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Making Amazing Happen

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Making Amazing Happen Electrocomponents plc Annual Report and Accounts for the year ended March 2020 31 Making amazing happen Electrocomponents plc Annual Report and Accounts for the year ended 31 March 2020 Making amazing happen The theme for this year’s Annual Report is ‘making amazing happen’. Throughout this report you will read stories of how our We are a global people have gone above and beyond for our customers, suppliers and communities. It remains our customer-centric people and omni-channel culture that really differentiate us. This has been highly evident during the current solutions partner COVID-19 crisis, where employees from across our distribution centres to our offices for industrial have played vital roles in helping provide solutions, parts and equipment to keep critical industries running across the public customers sector, utilities, healthcare, and food and beverage (see pages 16 and 17). We are and suppliers playing an important role in fighting the spread of COVID-19 by supporting a number of manufacturing consortia as they seek to source key parts and solutions to build ventilators. We have also set up 3D Destination printing farms to produce and distribute personal protective equipment to frontline health staff in the UK and the Americas. 2025 We remain confident that the continuity of service and commitment we offer our Read more about our strategic customers and suppliers will accelerate priorities on pages 13 to 15 our journey to become first choice and therefore come out of this crisis strongly. Further information can be found at electrocomponents.com Financial highlights Contents Strategic report Corporate governance Financial statements Shareholder information Revenue Like-for-like1UHYHQXHJURZWK Strategic report 1 Group at a glance 2 £1,953.8m 2.2% Our investment proposition 3 Chair’s introduction 4 Change: +3.7% 2019: £1,884.4m 2019: 8.3% Our marketplace 6 Business model 8 &KLHI([HFXWLYH2I¿FHU¶VUHYLHZ 2 3URÀWEHIRUHWD[ Adjusted SURÀWEHIRUHWD[ 2XUVWUDWHJLFSULRULWLHV .H\SHUIRUPDQFHLQGLFDWRUV £199.6m £215.0m %XVLQHVVUHYLHZ Change: +2.3% Like-for-like1 change: (0.5)% )LQDQFLDOUHYLHZ 2019: £195.2m 2019: £214.5m Risks, viability and going concern 36 Corporate responsibility 45 1RQ¿QDQFLDOLQIRUPDWLRQVWDWHPHQW Earnings per share Adjusted2 earnings per share 34.7p 37.7p Corporate governance report 60 &KDLU¶VOHWWHU Change: +3.9% Like-for-like1 change: +1.1% 2019: 33.4p 2019: 37.0p Our Board of Directors 62 Our Senior Management Team 64 Corporate governance report 66 2 Adjusted IUHHFDVKÁRZ Audit Committee report 76 Nomination Committee report 83 £80.9m Directors’ remuneration report 86 Change: (4.3)% 'LUHFWRUV¶UHSRUW 2019: £84.5m 6WDWHPHQWRI'LUHFWRUV¶UHVSRQVLELOLWLHV Financial statements 105 ,QGHSHQGHQW$XGLWRUV¶UHSRUW *URXSDFFRXQWV &RPSDQ\DFFRXQWV )LYH\HDUUHFRUG Shareholder information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¿FDQWWD[ UDWHFKDQJHVDQGDVVRFLDWHGLQFRPHWD[ VHH1RWHRQSDJHVWRIRUUHFRQFLOLDWLRQV Annual Report and Accounts for the year ended 31 March 2020 Electrocomponents plc 1 Group at a glance :HDUHDJOREDORPQLFKDQQHOVROXWLRQVSDUWQHUIRULQGXVWULDO A JOREDO customers and suppliers. We aim to provide an unrivalled FKRLFHRILQGXVWULDODQGHOHFWURQLFSURGXFWVVROYHSUREOHPV partner ZLWKLQQRYDWLYHVROXWLRQVDQGGHOLYHUEHVWLQFODVVFXVWRPHU VHUYLFHPDNLQJLWHDV\WRGREXVLQHVVZLWKXV L 26% 64% 10% Americas EMEA $VLD3DFLÀF Revenue: £515.7m Revenue: £1,239.8m Revenue: £198.3m Percentage of EMEA revenue Northern Europe 45% 2.1% 2.2% 6RXWKHUQ(XURSH 2.7% &HQWUDO(XURSH /LNHIRUOLNHJURZWK /LNHIRUOLNHJURZWK Emerging markets 4% /LNHIRUOLNHJURZWK Through our international scale and reach… «ZHRSHUDWHUHVSRQVLEO\WKURXJKDEURDGUDQJHRILQGXVWULHV Manufacturing Services Infrastructure c. 53% c. 37% c. 10% of revenue1 of revenue1 of revenue1 • 3URFHVVPDQXIDFWXULQJ • 3XEOLFVHFWRU • Utilities, transport and communications • Electronics • Business and other services • Mining and construction • 2ULJLQDOHTXLSPHQWPDQXIDFWXUHUV • 5HWDLOORJLVWLFVDQGZKROHVDOH 2(0V DQGJHQHUDOPDQXIDFWXULQJ ([FOXGHVSULYDWHDQGXQFODVVL¿HGFXVWRPHUUHYHQXH 2XUOHDGLQJEUDQGV« 2XURZQEUDQG« Our value-added VROXWLRQEUDQGV« 56&RPSRQHQWV 56 LVWKHOHDGLQJ 56352LVRXURZQEUDQGUDQJHRIPRUH DesignSpark is our online design omni-channel provider of industrial and WKDQKLJKTXDOLW\FRPSHWLWLYHO\ community and resource centre for electronic products and solutions to SULFHGSURGXFWV PDNHUVVWXGHQWVDQGGHVLJQHQJLQHHUV industrial customers across EMEA DQG$VLD3DFL¿FDVZHOODVSURYLGLQJ 2XU6%&DQG,R7EUDQG« HOHFWURQLFVLQWKH$PHULFDV IESA provides outsourced procurement, inventory and stores management OKdo is our global technology business, services, in addition to transactional $OOLHG(OHFWURQLFV $XWRPDWLRQ $OOLHG focused on meeting the rapidly evolving SURFHVVLQJVROXWLRQV is a leading omni-channel industrial needs of single-board computing SURYLGHULQWKH$PHULFDVZLWKDIRFXV 6%& DQG,QWHUQHWRI7KLQJV ,R7 RQDXWRPDWLRQDQGFRQWURO VHJPHQWVZRUOGZLGH Our products and solutions categories… • IndustrialZHVXSSO\DEURDGUDQJHRISURGXFWVDQGVROXWLRQVIURPWHVWDQGPHDVXUHPHQWLQFOXGLQJWHVWLQJDQGFDOLEUDWLRQ WKURXJKWRDXWRPDWLRQDQGFRQWUROZLWKSURGXFWVDFURVVPHFKDQLFDOÀXLGSRZHUIDFWRU\DXWRPDWLRQDQGPDFKLQHVDIHW\DVZHOO DVHPHUJLQJWHFKQRORJLHVVXFKDVURERWLFV:HRIIHUIDFLOLWLHVPDLQWHQDQFHSURGXFWVLQFOXGLQJWRROVSHUVRQDOSURWHFWLYHHTXLSPHQW VLWHVDIHW\DQG'SULQWLQJ:HDOVRSURYLGHRXWVRXUFHGSURFXUHPHQWLQYHQWRU\DQGVWRUHVPDQDJHPHQWVHUYLFHVLQDGGLWLRQWR WUDQVDFWLRQDOSURFHVVLQJVROXWLRQV • ElectronicsZHVXSSO\DEURDGSURGXFWUDQJHVXFKDVVHPLFRQGXFWRUV6%&DQGSDVVLYHV7KHUHLVDOVRDVLJQL¿FDQWIRFXVLQ RQJRLQJPDUNHWWUHQGVPRVWLPSRUWDQWO\,R7DQGUHQHZDEOHHQHUJ\ZKLFKZLOOVHHXVH[SORUHDQGLQWURGXFHQHZWHFKQRORJLHV 2 Electrocomponents plc Annual Report and Accounts for the year ended 31 March 2020 Our investment proposition :HDUHFRPPLWWHGWREXLOGLQJDOHDQDQG Four key reasons VXVWDLQDEOHEXVLQHVVZKLFKLVZHOOSRVLWLRQHG Strategic report RYHUWKHORQJHUWHUPWRJURZLQH[FHVVRIWKH to invest PDUNHWDQGGULYHEHVWLQFODVVPDUJLQVDQG VWURQJIUHHFDVKÁRZ • *OREDOSOD\HULQODUJHIUDJPHQWHGPDUNHWSODFH Uniquely positioned – 0DUNHWYDOXHGDWF ELOOLRQ in attractive market – 0DUNHWW\SLFDOO\JURZVDW*'3 – 7RSSOD\HUVDFFRXQWIRUFRIWKHJOREDOPDUNHW • Uniquely positioned to take market share – *OREDOVFDOHDQGGLVWULEXWLRQQHWZRUN – Customer-centric people and expertise c. £400bn – Strong supplier relationships market opportunity – Broad range and value-added solutions proposition – /HDGHULQGLJLWDO :HDLPWRJURZDWJUHDWHUWKDQWZRWLPHV Driving market WKHPDUNHWGULYLQJVKDUHJDLQVE\ share gains • *URZLQJFXVWRPHUFRXQW – %HFRPH¿UVWFKRLFHJURZSURPRWHUEDVH – 'ULYHPRUHWUDI¿FWRZHEVLWHV – Increase online conversion by improving experience • 6HOOLQJPRUHWRH[LVWLQJFXVWRPHUV >2x – First choice customers spend 25% more PDUNHWJURZWKUDWHWDUJHW – 6FDOHUDQJHDQGDGGQHZSURGXFWFDWHJRULHV – Roll out value-added solutions proposition – 6HOOWKHIXOORIIHULPSURYHVDOHVHIIHFWLYHQHVV • We have made good progress to date Building a lean and – Stabilising gross margin – ,PSURYLQJDGMXVWHGRSHUDWLQJSUR¿WPDUJLQIURP VXVWDLQDEOHPRGHO LQWRLQ • :HDLPWRGULYHVXVWDLQDELOLW\DQGVFDODELOLW\DQG ORZHURXUFRVWWRVHUYHE\ – Simplifying our technology estate Mid-teen – Building a sustainable and scalable supply chain DGMXVWHGRSHUDWLQJSURÀWPDUJLQWDUJHW – Rolling out global shared services and automation • Long-term aspiration to achieve a mid-teen DGMXVWHGRSHUDWLQJSURÀWPDUJLQ 6WURQJEDODQFHVKHHW • :HKDYHDVWURQJEDODQFHVKHHW • Cash generative DQGDWWUDFWLYHFDVKÁRZ • :HZLOOUHLQYHVWFDVKWRGULYHIDVWHUVKDUHJDLQV 1 • Accelerate strategy via disciplined value-accretive EROWRQDFTXLVLWLRQVWR – Drive market share gains >80% – $GGQHZSURGXFWFDWHJRULHV DGMXVWHGRSHUDWLQJFDVKÁRZ – Accelerate value-added solutions offer conversion target 2XUDLPSRVWLQYHVWPHQWLQVWUDWHJLFLQLWLDWLYHV Annual Report and Accounts for the year ended 31 March 2020 Electrocomponents plc 3 Chair’s introduction Well placed to continue to outperform We entered this crisis in JRRGÀQDQFLDOVKDSH with a strong management team and a clear strategy. We are well placed not only to pass through this downturn but also emerge from it strongly with enhanced market share.” Peter Johnson Chair This year’s Annual Report has been increased investment to advance our value-added solutions and our digital ¿QDOLVHGGXULQJWKHPLGVWRIWKH&29,' Destination 2025 strategy to drive scale capabilities, which enable us to maintain crisis. Those employees who can are DQGHI¿FLHQF\:HDOVRWRRNIXUWKHU a high level of service to our customers. working from home, and those that work steps forward in customer and supplier in our distribution centres (DCs) across satisfaction, enhanced our value-added And fourth, we continue to sustain the the globe continue to work with enhanced solutions proposition, broadened our highest standards of corporate governance, safety measures. Everyone is working product offering and drove further which equip us well to navigate through hard not only to keep our own organisation improvements in our digital capabilities. these challenging times. running but also those critical businesses These important steps have been critical that depend on our services
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