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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Public Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 92

Free cash flow conversion under IFRS 16


Following our H1 2019 earnings call, Rexel’s share price has been impacted by a misunderstanding that arose concerning how we define the conversion of EBITDA into FCF before Interest and Tax after the adoption of the IFRS 16 standard.

During the conference call, we confirmed our FY 2019 ambition of an improvement of our conversion ratio to around 60%, compared to 51% in 2018 and 55% in 2017.

For the sake of clarity, the cash conversion ratio has to be applied to « EBITDA post IFRS 16 » reduced by « lease payments » disclosed on a separate line in the cash flow statement.

Free Cash Flow generation remains a priority for Rexel.


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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Public Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 92

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