FINANCIAL AND ACCOUNTING INFORMATION At December 31, 2017, Rexel’s ratings by the financial basis); this target takes into consideration market rating agencies were as follows: prospects prevail ing at that time and the first effect of measures detailed during the Capital DECEMBER 2017 Market Day held on February 13, 2017 to accelerate Rating agency Moody’s Standard & Poor’sFitch Ratings organic growth over the medium-term; Long-term debt Ba2 BB BB A mid to high single digit increase in adjusted • Outlook Stable Stable Stable EBITA; this target reflects the expected growth in Short-term dedt NP B B sales combined with the first effects of measures At December 31, 2016, Rexel’s ratings by the financial detailed during the Capital Market Day held on rating agencies were as follows: February 13, 2017 to improve operational and financial performance over the medium-term; DECEMBER 2016 Moody’s Standard & Poor’sFitch Ratings • An indebtedness ratio (net debt-to-EBITDA as Rating agency calculated under the Senior Credit Agreement Long-term debt Ba2 BB BB terms) of below 3 times at December 31, 2017. Outlook Stable Stable Stable Short-term dedt NP B B Upon presentation of the results of the second quarter and of the first half of 2017 on July 31, 2017, Other Rexel Group commitments are detai led the Rexel Group confirmed its 2017 full-year targets, in note 25 of the Notes to the Rexel Group’s as detailed above. consolidated financial statements for the year ended December 31, 2017, set out in chapter 5 “Financial Upon presentation of the results of the third and accounting information” of this Registration quarter and of the nine months of the year 2017, on document. October 27, 2017, Rexel confirmed once again its 2017 full-year targets, while indicating that it should 5 stay at the low end of February guidance for the 5.1.3 Outlook adjusted EBITA increase. The objectives and forecast presented in this On February 14, 2018, Rexel published its 2017 full- section have been determined on the basis of data, year results, in line with its objectives: assumptions and estimates that are considered reasonable by the Rexel Group’s management. • The return to organic growth with 13.3 billion euros These data, assumptions and estimates may change of sales, increasing of 3.5% on a constant and as a result of uncertainties relating to, among same-day basis, including a positive effect on other things, the economic, financial, accounting, copper of 1.4%; competitive and regulatory environment, or other The growth in adjusted EBITA of 6.1%; the adjusted factors that are currently unknown to the Rexel • Group as of the date of this Registration document. EBITA corresponds to 4.4% of the sales, increasing In addition, the occurrence of certain of the risks of 13 bps compared to 2016; and described in chapter 2 “Risk Factors and Internal The improvement of indebtedness ratio, which • Control” of this Registration document could have corresponds to 2.8x EBITDA compared to 3.0x at an impact on the business, the financial condition, the end of 2016 (Net debt-to-EBITDA as calculated and the results of operations of the Rexel Group under the Senior Credit Agreement terms). and hence its ability to achieve these objectives and forecasts. The Rexel Group can give no assurances 5.1.3.2 Rexel 2018 objectives and provide no guarantee that the fol lowing objectives and forecast will be met. In 2018, Rexel expects further growth in a market environment that should remain favourable in most 5.1.3.1 Comparison between the Rexel Group of its main geographies. Rexel will continue to invest 2017 forecast and achievements in its digitization strategy across the group and its operations in the US. Rexel should also benefit from For 2017, Rexel had expressed the following forecast, a contribution from its US initiatives launched in on the basis of the assumptions set forth in the 2017. Registration document filed with the Autorité des marchés financiers on March 31, 2017 under number Consistent with its medium-term ambition, Rexel D.17-0272: targets at comparable scope of consolidation and exchange rates: •After two years of decl ine, resuming organic growth, with sales up in the low single digits (on • sales up in the low single digits and below 5% (on a constant and actual number of working days a constant and same-day basis); REXEL 2017 – REGISTRATION DOCUMENT 211