REXEL : FULL-YEAR 2013 ANNUAL RESULTS

REXEL : FULL-YEAR 2013 ANNUAL RESULTS

              RESILIENT PERFORMANCE IN A CHALLENGING ENVIRONMENT

                          SOLID CASH FLOW GENERATION

                          SIGNIFICANT DEBT REDUCTION

                 STABLE PROPOSED DIVIDEND AT €0.75 PER SHARE

PARIS, Feb. 13, 2014 (GLOBE NEWSWIRE) --

RESILIENT PERFORMANCE IN A CHALLENGING ENVIRONMENT

  oSales of €13.012bn, down 3.3% on a reported basis and down 2.7% on a
    constant and same-day basis ; sales sequentially improved in Q4 (-0.9% on
    a constant and same-day basis after -2.7% in Q3)
  oAdj. EBITA^1 margin of 5.4%, down 26bps year-on-year, in line with the
    Group's operating efficiency ratio

SOLID CASH FLOW GENERATION AND SIGNIFICANT DEBT REDUCTION

  oFree cash flow of €601m before interest and tax and €337m after interest
    and tax, in line with the Group's EBITDA conversion rate
  oNet debt reduced by €407m or 16% year-on-year; improved indebtedness ratio
    at 2.72x EBITDA

FULL-YEAR 2014 OUTLOOK

  oSales in a range of around 1% below to around 2% above 2013 sales, on a
    constant and same-day basis
  oAdjusted EBITA margin in a range of around 10bps below to around 20bps
    above the 2013 margin, consistent with targeted annual operating
    efficiency ratio of around 10bp change in adjusted EBITA margin for each
    percentage point change in sales
  oSolid free cash-flow, consistent with targeted conversion rate of at least
    75% of EBITDA, before interest and tax, and of around 40% of EBITDA, after
    interest and tax

Full-year 2013 key figures^1                     YoY change
Sales                                  €13,011.6m 
On a reported basis                              -3.3%
On a constant and actual-day basis               -3.0%
On a constant and same-day basis                 -2.7%
Adjusted EBITA                         €702.2m    -7.6%
As a percentage of sales               5.4%       
Change in bps as a % of sales          -26bps     
Reported EBITA                         €686.9m    -10.5%
Operating income                       €521.0m    -19.5%
Net income                                       
Net income                             €211.0m    -33.8%
Recurring net income                   €328.1m    -15.1%
Free cash flow before interest and tax €600.6m    -4.3%
Net debt at year-end                   €2,192.0m  -15.7%

1 See definition in the Glossary section on page 8

Rudy PROVOOST, Chairman of the Management Board and CEO, said:

"Rexel's 2013 performance once  again confirmed the  strength of its  business 
model in a  persistently challenging  environment, as well  as its  structural 
ability to generate solid cash flow throughout the cycle. Despite a 3% decline
in organic sales, we delivered resilient profitability, driven by gross margin
discipline and strict cost control.

In line with our policy of paying out at least 40% of recurring net income, we
will propose to our shareholders to maintain the 2014 dividend at last  year's 
level of €0.75 per share.

With respect to 2014, the  evolution of our sales  and margin will be  closely 
tied to  the  speed  and magnitude  of  the  recovery in  Europe  and  the  US 
non-residential end-market.  In this  context, we  will continue  to focus  on 
further developing our high-growth initiatives, enhancing cash generation  and 
increasing operating efficiency through margin discipline and cost control.

Given Rexel's strong positions across the globe, its robust business model and
engaged teams,  we  remain committed  to  our medium-term  ambitions  and  are 
confident we will drive sustained value creation for all stakeholders."

           FINANCIAL REVIEW FOR THE PERIOD ENDED DECEMBER 31, 2013

  oFinancial statements as of December 31, 2013 were authorized for issue by
    the Management Board on February 6, 2014 and reviewed by the Supervisory
    Board meeting held on February 12, 2014. They have been audited by
    statutory auditors.
  oThe following terms: EBITA, Adjusted EBITA, EBITDA, Free Cash Flow and Net
    Debt are defined in the Glossary section of this document.
  oUnless otherwise stated, all comments are on a constant and adjusted basis
    and, for sales, at same number of working days.


Sales of €3,288m in Q4, down 4.4% year-on-year on a reported basis; down 0.9%
year-on-year on a constant and same-day basis, reflecting a sequential
improvement over the 2.7% drop in Q3

Sales of €13,012m in FY 2013, down 3.3% year-on-year on a reported basis; down
2.7% year-on-year on  a constant  and same-day  basis, reflecting  challenging 
market conditions in most geographies throughout the year

In the fourth quarter, Rexel posted sales of €3,287.7 million, down 4.4% on  a 
reported basis and down 0.9% on a constant and same-day basis. This 0.9%  drop 
in Q4 represented a sequential  improvement over the previous quarters:  -3.7% 
in Q1, -3.3% in Q2 and -2.7% in Q3. Excluding the 0.8% negative impact due  to 
the change in copper-based cable prices, sales were almost stable
(-0.1%) on a constant and same-day basis.

The 4.4% drop in sales on a reported basis included:

  oA negative currency effect of €138.6 million (mainly due to the
    depreciation of the US, Canadian and Australian dollars and British pound
    against the euro),
  oA positive effect of €22.8 million from last year's acquisitions (mainly
    Munro in the US),
  oA negative calendar effect of 0.2 percentage point.

The sequential improvement in  sales trends on a  constant and same-day  basis 
mainly reflected an improvement in Europe (-1.4%, after -5.5% in Q1, -5.2%  in 
Q2 and -4.9% in Q3), driven by first signs of recovery in the UK and  Germany, 
even if these markets still posted slight sales drops in the quarter.

In the full-year,  Rexel posted  sales of €13,011.6  million, down  3.3% on  a 
reported basis and down 2.7% on  a constant and same-day basis. Excluding  the 
0.8% negative impact  due to the  change in copper-based  cable prices,  sales 
were down 1.9% on a constant and same-day basis.

The 3.3% drop in sales on a reported basis included:

  oA negative currency effect of €367.9 million (mainly due to the
    depreciation of the US, Canadian, and Australian dollars and British pound
    against the euro),
  oA positive effect of €334.6 million from last year's acquisitions (mainly
    Platt and Munro in the US),
  oA negative calendar effect of 0.3 percentage point.

Europe (55% of Group  sales): -1.4% in Q4  and -4.2% in FY  on a constant  and 
same-day basis

In the fourth quarter, sales in Europe  decreased by 3.6% on a reported  basis 
and by 1.4% on a constant and same-day basis.

At zone level, the impact of lower  photovoltaic sales in Q4 2013 vs. Q4  2012 
is not relevant;  it is  only relevant for  Germany and  Belgium, as  detailed 
below.

  oIn France, sales were broadly stable (-0.1%) and continued to outperform
    the market. This very solid performance in the quarter was driven by large
    projects that continued to mitigate the decline in new construction and
    industrial end-market, as well as increased renovation activity in the
    residential end-market in anticipation of an announced increase in VAT
    (from 7% to 10% as from Jan. 1, 2014).

  oIn the UK, sales posted a significant sequential improvement over the
    previous quarter, reflecting a gradual improvement in market conditions.
    They were down 1.9% on a constant and same-day basis, after a 7.5% drop in
    Q3. Excluding branch restructuring, constant and same-day sales increased
    by 0.7% year-on-year, vs. a 5.7%-drop in Q3.
  oIn Germany, sales were down 3.9% in Q4, after a 7.6% drop in Q3. Excluding
    photovoltaic, sales were down 3.3%, continuing to reflect low activity in
    the construction and industrial end-markets but significantly improving
    over the 7.0% recorded in Q3.
  oIn Scandinavia, sales grew by 0.9%, after drops of 7.0% in Q1, 5.4% in Q2
    and 2.9% in Q3. This performance mainly reflected a confirmed return to
    growth in Sweden (+8.1%, after +4.1% in Q3) and a sequential improvement
    in Finland (-3.1%, after -13.8% in Q3).
  oIn Belgium, sales declined by 6.2% in Q4 and by 3.9% excluding
    photovoltaic sales.
  oIn the Netherlands, sales posted a 12.3% decline and remained weak as the
    business continues to adapt to persistently difficult market conditions.
  oBoth Switzerland (+0.9%) and Austria (-1.3%) remained very resilient and
    improved performance vs. Q3 (-2.6% and -2.8% respectively).
  oSouthern European countries continued to be impacted by tough
    macro-economic conditions. Italy posted an 11% drop, while sales in Spain
    were down 4.5% and sales in Portugal were broadly stable (-0.1%).

North America (34% of Group sales): -0.3% in Q4 and +0.6% in FY on a  constant 
and same-day basis

In the fourth quarter,  sales in North  America were down  3.7% on a  reported 
basis and broadly stable (- 0.3%) on  a constant and same-day basis. Both  the 
US and  Canada  were impacted  in  the  quarter by  extremely  severe  weather 
conditions that continued in January.

  oIn the US, sales grew by 0.4% in the quarter, confirming the recovery in
    the residential end-market and improved trends in industry. It is the
    fourth consecutive quarter of growth resulting in a 2.1% growth in the
    full-year.

  oIn Canada, sales were down 2.3% in the quarter (after a drop of 3.4% in
    the previous quarter). In the full-year, despite the significant impact of
    lower sales to the mining industry in the first three quarters of the
    year, sales proved rather resilient with a 3.4% drop in sales on a
    constant and same-day basis.

Asia-Pacific (9% of Group sales):  -1.5% in Q4 and -5.4%  in FY on a  constant 
and same-day basis

In the fourth  quarter, sales in  Asia-Pacific were down  10.7% on a  reported 
basis, including  a  significant negative  effect  of €33.1m  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 1.5%.

  oIn China (c. 30% of the region's sales), sales were up 3.4%, in the
    quarter, driven by solid activity in the industrial automation segment.
  oIn South-East Asia (c. 5% of the region's sales), sales continued to show
    strong dynamism, growing by 4.7%.
  oIn Australia (c. 55% of the region's sales), sales were down 8.2%, still
    impacted by tough macroeconomic conditions and by the implementation of a
    new carbon tax since July 2012, which severely hit mining projects. This
    is however a sequential improvement over the double-digit declines
    recorded in the previous quarters (-13.4% in Q1, -15.5% in Q2 and
    -12.8% in Q3). Excluding the impact of branch closures, sales were down
    7.2% (after -8.7% in Q3).

  oIn New Zealand (c. 10% of the region's sales), sales decreased by 4.8%
    after a limited 0.5% drop in Q3; this deterioration mainly reflected a
    more challenging base (Q4 2012 posted a 0.4% drop while Q3 2012 posted a
    14.8% drop).

Latin America (2% of Group sales): +3.5% in  Q4 and -0.5% in FY on a  constant 
and same-day basis

In the fourth quarter,  sales in Latin  America were down  9.1% on a  reported 
basis, including a negative currency effect of €10.2m (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  3.5%,  reflecting 
contrasted performances:

  oIn Brazil (c. 60% of the region's sales), sales were stable and confirmed
    slowing momentum already apparent in Q3 (+6.6% in Q1, +7.8% in Q2 and
    +2.4% in Q3).
  oIn Chile (c. 30% of the region's sales), sales confirmed their return to
    growth and were up 7.9% in the quarter (after +5.4% in Q3). 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.
  oIn Peru (c. 10% of the region's sales), sales increased by 9.5%.

Resilient profitability, confirming  solid operational  efficiency and  strict 
cost control, in a challenging environment

In the fourth quarter, adjusted EBITA margin stood at 5.83%. This  represented 
a drop of 27bps year-on-year  (adjusted EBITA margin was  6.10 % in Q4  2012), 
while sales were down by 1.1% on a constant and actual-day basis.

The 27 basis point drop year-on-year reflected:
· A  20  basis  point  drop  in  gross  margin,  mainly  reflecting  a 
significant drop (-170bps)  of the  gross margin of  our Canadian  operations, 
which were adversely affected by a combination of the increased proportion  of 
revenues generated  by  major photovoltaic  projects  that carry  lower  gross 
margin, lower rebates from suppliers and increased competitive pressure due to
unusually severe weather conditions that affected the market,
·  A   7   basis   point  increase   in   distribution   and   administrative 
expenses(including depreciation) as a percentage of sales to 18.95%. Excluding
depreciation, these expenses were  reduced by 0.7%, broadly  in line with  the 
1.1% drop in sales on a constant and actual-day basis.

In the full-year, adjusted EBITA margin decreased by 26 basis points to  5.40% 
(compared to 5.66% in 2012), while sales  were down by 3.0% on a constant  and 
actual-day basis.

This 26 basis point drop reflected:

  oA broadly stable gross margin, recording a limited drop of 4 basis points
    year-on-year at 24.63% (vs. 24.67% in 2012),
  oA 22 basis point increase in distribution and administrative
    expenses(including depreciation) as a percentage of sales to 19.23%.
    Excluding depreciation, these expenses were reduced by 2.0%, compared to a
    3.0% drop in sales on a constant and actual-day basis.

Reported EBITA stood at €686.9 million  in the full-year, a decrease of  10.5% 
year-on-year.

Reported net income impacted by one-off financial expense, goodwill impairment
and expected rise in tax rate
Recurring net income of €328m, down 15.1% year-on-year

Operating income  stood  at  €521.0  million  in  the  full-year,  down  19.5% 
year-on-year.

  oAmortization of intangibles resulting from purchase price allocation
    amounted to €19.7 million (vs. €13.3 million in 2012).
  oOther income and expenses amounted to a net charge of €146.2 million (vs.
    a net charge of €106.7 million in 2012). They included €63.6 million of
    restructuring costs (vs. €49.9 million in 2012). They also included a
    €67.3 million goodwill impairment charge, of which €44.0 million were
    recorded at June 30 (almost entirely related to operations in The
    Netherlands) and €23.3 million were recorded at December 31 (related to
    operations in Brazil for €21.1 million and in Slovenia for €2.2 million).

Net financial expenses amounted to €213.5 million in the full-year (vs. €200.1
million in 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 was significantly reduced throughout the year:
it stood at 6.3% on net debt (vs. 7.0% in 2012) and at 5.4% on gross debt (vs.
6.3% in 2012).

Income tax  represented  a charge  of  €96.9  million in  the  full-year.  The 
effective tax rate was 31.5% (vs. 29.4% in 2012).

As a  result  of the  above  elements  (drop in  operating  income,  increased 
restructuring costs,  goodwill  depreciation, one-off  financial  expense  and 
higher tax  rate), net  income was  down  33.8% in  the full-year,  at  €211.0 
million (vs. €318.6 million in 2012).

Recurring net income amounted to €328.1  million in the full-year, down  15.1% 
year-on-year, mainly reflecting the drop in EBITA (see appendix 2).

Solid generation of  free cash-flow before  interest and tax  of €601m in  the 
full-year
Net debt reduced by 15.7%  to c. €2.2bn and  indebtedness ratio well below  3x 
(2.72x EBITDA)

In the  full-year, free  cash flow  before interest  and taxwas  an inflow  of 
€600.6 million (vs.  an inflow  of €627.5 million  in 2012).  This net  inflow 
included:

  oGross capital expenditure of €102.3 million (vs. €90.6 million in 2012),
  oAlmost no change in working capital (very limited outflow of €1.1
    million), as working capital has been tightly managed continuously.

At December 31, 2013, net debt stood at €2,192.0 million, reduced by  slightly 
more than €400 million over the year (€2,599.2 million at December 31, 2012).

It took into account:

  o€169.3 million of net interest paid during the year,
  o€94.2 million of income tax paid during the year,
  o€103.2 million of favorable currency effect during the year,
  o€53.1 million of dividend paid in cash in the third quarter.

At December 31, 2013, the indebtedness ratio (Net financial debt / EBITDA), as
calculated under the Senior Credit Agreement terms, stood at 2.72x, vs.  2.95x 
at December  31,  2012.  This  is  well in  line  with  our  objective  of  an 
indebtedness ratio below 3 times EBITDA at year-end.

Stable proposed dividend of €0.75 per share, in line with the Group's  pay-out 
policy

Rexel will propose to shareholders a dividend of €0.75 per share, representing
64% of the Group's recurring net income  (vs. 53% last year). It will be  paid 
in cash or shares, subject to approval at the Annual Shareholders' Meeting  to 
be held in Paris on May 22, 2014.

This is in line with  Rexel's policy of paying out  at least 40% of  recurring 
net income, reflecting  the Group's  confidence in its  structural ability  to 
generate strong cash-flow throughout the cycle.

                                   OUTLOOK

Depending on the speed and magnitude of  the recovery in Europe and in the  US 
non-residential end-market, Rexel aims at delivering in 2014:

  oSales in a range of around 1% below to around 2% above 2013 sales, on a
    constant and same-day basis,
  oAdjusted EBITA margin in a range of around 10bps below to around 20bps
    above the 2013 margin, consistent with targeted annual operating
    efficiency ratio of a change of around 10bps in adjusted EBITA margin for
    each percentage point change in sales,
  oSolid free cash-flow, consistent with targeted conversion rate of at least
    75% of EBITDA, before interest and tax, and of around 40% of EBITDA, after
    interest and tax.

As detailed during  its Investor Day,  held on November  26, 2013, Rexel  will 
remain focused on four business imperatives:

  oAccelerate its strategic high-growth initiatives,
  oEnhance its customer-centricity model in its mainstream electrical
    distribution business,
  oBoost growth through acquisitions and remain a leading market
    consolidator,
  oDrive operational excellence as an enabler for profitable growth,

and confirms its medium-term ambitions:

  oOutperform the market through a combination of organic growth and targeted
    acquisitions,
  oGrow adjusted EBITA margin to around 6.5% within 3 to 5 years,
  oGenerate strong free cash-flow before interest and tax of at least 75% of
    EBITDA and after interest and tax of around 40% of EBITDA,
  oMaintain a sound and balanced financial structure, with a
    net-debt-to-EBITDA ratio not exceeding 3 times.

                                   CALENDAR

April 30, 2014 First-quarter results
May 22, 2014 Shareholders' Meeting in Paris
July 30, 2014 Second-quarter and Half-year results
October 29, 2014 Third-quarter and 9-month results

                            FINANCIAL INFORMATION

The financial report for  the period ended December  31, 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 fourth-quarter &  full-year 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  38 countries,  and c.  30,000  employees, 
Rexel's sales were €13 billion in 2013. Its main shareholders are an  investor 
group led by Clayton, Dubilier & Rice and Eurazeo.

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

                                  APPENDICES

         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 €1.3 million in Q4 2012 and a loss of €2.0 million in Q4 2013 ;
- a profit of €1.9 million in FY 2012 and a loss of €15.3 million in FY 2013.

GROUP                                                              
                                                                 
          Constant and
         adjusted basis     Q4 2012 Q4 2013 Change FY 2012   FY 2013   Change
          (€m)
Sales                       3,324.1 3,287.7 -1.1%  13,415.9  13,011.6  -3.0%
          on a constant
         basis and same                   -0.9%                    -2.7%
          days
Gross profit                 830.3   814.5   -1.9%  3,309.8   3,204.7   -3.2%
         as a % of sales    24.98%  24.77%  -20bps 24.67%    24.63%    -4 bps
Distribution & adm. expenses (627.5) (622.9) -0.7%  (2,550.2) (2,502.5) -1.9%
(incl. depreciation)
EBITA                       202.8   191.6   -5.5%  759.6     702.2     -7.6%
         as a % of sales    6.10%   5.83%   -27bps 5.66%     5.40%     -26bps
Headcount (end of period)    30,444  29,852  -1.9%                    
                                                                 
EUROPE                                                             
                                                                 
          Constant and
         adjusted basis     Q4 2012 Q4 2013 Change FY 2012   FY 2013   Change
          (€m)
Sales                       1,898.1 1,853.0 -2.4%  7,437.8   7,078.6   -4.8%
          on a constant
         basis and same                   -1.4%                    -4.2%
          days
o/w       France             659.1   648.1   -1.7%  2,505.2   2,423.7   -3.3%
          on a constant
         basis and same                   -0.1%                    -2.1%
          days
         United Kingdom     238.0   233.4   -1.9%  1,005.2   950.7     -5.4%
          on a constant
         basis and same                   -1.9%                    -5.8%
          days
         Germany            217.0   201.9   -7.0%  867.6     804.0     -7.3%
          on a constant
         basis and same                   -3.9%                    -6.0%
          days
         Scandinavia        234.5   236.6   +0.9%  923.4     888.1     -3.8%
          on a constant
         basis and same                   +0.9%                    -3.6%
          days
Gross     profit             516.3   500.9   -3.0%  2,006.6   1,909.5   -4.8%
         as a % of sales    27.20%  27.03%  -17bps 26.98%    26.98%    stable
Distribution & adm. expenses (367.8) (363.3) -1.2%  (1,482.9) (1,442.4) -2.7%
(incl. depreciation)
EBITA                       148.6   137.7   -7.3%  523.7     467.1     -10.8%
         as a % of sales    7.83%   7.43%   -40bps 7.04%     6.60%     -44bps
Headcount (end of period)    17,052  16,750  -1.8%                    

NORTH AMERICA                                                      
                                                                 
      Constant and adjusted     Q4 2012 Q4 2013 Change FY 2012 FY 2013 Change
       basis (€m)
Sales                           1,074.3 1,082.6 +0.8%  4,417.6 4,441.1 +0.5%
      on a constant basis and                 -0.3%                +0.6%
       same days
o/w    United States             773.6   788.8   +2.0%  3,151.0 3,217.4 +2.1%
      on a constant basis and                 +0.4%                +2.1%
       same days
      Canada                    300.6   293.8   -2.3%  1,266.5 1,223.7 -3.4%
      on a constant basis and                 -2.3%                -3.4%
       same days
Gross  profit                   241.9   240.5   -0.6%  969.9   982.3   +1.3%
as a % of sales                  22.52%  22.21%  -31bps 21.96%  22.12%  +16bps
Distribution & adm. expenses     (180.5) (186.7) +3.4%  (738.4) (748.7) +1.4%
(incl. depreciation)
EBITA                           61.4    53.8    -12.3% 231.5   233.5   +0.9%
      as a % of sales           5.71%   4.97%   -74bps 5.24%   5.26%   +2bps
Headcount (end of period)        8,647   8,613   -0.4%                
                                                                 
ASIA-PACIFIC                                                       
                                                                 
      Constant and adjusted     Q4 2012 Q4 2013 Change FY 2012 FY 2013 Change
       basis (€m)
Sales                           285.5   282.1   -1.2%  1,265.7 1,196.8 -5.4%
      on a constant basis and                 -1.5%                -5.4%
       same days
o/w    China                     86.7    89.6    +3.2%  350.9   369.5   +5.3%
      on a constant basis and                 +3.4%                +4.6%
       same days
      Australia                 145.4   134.0   -7.9%  696.4   605.1   -13.1%
      on a constant basis and                 -8.2%                -12.7%
       same days
      New Zealand               32.2    30.7    -4.8%  130.9   124.6   -4.8%
      on a constant basis and                 -4.8%                -4.8%
       same days
Gross  profit                    56.8    57.6    +1.4%  264.9   244.8   -7.6%
      as a % of sales           19.90%  20.43%  +53bps 20.93%  20.45%  -47bps
Distribution & adm. expenses     (47.4)  (46.5)  -1.9%  (207.0) (195.9) -5.4%
(incl. depreciation)
EBITA                           9.4     11.2    +18.5% 57.9    48.9    -15.5%
      as a % of sales           3.30%   3.95%   +66bps 4.57%   4.09%   -48bps
Headcount (end of period)        2,758   2,705   -1.9%                

LATIN AMERICA                                                     
                                                                
       Constant and adjusted  Q4 2012 Q4 2013 Change  FY 2012 FY 2013 Change
        basis (€m)
Sales                         66.2    69.8    +5.4%   294.6   294.8   +0.1%
       on a constant basis                  +3.5%                 -0.5%
        and same days
o/w     Brazil                 38.5    38.7    +0.3%   166.0   174.8   +5.3%
       on a constant basis                  +0.0%                 +4.4%
        and same days
       Chile                  22.3    25.0    +12.2%  106.2   95.6    -10.0%
       on a constant basis                  +7.9%                 -10.0%
        and same days
       Peru                   5.4     6.1     +13.6%  22.4    24.4    +9.0%
       on a constant basis                  +9.5%                 +8.0%
        and same days
Gross   profit                 14.9    15.2    +1.9%   66.6    67.9    +1.9%
       as a % of sales        22.54%  21.78%  -75bps  22.61%  23.03%  +42bps
Distribution & adm. expenses   (14.2)  (15.7)  +10.6%  (60.5)  (67.0)  +10.8%
(incl. depreciation)
EBITA                         0.7     (0.5)   -179.6% 6.2     0.9     -85.2%
       as a % of sales        1.03%   -0.78%  -181bps 2.09%   0.31%   -178bps
Headcount (end of period)      1,775   1,552   -12.6%                

                 Appendix 2: Extract of Financial Statements

Consolidated Income Statement

                   Reported basis (€m)                   Q4 2012 Q4 2013 Change FY 2012   FY 2013   Change
Sales                                                     3,439.8 3,287.7 -4.4%  13,449.2  13,011.6  -3.3%
Gross profit                                              855.7   812.4   -5.1%  3,315.0   3,188.5   -3.8%
                   as a % of sales                       24.9%   24.7%         24.6%     24.5%     
Distribution & adm. expenses (excl. depreciation)         (630.1) (604.3) -4.1%  (2,473.9) (2,424.6) -2.0%
EBITDA                                                    225.6   208.1   -7.7%  841.1     763.9     -9.2%
                   as a % of sales                       6.6%    6.3%          6.3%      5.9%      
Depreciation                                              (19.4)  (18.5)        (73.7)    (77.0)    
EBITA                                                     206.2   189.7   -8.0%  767.4     686.9     -10.5%
                   as a % of sales                       6.0%    5.8%          5.7%      5.3%      
Amortization of intangibles
resulting (4.0)   (3.9)         (13.3)    (19.7)    
from purchase price allocation
Operating income bef. other inc. and exp.                 202.2   185.7   -8.2%  754.1     667.2     -11.5%
                   as a % of sales                       5.9%    5.6%          5.6%      5.1%      
Other income and expenses                                 (37.0)  (51.3)        (106.7)   (146.2)   
Operating income                                          165.2   134.4   -18.6% 647.4     521.0     -19.5%
Financial expenses (net)                                  (51.1)  (50.0)        (200.1)   (213.5)   
Share of profit (loss) in associates                      1.6     0.0           3.1       0.4       
Net income (loss) before income tax                       115.6   84.3    -27.1% 450.3     307.9     -31.6%
Income tax                                                (33.4)  (24.4)        (131.7)   (96.9)    
Net income (loss)                                         82.2    59.9    -27.1% 318.6     211.0     -33.8%
Net income (loss) attr. to non-controlling interests      (0.2)   0.0           0.5       0.4       
Net income (loss) attr. to equity holders of the parent   82.4    59.9    -27.3% 318.1     210.6     -33.8%

Bridge Between Operating Income Before Other Income And Other Expenses And
Adjusted EBITA

in €m                                          Q4 2012 Q4 2013 FY 2012 FY 2013
Operating income before other income and other 202.2   185.7   754.1   667.2
expenses
Change in scope effects                        2.5            13.1    
Foreign exchange effects                       -7.1           -19.0   
Non-recurring effect related to copper         1.3     2       -1.9    15.3
Amortization of intangibles resulting from PPA 4       3.9     13.3    19.7
Adjusted EBITA on a constant basis             202.8   191.6   759.6   702.2

Recurring Net Income

In millions of euros        Q4 2012 Q4 2013 Change FY 2012 FY 2013 Change
Reported net income         82.2    59.9    -27.1% 318.6   211.0   -33.8%
Non-recurring copper effect 1.3     2.0           -1.8    15.3    
Other expense & income      36.9    51.3          106.7   146.2   
Financial expense           0.0     0.0           -7.4    23.5    
Tax expense                 -20.4   -42.7         -29.4   -67.8   
Recurring net income        100.1   70.6    -29.5% 386.7   328.1   -15.1%

Sales And Profitability By Segment

 Reported basis (€m) Q4 2012 Q4 2013 Change  FY 2012  FY 2013  Change
Sales                 3,439.8 3,287.7 -4.4%   13,449.2 13,011.6 -3.3%
 Europe              1,923.0 1,853.0 -3.6%   7,448.6  7,078.6  -5.0%
 North America       1,124.2 1,082.6 -3.7%   4,348.6  4,441.1  +2.1%
 Asia-Pacific        315.9   282.1   -10.7%  1,341.9  1,196.8  -10.8%
 Latin America       76.7    69.8    -9.1%   310.0    294.8    -4.9%
Gross profit          855.7   812.4   -5.1%   3,315.0  3,188.5  -3.8%
 Europe              521.0   499.1   -4.2%   2,015.2  1,897.4  -5.8%
 North America       253.5   240.3   -5.2%   945.7    978.5    +3.5%
 Asia-Pacific        63.6    57.6    -9.4%   281.2    244.8    -13.0%
 Latin America       17.2    15.2    -11.7%  70.9     67.5     -4.8%
EBITA                 206.2   189.7   -8.0%   767.4    686.9    -10.5%
 Europe              148.2   135.9   -8.3%   535.4    455.5    -14.9%
 North America       64.1    53.7    -16.3%  225.6    230.2    +2.0%
 Asia-Pacific        10.5    11.2    +5.9%   60.0     48.9     -18.6%
 Latin America       0.7     (0.6)   -180.5% 6.2      0.5      -91.1%

Impact On Sales From Acquisitions

Acquisitions  Country             Conso.   Q1 2013 Q2    H1    Q3   Q4   FY
                                                   2013  2013  2013 2013 2013
                                as from                           
Europe        France, UK, Spain,  misc.    49.9    9.6   59.5  0.0  0.0  59.5
              Belgium
North America USA                 misc.    97.3    105.7 203.0 27.2 20.4 250.6
Asia-Pacific  Singapore           01/01/13 2.8     2.8   5.7   2.7  2.7  11.1
Latin America Brazil, Peru        misc.    10.3    1.9   12.2  1.5  -0.3 13.4
Total                                    160.3   120.1 280.4 31.4 22.8 334.6
acquisitions

Consolidated Balance Sheet

Assets (€m)                               December 31, 2012 December 31, 2013
Goodwill                                  4,369.2           4,111.2
Intangible assets                         1,035.8           1,038.3
Property, plant & equipment               282.7             278.1
Long-term investments^(1)                 79.5              51.7
Investments in associates                 10.8              -
Deferred tax assets                       171.9             162.9
Total non-current assets                  5,949.9           5,642.2
Inventories                               1,426.7           1,389.5
Trade receivables                         2,123.9           2,062.8
Other receivables                         502.5             486.1
Assets classified as held for sale        21.2              3.4
Cash and cash equivalents                 291.9             957.8
Total current assets                      4,366.2           4,899.7
Total assets                              10,316.1          10,541.9
                                                          
Liabilities (€m)                          December 31, 2012 December 31, 2013
Total equity                              4,117.6           4,224.7
Long-term debt                            2,303.2           2,908.2
Deferred tax liabilities                  152.3             172.1
Other non-current liabilities             474.6             351.4
Total non-current liabilities             2,930.1           3,431.7
Interest bearing debt & accrued interests 627.6             216.8
Trade payables                            1,937.2           2,009.9
Other payables                            703.7             658.8
Liabilities classified as held for sale   -                 -
Total current liabilities                 3,268.5           2,885.5
Total liabilities                         6,198.6           6,317.2
Total equity & liabilities                10,316.1          10,541.9

1 Includes Debt hedge derivatives for €(39.8)m at December 31, 2012 and for
€25.1m at December 31, 2013

Change in Net Debt

€m                                      Q4 2012 Q4 2013 FY 2012 FY 2013
EBITDA                                  225.6   208.1   841.1   763.9
Other operating revenues & costs^(1)    (27.9)  (29.5)  (92.6)  (90.0)
Operating cash flow                     197.7   178.7   748.5   674.0
Change in working capital^(2)           230.8   257.8   (37.2)  (1.1)
Net capital expenditure, of which:      (29.6)  (24.0)  (83.8)  (72.1)
Gross capital expenditure               (36.8)  (34.5)  (90.6)  (102.3)
Disposal of fixed assets & other        7.2     10.5    6.8     30.2
Free cash flow before interest and tax  398.9   412.4   627.5   600.6
Net interest paid / received^(3)        (43.6)  (40.3)  (169.7) (169.3)
Income tax paid                         (48.5)  (13.4)  (143.4) (94.2)
Free cash flow after interest and tax   306.8   358.7   314.4   337.2
Net financial investment                (125.9) (1.0)   (617.5) (5.4)
Dividends paid                          0.0     0.0     (143.0) (53.1)
Net change in equity                    0.0     0.0     0.0     0.0
Other                                   (35.3)  54.1    (83.4)  25.3
Currency exchange variation             28.4    40.0    8.5     103.2
Decrease (increase) in net debt         174.0   451.9   (521.0) 407.2
Net debt at the beginning of the period 2,773.2 2,643.9 2,078.2 2,599.2
Net debt at the end of the period       2,599.2 2,192.0 2,599.2 2,192.0

1 Includes restructuring outflows:

  oof €14.0m in Q4 2012 and €25.8m in Q4 2013
  oand of €46.9m in FY2012 and €71.5m in FY 2013

2 Working Capital adjustment to reflect suppliers payments scheduled on Dec.
31, 2013 and executed only on Jan.2nd, 2014 for €51.9m
3 Excluding settlement of fair value hedge derivatives



                     Appendix 3: Working Capital Analysis

Constant basis                    December 31, 2012 December 31, 2013
Net inventories                                    
as a % of sales 12 rolling months 10.5%             11.0%
as a number of days               48.2              49.4
Net trade receivables                              
as a % of sales 12 rolling months 16.0%             16.7%
as a number of days               54.6              55.1
Net trade payables                                 
as a % of sales 12 rolling months 14.1%             15.2%
as a number of days               58.3              60.8
Trade working capital                              
as a % of sales 12 rolling months 12.4%             12.4%
Total working capital                              
as a % of sales 12 rolling months 11.2%             11.4%

               Appendix 4: Headcount and branches by geography

FTEs at end of period 31/12/2012 31/12/2013 Year-on-Year Change
comparable
Europe                17,052     16,750     -1.8%
USA                   6,241      6,234      -0.1%
Canada                2,406      2,379      -1.1%
North America         8,647      8,613      -0.4%
Asia-Pacific          2,758      2,705      -1.9%
Latin America         1,775      1,552      -12.6%
Other                 212        232        9.4%
Group                 30,444     29,852     -1.9%
                                         
Branches              31/12/2012 31/12/2013 Year-on-Year Change
comparable
Europe                1,359      1,306      -3.9%
USA                   401        401        0.0%
Canada                218        216        -0.9%
North America         619        617        -0.3%
Asia-Pacific          262        259        -1.1%
Latin America         96         90         -6.3%
Group                 2,336      2,272      -2.7%

           Appendix 5: Calendar, scope and change effects on sales

To be  comparable  to  2014 sales,  2013  sales  must take  into  account  the 
following impacts:

                 Q1      Q2      Q3      Q4      FY
Calendar effect   0.0%    -0.5%   -0.3%   +1.1%   0.0%
Scope effect (1)  c. €14m c. €11m c. €12m c. €11m c. 48m
Change effect (2) -2.6%   -2.6%   -1.0%   +0.2%   -1.5%

(1) Based on acquisitions made in 2013 (mainly Lenn in Singapore and Quality
Trading in Thailand)
(2) Based on following main assumptions:

  o1 USD = €1.35
  o1 AUD = €1.50
  o1 CAD = €1.40

Appendix 6: Changes due to the enforcement of IFRIC 21 as from January 1, 2014

IFRIC Interpretation  21 "Levies"  clarifies that  the obligating  event  that 
gives rise to  a liability  to pay  a levy is  the activity  described in  the 
relevant  legislation  that   triggers  the   payment  of   the  levy.   IFRIC 
Interpretation 21 applies for accounting period starting from January, 1  2014 
with retrospective  application as  of January,  1 2013.  In 2013,  the  Group 
reviewed the  impact of  applying IFRIC  Interpretation 21  and estimated  the 
adjustment to be an  increase in shareholders' equity  of € 2.6 million  after 
tax (€3.9 million before tax)  as of January 1, 2013  as a result of a  timing 
difference in the liability recognition. In addition, IFRIC Interpretation  21 
prohibits the progressive recognition of a  liability for tax levies over  the 
fiscal year and rather requires the one-time recognition of the liability when
the obligating event for the payment of the  levy is met. As a result of  this 
guidance, the Group  expects that  2014 interim financial  statements will  be 
impacted by timing  differences in the  recognition of tax  levies due to  the 
adoption of IFRIC Interpretation 21.

€m                            Q1     Q2     Q3     Q4     FY
2013 EBITA                    148.8  172.4  175.9  189.7  686.9
as reported on Feb. 13, 2014
IFRIC 21 restatement          c. (6) c. 2   c. 2   c. 2   c. 0
2013 EBITA                    c. 143 c. 174 c. 178 c. 192 c. 687
as proforma for 2014 accounts

                Appendix 7: PV, Wind and Mining sales in 2013

YoY change         H1 2013 H2 2013 FY 2013
Photovoltaic sales -8.2%   +16.8%  +3.4%
Wind sales         -46.4%  +7.4%   -22.0%
Mining sales       -21.0%  +6.2%   -8.9%

                                  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.



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 
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 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  March 
13, 2013  under  number  D.13-0130,  as well  as  the  consolidated  financial 
statements and activity report for the 2013 fiscal year, which may be obtained
from Rexel's website (www.rexel.com).

FULL-YEAR 2013 RESULTS http://hugin.info/143564/R/1761511/596437.pdf

HUG#1761511
 
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