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Rexel s performance in 2017 provides once again a demonstration of the strength and adaptability of the Group s business model. In a more favourable economic environment across most of our markets, Rexel delivered results in line with its targets, proving that the strategy that we presented at our Capital Market Day in February 2017 and the action plans we are implementing throughout the Group are already delivering their first positive effects.

A solid performance in 2017

Our revenues, at 13.3 billion euros, were up by 3.5% on a constant and same-day basis. Our adjusted EBITA grew by 6.1% to 580.1 million euros, with margin improving by 13 basis points. Our recurring net income, which serves as the base for dividend payments, rose 16.4%, to 291.2 million euros.

At the same time, we strengthened our financial structure, taking advantage of favourable market conditions to refinance our debt and obtain better terms: our net debt, at a little over 2 billion euros, was reduced by

131 million euros, and our indebtedness ratio stands at 2.8 times EBITDA, an improvement of 20 basis points. This solid performance allows us to propose to our shareholders a 5% increase in our dividend to 42 cents per share, payable in cash. This represents a payout of 44%, in line with our policy of paying at least 40% of our recurring net income.

Another reason to be satisfied is that Rexel s performance improved quarter after quarter throughout the year. Our same-day sales growth of 5.4% in the fourth quarter was the highest growth rate of the year and marked the fifth consecutive quarter of accelerating sales growth despite a challenging base effect. Sales trends improved in all geographies, with growth in all three of our regions, so we entered 2018 with positive momentum. While this performance was helped by a gradual improvement in the economic environment, it also reflects the successful implementation by our teams of the strategy we outlined at our Capital Market Day. This strategy is based on three main pillars, and I m pleased to say that


Chief Executive Officer of Rexel