FINANCIAL AND ACCOUNTING INFORMATION •a mid to high single-digit increase in adjusted paid out in cash, in order to enable Rexel to comply EBITA; with its commitments as regards the distribution of a further improvement of the indebtedness ratio dividends to the shareholders. • (net debt-to-EBITDA). Rexel has distributed the fol lowing amounts in respect of the last three financial years: 5.1.4 Dividend policy AMOUNT The Board of Directors may propose a dividend TOTAL AMOUNTS DISTRIBUTED YEAR DISTRIBUTED PER SHARE distribution to the Shareholders’ Meeting. Dividends 2015 €120,307,183 €0.40 that have not been claimed within five years after they have been declared are transferred to the 2016 €120,822,691 €0.40 French State. 2017 €126,862,599(*) €0.42 (*) Rexel’s medium-term objective is to generate a solid (*) Amount subject to the approval of the shareholders upon the Shareholders’ Meeting. available cash flow before interest and taxes, thanks to a low capital intensity and a tight management of the working capital requirement, al lowing for, 5.1.5 Significant changes in the issuer’s inter al ia, the funding of an attractive dividend financial or commercial position representing at least 40% of the recurring net result. To Rexel’s knowledge, and with the exception of the In respect of the financial year ended on December 31, items described in this Registration document, there 2017, the Board of Directors will submit a proposal to has been no other significant change in the Rexel the Shareholders’ Meeting to be held on May 24, Group’s financial or commercial position since the 2018 to distribute a dividend of 0.42 euro per share, end of the financial year ended December 31, 2017. 5.1.6 Information on payment terms granted to suppliers and customers of Rexel (end of the 2017 financial year) Invoices received or issued, unpaid or overdue as at December 31, 2017 (article D.441-4 I of the French Commercial Code) Article D.441-4 I. 1°: Invoices received, Article D.441-4 I. 2°: Invoices issued, unpaid as of December 31, 2017 unpaid as of December 31, 2017 (A) Overdue invoices Number of invoices concerned 4 0 Total amount of invoices concerned (including taxes) 2 (in thousands of euros) Percentage of total purchases for the year (excluding taxes) 0.01% Percentage of sales for the year (excluding taxes) (B) Invoices excluded from (A) relating to payables and receivables in dispute or not recognized Number of excluded invoices 2 Total amount of excluded invoices (including taxes) 7 (in thousands of euros) (C) Benchmark payment terms used (contractual or statutory terms – article L.441-6 or article L.443-1 of the Commercial Code) Payment terms used to calculate overdue payments Contractual terms: 30 days average Contractual terms: 30 days average Statutory terms: NA Statutory terms: NA REXEL 2017 – REGISTRATION DOCUMENT 212