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Electrocomponents Plc Annual Report and Accounts 2009

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Electrocomponents Plc Annual Report and Accounts 2009 International Management Centre plc Electrocomponents 8050 Oxford Business Park North The leading high service distributor to engineers worldwide Oxford OX4 2HW United Kingdom t: (44) (0) 1865 204000 f: (44) (0) 1865 207400 w: www.electrocomponents.com Annual Report and Accounts 2009 ELECTROCOMPONENTS PLC ANNUAL REPORT AND ACCOUNTS 2009 Cert no. SGS-COC-1732 Published by Black Sun Plc +44 (0)20 7736 0011 Electrocomponents plc Printed at St Ives Westerham Press Ltd Contents MORE INFORMATION IFC Highlights of theYear 38 Group Cash Flow Statement 1 Chairman’s Statement 39 Group Significant Accounting Policies 3 Chief Executive’s Review 43 Notes to the Group Accounts 6 Strategic overview 71 Company Balance Sheet 12 Business Review 72 Company Significant 21 Board of Directors Accounting Policies 22 Directors’ Report 74 Notes to the Company Accounts 24 Corporate Governance Report 81 FiveYear Record 28 Remuneration Report 82 Additional Information for 34 Statement of Directors’ Responsibilities Electrocomponents plc Shareholders GET MORE ONLINE 35 Independent Auditors’ Report 83 Registered Office, Advisers 36 Group Income Statement and Financial Calendar 37 Group Balance Sheet 84 Principal Locations WWW.ELECTROCOMPONENTS.COM HIGHLIGHTS OF THE YEAR ACCESS THE LATEST – 10% GROWTH IN E-COMMERCE SALES Revenue 1 SHAREHOLDER – LEADERSHIP TEAMS IN EUROPE AND INFORMATION ELECTRONICS STRENGTHENED £974.6m • Updates via email • Latest share price – ELECTRONICS OFFER EXPANDED • Corporate governance – SUCCESSFUL LAUNCH OF ELECTRONICS Headline profit before tax VIEW ARCHIVE PRODUCTION PACKAGING 2 INFORMATION – ACTIONS TAKEN TO REDUCE COSTS BY • Company reports £86.6m • Company presentations £18M P.A. • Results and trading updates Headline earnings – FREE CASH FLOW OF £78M INCREASED per share BY 4% SHAREHOLDER 3 SERVICES – OPERATING COSTS REDUCED AT 13.6p • Register online CONSTANT FOREIGN EXCHANGE RATES • Shareview Free cash flow • Frequently asked questions – MAJOR £281M BANK REFINANCING CONCLUDED DURING THE YEAR £78.0m – ROBUST FINANCIAL METRICS WITH INTEREST COVER OF 13X AND NET DEBT TO EBITDA OF 1.7X Dividend per share 11.0p Headline return on Definitions of terms: In order to reflect underlying business performance, comparisons of revenue between periods have been capital employed adjusted for exchange rates and the number of trading days (underlying revenue growth). Changes in profit, cash flow, debt and share related measures such as earnings per share are at reported exchange rates. Headline profit: a profit of £9.9m (2008: charge of £1m) was reported in the year for items excluded from headline profit. Details of the items are given below the Income Statement. Key performance measures 18.5% such as return on sales, EBITDA and ROCE use headline profit figures. CHAIRMAN’S STATEMENT OUR FOCUS IS ON IMPLEMENTING THE STRATEGY AND MAINTAINING THE GROUP'S FINANCIAL STRENGTH Helmut Mamsch Chairman Introduction payable in July 2009, which combined with the interim dividend The Group faced markedly different trading conditions between the of 5p per share, paid in January 2009, would give a total ordinary first half and the second half of the year. In the first half the Group dividend for the financial year of 11p per share. achieved sales growth, cost leverage and profit growth. During In the current difficult economic environment our focus is on the second half general macroeconomic conditions deteriorated maintaining the Group’s financial strength.Therefore, as was significantly, and this adversely impacted the Group’s performance. previously announced, the Board decided that it would not be However, throughout the year cash delivery has been strong with free cash flow representing 118% of profit after tax. appropriate to pay the special dividend of 7.4p per share, originally proposed in May 2008. The management team responded decisively to these changing trading conditions, implementing actions during the second half People which will reduce operating costs by around £18m p.a. In addition, We are reliant on all our people to meet our customer needs and the Group’s second half gross margin improved on the first half expectations and strive to improve our business. This support and of the year. dedication is all the more important when trading conditions are In the current economic environment it is important to note the difficult, as they are at the moment. On behalf of the Board, I wish robust financial metrics and continued strength of the Group’s to thank everyone for their continued hard work. balance sheet. Interest cover was 13 times and the net debt to Unfortunately we have had to make a significant number of roles EBITDA ratio was 1.7 times. At 31 March 2009 the Group had redundant during the year and I regret the impact that this has had £314m of committed bank facilities, the vast majority of which on our employees and the communities in which we operate. We do not mature before September 2012. have made every effort to provide support to those affected by these actions. These difficult decisions were taken in the light Strategy of the severe economic downturn and its effect on our business. In May 2008, the outcome of the Board’s review of its strategy was announced. This identified four key areas to drive the Group’s The Board future performance: As we previously announced, Tim Barker and Les Atkinson will both • Focus on International markets be retiring at the Annual General Meeting after nine years on the • Accelerate the development of the Group’s electronics Board. The Board is grateful for their significant contributions to and maintenance offers the business over the years. With effect from their retirement, • Exploit the full potential of e-Commerce Rupert Soames will be appointed Chairman of the Remuneration • Leverage the Group’s global infrastructure and increase Committee and Senior Independent Director and Paul Hollingworth operating margins will be appointed Chairman of the Audit Committee. We have made significant progress in each of these four areas Adrian Auer has been appointed to the Board as a Non-Executive during the year, this is explained in more detail in the Chief Director and will join on 1 July 2009. Adrian is Chairman of Executive’s review. both Shanks Group plc, a leading provider of sustainable waste management solutions, and Readymix plc. He is also a Non-Executive Dividends Director of Filtrona plc. Adrian is an experienced Non-Executive In keeping with the announcement in May 2008, the Board intends Director with a strong international background across a number of to recommend the payment of a final dividend of 6p per share, different industry sectors, which will be of great benefit to the Board. Electrocomponents plc Annual Report and Accounts 2009 1 CHAIRMAN’S STATEMENT continued Current trading and outlook In the first eight weeks of the new financial year the sales trend has been similar to the final quarter of last year.Year on year Group revenue has declined by around 17%, the UK by around 14% and the International business by around 19%. Within International, Continental Europe has declined by around 17%, North America by around 23% and Asia Pacific by around 15%. The Purchasing Managers’ Indices in our major markets have shown some stability in recent months, albeit at low levels. Our strategy remains unchanged. We will continue to strengthen our electronics and e-Commerce offers to better serve customers’ needs and drive our market leading offer for maintenance customers. An increasing number of strategic initiatives will be introduced into the market as the investments we have made over the past few years deliver. The Group is well positioned for the future with a broad spread of international businesses, extensive product range and customer base, high service offer and realigned cost structure. Helmut Mamsch Chairman To sign up for e-communications visit: www.electrocomponents.com 2 Electrocomponents plc Annual Report and Accounts 2009 CHIEF EXECUTIVE’S REVIEW WE HAVE MADE SIGNIFICANT PROGRESS IN IMPLEMENTING THE GROUP'S STRATEGY PARTICULARLY DEVELOPING THE ELECTRONICS AND E-COMMERCE OFFERS Ian Mason Group Chief Executive and improve performance. A more consistent, streamlined and OVERVIEW AND STRATEGY IMPLEMENTATION cross-regional approach has been introduced. Headcount has been reduced and resources have been reallocated from sales to marketing The Group is the leading high service distributor to engineers and from off-line to on-line activities, in keeping with the Group strategy. worldwide, having been the first to globalise its operations. 65% of sales now come from our markets in Continental Europe, In addition, the senior management team in Europe has been North America and Asia Pacific and 40% of the Group’s sales are strengthened during the year with the appointment of the via the e-Commerce channel. The Group distributes the broadest previous UK General Manager to lead the region and the creation range of technologies to electronics engineers and has the leading of a European Executive Management team. In Asia Pacific the high service offer for maintenance engineers worldwide. These region, which has doubled its sales since 2003, has been reorganised offers are supported by a world class global infrastructure to create a more efficient and flexible structure to better serve and systems. its customers. While the worsening macroeconomic environment has impacted The Group faced markedly different trading conditions between the results, particularly in the second half of the year, the Board believes first half and the
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