REXEL DDR 2017 VA (199/356)

REXEL DDR 2017 VAREXEL DDR 2017 VA (199/356)REXEL DDR 2017 VA - (1/356)REXEL DDR 2017 VA - (2/356)REXEL DDR 2017 VA - (3/356)REXEL DDR 2017 VA - (4/356)REXEL DDR 2017 VA - (5/356)REXEL DDR 2017 VA - GENERAL INFORMATION (6/356)REXEL DDR 2017 VA - INDEX (7/356)REXEL DDR 2017 VA - 1 OVERVIEW OF THE REXEL GROUP (8/356)REXEL DDR 2017 VA - (9/356)REXEL DDR 2017 VA - MESSAGE FROM PATRICK BERARD (10/356)REXEL DDR 2017 VA - (11/356)REXEL DDR 2017 VA - GROUP KEY FIGURES (12/356)REXEL DDR 2017 VA - (13/356)REXEL DDR 2017 VA - GLOBAL FOOTPRINT (14/356)REXEL DDR 2017 VA - (15/356)REXEL DDR 2017 VA - 1.1 KEY CONSOLIDATED FIGURES (16/356)REXEL DDR 2017 VA - (17/356)REXEL DDR 2017 VA - 1.2 HISTORY AND DEVELOPMENT - 1.2.1 Corporate name - 1.2.2 Place and number of registration - 1.2.3 Date and term of incorporation - 1.2.4 Registered office, legal form, and applicable law - 1.2.5 History of the Rexel Group (18/356)REXEL DDR 2017 VA - 1.3 RECENT ACQUISITIONS AND DISPOSALS - 1.4 BUSINESS AND STRATEGY (19/356)REXEL DDR 2017 VA - 1.4.1 Rexel Group’s Markets (20/356)REXEL DDR 2017 VA - (21/356)REXEL DDR 2017 VA - 1.4.2 The Rexel Group’s businesses and competitive advantages (22/356)REXEL DDR 2017 VA - (23/356)REXEL DDR 2017 VA - (24/356)REXEL DDR 2017 VA - (25/356)REXEL DDR 2017 VA - (26/356)REXEL DDR 2017 VA - 1.4.3 The Rexel Group’s strategy (27/356)REXEL DDR 2017 VA - (28/356)REXEL DDR 2017 VA - 1.4.4 Research and development, patents and licenses (29/356)REXEL DDR 2017 VA - 1.5 ORGANIZATION - 1.5.1 Organizational chart - 1.5.2 Principal subsidiaries as of December 31, 2017 (30/356)REXEL DDR 2017 VA - (31/356)REXEL DDR 2017 VA - (32/356)REXEL DDR 2017 VA - 1.6 PROPERTY AND EQUIPMENT - 1.7 INVESTMENTS - 1.7.1 Investments completed (33/356)REXEL DDR 2017 VA - 1.7.2 Principal investments underway - 1.7.3 Principal investments contemplated - 1.8 REGULATIONS - 1.8.1 Product liability - 1.8.2 Environmental regulations (34/356)REXEL DDR 2017 VA - (35/356)REXEL DDR 2017 VA - 2 RISK FACTORSAND INTERNAL CONTROL (36/356)REXEL DDR 2017 VA - (37/356)REXEL DDR 2017 VA - 2.1 RISK FACTORS - 2.1.1 Risks relating to the industry (38/356)REXEL DDR 2017 VA - (39/356)REXEL DDR 2017 VA - (40/356)REXEL DDR 2017 VA - (41/356)REXEL DDR 2017 VA - 2.1.2 Legal and regulatory risks (42/356)REXEL DDR 2017 VA - (43/356)REXEL DDR 2017 VA - 2.1.3 Risks relating to the Rexel Group’s financing (44/356)REXEL DDR 2017 VA - (45/356)REXEL DDR 2017 VA - 2.1.4 Market risks (46/356)REXEL DDR 2017 VA - (47/356)REXEL DDR 2017 VA - 2.2 INSURANCE (48/356)REXEL DDR 2017 VA - 2.3 INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES - 2.3.1 Control environment (49/356)REXEL DDR 2017 VA - 2.3.2 Risk management system (50/356)REXEL DDR 2017 VA - 2.3.3 Control activities (51/356)REXEL DDR 2017 VA - 2.3.4 Internal communication of relevant and reliable information - 2.3.5 Steering and monitoring of the internal control system (52/356)REXEL DDR 2017 VA - 2.3.6 Internal control procedures relating to the preparation and treatment of accounting and financial information (53/356)REXEL DDR 2017 VA - (54/356)REXEL DDR 2017 VA - (55/356)REXEL DDR 2017 VA - 3 CORPORATE GOVERNANCE (56/356)REXEL DDR 2017 VA - (57/356)REXEL DDR 2017 VA - 3.1 ADMINISTRATION BODIES AND MANAGEMENT - 3.1.1 Board of Directors (58/356)REXEL DDR 2017 VA - (59/356)REXEL DDR 2017 VA - (60/356)REXEL DDR 2017 VA - (61/356)REXEL DDR 2017 VA - (62/356)REXEL DDR 2017 VA - (63/356)REXEL DDR 2017 VA - (64/356)REXEL DDR 2017 VA - (65/356)REXEL DDR 2017 VA - (66/356)REXEL DDR 2017 VA - (67/356)REXEL DDR 2017 VA - (68/356)REXEL DDR 2017 VA - (69/356)REXEL DDR 2017 VA - (70/356)REXEL DDR 2017 VA - (71/356)REXEL DDR 2017 VA - (72/356)REXEL DDR 2017 VA - (73/356)REXEL DDR 2017 VA - (74/356)REXEL DDR 2017 VA - (75/356)REXEL DDR 2017 VA - (76/356)REXEL DDR 2017 VA - (77/356)REXEL DDR 2017 VA - (78/356)REXEL DDR 2017 VA - (79/356)REXEL DDR 2017 VA - (80/356)REXEL DDR 2017 VA - 3.1.2 Committees of the Board of Directors (81/356)REXEL DDR 2017 VA - (82/356)REXEL DDR 2017 VA - (83/356)REXEL DDR 2017 VA - (84/356)REXEL DDR 2017 VA - (85/356)REXEL DDR 2017 VA - (86/356)REXEL DDR 2017 VA - 3.1.3 Executive Management - 3.1.4 Executive Committee - 3.1.5 Statements concerning the Board of Directors (87/356)REXEL DDR 2017 VA - 3.1.6 Conflicts of interest - 3.1.7 Service agreements between Directors and Rexel or one of its subsidiaries - 3.2 COMPENSATION OF CORPORATE OFFICERS - 3.2.1 Compensation of Non-Executive Corporate Officers (Directors) (88/356)REXEL DDR 2017 VA - 3.2.2 Compensation policy applicable to Corporate Officers for the 2018 financial year submitted to the approval of the shareholders (Article L.225-37-2 of the French Commercial Code (89/356)REXEL DDR 2017 VA - (90/356)REXEL DDR 2017 VA - (91/356)REXEL DDR 2017 VA - (92/356)REXEL DDR 2017 VA - (93/356)REXEL DDR 2017 VA - (94/356)REXEL DDR 2017 VA - (95/356)REXEL DDR 2017 VA - (96/356)REXEL DDR 2017 VA - (97/356)REXEL DDR 2017 VA - (98/356)REXEL DDR 2017 VA - 3.2.3 Individual compensation of the corporate officers for the financial year 2017 (99/356)REXEL DDR 2017 VA - (100/356)REXEL DDR 2017 VA - (101/356)REXEL DDR 2017 VA - (102/356)REXEL DDR 2017 VA - (103/356)REXEL DDR 2017 VA - (104/356)REXEL DDR 2017 VA - (105/356)REXEL DDR 2017 VA - (106/356)REXEL DDR 2017 VA - (107/356)REXEL DDR 2017 VA - (108/356)REXEL DDR 2017 VA - (109/356)REXEL DDR 2017 VA - (110/356)REXEL DDR 2017 VA - (111/356)REXEL DDR 2017 VA - (112/356)REXEL DDR 2017 VA - (113/356)REXEL DDR 2017 VA - (114/356)REXEL DDR 2017 VA - 3.2.4 Fixed, variable and exceptional components making up the total compensation and benefits of all kinds submitted to the approval of the shareholders (Article L.225-100 of the French Commercial Code) (115/356)REXEL DDR 2017 VA - (116/356)REXEL DDR 2017 VA - (117/356)REXEL DDR 2017 VA - (118/356)REXEL DDR 2017 VA - (119/356)REXEL DDR 2017 VA - 3.3 RELATED PARTY TRANSACTIONS - 3.3.1 Main related-party transactions (120/356)REXEL DDR 2017 VA - 3.3.2 Agreements between the executives or shareholders of Rexel and Rexel’s subsidiaries (121/356)REXEL DDR 2017 VA - 3.3.3 Special reports of the Statutory Auditors in relation to the related party agreements (122/356)REXEL DDR 2017 VA - (123/356)REXEL DDR 2017 VA - (124/356)REXEL DDR 2017 VA - 3.4 INSIDER TRADING POLICY - 3.5 IMPLEMENTATION OF THE AFEP-MEDEF CORPORATE GOVERNANCE CODE FOR LISTED COMPANIES – PARAGRAPH 27.1 (125/356)REXEL DDR 2017 VA - 3.6 DEEDS OF INCORPORATION AND BY-LAWS - 3.6.1 Corporate purpose (article 3 of the by-laws) - 3.6.2 Management and administration bodies (articles 14 to 23 of the by-laws) (126/356)REXEL DDR 2017 VA - (127/356)REXEL DDR 2017 VA - (128/356)REXEL DDR 2017 VA - (129/356)REXEL DDR 2017 VA - (130/356)REXEL DDR 2017 VA - 3.6.3 Rights and obligations attached to the shares (articles 8, 9, 11, 12 and 13 of the by-laws) (131/356)REXEL DDR 2017 VA - 3.6.4 Changes to Shareholders’ rights - 3.6.5 Shareholders’ meetings (articles 25 to 33 of the by-laws) (132/356)REXEL DDR 2017 VA - (133/356)REXEL DDR 2017 VA - (134/356)REXEL DDR 2017 VA - 3.6.6 Provisions likely to have an impact on the control of Rexel - 3.6.7 Identification of shareholders and ownership threshold disclosures (articles 10 and 11 of the by-laws) - 3.6.8 Special provisions governing changes to share capital (article 7 of the by-laws) - 3.7 SHAREHOLDERS - 3.7.1 Principal shareholders (135/356)REXEL DDR 2017 VA - 3.7.2 Share capital and voting rights (136/356)REXEL DDR 2017 VA - (137/356)REXEL DDR 2017 VA - (138/356)REXEL DDR 2017 VA - (139/356)REXEL DDR 2017 VA - (140/356)REXEL DDR 2017 VA - (141/356)REXEL DDR 2017 VA - (142/356)REXEL DDR 2017 VA - (143/356)REXEL DDR 2017 VA - (144/356)REXEL DDR 2017 VA - (145/356)REXEL DDR 2017 VA - 3.7.3 Shareholders’ voting rights - 3.7.4 Control structure - 3.7.5 Agreements potentially leading to a change of control (146/356)REXEL DDR 2017 VA - 3.8 SHARE CAPITAL - 3.8.1 Subscribed share capital and authorized but unissued share capital (147/356)REXEL DDR 2017 VA - (148/356)REXEL DDR 2017 VA - (149/356)REXEL DDR 2017 VA - 3.8.2 Securities not representative of share capital - 3.8.3 Treasury shares and purchase by Rexel of its own shares (150/356)REXEL DDR 2017 VA - (151/356)REXEL DDR 2017 VA - (152/356)REXEL DDR 2017 VA - 3.8.4 Other securities giving access to the share capital (153/356)REXEL DDR 2017 VA - 3.8.5 Changes in share capital (154/356)REXEL DDR 2017 VA - (155/356)REXEL DDR 2017 VA - 3.8.6 Pledges, guarantees and security interests - 3.9 OTHER ELEMENTS THAT MAY HAVE AN IMPACT IN CASE OF TENDER OFFER - 3.9.1 Control mechanisms in relation to employee shareholding (156/356)REXEL DDR 2017 VA - 3.9.2 Agreements entered into by Rexel to be amended or terminated in case of change of control (157/356)REXEL DDR 2017 VA - 4 CORPORATERESPONSIBILITY (158/356)REXEL DDR 2017 VA - (159/356)REXEL DDR 2017 VA - (160/356)REXEL DDR 2017 VA - 4.1 SOCIETAL INFORMATION - 4.1.1 Interacting with stakeholders (161/356)REXEL DDR 2017 VA - 4.1.2 Impact on local economic and social development (162/356)REXEL DDR 2017 VA - 4.1.3 Charities and Sponsorship (163/356)REXEL DDR 2017 VA - 4.2 VIGILANCE PLAN (164/356)REXEL DDR 2017 VA - (165/356)REXEL DDR 2017 VA - 4.3 EMPLOYEE-RELATED INFORMATION - 4.3.1 Workforce (166/356)REXEL DDR 2017 VA - (167/356)REXEL DDR 2017 VA - 4.3.2 Employment and integration (168/356)REXEL DDR 2017 VA - 4.3.3 Attractiveness of the Company for employees (169/356)REXEL DDR 2017 VA - (170/356)REXEL DDR 2017 VA - (171/356)REXEL DDR 2017 VA - 4.3.4 Training and skills management (172/356)REXEL DDR 2017 VA - (173/356)REXEL DDR 2017 VA - 4.3.5 Employee engagement (174/356)REXEL DDR 2017 VA - 4.3.6 The Rexel Group’s commitment to ethics - 4.3.7 Note on methodology (175/356)REXEL DDR 2017 VA - 4.4 ENVIRONMENTAL INFORMATION - 4.4.1 The Rexel Group’s environmental policy (176/356)REXEL DDR 2017 VA - (177/356)REXEL DDR 2017 VA - (178/356)REXEL DDR 2017 VA - 4.4.2 Risk management and regulatory compliance (179/356)REXEL DDR 2017 VA - (180/356)REXEL DDR 2017 VA - 4.4.3 Environmental aspects of the Rexel Group activities (181/356)REXEL DDR 2017 VA - (182/356)REXEL DDR 2017 VA - (183/356)REXEL DDR 2017 VA - (184/356)REXEL DDR 2017 VA - (185/356)REXEL DDR 2017 VA - (186/356)REXEL DDR 2017 VA - (187/356)REXEL DDR 2017 VA - 4.4.4 Energy efficiency and renewable energy solutions range - 4.4.5 Note on methodology and summary table (188/356)REXEL DDR 2017 VA - (189/356)REXEL DDR 2017 VA - (190/356)REXEL DDR 2017 VA - (191/356)REXEL DDR 2017 VA - 4.5 INDEPENDENT VERIFIER’S REPORT (192/356)REXEL DDR 2017 VA - (193/356)REXEL DDR 2017 VA - (194/356)REXEL DDR 2017 VA - (195/356)REXEL DDR 2017 VA - 5 FINANCIAL AND ACCOUNTING INFORMATION (196/356)REXEL DDR 2017 VA - (197/356)REXEL DDR 2017 VA - (198/356)REXEL DDR 2017 VA - (199/356)REXEL DDR 2017 VA - 5.1 ACTIVITY REPORT - 5.1.1 Operating and financial review and prospects (200/356)REXEL DDR 2017 VA - (201/356)REXEL DDR 2017 VA - (202/356)REXEL DDR 2017 VA - (203/356)REXEL DDR 2017 VA - (204/356)REXEL DDR 2017 VA - (205/356)REXEL DDR 2017 VA - (206/356)REXEL DDR 2017 VA - (207/356)REXEL DDR 2017 VA - (208/356)REXEL DDR 2017 VA - (209/356)REXEL DDR 2017 VA - 5.1.2 Liquidity and capital resources (210/356)REXEL DDR 2017 VA - (211/356)REXEL DDR 2017 VA - (212/356)REXEL DDR 2017 VA - 5.1.3 Outlook (213/356)REXEL DDR 2017 VA - 5.1.4 Dividend policy - 5.1.5 Significant changes in the issuer’s financial or commercial position - 5.1.6 Information on payment terms granted to suppliers and customers of Rexel (end of the 2017 financial year) (214/356)REXEL DDR 2017 VA - (215/356)REXEL DDR 2017 VA - 5.2 CONSOLIDATED FINANCIAL STATEMENTS - 5.2.1 Consolidated financial statements as of December 31, 2017 (216/356)REXEL DDR 2017 VA - (217/356)REXEL DDR 2017 VA - (218/356)REXEL DDR 2017 VA - (219/356)REXEL DDR 2017 VA - (220/356)REXEL DDR 2017 VA - (221/356)REXEL DDR 2017 VA - (222/356)REXEL DDR 2017 VA - (223/356)REXEL DDR 2017 VA - (224/356)REXEL DDR 2017 VA - (225/356)REXEL DDR 2017 VA - (226/356)REXEL DDR 2017 VA - (227/356)REXEL DDR 2017 VA - (228/356)REXEL DDR 2017 VA - (229/356)REXEL DDR 2017 VA - (230/356)REXEL DDR 2017 VA - (231/356)REXEL DDR 2017 VA - (232/356)REXEL DDR 2017 VA - (233/356)REXEL DDR 2017 VA - (234/356)REXEL DDR 2017 VA - (235/356)REXEL DDR 2017 VA - (236/356)REXEL DDR 2017 VA - (237/356)REXEL DDR 2017 VA - (238/356)REXEL DDR 2017 VA - (239/356)REXEL DDR 2017 VA - (240/356)REXEL DDR 2017 VA - (241/356)REXEL DDR 2017 VA - (242/356)REXEL DDR 2017 VA - (243/356)REXEL DDR 2017 VA - (244/356)REXEL DDR 2017 VA - (245/356)REXEL DDR 2017 VA - (246/356)REXEL DDR 2017 VA - (247/356)REXEL DDR 2017 VA - (248/356)REXEL DDR 2017 VA - (249/356)REXEL DDR 2017 VA - (250/356)REXEL DDR 2017 VA - (251/356)REXEL DDR 2017 VA - (252/356)REXEL DDR 2017 VA - (253/356)REXEL DDR 2017 VA - (254/356)REXEL DDR 2017 VA - (255/356)REXEL DDR 2017 VA - (256/356)REXEL DDR 2017 VA - (257/356)REXEL DDR 2017 VA - (258/356)REXEL DDR 2017 VA - (259/356)REXEL DDR 2017 VA - (260/356)REXEL DDR 2017 VA - (261/356)REXEL DDR 2017 VA - (262/356)REXEL DDR 2017 VA - (263/356)REXEL DDR 2017 VA - (264/356)REXEL DDR 2017 VA - (265/356)REXEL DDR 2017 VA - (266/356)REXEL DDR 2017 VA - (267/356)REXEL DDR 2017 VA - (268/356)REXEL DDR 2017 VA - (269/356)REXEL DDR 2017 VA - (270/356)REXEL DDR 2017 VA - (271/356)REXEL DDR 2017 VA - (272/356)REXEL DDR 2017 VA - 5.2.2 Report of the Statutory Auditors’ Report on the consolidated financial statementsfor the financial year ended December 31, 2017 (273/356)REXEL DDR 2017 VA - (274/356)REXEL DDR 2017 VA - (275/356)REXEL DDR 2017 VA - (276/356)REXEL DDR 2017 VA - (277/356)REXEL DDR 2017 VA - 5.3 COMPANY FINANCIAL STATEMENTS - 5.3.1 Company financial statements as at December 31, 2017 (278/356)REXEL DDR 2017 VA - (279/356)REXEL DDR 2017 VA - (280/356)REXEL DDR 2017 VA - (281/356)REXEL DDR 2017 VA - (282/356)REXEL DDR 2017 VA - (283/356)REXEL DDR 2017 VA - (284/356)REXEL DDR 2017 VA - (285/356)REXEL DDR 2017 VA - (286/356)REXEL DDR 2017 VA - (287/356)REXEL DDR 2017 VA - (288/356)REXEL DDR 2017 VA - (289/356)REXEL DDR 2017 VA - (290/356)REXEL DDR 2017 VA - (291/356)REXEL DDR 2017 VA - (292/356)REXEL DDR 2017 VA - (293/356)REXEL DDR 2017 VA - (294/356)REXEL DDR 2017 VA - (295/356)REXEL DDR 2017 VA - (296/356)REXEL DDR 2017 VA - 5.3.2 Report of the Statutory Auditors on the company financial statements for the financial year ended December 31, 2017 (297/356)REXEL DDR 2017 VA - (298/356)REXEL DDR 2017 VA - (299/356)REXEL DDR 2017 VA - (300/356)REXEL DDR 2017 VA - (301/356)REXEL DDR 2017 VA - 6 COMBINED SHAREHOLDERS’ MEETING OF MAY 24, 2018 (302/356)REXEL DDR 2017 VA - (303/356)REXEL DDR 2017 VA - 6.1 REPORT OF THE BOARD OF DIRECTORS TO THE COMBINED SHAREHOLDERS’ MEETING OF MAY 24, 2018 (304/356)REXEL DDR 2017 VA - (305/356)REXEL DDR 2017 VA - (306/356)REXEL DDR 2017 VA - (307/356)REXEL DDR 2017 VA - (308/356)REXEL DDR 2017 VA - (309/356)REXEL DDR 2017 VA - (310/356)REXEL DDR 2017 VA - (311/356)REXEL DDR 2017 VA - (312/356)REXEL DDR 2017 VA - (313/356)REXEL DDR 2017 VA - (314/356)REXEL DDR 2017 VA - (315/356)REXEL DDR 2017 VA - (316/356)REXEL DDR 2017 VA - (317/356)REXEL DDR 2017 VA - (318/356)REXEL DDR 2017 VA - (319/356)REXEL DDR 2017 VA - (320/356)REXEL DDR 2017 VA - (321/356)REXEL DDR 2017 VA - (322/356)REXEL DDR 2017 VA - (323/356)REXEL DDR 2017 VA - (324/356)REXEL DDR 2017 VA - 6.2 TEXT OF THE DRAFT RESOLUTIONS (325/356)REXEL DDR 2017 VA - (326/356)REXEL DDR 2017 VA - (327/356)REXEL DDR 2017 VA - (328/356)REXEL DDR 2017 VA - (329/356)REXEL DDR 2017 VA - (330/356)REXEL DDR 2017 VA - (331/356)REXEL DDR 2017 VA - (332/356)REXEL DDR 2017 VA - (333/356)REXEL DDR 2017 VA - (334/356)REXEL DDR 2017 VA - (335/356)REXEL DDR 2017 VA - (336/356)REXEL DDR 2017 VA - (337/356)REXEL DDR 2017 VA - 7 PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND STATUTORY AUDITORS (338/356)REXEL DDR 2017 VA - (339/356)REXEL DDR 2017 VA - 7.1 PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT - 7.1.1 Person responsible for the Registration document - 7.1.2 Responsibility statement - 7.1.3 Person responsible for the financial communication - 7.1.4 Indicative financial information timetable (340/356)REXEL DDR 2017 VA - 7.2 STATUTORY AUDITORS - 7.2.1 Acting Statutory Auditors - 7.2.2 Deputy Statutory Auditors (341/356)REXEL DDR 2017 VA - 8 CORRELATION TABLES (342/356)REXEL DDR 2017 VA - (343/356)REXEL DDR 2017 VA - 8.1 CORRELATION TABLE WITH REGULATION (EC) 809/2004 (344/356)REXEL DDR 2017 VA - (345/356)REXEL DDR 2017 VA - (346/356)REXEL DDR 2017 VA - (347/356)REXEL DDR 2017 VA - 8.2 CORRELATION TABLE WITH THE ANNUAL FINANCIAL REPORT (348/356)REXEL DDR 2017 VA - 8.3 CORRELATION TABLE WITH MANAGEMENT REPORT (INCLUDING THE REPORT ON CORPORATE GOVERNANCE) (349/356)REXEL DDR 2017 VA - 8.4 CORRELATION TABLE WITH THE INFORMATION ON CORPORATE AND ENVIRONMENTAL RESPONSIBILITY (350/356)REXEL DDR 2017 VA - (351/356)REXEL DDR 2017 VA - 8.5 CORRELATION TABLE WITH ALL TEN PRINCIPLES OF THE UNITED NATIONS GLOBAL COMPACT (352/356)REXEL DDR 2017 VA - 8.6 CORRELATION TABLE WITH THE PILLARS OF REXEL SUSTAINABLE DEVELOPMENT STRATEGY (353/356)REXEL DDR 2017 VA - (354/356)REXEL DDR 2017 VA - (355/356)REXEL DDR 2017 VA - (356/356) 5.1 ACTIVITYREPORT 5.1ACTIVITY REPORT 198 5.1.1Operating and financial review and prospects 198 5.1.2Liquidity and capital resources 208 5.1.3 Outlook 211 5.1.4 Dividend policy 212 5.1.5Significant changes in the issuer’s financial or commercial position 212 5.1.6 Information on payment terms granted to suppliers and customers of Rexel (end of the 2017 financial year) 212 5 REXEL 2017 – REGISTRATION DOCUMENT 197