a network of some 2,300
branches  in 37 countries, and  over 31,000 employees, Rexel's  sales were €13.4
billion  in 2012. Its  main shareholders  are an  investor group led by Clayton,
Dubilier & Rice, Eurazeo and BAML Capital Partners.
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, STOXX
Europe Sustainability, EURO STOXX
Sustainability,  Euronext Vigeo  Europe 120 and  ESI Excellence Europe. Finally,
Rexel  is included on the Ethibel EXCELLENCE Investment Registers 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 | Press
+--------------------------------+---------------------------
| Marc MAILLET                   | Pénélope LINAGE
+--------------------------------+---------------------------
| +33 1 42 85 76 12              | +33 1 42 85 76 28
+--------------------------------+---------------------------
| marc.maillet@rexel.com         | penelope.linage@rexel.com
+--------------------------------+---------------------------
| Florence MEILHAC               | Brunswick: Thomas KAMM
+--------------------------------+---------------------------
| +33 1 42 85 57 61              | +33 1 53 96 83 92
+--------------------------------+---------------------------
| florence.meilhac@rexel.com     | tkamm@brunswickgroup.com
|                                |




                                    Glossary
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.
FREE  CASH FLOW is defined  as cash from operating  activities minus net capital
expenditure.
NET FINANCIAL DEBT is defined as financial debt less cash and cash equivalents.

                                   Appendix 1

             Segment reporting - Constant and adjusted basis ((*))

(*)  Constant and adjusted  = at comparable  scope of consolidation and exchange
rates,  excluding the  non-recurring effect  related to  changes in copper-based
cables  price and  before amortization  of purchase  price allocation;  the non-
recurring  effect related  to changes  in copper-based  cables price was, at the
EBITA level:
-  a loss of €0.8 million in Q3 2012 and a loss of €2.7 million in Q3 2013 ;
- a profit of €3.2 million in 9m 2012 and a loss of €13.4 million in 9m 2013.


 GROUP

+----------------------------+-------+-------+------+---------+---------+------+
|      Constant and adjusted |Q3 2012|Q3 2013|Change| 9m 2012 | 9m 2013 |Change|
|      basis (€m)            |       |       |      |         |         |      |
+----------------------------+-------+-------+------+---------+---------+------+
|Sales                       |3,306.4|3,255.1| -1.6%| 10,091.9|  9,723.8| -3.6%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -2.7%|         |         | -3.2%|
+----------------------------+-------+-------+------+---------+---------+------+
|Gross profit                |  802.3|  787.0| -1.9%|  2,479.5|  2,390.2| -3.6%|
|                            |       |       |      |         |         |      |
|      as a % of sales       |  24.3%|  24.2%|-10bps|    24.6%|    24.6%|stable|
+----------------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. expenses|       |       |      |         |         |      |
|(incl. depreciation)        |(616.2)|(608.3)| -1.3%|(1,922.7)|(1,879.6)| -2.2%|
+----------------------------+-------+-------+------+---------+---------+------+
|EBITA                       |  186.1|  178.7| -4.0%|    556.8|    510.6| -8.3%|
|                            |       |       |      |         |         |      |
|      as a % of sales       |   5.6%|   5.5%|-10bps|     5.5%|     5.3%|-20bps|
+----------------------------+-------+-------+------+---------+---------+------+
|Headcount (end of period)   | 30,668| 29,985| -2.2%|   30,668|   29,985| -2.2%|
+----------------------------+-------+-------+------+---------+---------+------+

 EUROPE

+----------------------------+-------+-------+------+---------+---------+------+
|      Constant and adjusted |Q3 2012|Q3 2013|Change| 9m 2012 | 9m 2013 |Change|
|      basis (€m)            |       |       |      |         |         |      |
+----------------------------+-------+-------+------+---------+---------+------+
|Sales                       |1,796.2|1,736.6| -3.3%|  5,539.7|  5,225.6| -5.7%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -4.9%|         |         | -5.2%|
|                            |       |       |      |         |         |      |
|o/w   France                |  576.9|  565.3| -2.0%|  1,846.1|  1,775.6| -3.8%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -3.8%|         |         | -2.8%|
|                            |       |       |      |         |         |      |
|      United Kingdom        |  260.8|  245.1| -6.0%|    767.2|    717.3| -6.5%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -7.5%|         |         | -7.0%|
|                            |       |       |      |         |         |      |
|      Germany               |  225.5|  211.4| -6.2%|    650.5|    602.1| -7.4%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -7.6%|         |         | -6.7%|
|                            |       |       |      |         |         |      |
|      Scandinavia           |  219.8|  217.2| -1.2%|    688.9|    651.6| -5.4%|
|                            |       |       |      |         |         |      |
|      on a constant basis   |       |       |      |         |         |      |
|      and same days         |       |       | -2.9%|         |         | -5.1%|
+----------------------------+-------+-------+------+---------+---------+------+
|Gross profit                |  473.9|  455.7| -3.9%|  1,490.2|  1,408.5| -5.5%|
|                            |       |       |      |         |         |      |
|      as a % of sales       |  26.4%|  26.2%|-15bps|    26.9%|    27.0%|+10bps|
+----------------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. expenses|       |       |      |         |         |      |
|(incl. depreciation)        |(356.7)|(342.8)| -3.9%|(1,115.1)|(1,079.2)| -3.2%|
+----------------------------+-------+-------+------+---------+---------+------+
|EBITA                       |  117.3|  112.8| -3.8%|    375.1|    329.4|-12.2%|
|                            |       |       |      |         |         |      |
|      as a % of sales       |   6.5%|   6.5%|stable|     6.8%|     6.3%|-50bps|
+----------------------------+-------+-------+------+---------+---------+------+
|Headcount (end of period)   | 17,225| 16,795| -2.5%|   17,225|   16,795| -2.5%|
+----------------------------+-------+-------+------+---------+---------+------+



 NORTH AMERICA

+------------------------------+-------+-------+-------+-------+-------+-------+
|      Constant and adjusted   |Q3 2012|Q3 2013|Change |9m 2012|9m 2013|Change |
|      basis (€m)              |       |       |       |       |       |       |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Sales                         |1,129.8|1,134.2|   0.4%|3,343.3|3,358.4|   0.5%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       |  +0.1%|       |       |  +0.9%|
|                              |       |       |       |       |       |       |
|o/w   United States           |  808.2|  818.6|  +1.3%|2,377.4|2,428.6|  +2.2%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       |  +1.5%|       |       |  +2.7%|
|                              |       |       |       |       |       |       |
|      Canada                  |  321.5|  315.6|  -1.8%|  965.9|  929.9|  -3.7%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       |  -3.4%|       |       |  -3.7%|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Gross  profit                 |  247.0|  253.8|  +2.8%|  728.0|  741.8|  +1.9%|
|                              |       |       |       |       |       |       |
|as a % of sales               |  21.9%|  22.4%| +50bps|  21.8%|  22.1%| +30bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Distribution & adm. expenses  |       |       |       |       |       |       |
|(incl. depreciation)          |(185.2)|(190.4)|  +2.8%|(557.9)|(562.1)|  +0.7%|
+------------------------------+-------+-------+-------+-------+-------+-------+
|EBITA                         |   61.8|   63.4|  +2.6%|  170.1|  179.7|  +5.7%|
|                              |       |       |       |       |       |       |
|      as a % of sales         |   5.5%|   5.6%| +10bps|   5.1%|   5.4%| +30bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Headcount (end of period)     |  8,673|  8,644|  -0.3%|  8,673|  8,644|  -0.3%|
+------------------------------+-------+-------+-------+-------+-------+-------+


 ASIA-PACIFIC

+------------------------------+-------+-------+-------+-------+-------+-------+
|      Constant and adjusted   |Q3 2012|Q3 2013|Change |9m 2012|9m 2013|Change |
|      basis (€m)              |       |       |       |       |       |       |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Sales                         |  312.8|  312.0|  -0.2%|  980.3|  914.8|  -6.7%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       |  -1.8%|       |       |  -6.6%|
|                              |       |       |       |       |       |       |
|o/w   China                   |   92.8|  109.1| +17.6%|  264.2|  279.9|  +6.0%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       | +15.2%|       |       |  +5.0%|
|                              |       |       |       |       |       |       |
|      Australia               |  167.2|  147.3| -11.9%|  550.9|  471.1| -14.5%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       | -12.8%|       |       | -14.0%|
|                              |       |       |       |       |       |       |
|      New Zealand             |   31.9|   32.3|  +1.2%|   98.7|   93.9|  -4.8%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |       |       |       |       |
|      same days               |       |       |  -0.5%|       |       |  -4.8%|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Gross profit                  |   65.3|   61.7|  -5.5%|  208.1|  187.2| -10.0%|
|                              |       |       |       |       |       |       |
|      as a % of sales         |  20.9%|  19.8%|-110bps|  21.2%|  20.5%| -70bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Distribution & adm. expenses  |       |       |       |       |       |       |
|(incl. depreciation)          | (49.0)| (48.0)|  -2.0%|(159.6)|(149.4)|  -6.4%|
+------------------------------+-------+-------+-------+-------+-------+-------+
|EBITA                         |   16.3|   13.7| -16.1%|   48.4|   37.7| -22.1%|
|                              |       |       |       |       |       |       |
|      as a % of sales         |   5.2%|   4.4%| -80bps|   4.9%|   4.1%| -80bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Headcount (end of period)     |  2,820|  2,735|  -3.0%|  2,820|  2,735|  -3.0%|
+------------------------------+-------+-------+-------+-------+-------+-------+

 LATIN AMERICA

+------------------------------+-------+-------+-------+-------+-------+-------+
|      Constant and adjusted   |Q3 2012|Q3 2013|Change |9m 2012|9m 2013|Change |
|      basis (€m)              |       |       |       |       |       |       |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Sales                         |   67.6|   72.3|  +7.0%|  228.4|  225.0|  -1.5%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |  +4.8%|       |       |  -1.7%|
|      same days               |       |       |       |       |       |       |
|                              |       |       |       |       |       |       |
|o/w   Brazil                  |   39.1|   41.4|  +5.9%|  127.4|  136.1|  +6.8%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |  +2.4%|       |       |  +5.7%|
|      same days               |       |       |       |       |       |       |
|                              |       |       |       |       |       |       |
|      Chile                   |   23.0|   24.3|  +5.7%|   83.9|   70.6| -15.9%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       |  +5.4%|       |       | -15.0%|
|      same days               |       |       |       |       |       |       |
|                              |       |       |       |       |       |       |
|      Peru                    |    5.4|    6.5| +19.7%|   17.0|   18.3|  +7.5%|
|                              |       |       |       |       |       |       |
|      on a constant basis and |       |       | +19.7%|       |       |  +7.5%|
|      same days               |       |       |       |       |       |       |
+------------------------------+-------+-------+-------+-------+-------+-------+
|Gross profit                  |   15.6|   15.9|  +2.1%|   51.7|   52.7|  +1.9%|
|                              |       |       |       |       |       |       |
|      as a % of sales         |  23.0%|  22.0%|-100bps|  22.6%|  23.4%| +80bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Distribution & adm. expenses  | (14.6)| (15.8)|  +8.2%| (46.2)| (51.2)| +10.8%|
|(incl. depreciation)          |       |       |       |       |       |       |
+------------------------------+-------+-------+-------+-------+-------+-------+
|EBITA                         |    1.0|    0.1| -87.6%|    5.5|    1.5| -73.4%|
|                              |       |       |       |       |       |       |
|      as a % of sales         |   1.5%|   0.1%|-130bps|   2.4%|   0.6%|-180bps|
+------------------------------+-------+-------+-------+-------+-------+-------+
|Headcount (end of period)     |  1,739|  1,583|  -9.0%|  1,739|  1,583|  -9.0%|
+------------------------------+-------+-------+-------+-------+-------+-------+


                                   Appendix 2

                        Extract of Financial Statements


                         Consolidated Income Statement
+----------------------------+-------+-------+------+---------+---------+------+
|     Reported basis (€m)    |Q3 2012|Q3 2013|Change| 9m 2012 | 9m 2013 |Change|
+----------------------------+-------+-------+------+---------+---------+------+
|Sales                       |3,441.3|3,255.1| -5.4%| 10,009.4|  9,723.8| -2.9%|
+----------------------------+-------+-------+------+---------+---------+------+
|Gross profit                |  833.1|  783.9| -5.9%|  2,459.3|  2,376.0| -3.4%|
|                            |       |       |      |         |         |      |
|  as a % of sales           |  24.2%|  24.1%|      |    24.6%|    24.4%|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Distribution & adm. expenses|       |       |      |         |         |      |
|(excl. depreciation)        |(623.3)|(587.9)| -5.7%|(1,843.7)|(1,820.2)| -1.3%|
+----------------------------+-------+-------+------+---------+---------+------+
|EBITDA                      |  209.7|  196.0| -6.5%|    615.6|    555.8| -9.7%|
|                            |       |       |      |         |         |      |
|  as a % of sales           |   6.1%|   6.0%|      |     6.2%|     5.7%|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Depreciation                | (18.9)| (20.0)|      |   (54.4)|   (58.6)|      |
+----------------------------+-------+-------+------+---------+---------+------+
|EBITA                       |  190.8|  175.9| -7.8%|    561.2|    497.1|-11.4%|
|                            |       |       |      |         |         |      |
|  as a % of sales           |   5.5%|   5.4%|      |     5.6%|     5.1%|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Amortization of purchase    |       |       |      |         |         |      |
|price allocation            |  (4.1)|  (3.8)|      |    (9.3)|   (15.8)|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Operating income bef. other |       |       |      |         |         |      |
|inc. and exp.               |  186.6|  172.1| -7.8%|    551.9|    481.3|-12.8%|
|                            |       |       |      |         |         |      |
|  as a % of sales           |   5.4%|   5.3%|      |     5.5%|     4.9%|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Other income and expenses   | (14.6)| (12.2)|      |   (69.7)|   (94.8)|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Operating income            |  172.0|  160.0| -7.0%|    482.2|    386.6|-19.8%|
+----------------------------+-------+-------+------+---------+---------+------+
|Financial expenses (net)    | (52.0)| (46.3)|      |  (149.0)|  (163.5)|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Share of profit (loss) in   |       |       |      |         |         |      |
|associates                  |    1.3|    0.3|      |      1.5|      0.4|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Net income (loss) before    |       |       |      |         |         |      |
|income tax                  |  121.3|  114.0| -6.0%|    334.7|    223.4|-33.3%|
+----------------------------+-------+-------+------+---------+---------+------+
|Income tax                  | (36.0)| (37.0)|      |   (98.3)|   (72.5)|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Net income (loss)           |   85.3|   77.1| -9.6%|    236.4|    150.9|-36.2%|
+----------------------------+-------+-------+------+---------+---------+------+
|Net income (loss) attr. to  |       |       |      |         |         |      |
|non-controlling interests   |    0.6|    0.3|      |      0.7|      0.4|      |
+----------------------------+-------+-------+------+---------+---------+------+
|Net income (loss) attr. to  |       |       |      |         |         |      |
|equity holders of the parent|   84.7|   76.8| -9.3%|    235.7|    150.6|-36.1%|
+----------------------------+-------+-------+------+---------+---------+------+



     Bridge between Operating incomebefore other income and other expenses
                               and Adjusted EBITA
+----------------------------------------------+-------+-------+-------+-------+
|in €m                                         |Q3 2012|Q3 2013|9m 2012|9m 2013|
+----------------------------------------------+-------+-------+-------+-------+
|Operating income before other income and other|       |       |       |       |
|expenses                                      |  186.6|  172.1|  551.9|  481.3|
+----------------------------------------------+-------+-------+-------+-------+
|Change in scope effects                       |    3.0|       |   10.7|       |
|                                              |       |       |       |       |
|Foreign exchange effects                      |   -8.5|       |  -11.9|       |
|                                              |       |       |       |       |
|Non-recurring effect related to copper        |    0.9|    2.7|   -3.1|   13.4|
|                                              |       |       |       |       |
|Amortization of PPA                           |    4.1|    3.8|    9.3|   15.8|
+----------------------------------------------+-------+-------+-------+-------+
|Adjusted EBITA on a constant basis            |  186.1|  178.7|  556.8|  510.6|
+----------------------------------------------+-------+-------+-------+-------+



                              Recurring Net Income
+---------------------------+-------+-------+------+-------+-------+------+
|       In millions of euros|Q3 2012|Q3 2013|Change|9m 2012|9m 2013|Change|
+---------------------------+-------+-------+------+-------+-------+------+
|Reported net income        |   85.3|   77.1| -9.6%|  236.4|  150.9|-36.2%|
|                           |       |       |      |       |       |      |
|Non-recurring copper effect|    0.9|    2.7|      |   -3.1|   13.4|      |
|                           |       |       |      |       |       |      |
|Other expense & income     |   14.6|   12.2|      |   69.7|   94.8|      |
|                           |       |       |      |       |       |      |
|Financial expense          |    0.0|    0.2|      |   -7.4|   21.3|      |
|                           |       |       |      |       |       |      |
|Tax expense                |   -4.3|   -4.3|      |   -8.9|  -24.5|      |
|                           |       |       |      |       |       |      |
|Recurring net income       |   96.4|   87.9| -8.8%|  286.7|  256.0|-10.7%|
+---------------------------+-------+-------+------+-------+-------+------+



                       Sales and profitability by segment
+---------------------+-------+-------+------+--------+-------+------+
|  Reported basis (€m)|Q3 2012|Q3 2013|Change|9m 2012 |9m 2013|Change|
+---------------------+-------+-------+------+--------+-------+------+
|Sales                |3,441.3|3,255.1| -5.4%|10,009.4|9,723.8| -2.9%|
|                     |       |       |      |        |       |      |
|  Europe             |1,829.3|1,736.6| -5.1%| 5,525.6|5,225.6| -5.4%|
|                     |       |       |      |        |       |      |
|  North America      |1,181.3|1,134.2| -4.0%| 3,224.4|3,358.4| +4.2%|
|                     |       |       |      |        |       |      |
|  Asia-Pacific       |  352.9|  312.0|-11.6%| 1,026.0|  914.8|-10.8%|
|                     |       |       |      |        |       |      |
|  Latin America      |   77.6|   72.3| -6.9%|   233.2|  225.0| -3.5%|
+---------------------+-------+-------+------+--------+-------+------+
|Gross profit         |  833.1|  783.9| -5.9%| 2,459.3|2,376.0| -3.4%|
|                     |       |       |      |        |       |      |
|  Europe             |  482.7|  454.2| -5.9%| 1,494.2|1,398.4| -6.4%|
|                     |       |       |      |        |       |      |
|  North America      |  257.9|  252.3| -2.2%|   692.2|  738.2| +6.6%|
|                     |       |       |      |        |       |      |
|  Asia-Pacific       |   73.8|   61.7|-16.5%|   217.6|  187.2|-14.0%|
|                     |       |       |      |        |       |      |
|  Latin America      |   18.0|   15.8|-12.3%|    53.7|   52.3| -2.6%|
+---------------------+-------+-------+------+--------+-------+------+
|EBITA                |  190.8|  175.9| -7.8%|   561.2|  497.1|-11.4%|
|                     |       |       |      |        |       |      |
|  Europe             |  119.1|  111.6| -6.3%|   387.2|  319.5|-17.5%|
|                     |       |       |      |        |       |      |
|  North America      |   63.4|   62.1| -2.1%|   161.5|  176.5| +9.3%|
|                     |       |       |      |        |       |      |
|  Asia-Pacific       |   17.4|   13.6|-21.7%|    49.5|   37.7|-23.8%|
|                     |       |       |      |        |       |      |
|  Latin America      |    1.1|    0.0|-97.7%|     5.4|    1.1|-79.5%|
+---------------------+-------+-------+------+--------+-------+------+



                       Impact on sales from acquisitions

+--------------+-----------+--------+-------+-------+-------+------+-----+-----+
| Acquisitions |  Country  | Conso. |Q1 2013|Q2 2013|H1 2013|  Q3  | Q4  | FY  |
|              |           |        |       |       |       | 2013 |2013 |2013 |
|              |           |        |       |       |       |      |     |     |
|              |           |as from |       |       |       |      |est. |est. |
+--------------+-----------+--------+-------+-------+-------+------+-----+-----+
|Europe        |France, UK,| misc.  |   49.9|    9.6|   59.5|   0.0|    -|c. 60|
|              |  Spain,   |        |       |       |       |      |     |     |
|              |  Belgium  |        |       |       |       |      |     |     |
|              |           |        |       |       |       |      |     |     |
|North America |    USA    | misc.  |   97.3|  105.7|  203.0|  27.2|c. 22|   c.|
|              |           |        |       |       |       |      |     |  250|
|              |           |        |       |       |       |      |     |     |
|Asia-Pacific  | Singapore |01/01/13|    2.8|    2.8|    5.7|   2.7| c. 3|c. 12|
|              |           |        |       |       |       |      |     |     |
|Latin America |  Brazil,  | misc.  |   10.3|    1.9|   12.2|   1.5|    -|c. 14|
|              |   Peru    |        |       |       |       |      |     |     |
+--------------+-----------+--------+-------+-------+-------+------+-----+-----+
|Total         |           |        |  160.3|  120.1|  280.4|  31.4|c. 25|   c.|
|acquisitions  |           |        |       |       |       |      |     |  340|
+--------------+-----------+--------+-------+-------+-------+------+-----+-----+



                           Consolidated Balance Sheet

+-----------------------------------------+-----------------+------------------+
|Assets (€m)                              |December 31, 2012|September 30, 2013|
+-----------------------------------------+-----------------+------------------+
|Goodwill                                 |          4,369.2|           4,195.0|
|                                         |                 |                  |
|Intangible assets                        |          1,035.8|           1,045.2|
|                                         |                 |                  |
|Property, plant & equipment              |            282.7|             278.4|
|                                         |                 |                  |
|Long-term investments((1))               |             79.5|              31.7|
|                                         |                 |                  |
|Investments in associates                |             10.8|              11.0|
|                                         |                 |                  |
|Deferred tax assets                      |            171.9|             137.5|
+-----------------------------------------+-----------------+------------------+
|Total non-current assets                 |          5,949.9|           5,698.9|
+-----------------------------------------+-----------------+------------------+
|Inventories                              |          1,426.7|           1,427.3|
|                                         |                 |                  |
|Trade receivables                        |          2,123.9|           2,240.4|
|                                         |                 |                  |
|Other receivables                        |            502.5|             465.3|
|                                         |                 |                  |
|Assets classified as held for sale       |             21.2|               3.3|
|                                         |                 |                  |
|Cash and cash equivalents                |            291.9|             481.7|
+-----------------------------------------+-----------------+------------------+
|Total current assets                     |          4,366.2|           4,617.9|
+-----------------------------------------+-----------------+------------------+
|Total assets                             |         10,316.1|          10,316.8|
+-----------------------------------------+-----------------+------------------+
+-----------------------------------------+-----------------+------------------+
|Liabilities (€m)                         |December 31, 2012|September 30, 2013|
+-----------------------------------------+-----------------+------------------+
|Total equity                             |          4,117.6|           4,187.9|
+-----------------------------------------+-----------------+------------------+
|Long-term debt                           |          2,303.2|           2,585.9|
|                                         |                 |                  |
|Deferred tax liabilities                 |            152.3|             130.7|
|                                         |                 |                  |
|Other non-current liabilities            |            474.6|             379.8|
+-----------------------------------------+-----------------+------------------+
|Total non-current liabilities            |          2,930.1|           3,096.5|
+-----------------------------------------+-----------------+------------------+
|Interest bearing debt & accrued interests|            627.6|             520.9|
|                                         |                 |                  |
|Trade payables                           |          1,937.2|           1,898.6|
|                                         |                 |                  |
|Other payables                           |            703.7|             612.9|
|                                         |                 |                  |
|Liabilities classified as held for sale  |                -|                 -|
+-----------------------------------------+-----------------+------------------+
|Total current liabilities                |          3,268.5|           3,032.4|
+-----------------------------------------+-----------------+------------------+
|Total liabilities                        |          6,198.6|           6,128.9|
+-----------------------------------------+-----------------+------------------+
|Total equity & liabilities               |         10,316.1|          10,316.8|
+-----------------------------------------+-----------------+------------------+

(1) Includes Debt hedge derivatives for €(39.8) million at December 31, 2012 and
for €18.9 million at Sept 30, 2013



                               Change in Net Debt
+---------------------------------------+-------+-------+-------+-------+
|€m                                     |Q3 2012|Q3 2013|9m 2012|9m 2013|
+---------------------------------------+-------+-------+-------+-------+
|EBITDA                                 |  209.7|  196.0|  615.6|  555.8|
+---------------------------------------+-------+-------+-------+-------+
|Other operating revenues & costs((1))  | (19.5)| (18.0)| (64.8)| (60.5)|
+---------------------------------------+-------+-------+-------+-------+
|Operating cash flow                    |  190.2|  178.0|  550.8|  495.3|
+---------------------------------------+-------+-------+-------+-------+
|Change in working capital              | (69.0)| (81.1)|(268.0)|(258.9)|
|                                       |       |       |       |       |
|Net capital expenditure, of which:     | (17.4)| (23.4)| (54.2)| (48.3)|
|                                       |       |       |       |       |
|              Gross capital expenditure| (20.2)| (23.9)| (53.8)| (67.8)|
|                                       |       |       |       |       |
|       Disposal of fixed assets & other|    2.8|    0.5|  (0.4)|   19.5|
+---------------------------------------+-------+-------+-------+-------+
|Free cash flow before interest and tax |  103.8|   73.5|  228.6|  188.1|
+---------------------------------------+-------+-------+-------+-------+
|Net interest paid / received((2) )     | (44.7)| (40.3)|(126.1)|(128.9)|
|                                       |       |       |       |       |
|Income tax paid                        | (27.1)| (22.9)| (94.9)| (80.7)|
+---------------------------------------+-------+-------+-------+-------+
|Free cash flow after interest and tax  |   32.0|   10.3|    7.6| (21.5)|
+---------------------------------------+-------+-------+-------+-------+
|Net financial investment               |(353.1)|  (2.3)|(491.6)|  (4.4)|
|                                       |       |       |       |       |
|Dividends paid                         |    0.0| (53.0)|(143.0)| (53.1)|
|                                       |       |       |       |       |
|Net change in equity                   |  (0.2)|    0.0|    0.0|    0.0|
|                                       |       |       |       |       |
|Other                                  | (13.4)|  (0.5)| (48.1)| (28.9)|
|                                       |       |       |       |       |
|Currency exchange variation            |   19.9|   30.6| (19.9)|   63.2|
+---------------------------------------+-------+-------+-------+-------+
|Decrease (increase) in net debt        |(314.8)| (15.0)|(695.0)| (44.7)|
+---------------------------------------+-------+-------+-------+-------+
|Net debt at the beginning of the period|2,458.4|2,628.9|2,078.2|2,599.2|
+---------------------------------------+-------+-------+-------+-------+
|Net debt at the end of the period      |2,773.2|2,643.9|2,773.2|2,643.9|
+---------------------------------------+-------+-------+-------+-------+

(1) Includes restructuring outflows of  €10.6 million in Q3 2012 and €12.9
million in Q3 2013 and
of  €29.5 million in 9m 2012 and €45.8 million in 9m 2013
(2) Excluding settlement of fair value hedge derivatives



                                   Appendix 3

                            Working Capital Analysis

+-----------------------------------+--------------------+--------------------+
| Constant basis                    | September 30, 2012 | September 30, 2013 |
+-----------------------------------+--------------------+--------------------+
| Net inventories                   |                    |                    |
|                                   |                    |                    |
| as a % of sales 12 rolling months |              10.6% |              11.1% |
|                                   |                    |                    |
|               as a number of days |               49.8 |               50.7 |
+-----------------------------------+--------------------+--------------------+
| Net trade receivables             |                    |                    |
|                                   |                    |                    |
| as a % of sales 12 rolling months |              17.1% |              17.8% |
|                                   |                    |                    |
|                                 0 |               56.5 |               57.6 |
+-----------------------------------+--------------------+--------------------+
| Net trade payables                |                    |                    |
|                                   |                    |                    |
| as a % of sales 12 rolling months |              13.7% |              14.6% |
|                                   |                    |                    |
|               as a number of days |               56.7 |               57.8 |
+-----------------------------------+--------------------+--------------------+
| Trade working capital             |                    |                    |
|                                   |                    |                    |
| as a % of sales 12 rolling months |              14.0% |              14.3% |
+-----------------------------------+--------------------+--------------------+
| Total working capital             |                    |                    |
|                                   |                    |                    |
| as a % of sales 12 rolling months |              12.8% |              13.5% |
+-----------------------------------+--------------------+--------------------+



                                   Appendix 4

                      Headcount and branches by geography


+---------------------+----------+----------+----------+-------------------+
|FTEs at end of period|          |          |          |                   |
|                     |30/09/2012|31/12/2012|30/09/2013|Year-on-Year Change|
|     comparable      |          |          |          |                   |
+---------------------+----------+----------+----------+-------------------+
|Europe               |    17,225|    17,052|    16,795|              -2.5%|
+---------------------+----------+----------+----------+-------------------+
|USA                  |     6,258|     6,241|     6,277|               0.3%|
+---------------------+----------+----------+----------+-------------------+
|Canada               |     2,414|     2,406|     2,367|              -1.9%|
+---------------------+----------+----------+----------+-------------------+
|North America        |     8,673|     8,647|     8,644|              -0.3%|
+---------------------+----------+----------+----------+-------------------+
|Asia-Pacific         |     2,820|     2,747|     2,735|              -3.0%|
+---------------------+----------+----------+----------+-------------------+
|Latin America        |     1,739|     1,775|     1,583|              -9.0%|
+---------------------+----------+----------+----------+-------------------+
|Other                |       211|       212|       227|               7.6%|
+---------------------+----------+----------+----------+-------------------+
|Group                |    30,668|    30,433|    29,985|              -2.2%|
+---------------------+----------+----------+----------+-------------------+
+---------------------+----------+----------+----------+-------------------+
|      Branches       |          |          |          |                   |
|                     |30/09/2012|31/12/2012|30/09/2013|Year-on-Year Change|
|     comparable      |          |          |          |                   |
+---------------------+----------+----------+----------+-------------------+
|Europe               |     1,377|     1,359|     1,317|              -4.4%|
+---------------------+----------+----------+----------+-------------------+
|USA                  |       395|       401|       398|               0.8%|
+---------------------+----------+----------+----------+-------------------+
|Canada               |       218|       218|       217|              -0.5%|
+---------------------+----------+----------+----------+-------------------+
|North America        |       613|       619|       615|               0.3%|
+---------------------+----------+----------+----------+-------------------+
|Asia-Pacific         |       278|       263|       264|              -5.0%|
+---------------------+----------+----------+----------+-------------------+
|Latin America        |        89|        96|        95|               6.7%|
+---------------------+----------+----------+----------+-------------------+
|Group                |     2,357|     2,337|     2,291|              -2.8%|
+---------------------+----------+----------+----------+-------------------+



                                   DISCLAIMER

The  Group is exposed  to fluctuations in  copper prices in  connection with its
distribution  of cable products.  Cables accounted for  approximately 15% 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:
-  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;
-  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  (principally, the
variable  portion  of  compensation  of  sales  personnel,  which  accounts  for
approximately 10% of the variation in gross profit).

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  press  release  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 March
13, 2013 under   number  D.13-0130. 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 press release 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  press  release  includes  only  summary  information  and  must be read in
conjunction  with Rexel's  Document de  Référence registered  with the AMF March
13, 2013 under   number   D.13-0130, as   well  as  the  consolidated  financial
statements  and activity report for the  2012 fiscal year, which may be obtained
from Rexel's website (www.rexel.com).

Third-Quarter & 9-Month 2013 results: http://hugin.info/143564/R/1739360/583728.pdf
[HUG#1739360]
(Source: PrimeZone )
(Source: Quotemedia)

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