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Electrocomponents Annual Report 2018

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Electrocomponents Annual Report 2018 Electrocomponents plc Annual Report and Accounts for the year ended 31 March 2018 Electrocomponents plc BECOMING Annual Report and Accounts for the year ended 31 March 2018 FIRST CHOICE ELECTROCOMPONENTS IS A GLOBAL MULTI-CHANNEL DISTRIBUTOR We support customers with a broad range of industrial and electronic products and services that are essential for the successful operation of their businesses. Revenue Like-for-like1 revenue growth £1,705.3m 12.8% Growth 12.8% 2017: 4.8% 2017: £1,511.7m Profit before tax Adjusted2 profit before tax £168.6m £173.1m Growth 32.7% Like-for-like1 growth 30.0% 2017: £127.1m 2017: £128.0m Earnings per share Adjusted2 earnings per share 33.9p 28.4p Growth 62.2% Like-for-like1 growth 29.7% 2017: 20.9p 2017: 21.0p Dividend per share Adjusted2 free cash flow 13.25p £105.1m Growth 7.7% Growth (10.7)% 2017: 12.30p 2017: £117.7m electrocomponents.com 1. Like-for-like change excludes the effects of changes in exchange rates on translation of overseas operating results, with 2017 converted at 2018 average exchange rates. Revenue is also adjusted to eliminate the impact of trading days year on year. 2. Adjusted excludes substantial reorganisation costs, asset write-downs, one-off pension credits or costs, significant tax rate changes and associated income tax (refer to Note 3 on pages 97 to 99 for reconciliations). HOW REPORT STRATEGIC WILL WE BECOME FIRST CHOICE? SIMPLE INNOVATIVE COLLABORATIVE SEE PAGE 10 SEE PAGE 24 SEE PAGE 38 Strategic report 1 Corporate governance 48 Group at a glance 2 Board of Directors 48 Our investment proposition 3 Corporate governance report 50 Business model 4 Audit Committee report 56 Chairman’s introduction 6 Nomination Committee report 62 Our marketplace 8 Directors’ Remuneration Report 64 CEO’s review 12 Directors’ report 79 Key performance indicators 26 Statement of Directors’ responsibilities 83 Financial review 28 Financial statements 84 Risks, viability and going concern 34 Independent Auditors’ report 84 Corporate responsibility 40 Group accounts 90 Company accounts 124 Five year record 131 Shareholder information 132 Annual Report and Accounts for the year ended 31 March 2018 Electrocomponents plc 1 GROUP AT A GLANCE A GLOBAL PROVIDER To become the global provider of end-to-end solutions offering products from industrial to electronics, powered by technology, innovation and data-led insight. Through our international scale and reach… 26.6% 20.2% 14.0% 13.3% 25.9% Northern Europe Southern Europe Central Europe Asia Pacific Americas revenue: £454.3m revenue: £344.8m revenue: £238.8m revenue: £226.6m revenue: £440.8m 11.3% 10.5% 12.8% 18.2% 13.5% Like-for-like Like-for-like Like-for-like Like-for-like Like-for-like growth growth growth growth growth We operate responsibly through a broad range of industries… MANUFACTURING SERVICE INFRASTRUCTURE • Process manufacturing • Public sector • Communications • Electronics • Business and other services • Mining and construction • Original equipment manufacturers • Retail, logistics and wholesale (OEMs) and general manufacturing Across our product categories… • Automation and • Tools and • Test and • Interconnect, • Semiconductors • Single-Board Control (A&C) Consumables Measurement Passives and Computers (T&C) (T&M) Electromechanical (SBC) (IP&E) Delivering through our trusted brands… RS Components (RS) is the Allied Electronics & Automation leading multi-channel industrial (Allied) is a leading multi-channel and electronics distributor industrial distributor in the across Europe and Asia Pacific. Americas with a focus on A&C. DesignSpark is our online RS Pro is our own-brand design community and resource range of more than 50,000 centre for makers, students high-quality, competitively and design engineers. priced products. 2 Electrocomponents plc Annual Report and Accounts for the year ended 31 March 2018 OUR INVESTMENT PROPOSITION CEO’S REVIEW PAGE 12 FOUR KEY REASONS REPORT STRATEGIC TO INVEST We are committed to building a lean and scalable business, which is well positioned to grow in excess of the market and drive best-in-class margins and strong free cash flow. 1 2 SIGNIFICANT DRIVING MARKET MARKET OPPORTUNITY SHARE GAINS • We estimate the overall high-service electronics and • Market-leading customer service industrial market in which we operate is valued • Leadership in digital at c. £400bn • Strong supplier relationships, product knowledge • Growing at GDP+ and technical expertise • Highly fragmented but beginning to see consolidation • Best-in-class sales process and go-to-market approach • Digitally immature but digital transition now starting • Value-added services • Differentiation with technology, innovation and data-led insight c. £400bn >2x market market growth is our goal 3 4 BUILDING A LEAN AND STRONG CASH SCALABLE MODEL GENERATION • We aim to maintain stable and where possible grow • We are a highly cash-generative business gross margin • We will be focused on disciplined reinvestment both • We are committed to using shared services and organic and inorganic to accelerate top-line growth automation to lower our cost to serve while continuing • We are committed to growing our dividend while to drive improved service improving dividend cover and generating attractive • Since 2015, we have increased our adjusted operating returns for our shareholders profit conversion ratio from 15.3% to 23.6% and our long-term goal is to further improve this ratio to 30% • Over the same period, we have increased adjusted operating profit margin from 6.7% to 10.4% and our long-term aspiration is to achieve a mid-teen adjusted operating profit margin 30% >80% adjusted operating profit adjusted operating cash conversion ratio is our goal flow conversion Annual Report and Accounts for the year ended 31 March 2018 Electrocomponents plc 3 BUSINESS MODEL WHAT WE DO TO CREATE VALUE We are a multi-channel distributor supporting customers across the product life cycle, whether via innovation and technical support at the design phase, improved productivity in the build phase or reducing purchase-to-pay costs and optimising inventory in the maintenance phase. We offer our customers tailored product and service propositions to help them save time and money. HOW WE DO IT VALUE PROPOSITION SOURCE HOW WE PROVIDE VALUE • High-quality products from over 2,500 major suppliers • Extensive range of industrial and electronic products We make it easy • Multi-channel market approach • From latest technologies to hard-to-find products • Strong digital offering to help our to do business customers quickly find, choose and STOCK buy products • Detailed technical information, data and • 500,000+ stocked products and a much greater innovative design tools non-stocked range • Value-added solutions, such as calibration • RS Pro – our competitively priced own-brand range and procurement solutions, to help reduce • High stock availability with transparent information costs and complexity SHIP • Enabling our customers to consolidate • Over 50,000 parcels shipped daily to over one million customers We have a broad range spend, reduce inventories and • No minimum order size of products and high improve productivity • Aiming for best-in-class fulfilment via our global network stock availability • Driving improved asset efficiency and of distribution centres preventative maintenance • Our own-brand range, RS Pro, offers customers a high-quality, value choice • Our products help keep people safe We have significant • Knowledgeable sales teams with increasing sector-specific expertise sector-specific knowledge • Technical support to help customers and technical expertise with purchase decisions Underpinned SEAMLESS by our brand We make complex things values satisfyingly simple 4 Electrocomponents plc Annual Report and Accounts for the year ended 31 March 2018 OUR MARKETPLACE PAGE 8 STRATEGIC REPORT STRATEGIC VALUE PROPOSITION CREATING VALUE FOR OUR STAKEHOLDERS HOW WE PROVIDE VALUE SHAREHOLDERS We seek to deliver attractive returns for • Multi-channel market approach our shareholders, with sustained growth We make it easy in profit and cash driving longer-term share • Strong digital offering to help our price appreciation and year-on-year to do business customers quickly find, choose and growth in dividends buy products • Detailed technical information, data and innovative design tools • Value-added solutions, such as calibration CUSTOMERS and procurement solutions, to help reduce Saving our customers time and money costs and complexity and making it easy to do business We have a broad range • Enabling our customers to consolidate SUPPLIERS spend, reduce inventories and Extending customer reach and providing of products and high improve productivity insight and analysis for our suppliers stock availability • Driving improved asset efficiency and preventative maintenance • Our own-brand range, RS Pro, offers customers a high-quality, value choice EMPLOYEES • Our products help keep people safe We are committed to nurturing talent and building a high-performance culture We have significant • Knowledgeable sales teams with increasing sector-specific expertise COMMUNITIES sector-specific knowledge • Technical support to help customers We respect, protect and contribute to and technical expertise with purchase decisions the communities in which we operate PROGRESSIVE PERSONAL Always looking for People come a better way before process Annual Report and Accounts for the year ended 31 March 2018 Electrocomponents plc 5 CHAIRMAN’S INTRODUCTION LAYING THE FOUNDATIONS
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