FINANCIAL AND ACCOUNTING INFORMATION growth and the number of days of trade payables Cash flow from investing activities outstanding decreased by 1.5 day. Cash flow from investing activities consisting of As a percentage of sales over the last 12 months, acquisitions and disposals of fixed assets, as well as on a constant basis, working capital requirements financial investments, amounted to a €134.6 million amounted to 10.8% of sales as of December 31, 2017 outflow in 2017, as compared to an outflow of as compared to 10.3% as of December 31, 2016, a €190.2 million in 2016. 50 basis-point increase. PERIOD ENDED DECEMBER 31, (in millions of euros) 2017 2016 Acquisitions of operating fixed assets (112.5) (115.8) Proceed from disposal of operating fixed assets 3.5 22.1 Net change in debts and receivables on fixed assets (1.3) (4.9) Net cash flow from capital expenditures (110.3) (98.6) Acquisition of subsidiaries, net of cash acquired (94.0) Proceeds from disposal of subsidiaries, net of cash disposed of (23.1) 1.6 Net cash flow from financial investments (23.1) (92.4) Net change in long-term investments (1.2) 0.8 Net cash flow from investing activities (134.6) (190.2) 5 Acquisitions and disposals of operating fixed assets of €6.3 mil lion; these notes were refinanced by Acquisitions of operating fixed assets, net of the issuance of the 2.625% €300 million notes due disposals, accounted for an outflow of €110.3 million 2024, in 2017, as compared to €98.6 million in 2016. Redemption of €500 million of senior notes due • In 2017, gross capital expenditures amounted to 2022 on November 20, 2017 for €517.0 mil l ion €112.5 mil lion (€115.8 mil lion in 2016), i.e. 0.8% of including a redemption premium of €17.0 million; sales, mainly attributable to IT projects and branch these notes were refinanced by the issuance of the openings in France and in the United States. 2.125% €500 million notes due 2025, Disposals of fixed assets amounted to €3.5 million The decrease by €112.9 mil l ion in Commercial (€22.1 million in 2016). • paper, other borrowings and securitization, Financial investments And the dividend distribution of €120.8 million. • Net cash flow from financial investments was an In 2016, cash flow from financing activities outflow of €23.1 mil l ion in 2017 as compared to represented a net cash outflow of €339.3 mil lion, €92.4 million in 2016. In 2017, in connection with the resulting mainly from the: divestments of Rexel South East Asia operations, the Group contributed for €23.1 million to the entities • Redemption of the 5.125% €650 mil l ion senior disposed of, while the proceeds received from the notes due 2020 on June 16, 2016 for €675.0 million sale transaction were nil. including a redemption premium of €25.0 million, Cash flow from financing activities • Redemption of USD170 million of senior notes due 2020 (out of USD500 mil lion) on November 2, In 2017, cash flow from financing activities 2016 for €160.3 mil lion including a redemption represented a net cash outflow of €261.3 mil lion, premium of €6.0 million, resulting mainly from the: • Decrease in other borrowings amounting to •Redemption of the remaining outstanding €49.8 million, 5.25% USD330 million senior notes due 2020 for €302.3 mil lion including a redemption premium • Dividend distribution of €120.3 million, REXEL 2017 – REGISTRATION DOCUMENT 209