FINANCIAL AND ACCOUNTING INFORMATION On a constant basis, adjusted distribution and EBITA administrative expenses increased by 4.6% in 2017 In 2017, as a result, EBITA amounted to €180.1 million, and represented 18.8% of sales, a 48 basis-point up 8.7%, on a reported basis, as compared to increase as compared to 18.3% in 2016 due to €165.6 million in 2016. branch openings, counter refresh and sales force On a constant basis, adjusted EBITA increased development partly offset by lower than expected by 0.6% from 2016 and adjusted EBITA margin corporate-hosted expenses allocated to operations. decreased by 5 basis points to 3.8% of sales. Asia-Pacific (10% of Group sales) YEAR ENDED DECEMBER 31, (in millions of euros) 2017 2016 Change in % REPORTED Sales 1,307.7 1,304.6 0.2% Gross profit 232.5 235.1 (1.1)% Distribution and administrative expenses (220.4) (220.8) (0.2)% EBITA 12.1 14.3 (15.6)% as a % of sales 0.9% 1.1% YEAR ENDED DECEMBER 31, (in millions of euros) 2017 2016 Change in % CONSTANT BASIS ADJUSTED FINANCIAL DATA Sales 1,307.7 1,269.6 3.0% Same-day basis 3.4% Gross profit 232.4 231.2 0.5% as a % of sales 17.8% 18.2% -44 bps Distribution and administrative expenses (220.4) (215.8) 2.1% as a % of sales (16.9)% (17.0)% 14 bps EBITA 12.0 15.4 (22.4)% as a % of sales 0.9% 1.2% Sales In Australia, sales amounted to €535.9 million, a 5.6% In 2017, sales in Asia-Pacific amounted to increase from 2016, on a constant and same-day €1,307.7 mil lion, up 0.2%, on a reported basis, as basis, mainly due to good momentum in residential compared to €1,304.6 million in 2016. end market helped by small & medium installers. The negative scope impact from divestment of South InChina, sales amounted to €476.9 million in 2017, East Asia operations contributed for €23.4 million to a 10.2% increase compared to 2016, on a constant the sales in 2017. and same-day basis, mainly coming from strong OEM demand in non-heavy industry and datacom The unfavorable evolution of currency exchange projects. rates accounted for an €11.6 mi l l ion decrease, primarily due to the depreciation of the Chinese Gross profit Yuan against the euro. In 2017, in Asia-Pacific, gross profit amounted to On a constant and same-day basis, sales increased €232.5 mil lion, down 1.1%, on a reported basis, as by 3.4% as compared to 2016. Excluding South East compared to €235.1 million in 2016. Asia operations disposed of in 2017, organic growth On a constant basis, adjusted gross profit increased would have been 7.0% as compared to 2016. by 0.5% at 17.8% of sales, a 44 basis-point decrease REXEL 2017 – REGISTRATION DOCUMENT 206