FINANCIAL AND ACCOUNTING INFORMATION tax expense calculated based on its own taxable losses carried forward of the tax consolidation group income. Any tax benefits arising from the tax amount to €233.6 million as of December 31, 2017 group are recognized by Rexel as the head of the (€269.3 mil lion in 2016) and the related estimated tax group. Rexelhas recognized an income of future tax relief stands at €48.7 million. €79.9 mil lion for 2017 (€47.5 mil lion in 2016). Tax 4. Notes to the balance sheet 4.1 Changes in fixed assets COST OR COST OR VALUATION, VALUATION, (in millions of euros) JANUARY 1, 2017 INCREASE DECREASE DECEMBER 31, 2017 Intangible fixed assets – – – – Tangible fixed assets 0.5 – – 0.5 Long-term financial assets: • Investments in related companies 4,104.9 – – 4,104.9 • Loans and other long-term financial assets 449.1 – 55.2 393.9 Sub-total Financial assets 4,554.0 - 55.2 4,498.8 Total 4,554.5 - 55.2 4,499.3 Tangible fixed assets depreciation amounted to 2. Loans granted by Rexel to some subsidiaries. €0.2 million as of December 31, 2017. As of December 31, 2016, the loans were the 5 Long-term financial assets following: •Rexel Sverige AB for SEK 1,357 million, Investments in related companies Elektro Material AG for CHF 155 million, • Investments in related companies refer only to Rexel • Elektroskandia Norway Holding for Développement. NOK 528 million, •Rexel New Zealand for NZD 20 million, Loans and other long-term financial assets Rexel Holdings Australia PTY for AUD 40 million, • This item is composed by: Hagemeyer Finance BV Branch in Finland for • 1. Own shares and cash equivalents held under Rexel’s EUR 30.9 million, share l iquidity agreement. In connection with •Rexel Arabia ES for USD 10.0 million, its own-share buy-back program, Rexel entered •Francofa Eurodis for EUR 7.0 million. into a contract with Natixis on November 1, 2017 I n the course of 2017: (after termination of the previous contract entered Hagemeyer Finance BV Branch (an indirect into on January 1, 2015 with Exane BNP Paribas) subsidiary of Rexel based in the Netherlands) in to promote the liquidity of Rexel shares. As of December 31, 2017, Rexel held 408,765 shares Finland redeemed the loan due on June 30, 2020 for a gross value of €6.2 mil lion. The balance of for an amount of EUR 30.9 million. this contract consists of €10.5 mil l ion of cash The translation of foreign currency loans reduced equivalents. the amount by €24.3 million. REXEL 2017 – REGISTRATION DOCUMENT 283